Clear Secure Inc (YOU) 2024 Q4 法說會逐字稿

Good morning, and welcome to CLEAR's fiscal fourth-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 財年第四季電話會議。今天我們邀請了共同創辦人、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 risk 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's 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。這些都是基於管理階層目前的預期，並受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公司向美國證券交易委員會提交和提供的文件（包括今天的股東信）中。本公司不承擔更新本次電話會議中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-K. These items can be found in the investor relations sections of CLEAR's website.

在本次電話會議中，本公司將討論 GAAP 和非 GAAP 財務指標。在今天的股東信件和最近提交的 10-K 表年度報告中提供了 GAAP 與非 GAAP 財務指標的對帳表。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.

說完這些，我將把電話轉給卡琳 (Caryn)。

Good morning and thank you for joining our fourth-quarter 2024 earnings call. 2024 was a transformational year for CLEAR as our momentum accelerated, bringing our secure identity platform to more people in more places. A secure identity platform has never been more important. In the booming travel industry, the need to strengthen security and create frictionless experiences is critical. Enterprises feel the sense of urgency to prevent fraud, reduce insider risk, and build trust and loyalty with their consumers.

早安，感謝您參加我們的 2024 年第四季財報電話會議。 2024 年是 CLEAR 轉型的一年，我們發展勢頭強勁，將安全身分平台帶給更多地方的更多人。安全的身份平台從未如此重要。在蓬勃發展的旅遊業中，加強安全性和創造無摩擦體驗至關重要。企業感到有緊迫感，需要防止詐欺、降低內部風險，並與消費者建立信任和忠誠度。

CLEAR's singular identity platform addresses these needs in a turnkey way, and we are bringing powerful new products to market like NextGen Identity, space first EnVes, TSA PreCheck Enrollment Provided by CLEAR, and Enterprise Workforce Security, to name just a few.

CLEAR 的單一身分平台以交鑰匙方式滿足了這些需求，我們正在向市場推出強大的新產品，例如 NextGen Identity、space first EnVes、CLEAR 提供的 TSA PreCheck Enrollment 和 Enterprise Workforce Security，等等。

In travel, we are leading with innovation and redefining what it means to strengthen security and delight travelers. Today, CLEAR Plus covers around 73% of airport volume with 166 lanes nationwide. With the rollout of NextGen Identity complete, 50% of our members are through the CLEAR lanes in less than 2 minutes, 85% in under 5 minutes, and 91% in less than 7 minutes.

在旅行領域，我們以創新為先導，重新定義加強安全和取悅旅行者的意義。如今，CLEAR Plus 涵蓋了全國 166 條航線，約 73% 的機場客流量。隨著 NextGen Identity 的全面推出，50% 的會員可以在 2 分鐘內通過 CLEAR 通道，85% 的會員可以在 5 分鐘內通過，91% 的會員可以在 7 分鐘內通過。

The power of predictability in travel matters. The year-over-year improvement in member experience is evident. The lane of the future is here today, powered by our EnVes, which stands for enrollment and verification pods, and NextGen Identity, the highest fidelity digital identity at scale. EnVes are creating magic for our members. They are 5 times faster delivering a customer centric, seamless experience that members love.

旅行中可預測性的力量很重要。會員體驗的逐年改善是顯而易見的。今天，未來之路已經到來，由我們的 EnVes（代表註冊和驗證艙）和 NextGen Identity（規模最高保真度的數位身分）提供支援。EnVes 正在為我們的會員創造奇蹟。它們的速度提高了 5 倍，提供了會員喜愛的以客戶為中心、無縫的體驗。

Lane experience scores and throughput have improved significantly, and the EnVe rollout should be complete by March, streamlining our systems and driving significant operational efficiencies, serving members with 30% fewer pods.

車道體驗分數和吞吐量已顯著提高，EnVe 的推出預計將於 3 月完成，這將簡化我們的系統並顯著提高營運效率，為會員提供的服務艙數量將減少 30%。

It is massively important that EnVes can be easily connected to e-gates, something we have been passionate about for a long time. E-gates drive automation, security, and member experience. We are piloting e-gates in select airports today and absolutely believe this technology should be a cornerstone of modernized airport infrastructure.

EnVes 可以輕鬆連接到電子門，這一點非常重要，這是我們長期以來一直熱衷的事情。電子門推動自動化、安全性和會員體驗。我們目前正在部分機場試行電子登機口，並堅信這項技術應該成為現代化機場基礎設施​​的基石。

The opportunity for CLEAR to deploy end-to-end automated lanes at no cost to the government or taxpayers will be game changing, and we are ready. We want to make airports great. The US should be leading in technology and travel, and CLEAR has the products and innovation that can delight travelers and strengthen security, and it's time to deploy it.

CLEAR 有機會免費為政府或納稅人部署端到端自動化車道，這將改變遊戲規則，我們已經做好準備。我們想把機場建設得更好。美國應該在技術和旅遊領域處於領先地位，而 CLEAR 擁有可以讓旅客滿意並加強安全性的產品和創新，現在是時候部署它了。

This is the dawn of a new day in Washington to unleash the power of public-private partnerships. We are pleased with the engagement we have seen with the new administration, and we are excited to bring much-needed capital, innovation, and technology to our airport partners, airline partners, and the American traveling public. They deserve more.

這是華盛頓釋放公私部門合作力量的新一天的曙光。我們對新政府的參與感到高興，並很高興為我們的機場合作夥伴、航空公司合作夥伴和美國旅行大眾帶來急需的資金、創新和技術。他們值得得到更多。

TSA PreCheck continued to scale in 2024, and today we are at 91 locations. You are seeing the power of public-private partnerships with TSA PreCheck Enrollment Provided by CLEAR. By meeting travelers where they are, whether in airports, convenient retail locations, or flagship destinations such as the Mall of America and the Oculus in New York City, we are bringing the benefits to more people in more places.

TSA PreCheck 在 2024 年持續擴大規模，如今我們已涵蓋 91 個地點。您將看到由 CLEAR 提供的 TSA PreCheck 註冊所帶來的公私合作夥伴關係的力量。透過在旅客地點與他們會面，無論是在機場、便利的零售店，還是在紐約市的美國購物中心和 Oculus 等旗艦目的地，我們都為更多地方的更多人帶來了便利。

For 15 years, the vision for CLEAR has always been that you are you, that you should enroll once and use everywhere. With our day one vision in mind, we have renamed CLEAR Verified to CLEAR1. CLEAR1 is the one vertically integrated identity platform that helps prevent fraud, reduce insider risk, build trust, and deliver seamless user experiences. CLEAR1's embedded base of over 30 million members today and smart network maximizes security and minimizes friction with a holistic identity solution.

15 年來，CLEAR 的願景始終是“你就是你”，一次註冊，隨處使用。根據我們第一天的願景，我們已將 CLEAR Verified 更名為 CLEAR1。CLEAR1 是一個垂直整合的身份平台，有助於防止詐欺、降低內部風險、建立信任並提供無縫的用戶體驗。CLEAR1 目前擁有超過 3000 萬會員，其智慧網路透過整體身分解決方案最大限度地提高了安全性並最大限度地減少了摩擦。

We strengthen security for the enterprise and their users. Customers are using the platform and products to solve problems such as combating identity fraud and account takeovers, ensuring a verified workforce, and improving operational efficiencies. We serve multiple industries and stakeholders, reflecting the fact that identity is foundational today in the physical and the digital world.

我們加強企業及其使用者的安全性。客戶正在使用該平台和產品來解決諸如打擊身分詐欺和帳戶接管、確保員工經過驗證以及提高營運效率等問題。我們為多個行業和利益相關者提供服務，這反映了身份在當今實體和數位世界中的基礎性事實。

In healthcare, CLEAR1 is being used in different segments for both patients and the workforce. Community Health Network is deploying CLEAR1 across their enterprise, rolling out to both patients and employees, streamlining operations and reducing insider risk. Community health results for the workforce were immediate a 90% adoption rate and an initial 13% reduction in annual password reset calls.

在醫療保健領域，CLEAR1 被應用於病患和員工的不同領域。社區健康網路正在整個企業內部署 CLEAR1，推廣至患者和員工，以簡化營運並降低內部風險。社區員工的健康結果是立即實現了 90% 的採用率，而年度密碼重設呼叫次數最初減少了 13%。

Community health also expanded to patients, enabling secure frictionless account recovery. Additionally, a health data platform is using CLEAR to improve safety and the customer experience while reducing fraud in their clinical trials. Similar to the travel industry, a secure identity platform can unlock end-to-end experiences in healthcare.

社區健康也擴展到患者，實現了安全無摩擦的帳戶恢復。此外，健康數據平台正在使用 CLEAR 來提高安全性和客戶體驗，同時減少臨床試驗中的詐欺行為。與旅遊業類似，安全的身份平台可以解鎖醫療保健領域的端到端體驗。

Our CLEAR1 biometric multi-factor authentication integration with Okta enables businesses to verify the person beyond the device. No development work is required to implement CLEAR within Okta workflows, so enterprise clients can instantly enhance security. As enterprises continue to be threatened or compromised, CLEAR's biometric MFA is addressing the pressing need for secure workforce access in regulated industries and critical infrastructure.

我們與 Okta 的 CLEAR1 生物識別多因素身份驗證整合使企業能夠在設備之外驗證人員。在 Okta 工作流程中實施 CLEAR 不需要任何開發工作，因此企業客戶可以立即增強安全性。隨著企業不斷受到威脅或攻擊，CLEAR 的生物識別 MFA 正在滿足受監管行業和關鍵基礎設施對安全勞動力存取的迫切需求。

Driven by both CLEAR Travel and CLEAR1, we expect 2025 to be another year of strong top=line growth, continued margin expansion, and free cash flow of at least $310 million which includes incremental year-over-year cash taxes and EnVe spend totaling $30 million. As always, we remain focused on growing members, total bookings, and free cash flow while continuing to build a brand that members and partners trust and love.

在 CLEAR Travel 和 CLEAR1 的推動下，我們預計 2025 年將是另一個收入強勁增長、利潤率持續擴大、自由現金流至少達到 3.1 億美元的一年，其中包括同比增長的現金稅和總計 3000 萬美元的 EnVe 支出。像往常一樣，我們仍然專注於增加會員數量、總預訂量和自由現金流，同時繼續建立會員和合作夥伴信賴和喜愛的品牌。

Before I hand it over to Ken, I want to say it's been an incredible 15-year journey, building CLEAR from 190,000 members to over 30 million today. The vision we had on day one is taking shape, and Ken and I are incredibly proud of where CLEAR is going and the team that is taking it there.

在我將權力移交給肯之前，我想說，這是一個令人難以置信的 15 年歷程，CLEAR 的成員數量從 190,000 人增加到今天的 3000 多萬。我們第一天的願景正在逐漸成形，肯和我對於 CLEAR 的發展方向以及帶領我們實現這一目標的團隊感到無比自豪。

Ken will step down from his operational roles and remain an adviser to CLEAR, working on a wide range of exciting initiatives. We are thrilled to welcome Michael Barkin as our President, and Jen Hsu as our new CFO.

Ken 將辭去其營運職務，並繼續擔任 CLEAR 的顧問，致力於開展一系列令人興奮的計劃。我們非常高興地歡迎 Michael Barkin 擔任我們的總裁，並歡迎 Jen Hsu 擔任我們的新任財務長。

Michael is a seasoned executive with tremendous financial and operational experience and having been on the CLEAR Board for five years, Michael knows CLEAR extremely well and is excited about the opportunities ahead. Jen Hsu has great experience leading teams at Chewy, and together, they will help CLEAR achieve our goals and realize our vision of building a global secure identity platform.

Michael 是一位經驗豐富的高階主管，擁有豐富的財務和營運經驗，並且已在 CLEAR 董事會任職五年，因此 Michael 非常了解 CLEAR，並對未來的機會感到興奮。Jen Hsu 在領導 Chewy 團隊方面擁有豐富的經驗，他們將共同幫助 CLEAR 實現我們的目標並實現建立全球安全身分平台的願景。

With that, I'll turn it over to Ken.

說完這些，我就把麥克風交給肯。

Thank you, Caryn. Fourth-quarter revenue and total bookings grew 21% and 17%, respectively, driven by member growth, pricing, strong member retention, and improvements in win-back activity.

謝謝你，卡琳。受會員成長、定價、強勁的會員保留率以及贏回活動的改善推動，第四季度收入和總預訂量分別增長了 21% 和 17%。

TSA PreCheck and CLEAR1 contributed several points to our growth rate. Flow through was strong with over 60% incremental operating margins and 70% incremental EBITDA margins. We achieved a 24% full-year adjusted EBITDA margin, which is up over 1,000 basis points year over year.

TSA PreCheck 和 CLEAR1 為我們的成長率貢獻了幾個百分點。流通強勁，營業利潤率增量超過 60%，EBITDA 利潤率增量超過 70%。我們實現了全年調整後 EBITDA 利潤率 24%，年增超過 1,000 個基點。

Underpinning our financial results are the continued improvements in member experience that Caryn mentioned, driven by the rollout of EnVe. Total cumulative enrollments ended the year at 28.9 million, up 2.5 million in the quarter, which is record growth. As of today, we are over 30 million members reflecting continued CLEAR1 traction.

正如 Caryn 所說，在 EnVe 推出的推動下，會員體驗的持續改善是我們財務表現的基礎。全年累計入學人數達 2890 萬人，本季增加了 250 萬人，創下了歷史新高。截至今天，我們的會員已超過 3000 萬，這體現了 CLEAR1 的持續發展。

Active CLEAR Plus members grew by 164,000 in the quarter. As we go through 2025, it is important to note that our renewal backlog by quarter is not evenly distributed as a result of historic airport openings, promotions, partnerships, and credit card launches. Unlike monthly subscription businesses, we are an annual biller, so the number of members up for renewal in a particular quarter can materially impact that quarter's net adds, as does seasonal travel demand.

本季度，CLEAR Plus 活躍會員增加了 164,000 名。當我們邁入 2025 年時，值得注意的是，由於歷史性的機場開放、促銷、合作夥伴關係和信用卡推出，我們按季度計算的續訂積壓量並不均勻分佈。與按月訂閱業務不同，我們是按年計費，因此特定季度續訂的會員數量會對該季度的淨增額產生重大影響，季節性旅行需求也是如此。

In 2025, we expect a disproportionate share of the full-year net adds to be in Q2 and Q4 in that order with the lowest net adds in Q1 and Q3. Q4 gross dollar attention was 88.5%, down 50 basis points sequentially. The modest sequential decline is due to slightly fewer parent members adding their first family member at the higher price point, impacting this metric but having nothing to do with cancellations. As we continue to roll out our home to gate experience and bring more value to our members, we believe APRU can continue to increase without a material impact to member retention or member growth.

我們預計，2025 年全年淨增額將主要集中在第二季和第四季度，而第一季和第三季的淨增額最低。第四季總美元關注度為 88.5%，比上一季下降 50 個基點。環比小幅下降的原因是，以較高價格添加第一位家庭成員的父母成員數量略有減少，這影響了這一指標，但與取消預訂無關。隨著我們繼續推出從家到門口的體驗並為我們的會員帶來更多價值，我們相信 APRU 可以繼續成長，而不會對會員保留或會員成長產生實質影響。

Annual net member retention was 81.4%, which was down 10 basis points sequentially. Net member retention has stabilized, and we are seeing an uptick in win-back activity. We expect continued improvement in member retention in 2025 based on lane improvements, innovation, and mix.

年度淨會員保留率為 81.4%，較上一季下降 10 個基點。淨會員保留率已經穩定，我們看到贏回活動正在上升。我們預計，透過改善車道、創新和組合，2025 年的會員保留率將持續提高。

We continue to optimize the business for gross dollar retention which we introduced in the first quarter of 2024 as it embeds both member retention and ARPU growth. We are sunsetting some of our early deep discount programs which have been a drag on [you] in economics and our focus is on increasing value and average revenue per member. Therefore, we plan to report gross dollar retention instead of the annual net member retention metric going forward.

我們將繼續優化業務，以實現我們在 2024 年第一季推出的總美元保留率，因為它同時嵌入了會員保留率和 ARPU 成長。我們正在停止一些早期的深度折扣計劃，這些計劃為你們帶來了經濟上的拖累，我們的重點是增加價值和每位會員的平均收入。因此，我們計劃報告未來總美元保留率，而不是年度淨會員保留率指標。

Our emerging businesses, TSA PreCheck and CLEAR1, are contributing to our total bookings and gross profit dollar growth. We are making strong progress on TSA PreCheck off-airport enrollment locations and CLEAR1 pipeline conversion.

我們的新興業務 TSA PreCheck 和 CLEAR1 正在促進我們的總預訂量和毛利的成長。我們在 TSA PreCheck 機場外登記地點和 CLEAR1 管道轉換方面取得了重大進展。

A quick note on the tax receivable agreement or TRA. In the quarter, we recognize the one-time non-cash net gain of $75 million consisting of other expense of $91 million offset by a tax benefit of $166 million. This is a one-time [chew] up to the balance sheet triggered by positive cumulative three-year pre-tax income. For further details, please refer to note 17 in the 10-K which will be filed this morning.

關於稅務應收協議或 TRA 的簡要說明。在本季度，我們確認了 7,500 萬美元的一次性非現金淨收益，其中包括 9,100 萬美元的其他費用，抵銷了 1.66 億美元的稅收優惠。這是由三年累計稅前收入為正所引發的一次性資產負債表成長。如欲了解更多詳情，請參閱今天上午提交的 10-K 文件中的第 17 條註釋。

Based on prevailing tax rates and our share ownership structure, we expect full-year 2025 GAAP P&L taxes to range between 17% and 20%. From a cash tax perspective, the TRA should benefit us by a few 100 basis points versus GAAP which will flow through operating cash flows.

根據現行稅率和我們的股權結構，我們預計 2025 年全年 GAAP 損益稅率將在 17% 至 20% 之間。從現金稅的角度來看，與流入經營現金流的 GAAP 相比，TRA 應該會為我們帶來數百個基點的收益。

In 2024, we generated $284 million of free cash flow of 42% year over year, while our share count shrunk 9% to end the year at 137.7 million shares. We will continue to allocate capital opportunistically with the goal of maximizing long-term shareholder value. We ended the year with cash of $613 million after repurchasing 1.8 million shares in Q4 at $26.36 including a blocked transaction from Delta.

2024 年，我們產生了 2.84 億美元的自由現金流，年增 42%，而我們的股票數量卻減少了 9%，年底為 1.377 億股。我們將繼續適時配置資本，以實現長期股東價值最大化。在第四季以每股 26.36 美元的價格回購了 180 萬股股票（其中包括一筆來自達美航空的受阻交易）後，我們截至年底的現金餘額為 6.13 億美元。

For full-year 2024, we will purchase 13.8 million shares at an average price of $19.78. So far in the first quarter we have repurchased an additional 871,000 shares at an average price of $23.08.

2024 年全年，我們將以平均 19.78 美元的價格購買 1,380 萬股。第一季迄今為止，我們已以平均 23.08 美元的價格回購了 871,000 股。

The first quarter of 2025 dividend totaling $0.395 includes a $0.27 special cash dividend and a regular quarterly dividend of $0.125. As a reminder, the special dividend is a result of our favorable corporate structure which requires an annual tax distribution to members, including PubCo.

2025 年第一季的股息總額為 0.395 美元，其中包括 0.27 美元的特別現金股息和 0.125 美元的定期季度股息。提醒一下，特別股利是我們有利的公司結構的結果，該結構要求每年向包括 PubCo 在內的成員分配稅款。

In Q1, we expect revenue of $207 million to $209 million and total bookings of $202 million to $204 million. In 2025, we expect free cash flow of at least $310 million which includes incremental year-over-year cash taxes of $25 million as well as $9 million of EnVe CapEx, which will not recur in 2026, of which $5 million is incremental year over year. On a comparable basis, this implies at least 20% free cash flow growth.

我們預計第一季營收為 2.07 億美元至 2.09 億美元，總預訂量為 2.02 億美元至 2.04 億美元。2025 年，我們預計自由現金流至少為 3.1 億美元，其中包括 2,500 萬美元的年增量現金稅以及 900 萬美元的 EnVe 資本支出（這筆支出在 2026 年不會再次出現），其中 500 萬美元是同比增量。在可比較基礎上，這意味著自由現金流成長至少 20%。

Our free cash flow guidance assumes our credit card partnership will renew for the final year of the contract through June of 2026. We believe having a credit card partner is beneficial. It provides valuable awareness and distribution, and we expect to continue to have one in place. CLEAR has grown substantially from 2019 to 2025, and the unit economics should reflect where we are and where we are going.

我們的自由現金流指導假設我們的信用卡合作關係將續約的最後一年，直至 2026 年 6 月。我們相信擁有信用卡合作夥伴是有益的。它提供了寶貴的意識和傳播，我們希望繼續保持下去。CLEAR 從 2019 年到 2025 年實現了大幅成長，單位經濟效益應該反映出我們現在所處的位置以及未來的發展方向。

The GAAP between wholesale and retail price is significant. We get a lot of questions on the financial impacts, and we believe the deal currently depresses our total bookings and EBITDA while benefiting working capital. We're extremely well positioned to compound total booking revenue, EBITDA, and free cash flow in 2025 and beyond.

批發價與零售價之間的 GAAP 差異很大。我們收到了很多關於財務影響的問題，我們認為這筆交易目前會降低我們的總預訂量和 EBITDA，但將使營運資金受益。我們已做好準備，在 2025 年及以後實現總預訂收入、EBITDA 和自由現金流的複合成長。

Before going to Q&A, I just want to express my gratitude to the entire team at CLEAR for an amazing 15 years. It's been the thrill of a lifetime to have partnered with Caryn in building an incredible business from the ground up. I'm personally ready to take a step back after an exhilarating run. We are incredibly lucky to have Michael and Jen joining. I will be working closely with them both to ensure a seamless transition.

在進入問答環節之前，我只想對 CLEAR 整個團隊 15 年來所做出的貢獻表示感謝。能夠與 Caryn 合作從零開始創建一家令人難以置信的企業是我一生中最令人興奮的事情。就我個人而言，在一次令人興奮的跑步之後，我已經準備好休息一下了。我們非常幸運能夠有 Michael 和 Jen 的加入。我將與他們密切合作，確保順利過渡。

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

接下來，我們進入問答環節。

(Operator Instructions) Joshua Reilly, Needham & Co.

（操作員指示）Joshua Reilly，Needham & Co.

All right, thanks for taking my questions, and first of all, Ken, I just want to say it's been great working with you and I appreciate all the support that you've given me over the last couple of years and congrats on your retirement and the opportunity to spend some more time with your family.

好的，感謝您回答我的問題。首先，肯，我只想說和您一起工作很愉快，我感謝您在過去幾年裡給予我的所有支持，祝賀您退休並有機會花更多時間陪伴家人。

So maybe, just starting off, can you review the puts and takes on the on the guidance for Q1 bookings and what should we be considering as we look at the midpoint of $203 million or 12.5% year-over-year growth? And how much does a lower sequential price tailwind influence this guidance?

那麼，也許，剛開始的時候，您能否回顧一下第一季預訂量指引的利弊，以及當我們考慮 2.03 億美元或 12.5% 的年成長中點時，我們應該考慮什麼？較低的連續價格順風對這項指導有多大影響？

Hey Josh, thanks for the kind words. So on bookings guidance implies around 30% year-over-year growth, and look, January is seasonally slow for travel and lots of things are ramping in the quarter like PreCheck locations. We actually had a few CLEAR1 deals close in Q4 that were just as likely to close in Q1.

嘿，喬希，謝謝你的好意。因此，預訂指引意味著年增約 30%，而且，一月是旅遊淡季，本季很多事情都在增加，例如 PreCheck 地點。實際上，我們在第四季度完成了幾筆 CLEAR1 交易，這些交易在第一季完成的可能性也相當大。

Q4 incidentally was a record deal signing quarter for CLEAR1 with over 20 deals signed. And in terms of the pricing, we did lap 70 to 119 pricing for family in November and December for new and renewal respectively, and we're now going from 99 to 119. So those are all contributing factors. We have slightly less pricing tailwind in Q1. So nothing really -- nothing, in particular, driving there. Those are all the factors.

順便說一下，第四季是 CLEAR1 簽約交易創紀錄的季度，共簽超過 20 筆交易。在定價方面，我們在 11 月和 12 月分別將新車和續約車的家庭定價從 70 圈提高到 119 圈，現在從 99 圈提高到 119 圈。這些都是促成因素。第一季的定價順風略為減弱。所以實際上沒什麼——特別是開車去那裡沒什麼。這些都是因素。

Got it. And then as we look at net adds, can you talk about is there anything unusual in terms of the mix and net ads in the quarter?

知道了。然後，當我們查看淨增值時，您能否談談本季度的組合和淨廣告方面是否存在任何異常？

So in terms of mix you mean like trial versus paid upfront?

那麼就組合而言，您是指試用還是預付費？

Yeah.

是的。

Got it. Yeah, actually our trial count as a percent of the total active CLEAR Plus members at the end of the year was down slightly year over year. The absolute number was up, but the percentage was down. That's also a little bit of a contributing factor to Q1 as well.

知道了。是的，實際上，截至年底，我們的試用人數佔 CLEAR Plus 活躍會員總數的百分比比去年同期略有下降。絕對數量上升了，但百分比卻下降了。這也是對第一季的影響因素。

Got it. And then maybe just quickly on, your comments around what's going on with AMEX, depressing bookings and EBITDA. I guess what does this mean from your perspective and how are you thinking about this relationship given that there's one more year of renewal under the contract at AMEXs behalf.

知道了。然後也許只是快速地，您對 AMEX 的情況、令人沮喪的預訂量和 EBITDA 的評論。我想從您的角度來看這代表什麼？考慮到 AMEX 的合約還有一年的續約期，您如何看待這種關係？

Sure. Look, we love AMEX. We think having a credit card partner is important. It's been a valuable brand awareness and distribution for us, but our business has scaled significantly since 2019. And as we've talked about, the gap between the wholesale and the retail price has widened to a fairly significant level, and we believe it suppresses our bookings in EBITDA, obviously benefits our working capital.

當然。看，我們喜歡 AMEX。我們認為擁有信用卡合作夥伴很重要。這對我們來說是寶貴的品牌知名度和分銷，但自 2019 年以來，我們的業務規模已大幅擴大。正如我們所討論的，批發價和零售價之間的差距已經擴大到相當大的水平，我們認為這抑制了我們的 EBITDA 預訂量，顯然有利於我們的營運資金。

The wholesale price is so low relative to the 199 retail. Look, we believe the renewal rates at full price would be larger than the percentage discount rate.

相對於199的零售價來說，批發價太低了。你看，我們相信全價的續訂率會高於折扣率。

And we actually see that in our data when somebody would come off a lower priced membership or a free membership, what the retention rates are.

我們實際上從數據中看到，當有人放棄低價會員資格或免費會員資格時，保留率是多少。

Thank you.

謝謝。

Ben Miller, Goldman Sachs.

高盛的班·米勒。

Thanks so much for taking the questions. I guess as we think about factors like the rollout of the EnVe pods and lane of the future, improving the in-airport experience as well as prior period pricing actions, can you just update us on how you think about the balance between price and member count and what you view as normal or steady state dollar or member retention you're looking to achieve?

非常感謝您回答這些問題。我想，當我們考慮諸如未來推出 EnVe 艙和通道、改善機場內體驗以及前期定價行動等因素時，您能否告訴我們您如何看待價格和會員數量之間的平衡，以及您認為您希望實現的正常或穩定狀態的美元或會員保留率？

Thanks, Ben. First of all, let's just say I'm sure many people on the call have experienced it. We're well through our EnVe rollout and as we said, we think we'll be pretty much complete by the end of the quarter. They are magic. So first, face first technology is massively important for the customer experience, for the ambassador experience, for efficiency, and for new services that we want to add as well.

謝謝，本。首先，我確信電話中的許多人都經歷過這種情況。我們的 EnVe 推出工作進展順利，正如我們所說，我們認為到本季末我們將基本完成。它們很神奇。首先，臉部優先技術對於客戶體驗、大使體驗、效率以及我們想要添加的新服務至關重要。

And so they are driving customer experience, which is connected to retention, but customer experience is also connected to win backs and reactivation. It's also connected to gross ads and conversion, and we're going to be rolling out the EnVes for enrollment later in the second quarter, and so that's also a great opportunity. And then there's some other enrollment technologies that are coming as well. And so we've talked about e-passport and the capability to read chips and have people enroll through mobile.

因此，他們正在推動客戶體驗，這與保留有關，但客戶體驗也與贏回和重新激活有關。它也與總廣告和轉換率有關，我們將在第二季稍後推出 EnVes 供註冊，所以這也是一個很好的機會。還有一些其他的招生技術也即將問世。因此，我們討論了電子護照以及讀取晶片和讓人們透過手機註冊的能力。

So there's all sorts of opportunities this year with better technology and new technology to drive gross adds. I think we have to see how these things roll out, but we do expect net adds in, at the very least, the mid-single digits, and then from a pricing perspective, that's why we're really focused on gross dollar retention because we will be taking price, we will be repricing some free tiers to paid tiers.

因此，今年有各種各樣的機會，可以藉助更好的技術和新技術來推動總增幅。我認為我們必須觀察這些事情如何展開，但我們確實預計淨增值至少會達到中等個位數，然後從定價的角度來看，這就是為什麼我們真正關注總美元留存率，因為我們將定價，我們將把一些免費層級重新定價為付費層級。

So even if those numbers came off, which we would hope they don't, and we continue to drive the experience to -- and drive the value with things like purse, assists, and scout, right, to really drive that differentiated home to gate experience. But that is all positive on a gross dollar retention rate, which is why we are so incredibly focused on it.

因此，即使這些數字下降了（我們也希望不會下降），我們也會繼續推動體驗，並透過諸如獎金、助攻和球探之類的東西來推動價值，以真正推動差異化的從主場到主場的體驗。但這對於總美元留存率來說都是正面的，這也是我們如此關注它的原因。

Great. And then maybe just as a follow up as you think about the evolution of airport security, both you know yourself and other offerings, how do you think about the investments you've made to position CLEAR and how that sets you up on a multi-year view compared to other offerings versus any kind of incremental investments you might need from here to continue to push that innovation?

偉大的。然後也許只是作為一個後續問題，當您思考機場安全的發展時，您了解自己和其他產品，您如何看待為定位 CLEAR 所做的投資，以及與其他產品相比，這如何為您在多年期的視野做好準備，以及從現在開始您可能需要的任何增量投資來繼續推動這一創新？

I love that question. So a wise man once told me that in business it's about hanging around the hoop. I think you could argue we've been hanging around the airport hoop for 15 years, and so we have invested and are incredibly well positioned to strengthen security and delight travelers at no cost to taxpayers.

我喜歡這個問題。一位智者曾經告訴我，做生意就是要緊緊把握機會。我想你可能會說，我們已經在機場領域工作了 15 年，因此我們進行了投資，並且已經做好了充分的準備來加強安全，讓旅客感到滿意，而無需納稅人付出任何代價。

As I said on the call, we want to make airports great, and we have the technology and automation that can delight travelers and strengthen security. We've already invested in it and it is time to deploy it, right? So what you see are incremental margin growth over the past few quarters and years, quite frankly, which reflects the investments coming to fruition.

正如我在電話中所說，我們希望把機場建造得更好，我們擁有可以讓旅客感到滿意並加強安全的技術和自動化。我們已經對其進行了投資，現在是時候部署它了，對嗎？因此，坦白說，您看到的是過去幾個季度和幾年的利潤率增量增長，這反映了投資正在取得成果。

I would also say that based on some policies that made no sense, we were forced to get a little labor heavy in late '23 and '24, and we are on the other side of that. So when you think about automation, it's not just face first technology. As I talked about in the call, it is attached to e-gates end-to-end automation that we pay for, right? And so, when you think about the power of automation on margins and on strengthening security and on delighting travelers, it's huge.

我還想說，基於一些毫無意義的政策，我們被迫在 23 年末和 24 年加大勞動力投入，而我們現在正處於這一階段的另一邊。因此，當您考慮自動化時，它不僅僅是臉部優先技術。正如我在電話中提到的，它與我們付費的電子門端到端自動化相連，對嗎？因此，當你考慮到自動化對利潤、加強安全性和取悅旅行者的影響時，它是巨大的。

When you think about our amazing ambassadors adding value-added [a la carte] or bundled in the pricing of maybe new packages that we offer assist, which is in four airports, and we expect to roll out nationwide. We have a powerful solution that continues to get better, adding airports to the network. I think as Ken said, we cover about 73% today.

當您想到我們出色的大使在我們提供的可能新套餐的定價中添加增值服務（單點）或捆綁服務時，我們會在四個機場提供協助，並期望在全國範圍內推廣。我們擁有強大的解決方案，並且還在不斷改進，將機場添加到網路中。我認為正如肯所說，我們今天覆蓋了大約 73%。

And so, adding end-to-end automation that you see in Dubai and Singapore and London, and Tokyo, the US should be leading in technology and travel. We've invested in it. We're ready to deploy it, and we are incredibly excited about the engagement that we've had with Washington. And the belief and focus on public-private partnerships, we benefit airlines, airports, most importantly, travelers and the federal government at no cost to taxpayers from a security perspective. So we're ready to roll. We've made the investments, and we are super excited to bring them to the American traveling public. They deserve it.

因此，加上杜拜、新加坡、倫敦和東京所見的端到端自動化，美國應該在科技和旅遊方面處於領先地位。我們已經對此進行了投資。我們已準備好部署它，我們對與華盛頓的合作感到非常興奮。透過對公私合作的信念和關注，我們從安全角度來看使航空公司、機場，最重要的是旅客和聯邦政府受益，而納稅人無需承擔任何費用。我們已經準備好了。我們已經進行了投資，並且非常高興能夠將它們帶給美國旅行大眾。他們應得的。

Great. Thanks so much for the color.

偉大的。非常感謝這個顏色。

Cory Carpenter, JPMorgan.

摩根大通的科里·卡彭特。

Caryn, maybe to build on that question, just -- could you talk a bit more about the opportunity that you do see for the greater public-private partnership? Like, what could that look like for CLEAR under perhaps a more welcoming administration? And then, second question for either of you just an update on TSA PreCheck, what you're seeing and then and some of the cross-sell you're seeing between TSA PreCheck and CLEAR.

卡琳，也許為了進一步回答這個問題，您能否再多談談您所看到的更大範圍的公私合作夥伴關係的機會？那麼，在一個更友善的政府領導下，CLEAR 會是什麼樣子呢？然後，第二個問題是有關 TSA PreCheck 的最新情況，您所看到的情況以及您在 TSA PreCheck 和 CLEAR 之間看到的一些交叉銷售。

Sure, I'll take the first part and then I'll turn it over to Ken on PreCheck. Obviously, we all hear the administration talking about the privatization of the economy and the importance of American companies. So never have we been more aligned with the administration, a made in America company focused on aviation security that's opt-in privacy protected, focused on security, and at this for 15 years and been leading in biometrics for 15 years.

當然，我會先處理第一部分，然後交給 PreCheck 上的 Ken。顯然，我們都聽到政府談論經濟私有化和美國企業的重要性。因此，我們從未像現在這樣與政府保持一致，我們是一家美國製造的公司，專注於航空安全，選擇加入隱私保護，專注於安全，並且在這一領域已經 15 年，並​​且在生物識別領域處於領先地位 15 年。

I think there's a lot of understanding and appreciation for what we do. In fact, we get $0 from the federal government. We pay them. Both we pay our airport partners a percentage of our revenue share and we also pay TSA a large percentage of our PreCheck enrollment costs. So we are great partners to the federal, state and local governments, and there's a big appreciation for the technology that we can bring.

我認為大家對我們所做的事情有很多的理解和讚賞。事實上，我們從聯邦政府得到的錢是零。我們付錢給他們。我們既向機場合作夥伴支付一定比例的收入份額，也向 TSA 支付很大一部分 PreCheck 註冊費用。因此，我們是聯邦、州和地方政府的優秀合作夥伴，他們非常讚賞我們所能帶來的技術。

I think the importance of having hardware that is really software based, right, so you see that in the automotive industry today and the ability to stay ahead of the threat environment with software that is secure, as opposed to doing long sort of analog hardware procurements that you know are updated in old fashioned ways and so the power of our platform and end-to-end -- again e-gates front and back with face first. It's so powerful, the fact that we can enroll you in a bundle in CLEAR Plus PreCheck.

我認為擁有真正基於軟體的硬體非常重要，對吧，所以你可以看到，在當今的汽車行業中，使用安全的軟體能夠在威脅環境中保持領先地位，而不是進行長時間的模擬硬體採購，因為你知道這些採購是以老式的方式更新的，因此我們平台和端到端的強大功能——再次，電子門的前後都以人臉優先。它非常強大，我們可以為您註冊 CLEAR Plus PreCheck 捆綁服務。

CLEAR travelers are the most vetted travelers in the airport with our NextGen Identity and with automation. There's just -- and again we're going to allocate the capital to do it. We've been buying some equipment. I think we talked to you guys a few quarters ago about our capital innovation and helping our airport partners buy equipment, so we're already in there and so it's an incredibly exciting moment. And there absolutely is a focus to make airports great.

CLEAR 旅客是機場中經過最嚴格審查的旅客，擁有我們的 NextGen Identity 和自動化技術。只是——我們將再次分配資金來做這件事。我們一直在購買一些設備。我想我們在幾個季度前與你們討論過我們的資本創新以及幫助我們的機場合作夥伴購買設備，所以我們已經參與其中了，這是一個令人難以置信的激動人心的時刻。我們絕對致力於讓機場變得更好。

There is an understanding that we have fallen behind. And so, we are ready, we've made the investments. It would be margin positive and it would be great for strengthening security and delighting travelers at no cost to taxpayers. There couldn't be more alignment there.

大家都知道我們已經落後了。所以，我們已經準備好了，我們已經進行了投資。這將對利潤產生正面影響，對於加強安全、取悅旅客大有裨益，而且納稅人無需承擔任何費用。那裡不可能有更多一致的意見。

And just quickly on the PreCheck, the PreCheck's going really well. It's gaining great momentum. We're live today, 91 locations driving market share, in terms of upsell rates we have 90% plus marketing opt-in rate and our upsell rate for those members or those people joining PreCheck that are not already CLEAR members is approaching 20%.

並且快速進行預檢，預檢進展非常順利。它正在獲得巨大的發展勢頭。我們今天已上線，91 個地點推動市場份額，就追加銷售率而言，我們有 90% 以上的營銷選擇加入率，而對於那些會員或加入 PreCheck 但還不是 CLEAR 會員的人，我們的追加銷售率接近 20%。

Dana Telsey, Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團 (Telsey Advisory Group)。

Dana, are you there?

戴娜，你在那裡嗎？

Yeah, can you hear me okay? Okay. Well, nice to see the progress and Ken, best of luck and best wishes. It's a pleasure working with you. Caryn, can you just give any update on air travel trends and what you're hearing and seeing there? And then also on some of the independent locations you've been opening like Mall of America, Westfield, how are those doing?

是的，你聽得到我說話嗎？好的。嗯，很高興看到進步，肯，祝你好運，一切順利。很高興和你一起工作。卡琳，您能否介紹一下航空旅行趨勢以及您聽到和看到的情況？另外，您開設的一些獨立門市，例如美國購物中心、Westfield，它們的經營狀況如何？

And then I think there was a touch on pricing power. How do you think of the role of price in this upcoming fiscal year and price increases? You mentioned maybe price decreases -- not decreases, but adjusting price. How do you see the platform or pricing and how it goes through the year?

然後我認為這與定價權有關。您如何看待價格在即將到來的財年中扮演的角色以及價格上漲？您提到價格可能會下降——不是下降，而是調整價格。您如何看待該平台或定價以及它今年的走勢如何？

To your point, you can't decrease a zero price, so we expect to take zeros up. But in terms of your macro travel trends, we continue to be bullish on travel. I know I sound like a broken record through the years. People love traveling. There was just a USTA report that's really interesting and I think has some good points in terms of travel trends. There was a record 3.1 million people going through airports last year, they expect to see 50 days like that, I think this year over the next few years, and we continue to say that there's going to be 4 million people a day going through US airports by 2030.

正如您所說，您不能降低零價，因此我們希望提高零價。但就宏觀旅遊趨勢而言，我們仍然對旅遊持樂觀態度。我知道這些年來我聽起來就像一張破唱片。人們喜歡旅行。剛剛有一份美國網球協會的報告非常有趣，我認為它在旅遊趨勢方面有一些很好的觀點。去年，美國機場的客流量達到了創紀錄的 310 萬人次，預計今年和未來幾年將有 50 天出現這種情況，我們預計到 2030 年，每天將有 400 萬人次通過美國機場。

So the need for automation, the need for public-private partnerships is here and now. And when you look at us hosting the World Cup, right, the Olympics, there is a focus on travel and bringing more people into the system from a trusted and vetted perspective so that you can have greater efficiency and greater security.

因此，對自動化和公私部門合作的需求已經迫在眉睫。當你看到我們舉辦世界盃、奧運時，我們關注的是旅遊，並從值得信賴和審查的角度將更多的人納入系統，以便提高效率和安全性。

I think when you look at what the airlines are saying in terms of capacity, what the hotels are saying, what the home share, room share people are saying, there is just so much excitement about travel, so continue to be very bullish on it and think, quite frankly, it's hard and getting harder and that is our opportunity as a company that focuses on frictionless experiences.

我認為，當你看到航空公司在運力方面的說法、酒店方面的說法、房屋共享、房間共享人士的說法時，你會發現人們對旅行非常興奮，因此繼續對此持非常樂觀的態度，坦率地說，這很難，而且越來越難，而這正是我們作為一家專注於無摩擦體驗的公司所面臨的機會。

In terms of our out of airport enrollment network, it's something that we're very excited about and we are scaling it aggressively in the first half of this year and so it's great when someone can come to Oculus or Mall of America to enroll in PreCheck, again meeting people where they are. But as we have these locations and we have more products, we think it gives us an opportunity to sell other things to people, and those locations are literally cash flow positive within the first few weeks so it's really powerful economics.

就我們的機場外登記網路而言，這是我們感到非常興奮的事情，我們將在今年上半年積極擴大其規模，因此當人們可以來到 Oculus 或美國購物中心註冊 PreCheck 並再次與他們見面時，這真是太好了。但由於我們擁有這些地點並且擁有更多產品，我們認為這為我們提供了向人們銷售其他產品的機會，而且這些地點在最初幾週內現金流實際上就為正，因此這確實具有強大的經濟效益。

And it is exciting to bring our brand meeting people where they are first with PreCheck and then other things. And then when you think of -- again just to go over to CLEAR1, the power of witnessed enrollments in high security needs having both in-person and digital enrollment capabilities is really exciting.

令人興奮的是，我們先透過 PreCheck 品牌與人們見面，然後再進行其他活動。然後，當您想到——再次回到 CLEAR1 時，在高安全性需求下，見證註冊的力量具有現場和數位註冊功能，這確實令人興奮。

In terms of pricing, I'm going to turn that over to Ken.

至於定價，我會把它交給肯。

Yeah, so we see a number of pricing opportunities. The most obvious is taking the historically free tiers of airlines and beginning to charge for some of those. And so that is definitely an area of opportunity. And again, why we focus on gross dollar retention, because if you have people that are using the lane and not paying you, net member retention is not the right metric to focus on that. So we -- more to come on pricing, but that's the sort of most near-term opportunity.

是的，所以我們看到了很多定價機會。最明顯的是，對航空公司歷史上免費的部分艙等開始收費。所以這絕對是一個充滿機會的領域。再次說明，為什麼我們關注的是總美元保留率，因為如果有人使用通道但不付錢給你，那麼淨會員保留率就不是關注這一點的正確指標。因此，我們也會就定價做出更多努力，但這是最近期的機會。

And I would also say from a philosophy perspective, Dana, first and foremost, you've got to drive value for customers, right? And so when you look at the value today at 59 airports, 166 lanes, the lane experience scores climbing, we talked about the statistics of predictability and adding services and lowering the implied price when you add greater services and having 30 million-plus people on the platform means more people want to partner with us. There's more we can offer our members. It really becomes this virtuous cycle.

而且從哲學角度來說，達娜，我還要說，首先，你必須為客戶創造價值，對嗎？因此，當您查看當今 59 個機場、166 條航線的價值時，航線體驗得分不斷攀升，我們討論了可預測性和增加服務的統計數據，並在添加更多服務時降低隱含價格，並且平台上有 3000 多萬人意味著更多人想與我們合作。我們也可以提供會員更多服務。這確實形成了一種良性循環。

And so when we think about pricing, we think about bundles, we think about value-added benefits in those bundles that might not cost us anything but lower the implied price for our customers. You see us do partnerships with Uber, things of that nature. So there's a lot of products that make sense, specifically in travel and beyond to create value for our members and allows us to have a more holistic pricing philosophy. But pricing is something that we're going to be thoughtful about every single year, but also thinking about tiers.

因此，當我們考慮定價時，我們會考慮捆綁銷售，考​​慮這些捆綁銷售中的增值利益，這些利益可能不會花費我們任何成本，但會降低客戶的隱含價格。你可以看到我們與 Uber 建立了合作關係，諸如此類的事情。因此，有許多產品是有意義的，特別是在旅遊和其他領域，為我們的會員創造價值，並讓我們擁有更全面的定價理念。但我們每年都會認真考慮定價問題，同時也會考慮層級。

Got it. Thank you.

知道了。謝謝。

Mark Kelley, Stifel.

馬克凱利（Mark Kelley），Stifel。

My first question is just going back to the comments you made, Caryn, about the new administration and just how well your position there. I guess, if there's less red tape that you have to deal with going forward, I'm assuming that might ease the G&A line, but are there other parts of the P&L that maybe we should be thinking about, is there an opportunity for you in Global Entry to maybe facilitate that process.

我的第一個問題是回顧卡琳您對新政府的評論以及您在那裡的職位有多好。我想，如果今後您需要處理的繁文縟節減少，我認為這可能會減輕 G&A 負擔，但是否還存在我們應該考慮的損益表的其他部分，您是否有機會在全球准入中促進這一進程。

And then the other question I had was, looking at annualized CLEAR Plus member usage that's stabilized sequentially, just curious what you're seeing there and what we can expect throughout '25.

然後我的另一個問題是，看看連續穩定的年度 CLEAR Plus 會員使用情況，我只是好奇您在那裡看到了什麼以及我們對整個 25 年的期望是什麼。

So let me take Global Entry. 13 years ago we approached them on being an enrollment engine for Global Entry, so we believed it then and we believe it now. PreCheck is off to an incredibly strong start. So first things first, and I think we are proving our strength as an enrollment partner, and both security and customer experience, and marketing, and technology, and product improvement. So I think that there's a lot of potential once you have data to continue to drive new services off our infrastructure. So that's number one.

那麼就讓我參加全球入境活動。 13 年前，我們曾與他們接洽，希望他們能成為全球入境計畫的招生引擎，因此，當時我們就相信這一點，現在我們也依然相信。PreCheck 開局非常強勁。所以首先，我認為我們正在證明我們作為招生合作夥伴的實力，以及安全性和客戶體驗、行銷、技術和產品改進。因此我認為，一旦擁有數據，就有很大潛力繼續推動我們的基礎架構提供新服務。這是第一點。

And again, I think as a made in America company, it's really important as the government looks to have partnerships with trusted companies that are US-based, that's a really important moment for our company, and also as a qualified anti-terrorism technology, there's just a lot more that we know that we can be doing and we're excited to share that story specifically now that we have data to prove it.

而且，我認為作為一家美國製造的公司，這一點非常重要，因為政府希望與美國的值得信賴的公司建立合作夥伴關係，這對我們公司來說是一個非常重要的時刻，而且作為一種合格的反恐技術，我們知道我們可以做更多的事情，我們很高興與大家分享這個故事，因為我們有數據可以證明這一點。

Yeah, and in terms of efficiencies, I think some of the policies led to maybe some inefficiencies in our direct salaries line, and so that I think is the biggest area of opportunity, and we do expect to see operating leverage on a full-year basis on that line.

是的，就效率而言，我認為一些政策可能導致我們的直接工資線效率低下，所以我認為這是最大的機會領域，我們確實希望看到該線全年的經營槓桿。

But if I can just add to that, it's beyond the -- just the line, it's the revenue opportunity and the customer experience. Who wouldn't want to move further faster to strengthen security and delight travelers at no cost to taxpayers? And so, I do think it is in everyone's benefit to move more quickly, specifically when this technology is turnkey.

但如果我可以補充一點的話，它超越了——僅僅是這條線，它就是收入機會和客戶體驗。誰不想進一步加快步伐，加強安全，讓旅客感到滿意，而且不用花納稅人的錢呢？因此，我確實認為，加快步伐對每個人都有好處，特別是當這項技術成為現實時。

And then just in terms of utilization, we talked about the decline for the past few quarters being driven by mix, so as we've enlarged our TAM, bringing on a new pool of members that are maybe less frequent travelers in general, and then the post-COVID reduction. Generally speaking, in travel, or the post-COVID snapback, I should say, reduction in travel. So we've seen both of those things stabilize and right now, our share of TSA traffic is up year over year and we're seeing strong volumes.

然後就利用率而言，我們談到了過去幾個季度的下降是由混合因素驅動的，因此，隨著我們擴大了 TAM，引入了一批可能總體上不太頻繁旅行的新會員，然後是 COVID 之後的減少。總體來說，在旅行方面，或者說在疫情後的復甦中，我應該說旅行減少了。因此，我們看到這兩件事都趨於穩定，目前，我們在 TSA 交通中的份額逐年上升，而且我們看到了強勁的客流量。

I have to think one other thing, and we continue to drive it, so the family plan, which is really beneficial, you want families traveling together or CLEAR members who are younger traveling on their own, but sometimes those younger people travel less.

我必須考慮另一件事，我們會繼續推動它，所以家庭計劃確實很有益，你希望家人一起旅行，或者年輕的 CLEAR 成員獨自旅行，但有時這些年輕人的旅行較少。

Perfect. Thank you, both.

完美的。謝謝你們兩位。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

I appreciate you taking the question. Just a two parter I'll give here. On retention rates have been some comments, just the stabilization that held in Q4, can you comment on what you saw ending the year and if there are 4Q seasonal impacts, on the renewal base at all to be mindful of there.

感謝您回答這個問題。我在這裡只給兩個部分。關於留存率有一些評論，只是第四季度保持了穩定，您能否評論一下您在年底看到的情況，以及是否存在第四季度的季節性影響，對續約基礎是否需要注意。

And then on the early '25 comment around strong bookings growth, any color on mix and drivers of that, any way for us to think about the core CLEAR Plus business, price TSA Pre, or other efforts and just stack ranking and unpacking that comment a bit.

然後，關於 25 年初關於強勁預訂量增長的評論，任何關於組合和驅動因素的顏色，任何讓我們思考核心 CLEAR Plus 業務、價格 TSA Pre 或其他努力的方式，以及只是堆疊排名和稍微解開該評論。

So on the retention question, I mean, there's nothing seasonal as a 12-month trailing metric, so just stabilization, along with experience -- the passenger experience, rolling out EnVes. And we did see a snapback in the win backs as well, so nothing external there, just sort of execution. And so we're really happy to see that there.

因此，關於保留問題，我的意思是，作為 12 個月的追蹤指標，沒有任何季節性，所以只是穩定性以及體驗——乘客體驗，推出 EnVes。而我們也確實看到了勝利的反彈，所以沒有什麼外在因素，只是某種執行力。我們很高興看到這一點。

In terms of the mix and sort of growth, I think it's going to be driven by a number of things, as Caryn mentioned earlier, we do expect CLEAR Plus net member growth. We do expect some pricing. Certainly, you have rollover pricing from last year's initiatives, and then whatever we do this year, we have CLEAR1 ramping, we have PreCheck ramping. Those both contributed a few 100 basis points to growth rates, and we expect that to contribute more as the year goes on.

就組合和成長類型而言，我認為這將受到多種因素的推動，正如 Caryn 之前提到的，我們確實預計 CLEAR Plus 淨會員數量會成長。我們確實期待一些定價。當然，你有去年舉措的展期定價，然後無論我們今年做什麼，我們都有 CLEAR1 遞增，我們有 PreCheck 遞增。這兩項因素都為成長率貢獻了幾百個基點，我們預計，隨著時間的推移，它們的貢獻還會更大。

And Michael, I would just add to that, obviously we're very bullish on biometrics. It's why we're a secure identity (technical difficulty). And driving an end-to-end experience driven by technology and innovations to help travelers win the day of travel and having a predictable experience, I think really is our opportunity to drive growth and to drive price and to drive new value-added services.

邁克爾，我還要補充一點，顯然我們非常看好生物辨識技術。這就是我們擁有安全身份的原因（技術難度）。透過技術和創新推動端到端體驗，幫助旅客贏得旅行日並獲得可預測的體驗，我認為這確實是我們推動成長、推動價格和推動新的增值服務的機會。

And so, I think when you think about it, you have to think about different tiers. There's PreCheck, there's CLEAR Plus PreCheck, there's CLEAR Plus PreCheck plus other services. And I just -- travel is growing, it's difficult. We're driving automation. And I think you have to really think through last year and the depression of NextGen Identity and all the secondary -- re-enrolling 7.5 million people in person is hard and certainly has second derivative impacts on the business that we're coming off of.

所以，我認為當你考慮這個問題時，你必須考慮不同的層次。有 PreCheck、有 CLEAR Plus PreCheck、有 CLEAR Plus PreCheck 以及其他服務。我只是——旅行正在成長，這很困難。我們正在推動自動化。我認為你必須認真思考去年和 NextGen Identity 的低迷以及所有次要因素——親自重新登記 750 萬人很困難，而且肯定會對我們剛剛開展的業務產生間接影響。

And then you roll -- you marry NextGen Identity, which is the great unlock for so many different experiences, plus EnVes which are magic and much more efficient. There's just so many opportunities going forward that we didn't have over the last two years.

然後你就成功了——你與 NextGen Identity 結合，這是解鎖許多不同體驗的絕佳方式，再加上神奇且更有效率的 EnVes。未來還有很多機會，而過去兩年我們卻沒有機會。

Thank you.

謝謝。

There are no further questions at this time. I would now like to turn the floor back over to Caryn for closing comments.

目前沒有其他問題。現在我想把發言權交還給卡琳，請她發表最後評論。

Thank you for joining our fourth-quarter 2024 earnings call. I am really proud of how our team is executing, and I am excited for the opportunities in front of us. Thank you.

感謝您參加我們的 2024 年第四季財報電話會議。我對我們團隊的表現感到非常自豪，並且對我們面前的機會感到興奮。謝謝。

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

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。