Clear Secure Inc (YOU) 2025 Q1 法說會逐字稿

Good morning and welcome to CLEAR’s fiscal first quarter 2025 conference call. We have with us today, Caryn Seidman Becker, Co-Founder, Chair, and Chief Executive Officer, Michael Barkin, President, and Jen Hsu, Chief Financial Officer.

早上好，歡迎參加 CLEAR 2025 財年第一季電話會議。今天與我們在一起的有聯合創始人、董事長兼首席執行官 Caryn Seidman Becker、總裁 Michael Barkin 和首席財務官 Jen Hsu。

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.

在我們開始之前提醒一下，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, unless otherwise stated, all comparisons will be against the comparable period of fiscal year 2024. Additionally, 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 quarterly report on Form 10-Q. These items can be found on the Investor Relations section of CLEAR’s website.

在本次電話會議中，除非另有說明，所有比較均以 2024 財年的可比期間為準。此外，公司還將討論 GAAP 和非 GAAP 財務指標。今天的股東信件和最近提交的 10-Q 表季度報告中提供了 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. The floor is yours.

說完這些，我將把電話轉給卡琳 (Caryn)。現在輪到你了。

Good morning and thank you for joining our first quarter 2025 earnings call. I want to welcome our new President, Michael Barkin and our new CFO, Jen Hsu, to their first CLEAR earnings call. I am absolutely thrilled to have them as partners and an integral part of CLEAR’s leadership team.

早安，感謝您參加我們的 2025 年第一季財報電話會議。我歡迎我們的新任總裁 Michael Barkin 和新任財務長 Jen Hsu 參加他們的第一次 CLEAR 收益電話會議。我非常高興他們能成為我的合作夥伴以及 CLEAR 領導團隊不可或缺的一部分。

CLEAR is building the leading secure identity platform, making it safer and easier for people to move through the world. In the first quarter, we saw momentum across our travel footprint, continued scaling of our TSA PreCheck enrollment program, and exciting traction with CLEAR1. We have introduced important new products to improve the member experience, enrollment process, and our technology platform. With the REAL ID deadline here, and our ePassport product fully rolled out, CLEAR is helping to ensure Americans across the country are REAL ID ready.

CLEAR 正在建立領先的安全身分平台，讓人們在世界各地出行更加安全、便利。在第一季度，我們的旅行足跡呈現成長勢頭，TSA PreCheck 註冊計畫持續擴大，CLEAR1 也取得了令人興奮的進展。我們推出了重要的新產品，以改善會員體驗、註冊流程和我們的技術平台。隨著 REAL ID 截止日期的到來以及我們的電子護照產品的全面推出，CLEAR 正在幫助確保全美各地的美國人都做好 REAL ID 的準備。

CLEAR’s travel business saw continued strong growth in the first quarter, a reflection of our opportunity to continue to grow the top and bottom line through focus on the member experience, network, and product expansion. CLEAR is active in 59 CLEAR Plus airports and 4 domestic CLEAR Mobile airports, with 167 Lanes reaching 74% of US airline passengers.

CLEAR 的旅遊業務在第一季持續保持強勁成長，這反映出我們有機會透過專注於會員體驗、網路和產品擴展來繼續增加營收和利潤。CLEAR 在 59 個 CLEAR Plus 機場和 4 個國內 CLEAR Mobile 機場開展活動，擁有 167 條航線，覆蓋 74% 的美國航空乘客。

In the first quarter of 2025, US air travel demand continued upward. TSA checkpoint volumes grew almost 1%, normalizing for Leap Day. For CLEAR, we care about the absolute volume of travelers at our airports and their demand for frictionless, predictable experiences, akin to their experiences elsewhere in the consumer economy.

2025年第一季度，美國航空旅行需求持續上升。TSA 檢查站人流增加近 1%，閏日恢復正常。對於 CLEAR，我們關心的是機場旅客的絕對數量以及他們對無摩擦、可預測體驗的需求，類似於他們在消費經濟其他地方的體驗。

A recent survey conducted by The U.S. Travel Association highlighted the primary challenges faced by American air travellers. The biggest pain point for 64% of respondents was long lines at airport security, with over half of travelers waiting over 20 minutes in security lines. Importantly, the survey suggested that biometrics are crucial to create a travel environment where safety and security are assured, without sacrificing efficiency or privacy, something we have long believed.

美國旅遊協會最近進行的一項調查強調了美國航空旅客面臨的主要挑戰。64%的受訪者表示，最大的痛點是機場安檢排隊太長，超過一半的旅客在安檢隊伍中等待的時間超過20分鐘。重要的是，調查表明，生物辨識技術對於創造一個有保障的旅行環境至關重要，同時又不會犧牲效率或隱私，這是我們長期以來一直相信的。

This data reflects the need for a universal, predictable and frictionless experience. CLEAR is building the solution with the Lane of the Future. At the core of this transformation is what we call our eSuite products: EnVe, ePassport, and eGates, designed to lead the future of secure, seamless travel experiences.

這些數據反映了對普遍、可預測和無摩擦體驗的需求。CLEAR 正在利用未來車道建構解決方案。這項轉變的核心是我們所謂的 eSuite 產品：EnVe、ePassport 和 eGates，旨在引領未來安全、無縫的旅行體驗。

EnVe, our new Enrollment Verification Pods, have now been deployed across our network. Our EnVe Pods are driving material benefits to the member experience through facial recognition and faster verifications. EnVes are also enabling labor productivity enhancements, proving the value of automation in high-volume environments. Finally, we are proud that our EnVes just received the Red Dot Design Award, given for great innovation in design.

EnVe，我們的新註冊驗證艙，現已部署在我們的網路中。我們的 EnVe Pods 透過臉部辨識和更快的驗證為會員體驗帶來實質好處。EnVes 也能提高勞動生產力，證明了自動化在大批量環境中的價值。最後，我們很自豪我們的 EnVes 剛剛獲得了紅點設計獎，該獎項旨在表彰我們在設計上的偉大創新。

ePassport is a breakthrough in identity verification. It has unlocked true one-step enrollment. For the first time ever, members can now fully enroll at home, digitizing their passport in less than two minutes by scanning their passport chip directly within the CLEAR App. No more stopping at the airport to enroll, travelers can arrive at the airport and zip straight to the CLEAR Lane. Today, this is available to US travelers, and we will be bringing this to international travelers in the near future, which will expand our total addressable market.

電子護照是身分驗證領域的突破。它實現了真正的一步式註冊。會員現在可以首次在家中完成註冊，只需在 CLEAR 應用程式中直接掃描護照晶片，即可在不到兩分鐘的時間內將護照數位化。旅客無需再在機場停留進行登記，抵達機場後即可直接前往 CLEAR Lane。今天，這項服務已向美國遊客開放，在不久的將來，我們將向國際遊客推出這項服務，這將擴大我們的整體目標市場。

eGates represent the next leap forward, software-driven intelligent hardware, built for faster and more secure experiences; they are vertically integrated, automated, and built for scale. Pilots are underway at select airports and we believe they should be a cornerstone of next-generation travel. Major global events like the World Cup in 2026 and the Olympics in 2028 are on the horizon and will put US airports in the global spotlight. CLEAR is ready to meet the moment, offering end-to-end automated lanes at no cost to the government or taxpayers.

eGates 代表著下一次飛躍，即軟體驅動的智慧硬件，旨在實現更快、更安全的體驗；它們是垂直整合的、自動化的、並且為規模化而構建的。目前，部分機場正在進行試點，我們相信這將成為下一代旅行的基石。2026 年世界盃和 2028 年奧運會等重大全球賽事即將舉行，美國機場將成為全球關注的焦點。CLEAR 已準備好迎接這一機遇，為政府和納稅人免費提供端到端的自動化通道。

We are proud to be delivering TSA PreCheck enrollment to more Americans than ever. With 165 locations now live, including airports, city centers, and transit hubs, CLEAR is creating more ways for people to enroll at the airport. We recently rolled out our passport lookup feature which means as long as travelers have a passport, they don’t need to have it physically with them to enroll. We believe this will be an important accelerant to TSA PreCheck enrollment.

我們很榮幸能夠為更多的美國人提供 TSA PreCheck 登記服務。目前，CLEAR 已在 165 個地點投入使用，包括機場、市中心和交通樞紐，為人們在機場註冊創造了更多方式。我們最近推出了護照查詢功能，這意味著只要旅行者有護照，就不需要隨身攜帶護照來註冊。我們相信這將成為 TSA PreCheck 註冊的重要推動力。

With the federal REAL ID enforcement date here, the stakes are high. Millions of Americans risk showing up at the airport unprepared. CLEAR is built to solve this. Members can now upload and digitize their passport directly in the CLEAR App and be travel ready. Our EnVe rollout and ePassport solutions are great examples of CLEAR solving big problems with thoughtful member-first technology.

隨著聯邦 REAL ID 強制執行日期的到來，風險很高。數百萬美國人冒著毫無準備就抵達機場的風險。CLEAR 就是為了解決這個問題而建立的。會員現在可以直接在 CLEAR 應用程式中上傳和數位化他們的護照並準備出行。我們的 EnVe 推出和電子護照解決方案是 CLEAR 利用周到的會員優先技術解決大問題的典範。

CLEAR1 is the one vertically integrated identity platform that helps enterprises prevent fraud, reduce insider risk, and build trust. CLEAR1’s embedded base of over 31 million members today and smart network maximizes security and minimizes friction. CLEAR1 continues to gain traction as we bring digital identity to life across new categories.

CLEAR1 是一個垂直整合的身份平台，可幫助企業防止詐欺、降低內部風險並建立信任。CLEAR1 目前擁有超過 3,100 萬會員，其智慧網路可最大程度地提高安全性並最大程度地減少摩擦。隨著我們在新的類別中將數位身分帶入生活，CLEAR1 繼續獲得關注。

Our recent partnership with Docusign is a game-changer. Customers count on Docusign for critical agreements and contracts, and we believe there is no greater way to build trust in those documents than total identity integrity provided by CLEAR. Our solution will allow users to verify their identity instantly and securely when signing high-trust agreements, streamlining processes in real estate, finance and legal industries. Together, we are setting a new standard for secure, digital-first workflows and it sets the foundation for expanded enterprise adoption of CLEAR.

我們最近與 Docusign 的合作改變了遊戲規則。客戶依靠 Docusign 來處理重要的協議和合同，我們相信，沒有比 CLEAR 提供的完全身份完整性更好的方法來建立對這些文件的信任。我們的解決方案將允許用戶在簽署高信任協議時即時安全地驗證其身份，從而簡化房地產、金融和法律行業的流程。我們共同為安全、數位優先的工作流程設立了新標準，並為擴大企業採用 CLEAR 奠定了基礎。

Overall, CLEAR1 continues to make great progress across the consumer, healthcare, and finance industries. Identity is becoming more foundational to trust and access across sectors and CLEAR is uniquely positioned to lead. With that, I will turn it over to Jen

總體而言，CLEAR1 在消費、醫療保健和金融業繼續取得巨大進展。身分識別正在成為跨產業信任和存取的基礎，而 CLEAR 則具有獨特的領先優勢。接下來，我會把時間交給 Jen

Thank you, Caryn, and thanks to the entire CLEAR team for such a warm welcome. There is a tremendous amount of opportunity for the business as we look ahead, and I’m thrilled to be joining CLEAR at such an exciting time. Let me now turn to our first quarter financial results.

謝謝你，卡琳，也感謝整個 CLEAR 團隊的熱情歡迎。展望未來，我們的業務將面臨巨大的機遇，我很高興能在如此令人興奮的時刻加入 CLEAR。現在讓我來談談我們的第一季財務表現。

We continued to execute against our broader strategy, which is to grow members, bookings, and free cash flow. We ended the quarter with 31.2 million total members on the CLEAR network, up 42.3% year-over-year, underscoring the continued growth and traction of CLEAR1. We delivered $207 million of total bookings and $91 million of free cash flow, representing 14.8% and 17.6% growth, respectively.

我們繼續執行我們的更廣泛的策略，即增加會員、預訂量和自由現金流。截至本季末，CLEAR 網路的總會員數為 3,120 萬，年成長 42.3%，凸顯了 CLEAR1 的持續成長和發展勢頭。我們實現了 2.07 億美元的總預訂額和 9,100 萬美元的自由現金流，分別成長 14.8% 和 17.6%。

Active CLEAR Plus members grew to 7.4 million, representing 9.1% growth. Our continued innovation, including The Lane of the Future, is elevating member experience and fueling member acquisition.

CLEAR Plus 活躍會員數成長至 740 萬，成長 9.1%。我們持續的創新，包括“未來之路”，正在提升會員體驗並促進會員獲取。

Q1 gross dollar retention was 87.1%, down 140 basis points sequentially, driven by comping large, step-function price increases from 2023 and 2024. As an annual subscription biller, any pricing action that we take affects gross dollar retention over a 24-month time period from the date we implement the pricing change. The pricing impact builds over the first 12 months and then tails off over the subsequent 12 months.

第一季總美元保留率為 87.1%，比上一季下降 140 個基點，原因是 2023 年和 2024 年價格大幅階梯式上漲。作為年度訂閱計費者，我們採取的任何定價行動都會影響自實施價格變更之日起 24 個月內的總美元保留額。定價影響在前 12 個月逐漸增大，然後在接下來的 12 個月逐漸減少。

Since 2023, general airline pricing increased 59% from $119 to $189 and family pricing doubled from $60 to $119. These price increases had the greatest impact on gross dollar retention throughout 2024 and are now beginning to normalize. We have demonstrated our ability to consistently grow both Active CLEAR Plus members and average price over time. We continue to see meaningful price opportunities across our member base, as we continue to enhance our value proposition.

自 2023 年以來，普通航空票價上漲了 59%，從 119 美元漲至 189 美元，家庭票價則翻了一番，從 60 美元漲至 119 美元。這些價格上漲對 2024 年全年的總美元保留率影響最大，目前已開始正常化。我們已經證明我們有能力隨著時間的推移持續增加活躍的 CLEAR Plus 會員和平均價格。隨著我們不斷增強價值主張，我們繼續在會員群體中看到有意義的價格機會。

Shifting gears, we are making strong progress on TSA PreCheck, and while we currently operate approximately 15% of total PreCheck enrollment locations, we are gaining outsized market share in volume. We are rapidly ramping our footprint, with 165 total locations today across airports, flagships, and our retail partners. Furthermore, we are encouraged by our ability to upsell TSA PreCheck new enrollments into CLEAR Plus as a bundled product.

換個角度來看，我們在 TSA 預檢方面取得了長足的進步，雖然我們目前經營著大約 15% 的預檢登記地點，但我們在數量上正在獲得巨大的市場份額。我們正在迅速擴大我們的業務範圍，目前在機場、旗艦店和零售合作夥伴處共有 165 家門市。此外，我們很高興能夠將 TSA PreCheck 新註冊用戶升級到 CLEAR Plus 作為捆綁產品進行銷售。

Moving on to profitability, we generated $37 million of operating income, representing a 17.7% operating margin, and $52 million of adjusted EBITDA, representing a 24.7% adjusted EBITDA margin. Cost of direct salaries and benefits represented 24.0% of revenue, up 150 basis points year-over-year. This increase reflects the first full quarter under our new Ambassador compensation structure, which shifted to higher base salaries and lower commissions. This change was designed to improve retention across our Ambassador team and is showing success.

談到獲利能力，我們創造了 3,700 萬美元的營業收入，代表 17.7% 的營業利潤率，以及 5,200 萬美元的調整後 EBITDA，代表 24.7% 的調整後 EBITDA 利潤率。直接工資和福利成本佔收入的 24.0%，年增 150 個基點。這一增長反映了我們新的大使薪酬結構下的第一個完整季度，該結構轉向更高的基本工資和更低的佣金。這項改變旨在提高我們大使團隊的保留率，並且已經取得了成功。

Direct salaries and benefits in Q1 also included the impact of new TSA PreCheck Flagship locations. Excluding these impacts, cost of direct salaries and benefits demonstrated year-over-year operating leverage. Additionally, we continue to drive efficiencies in G&A, which represented 25.9% of revenue, an improvement of 360 basis points year-over-year, reflecting our disciplined corporate expense management.

第一季的直接工資和福利還包括新的 TSA PreCheck 旗艦店的影響。排除這些影響，直接工資和福利成本顯示出年比營運槓桿。此外，我們繼續提高一般及行政費用的效率，該費用佔收入的 25.9%，比去年同期提高了 360 個基點，反映了我們嚴格的企業費用管理。

In Q1, we generated $91 million of free cash flow, up 17.6% year-over-year, as a result of continued operating leverage and the capital efficiency of our business model. We ended the quarter with $533 million of cash and marketable securities, after returning $168 million of capital to shareholders, including approximately $102 million under our share repurchase program and approximately $67 million in dividends and distributions.

在第一季度，我們產生了 9,100 萬美元的自由現金流，年增 17.6%，這得益於持續的經營槓桿和業務模式的資本效率。在向股東返還 1.68 億美元資本（包括透過股票回購計畫返還的約 1.02 億美元和透過股息和分配返還的約 6,700 萬美元）後，我們在本季結束時持有 5.33 億美元的現金和有價證券。

Turning to guidance for Q2, and in consideration of the external environment, we expect revenue of $214 million to $216 million and total bookings of $215 million to $220 million, representing 15.1% and 10.4% growth at the midpoint, respectively. For the full year 2025, we are reaffirming our free cash flow guidance of at least $310 million. And finally, we continue to expect full year 2025 GAAP tax rates to range between 17% to 20%. With that, I’m looking forward to working with many of you, and will turn it back to Caryn for some closing remarks.

談到第二季的指引，考慮到外部環境，我們預期營收為 2.14 億美元至 2.16 億美元，總預訂額為 2.15 億美元至 2.2 億美元，中位數分別成長 15.1% 和 10.4%。對於 2025 年全年，我們重申至少 3.1 億美元的自由現金流指引。最後，我們繼續預期 2025 年全年 GAAP 稅率將在 17% 至 20% 之間。至此，我期待與大家合作，並將時間交還給卡琳，請她做最後的總結發言。

Thanks, Jen. The past two years have been a challenging environment from an operating and regulatory perspective which impacted member experience and member retention. Importantly, we are thrilled with our engagement with the current administration and their alignment with private sector partnership and innovation. We are emerging from this period with an improving member experience, a growing network, new technology, and continued pricing opportunities, leading to growth in our member base, bookings, and free cash flow.

謝謝，Jen。從營運和監管角度來看，過去兩年是一個充滿挑戰的環境，影響了會員體驗和會員保留率。重要的是，我們很高興與現任政府合作，並了解他們與私營部門合作和創新的關係。我們正在走出這段時期，會員體驗不斷改善，網路不斷擴大，新技術不斷湧現，定價機會持續增加，從而推動我們的會員基礎、預訂量和自由現金流不斷增長。

(Operator Instructions)

（操作員指示）

Joshua Reilly, Needham.

約書亞‧賴利 (Joshua Reilly)，尼德姆。

Alright. Well, thanks for taking my questions and welcome to the team here, Jim and Michael. As we're thinking about the booking's guidance for Q2, can you just discuss the macro factors you're considering including any potential disruption from the REAL ID implementation? And can you just speak more broadly, what are you seeing in real time at the airports with regards to REAL ID and is that impacting bookings or your business at all?

好吧。好吧，感謝你們回答我的問題，歡迎吉姆和麥可加入我們的團隊。當我們考慮第二季的預訂指引時，您能否討論您正在考慮的宏觀因素，包括 REAL ID 實施可能造成的任何干擾？您能否更廣泛地談談，您在機場實時看到了有關 REAL ID 的情況，這是否會影響預訂或您的業務？

Thanks, Josh. In terms of the macro, to date, both gross ads and conversion rates from trial to paid memberships remain healthy. We are not seeing softness in our business as a result of any broader macro sentiment. Certainly, there is a lot of noise right now from both the economic backdrop and so like, you look at Newark, for example, and it's in the news every day.

謝謝，喬希。從宏觀角度來看，到目前為止，總廣告收入和從試用到付費會員的轉換率都保持健康。我們並未看到我們的業務因更廣泛的宏觀情緒而出現疲軟。當然，目前無論是經濟背景還是其他方面都存在著許多噪音，例如，看看紐瓦克，它每天都出現在新聞中。

I think what's really important is that we're a subscription-based business that's oriented to how many travelers are coming through airports versus airfares. And so, just as an example, the first quarter, I think we talked about on the call growing 1%, and April's pretty much been flat. So I think on yesterday started REAL ID, Wednesday can be a pretty quiet day. So I think net net yesterday, I'm really proud of how our team executed and it was pretty much business as usual.

我認為真正重要的是，我們是一家基於訂閱的業務，關注的是有多少旅客通過機場而不是機票。舉個例子，我們在電話會議上談到第一季成長了 1%，而 4 月則基本持平。因此我認為從昨天開始實施 REAL ID 之後，週三將會是相當平靜的一天。所以我認為昨天我們團隊的表現真的讓我很自豪，一切都和往常一樣。

But certainly, every airport is handling it differently, and I think you have to be thoughtful of just how it could work its way through the system. There is a lot of gratitude that CLEAR members and we've really been focused on CLEAR members being REAL ID ready and that the CLEAR Lane is the calm in the chaos.

但可以肯定的是，每個機場的處理方式都不同，我認為你必須仔細考慮它如何在系統中發揮作用。我們非常感謝 CLEAR 成員，我們也一直致力於讓 CLEAR 成員做好 REAL ID 準備，並且 CLEAR Lane 是混亂中的平靜之所。

So we didn't see it yesterday. It is day one. We are partnering closely at both the Federal and the local level, and I think that really is a great reflection of the strength with this administration in the public-private partnership and so, we're excited about that. We're really pleased that we have e-passport rolled out before that. So I think that guidance is just a reflection of the noise in the world and being thoughtful of it with a new management team and making sure that we execute with strength going forward.

所以我們昨天沒有看到它。這是第一天。我們在聯邦和地方層級都保持著密切的合作，我認為這確實充分體現了本屆政府在公私合作方面的實力，因此，我們對此感到興奮。我們非常高興我們在此之前就推出了電子護照。因此，我認為該指導只是對世界上各種噪音的反映，需要與新的管理團隊一起深思熟慮，確保我們能夠有力地執行。

And Josh, I would just add to that, as Karen shared, we are not seeing any softness in the business today as a result of macro. But having said that, the market is obviously volatile,and REAL ID is just one example of that it's an area where we think we can drive a lot of positive impact, but it also just creates some degrees of variability and unknown. So we felt it was appropriate to widen bookings by 1 percentage point just to give ourselves a bit of room for a wider range of outcomes.

喬希，我想補充一點，正如卡倫所說，我們今天沒有看到宏觀因素導致的業務出現任何疲軟。但話雖如此，市場顯然是不穩定的，REAL ID 只是其中一個例子，我們認為我們可以在這個領域產生很多積極影響，但它也帶來了一定程度的變化和未知性。因此，我們認為將預訂量擴大 1 個百分點是合適的，這樣我們才能有更多空間來實現更廣泛的結果。

I'd also add, we all -- we did reiterate the free cash flow guidance, so I think that's a testament to the visibility we have in the business and the levers that we have as well going forward.

我還要補充一點，我們都重申了自由現金流指引，所以我認為這證明了我們在業務上的可見性以及我們未來的槓桿作用。

Got it. That's helpful. And then as we look at retention, the dollar retention, obviously ticked down sequentially, I wanted to get some color on what's happening more broadly with family member -- family members now that you've lapsed the larger price increases for these customers relative to what you're seeing for individual members. Are you seeing the family churn normalized now that we've lapsed those big price increases? Thanks, guys.

知道了。這很有幫助。然後，當我們看保留率時，美元保留率顯然是逐級下降的，我想更廣泛地了解一下家庭成員的情況——現在家庭成員的情況已經過去了，這些客戶的價格漲幅相對於單個成員的價格漲幅更大。您是否發現，自從價格大幅上漲以來，家庭流失現像已經恢復正常了？謝謝大家。

Yeah, I would just say overall on member retention, those trends remain consistent, and you can see that in the net ads additions that we added this quarter. So 100,000 net ads sequentially Q4 to Q1, which is an improvement relative to Q1 of prior year where we added 78,000 quarter-on-quarter.

是的，我只想說，就會員保留率而言，這些趨勢保持一致，您可以從我們本季增加的淨廣告中看到這一點。因此，第四季與第一季相比，淨廣告數量連續增加 10 萬條，與去年第一季相比有所改善，去年第一季我們環比增加了 78,000 條。

Ben Miller, Goldman Sachs.

高盛的班·米勒。

Great, thanks for taking the questions. Given the uncertain macro backdrop, I'm curious how the team might express flexibility around long-term investments and/or capital returns in a downturn. And as you think about the ranges of outcomes in the macro, curious what's contemplated in the reiteration of the free cash flow guide.

太好了，感謝您回答這些問題。鑑於不確定的宏觀背景，我很好奇團隊如何在經濟低迷時期表現出對長期投資和/或資本回報的靈活性。當您考慮宏觀結果範圍時，您會好奇自由現金流指南的重申中考慮了什麼。

I'd like to take the macro then because I think it's really important when you think about both the investments that we've made and the automation that we're focused on driving, and that is our biggest opportunity set, which is not only does the next-gen identity create operating leverage and you've seen that through the improvement of what you're seeing in the Lane, the EnVes create operating efficiencies, and eGates create enormous operating efficiencies.

我想從宏觀角度來考慮，因為我認為當你考慮到我們所做的投資和我們專注於推動的自動化時，這一點非常重要，這是我們最大的機會，這不僅是因為下一代身份創造了運營槓桿，而且你已經看到，透過你在 Lane 中看到的改進，EnVes 創造了運營效率，而 eGates 創造了巨大的運營效率。

In addition to that, ePassport or one-step enrollment is a big opportunity for us as it both expands our enrollment capacity and our (inaudible). And so, 40% of people today who enroll come and complete at the airport, those folks can go straight to the lane. And so, on that side of the business we're really focused on automation to improve the member experience, predictability, and security, and I think that's where you see the operating leverage there.

此外，電子護照或一步註冊對我們來說是一個巨大的機會，因為它既擴大了我們的註冊能力，也提高了我們的（聽不清楚）。因此，今天報名的 40% 的人來機場辦理手續後，這些人就可以直接進入通道。因此，在業務方面，我們真正專注於自動化，以改善會員體驗、可預測性和安全性，我認為這就是您看到的營運槓桿。

From a CLEAR1 perspective and a PreCheck perspective, what we've been saying is that we've put the expenses forward over the past year or two, and now we're leveraging that with revenue, and you see that in the pre-Check growth. I think we had 90 something locations last quarter and now we're talking about 165 today, so you're seeing that ramp. And so -- and certainly, there is a small labor component with that if it's our own flagship location versus one of our partner locations where we don't have labor, but there's a really good ROI to that. So I would just say we're seeing the operating leverage and we're driving automation on the more labor-intensive side of our business.

從 CLEAR1 和 PreCheck 的角度來看，我們一直在說，我們在過去一兩年內已經提前支付了費用，現在我們利用這些費用來增加收入，您可以從 PreCheck 的增長中看到這一點。我認為上個季度我們有 90 多個門市，現在我們談論的是 165 個，所以你看到了這種成長。所以 — — 當然，如果這是我們自己的旗艦店，而不是我們的合作夥伴店（那裡沒有勞動力），那麼勞動成本就會很小，但這樣做的投資回報率確實很高。所以我只想說，我們看到了經營槓桿，並且我們正在推動業務中勞動密集的自動化。

That's right. I would just add on the investment side, as Caryn shared, much of the fixed cost investment is behind us as we've talked about in the past, and you can see the CLEAR Plus business continuing to drive overall operating leverage as Caryn mentioned, PreCheck, most of those costs are embedded and that business is very much still scaling and we're rapidly growing our market share and volumes in PreCheck.

這是正確的。我想補充一下投資方面，正如 Caryn 所說，大部分固定成本投資已經過去，正如我們過去談到的，你可以看到 CLEAR Plus 業務繼續推動整體營運槓桿，正如 Caryn 提到的，PreCheck 的大部分成本都是嵌入式的，而且該業務仍在擴大，我們在 PreCheck 的市場份額和銷量正在迅速增長。

On your capital allocation, capital return question, I would say, we ended the quarter with $500 million in cash, we still have about just under $150 million remaining in our share purchase authorization. So I think couple that with our free cash flow generation, we have a lot of flexibility to access a range of capital allocation alternatives, and we'll continue to do that going forward.

關於您的資本配置和資本回報問題，我想說，本季結束時我們擁有 5 億美元現金，我們的股票購買授權中仍剩餘約 1.5 億美元。因此，我認為，再加上我們的自由現金流產生，我們將有很大的靈活性來獲得一系列資本配置替代方案，而且我們將繼續這樣做。

And then I would just add one more thing to what Jen said, which is we've been focused on bringing AI to every work stream of our business to drive productivity and outcomes and you're seeing that across the board here at CLEAR, and that's something that we'll continue to focus on.

然後，我再補充一點，Jen 所說的，我們一直致力於將人工智慧引入我們業務的每個工作流程，以提高生產力和成果，您可以在 CLEAR 全面看到這一點，這也是我們將繼續關注的事情。

Great, thanks for that. And just as a follow up I'm curious how you think about pricing as a lever from here and has the current uncertain economic environment changed maybe how you think about the price versus user growth algorithm in the business over the near to medium term? Thanks so much.

太好了，謝謝。作為後續問題，我很好奇您如何看待定價作為一種槓桿，以及當前不確定的經濟環境是否發生了變化，您如何看待近期到中期內業務中的價格與用戶增長演算法？非常感謝。

Yeah. On pricing, I think, the company's been really strategic about pricing, and I think there's definitely a continued opportunity to refine our strategy, particularly using a data-driven approach. I think it's important in a consumer subscription business like CLEAR.

是的。關於定價，我認為公司在定價方面確實很有策略性，而且我認為肯定還有繼續完善我們策略的機會，特別是採用數據驅動的方法。我認為這對於像 CLEAR 這樣的消費者訂閱業務來說很重要。

I think pricing is a key lever to drive bookings and revenue, and I think overall, we've been relatively conservative over time with our top line price, which today is $199 which is only $20 more than the original price from 15 years ago. And so, I think a lot of it is about maintaining the strong value proposition of our product. And I do think we have an opportunity over time to focus on lifetime value of our members, and I think that one of the key pieces of that is to continue to look at the top line price, the areas where we've been able to acquire members with discounted prices and our opportunity to continue to close the gap, which I think the company's done a great job of over time, and we'll continue to focus on that.

我認為定價是推動預訂量和收入的關鍵槓桿，我認為總體而言，我們的頂線價格一直相對保守，今天的頂線價格為 199 美元，僅比 15 年前的原價高出 20 美元。因此，我認為這在很大程度上是為了保持我們產品的強大價值主張。我確實認為，隨著時間的推移，我們有機會關注會員的終身價值，我認為其中一個關鍵點是繼續關注最高價格，關注我們能夠以折扣價吸引會員的領域，以及我們繼續縮小差距的機會，我認為公司長期以來在這方面做得很好，我們將繼續關注這一點。

Mark Kelley, Stifel.

馬克凱利（Mark Kelley），Stifel。

Great, thanks very much. Good morning, everyone. Two quick ones if I could. First, just on the passport product rolling out internationally, I guess, when you look across the whole product portfolio, are there other opportunities to maybe be more ingrained and grow your business outside of the US? That's the first one.

太好了，非常感謝。大家早安。如果可以的話，我快速問兩個問題。首先，就護照產品在國際上的推廣而言，我想，當您縱觀整個產品組合時，是否還有其他機會可以讓您的業務更加紮根並在美國以外發展？這是第一個。

And then the second question, on the last call, you expressed the desire, Caryn, to close that wholesale to retail price gap. And obviously, we saw your announcement that you renewed with Amex again. Just -- can you walk through the dynamics a bit there and just maybe help us think through the free cash flow component, particularly in Q3, with your credit card partners. Thank you.

然後是第二個問題，在上次通話中，卡琳，您表達了縮小批發和零售價格差距的願望。顯然，我們看到了您再次與美國運通續約的公告。您能否稍微介紹一下那裡的動態，並幫助我們與信用卡合作夥伴一起思考自由現金流部分，特別是在第三季。謝謝。

Sure, so I'll talk about ePassport and then I'll turn it over to Michael to talk about credit cards.

當然，我會談論電子護照，然後我會讓麥可談論信用卡。

Just in terms of ePassport, the opportunity to upload your passport and digitize it is really powerful. And today, international travelers do not have a way to get through US airport security in a differentiated, expedited, innovative, and secure way. And so, when you look at the total addressable market there in just the four countries that we'll be starting with, which is the UK, Canada, Australia, and New Zealand, we think there's about 2 million travelers there from a total addressable market; and then after that, we'll be expanding to other countries.

就電子護照而言，上傳護照並將其數位化的機會確實非常強大。如今，國際旅客無法以差異化、快速、創新和安全的方式通過美國機場安檢。因此，當您查看我們將首先開始的四個國家（即英國、加拿大、澳洲和紐西蘭）的總目標市場時，我們認為總目標市場中約有 200 萬遊客；之後，我們將擴展到其他國家。

So first things first, which is we're going to continue to expand our network in the US and we want to make that network available to international travelers. I think that's a win-win when we look at both strengthening security and delighting customers and then from there, I'm not sure if you mean will we expand our business operationally internationally. As of now, that is not our focus. It's expanding the TAM and serving international members.

因此，首先，我們將繼續擴大我們在美國的網絡，並希望讓國際旅客可以使用該網絡。我認為，當我們既考慮加強安全性又考慮取悅客戶時，這是一個雙贏的局面，然後從這一點來看，我不確定您的意思是我們是否會在國際上擴展我們的業務。到目前為止，這還不是我們的重點。它正在擴大 TAM 並為國際會員提供服務。

I will say on CLEAR1, we are expanding internationally, and serving our domestic partners with international businesses, which is something that we couldn't do with strength before. So we're really focused on that opportunity that when you look at the Docusigns or the LinkedIns, et cetera, they have global businesses. So following our customers around the world is our first objective. And quite frankly, it's also from an economic perspective quite efficient for us, so it's a win-win.

我想說的是，在 CLEAR1 上，我們正​​在進行國際擴張，並透過國際業務為我們的國內合作夥伴提供服務，這是我們以前無法憑藉實力做到的事情。因此，我們真正關注的是這個機會，當你看到 Docusigns 或 LinkedIn 等時，你會發現它們都有全球業務。因此，關注世界各地的客戶是我們的首要目標。坦白說，從經濟角度來看，這對我們來說也是非常有效的，所以是雙贏的。

Thanks, Karen. To the earlier question on pricing, I think one of the things that we're very focused on is ensuring that right -- our price remains both affordable and one that really is something that the broad population of travelers can access, but also one that reflects the value proposition that our product and services offer. And so, certainly, we look at that in terms of pricing overall, and we definitely look at that as it relates to all of our products, some of which through various partners are at lower prices.

謝謝，凱倫。對於先前關於定價的問題，我認為我們非常關注的事情之一是確保我們的價格既實惠，又能讓廣大旅行者真正接受，同時也能反映出我們的產品和服務所提供的價值主張。因此，我們當然會從整體定價的角度來考慮這個問題，而且我們肯定會從與我們所有產品相關的角度來考慮這個問題，其中一些產品透過各種合作夥伴以較低的價格出售。

As it relates to our credit card partnership, we deeply value that the partnership that we've created with American Express. I think that the partnership underscores our customer and brand alignment, which is mutually beneficial and has definitely supported our growth and engagement among our respective member bases throughout the partnership. I think it's important to realize that these partnerships are so important because it's actually estimated that travel spend represents over 20% of total spending on premium credit cards, which really highlights the alignment and value of our shared interests in this.

就我們的信用卡合作關係而言，我們非常重視與美國運通建立的合作關係。我認為這種合作關係強調了我們的客戶和品牌的一致性，這是互惠互利的，並且在整個合作過程中無疑支持了我們各自成員群的成長和參與度。我認為認識到這些合作關係的重要性非常重要，因為實際上據估計，旅行支出佔高端信用卡總支出的 20% 以上，這真正凸顯了我們共同利益的一致性和價值。

For us, the credit card partnership serves an important acquisition channel, and it definitely delivers members with attractive demographics and ultimately strong lifetime value, which is why it makes sense for us to engage in this with a lower effect of that price. And as our business has scaled and our network has grown and we've invested significantly as Caryn walked through, the value proposition of our product has improved, and we expect that we'll continue to look for ways to ensure that our most important partnerships, including on the credit card side reflect that shared value that we each bring. And hopefully, we can increase our member level LTV and growth in our bookings and free cash flow through partnerships like this.

對我們來說，信用卡合作關係是一個重要的獲取管道，它無疑為會員提供了有吸引力的人口統計和最終強大的終身價值，這就是為什麼我們以較低的價格參與其中是有意義的。隨著我們的業務規模擴大、網絡不斷增長，以及我們在 Caryn 任職期間進行了大量投資，我們產品的價值主張得到了提升，我們希望繼續尋找方法來確保我們最重要的合作夥伴關係（包括信用卡方面的合作夥伴關係）能夠反映出我們每個人帶來的共同價值。希望我們能夠透過這樣的合作來提高會員等級的 LTV 以及預訂量和自由現金流的成長。

Joe Feldman, Telsey Advisory.

喬·費爾德曼（Joe Feldman），Telsey Advisory 公司。

Yeah, thanks for taking the question on behalf of Dana Telsey. So I want to ask you about the B2B business, and maybe if you could talk more about the progress you're seeing across like healthcare and financial and social. I know you mentioned it briefly in the in the prepared remarks, but maybe you could dive in a little bit more about some of the trends you're seeing.

是的，感謝您代表 Dana Telsey 回答這個問題。所以我想問您關於 B2B 業務的問題，也許您可以更多地談談您在醫療保健、金融和社會等領域看到的進展。我知道您在準備好的發言中簡要地提到了這一點，但也許您可以更深入地談談您所看到的一些趨勢。

Absolutely. I think there's two important trends that we're seeing. One is in healthcare and the other is in workforce, and workforce is both in healthcare and beyond. So we'll start with healthcare, and I think there's several announcements over the past quarter on partnerships that we have with different healthcare providers, so whether that be Surescripts and IAL2, which is really important or hospital systems, and those hospital systems can be for both workforce or for patients. And it's across various products, and I think one of the things that's really important for healthcare is not single point solutions, but the power of the platform.

絕對地。我認為我們看到了兩個重要趨勢。一個領域是醫療保健，另一個領域是勞動力，而勞動力既包括醫療保健領域，也包括其他領域。因此，我們將從醫療保健開始，我認為在過去的一個季度中，我們與不同的醫療保健提供者發布了幾份合作公告，無論是 Surescripts 和 IAL2（這非常重要）還是醫院系統，這些醫院系統既可以用於員工，也可以用於患者。它涉及各種產品，我認為對醫療保健真正重要的一點不是單點解決方案，而是平台的力量。

So one implementation and our integration with Epic is really important as we go forward to be part of their toolbox to make integration simple for our healthcare partners, again for both of the -- I would actually say not just for their workforce and their patients, but also for their visitors. So we're seeing industry demand on account recovery. We're seeing -- and that could be again for either workforce or for the patients. That is a pretty painful customer experience. It's an expensive experience in a HIPAA compliant world of which we are, and it also can create security vulnerabilities if not done well.

因此，一次實施以及我們與 Epic 的整合非常重要，因為我們將繼續成為他們工具箱的一部分，以便為我們的醫療保健合作夥伴簡化整合工作，同樣對於兩者而言 — — 我實際上想說這不僅是為了他們的員工和患者，也是為了他們的訪客。因此，我們看到了產業對帳戶恢復的需求。我們看到——這可能再次影響到勞動力或患者。這是一個相當痛苦的客戶體驗。在符合 HIPAA 要求的世界中，這是一種昂貴的體驗，如果處理不好，還會產生安全漏洞。

In addition to that account creation, account check-in, the ability to verify your insurance information as a patient is really important. And so, we continue to grow our products in healthcare, and that's helping us not only sign new partners but also serve our current partners in a bigger way.

除了建立帳戶、帳戶登記之外，驗證患者保險資訊的能力也非常重要。因此，我們繼續在醫療保健領域發展我們的產品，這不僅幫助我們簽署新的合作夥伴，而且還能以更大的方式為我們現有的合作夥伴提供服務。

And then from a workforce perspective, what you're seeing across critical infrastructure is really important. The threat of North Koreans, the threat of foreign adversaries having access to critical infrastructure and data is a huge problem. It's a compliance problem. It's a trust and a brand problem. And so, the costs there are much greater than you would even think at the beginning and so helping secure workforce is really important both through our own direct products and integrations. But then again, Docusign is workforce, our op integration is workforce, and so I think that's a really important segment for us across multiple sectors.

從勞動力的角度來看，你在關鍵基礎設施中看到的情況確實很重要。北韓的威脅、外國對手取得關鍵基礎設施和數據的威脅是一個巨大的問題。這是一個合規性問題。這是一個信任和品牌問題。因此，那裡的成本比你一開始想像的要高得多，因此透過我們自己的直接產品和整合來幫助確保勞動力安全非常重要。但話說回來，Docusign 是勞動力，我們的營運整合也是勞動力，所以我認為這對我們多個行業來說是一個非常重要的領域。

That's great, thank you. And then maybe from Michael and Jen, I'm just curious, now that you guys have been here a little while, short while, but just curious, kind of what you guys have seen so far and where you are spending more of your time these days, maybe anything you've learned in the last few months where you see some opportunities. Thanks.

太好了，謝謝。然後也許對於邁克爾和詹來說，我只是很好奇，現在你們已經在這裡待了一段時間了，雖然時間很短，但我只是好奇，到目前為止你們看到了什麼，最近你們在哪里花了更多的時間，也許是你們在過去幾個月裡學到了什麼，看到了一些機會。謝謝。

Thanks. Yeah. I mean, I've had the privilege of being on the Board for five years and seeing the great work that Caryn and the team did to build the business to where it is today and somewhat unique perspective in joining. And yeah, I think for me, it's the opportunity and this kind of moment for the company, and I think a real potential for an inflection point as identity and security really moved to the forefront of both the physical and the digital world.

謝謝。是的。我的意思是，我有幸在董事會任職五年，見證了卡琳和團隊為將公司發展到今天這一步所做的出色工作，以及加入董事會時所具有的獨特視角。是的，我認為對我來說，這對公司來說是一個機會，也是一個時刻，我認為隨著身份和安全真正成為物理和數位世界的前沿，這是一個真正的轉折點。

And yeah, I think in the travel business with everything that's happening, the way that we can extend our products, the value proposition, in a world that is getting increasingly more difficult to navigate, offers us a lot of opportunity, and I think the product and technology investments that we've made in CLEAR1 really positioned us to be on the cutting edge of digital identity integration at a moment when trust and security, I think, have never been more important.

是的，我認為在旅遊業中，隨著發生的一切，我們擴展產品的方式、價值主張，在這個越來越難以駕馭的世界裡，為我們提供了很多機會，我認為，我們在 CLEAR1 上進行的產品和技術投資確實使我們處於數位身分整合的前沿，我認為，信任和安全從未如此重要。

And so for me, the opportunity to get to have a seat at the table for what I think is a really exciting time and a really exciting ecosystem with a great team and a lot of investment and a really -- yeah, a really incredible member base and team both on the ground and working towards the future of the company makes me really excited. And I think my background is as an investor and a former CFO and so certainly, the financial profile of the business, gives me a lot of comfort around how we can both invest and ultimately grow free cash flow and and deliver shareholder value here. So I'm really excited to be a part of it, certainly learning a lot as we go every day and looking forward to what's ahead.

因此，對我來說，有機會參與我認為非常令人興奮的時刻和非常令人興奮的生態系統，擁有一支優秀的團隊和大量的投資，以及一個真正令人難以置信的會員基礎和團隊，他們既在當地工作，也在為公司的未來而努力，這讓我感到非常興奮。我認為我的背景是作為一名投資者和前首席財務官，因此，當然，該企業的財務狀況讓我對如何進行投資並最終增加自由現金流並為股東創造價值感到非常放心。所以我很高興能成為其中的一員，每天學習很多東西，並期待未來。

And I would say I think the first month here has been thesis validating for me personally, Caryn, Ken and the team have obviously built a fantastic business, but I think also a culture of financial discipline and that really comes through, I think, in the operating leverage that you've seen in the business and expanding free cash flow generation. And by the way, that margin expansion and free cash flow has come at a time when the business is navigated some pretty challenging operating environments.

我想說，我認為在這裡的第一個月對我個人而言已經驗證了我的論點，卡琳、肯和團隊顯然已經建立了一個出色的企業，但我認為也是一種財務紀律的文化，我認為這真的體現在你在企業中看到的經營槓桿和不斷擴大的自由現金流生成中。順便說一句，利潤率的擴大和自由現金流的出現正值公司面臨一些相當嚴峻的經營環境之際。

And I think looking ahead, I see a lot of opportunity. I think on the CLEAR Plus side, we have a lot of growth ahead of us, both on the member and pricing side of the growth equation. And on top of that, we feel like we're early innings in expanding the broader CLEAR network and building a really large and sticky B2B business.

我認為展望未來，我看到了很多機會。我認為，就 CLEAR Plus 方面而言，我們還有很長的路要走，無論是在會員方面還是在定價方面。除此之外，我們感覺我們正處於擴展更廣泛的 CLEAR 網路和建立真正龐大且有黏性的 B2B 業務的早期階段。

I'd also say, I think organizationally, I'm optimistic about the team and I think we have a really healthy balance between fresh thinking and operators that have been at the company for a long-standing time to really continue scaling and maturing the company effectively.

我還想說，從組織角度來看，我對團隊持樂觀態度，我認為我們在新思維和長期在公司工作的運營商之間保持著非常健康的平衡，能夠真正有效地繼續擴大公司規模並使其成熟。

I -- on the feedback side, I guess, what I would say is I do think we have an opportunity to bring more clarity in our communication to the market. And so, that is something that we are constantly reviewing, and the goal is really to provide simplification and consistency when we speak to you all in the market.

在回饋方面，我想說的是，我確實認為我們有機會讓我們與市場的溝通更加清晰。因此，這是我們不斷審查的事情，我們的目標是在與市場上的所有人交談時提供簡化和一致性。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

Hey, great. Thanks. On booking seasonality, the backdrop sounds stable. Could you maybe expand on what you're seeing here to date on bookings thus far and how you're thinking through or planning for any potential variability in summer travel? And if there are offsets you'd know if volumes do start to slow, whether it's price or just some of the other new product areas you're highlighting which of those you'd maybe focus us in on. Thank you.

嘿，太棒了。謝謝。就預訂季節性而言，背景聽起來很穩定。您能否詳細說明一下迄今為止的預訂情況，以及您如何考慮或計劃應對夏季旅行的任何潛在變化？如果有抵消，您就會知道銷售是否開始放緩，無論是價格還是其他一些新產品領域，您都會強調其中哪些領域可能會讓我們關注。謝謝。

Yeah, I would say we're not seeing anything surprising from a macro perspective as we've articulated on this call. Perhaps on seasonality, I've just come back to what we have shared in the past and we do expect a just report. We've talked about it from a net adds perspective, but that translates to bookings, obviously. We expect kind of Q2 and Q4 to be our larger share of net ads and that's relative to kind of lower -- a lower base on Q1 and Q3.

是的，我想說，從宏觀角度來看，我們並沒有看到任何令人驚訝的事情，正如我們在這次電話會議中所表達的那樣。也許就季節性而言，我剛剛回顧了我們過去所分享的內容，我們確實期待一份公正的報告。我們已經從淨增值的角度討論了這個問題，但顯然，這意味著預訂量。我們預計第二季和第四季我們的淨廣告份額將更大，相對於第一季和第三季較低的基數。

Okay. And then on the gross dollar retention metric, the commentary, and then I think the comment on the materials sounds like you're expecting that to stabilize after some of the price impacts. Can you walk us through just what you're seeing that's driving the confidence there and whether this is sort of the right zip code for us to think about just in evaluating that metric as we roll through the course of the year.

好的。然後關於總美元保留指標的評論，然後我認為對材料的評論聽起來像是你期望在一些價格影響之後穩定下來。您能否向我們介紹您所看到的推動信心的因素，以及這是否是我們在評估全年指標時需要考慮的正確郵遞區號。

Sure, I would say what we described in our earlier remarks is really it's a technical factor that is affecting that metric. And so, whenever we have made pricing changes in the past, those price -- pricing actions have an impact on the metric for a 24-month period and because we made large price increases in step functions as opposed to kind of gradual price increases over time, there's a mathematical impact to gross dollar retention. I would come back to say I think our overall objective, and you've heard us share this on this call, is the goal is to bring discounted members in line with our growing value proposition, and I think we've done that successfully. And we've consistently been able to grow our CLEAR Plus members and our average price over time, which is translated into bookings growth. So I think the price increases that we took were the right thing to do, and you see that in our output of members' bookings and ultimately free cash flow.

當然，我想說，我們在先前的評論中所描述的實際上是一個影響該指標的技術因素。因此，無論何時我們過去做出價格調整，這些價格——定價行為都會對 24 個月的指標產生影響，而且由於我們以階梯式大幅提價，而不是隨著時間的推移逐漸提價，因此對總美元保留率會產生數學影響。我想回過頭來說，我認為我們的總體目標，正如您在這次電話會議上聽到我們分享的那樣，就是讓折扣會員與我們不斷增長的價值主張保持一致，我認為我們已經成功做到了這一點。並且我們一直在不斷增加我們的 CLEAR Plus 會員數量和平均價格，從而轉化為預訂量的增長。因此，我認為我們採取的價格上漲是正確的做法，您可以從我們的會員預訂量和最終的自由現金流中看到這一點。

If I can just add to that, our focus is on driving the member experience and making sure that we are creating value for our customers. As we've talked about in the past few quarters, there are too many customers who are not right -- the price does not match the value. Number one, continue to drive the value and then price follows.

我可以補充一點，我們的重點是推動會員體驗並確保為我們的客戶創造價值。正如我們在過去幾個季度中談到的，有太多客戶不滿意——價格與價值不符。第一，繼續推動價值，然後價格隨之上漲。

At this time, I would like to turn it back to Caryn for any closing remarks.

現在，我想把發言時間交還給卡琳 (Caryn)，請她做最後發言。

Thank you for joining our call. I'm proud of how our team is executing and extremely excited for the opportunities in front of us so thank you.

感謝您參加我們的電話會議。我為我們團隊的表現感到自豪，並對我們面前的機會感到非常興奮，所以謝謝你們。

Thank you. This does conclude today's conference. We thank you for your participation. You may disconnect your lines at this time and have a wonderful day.

謝謝。今天的會議到此結束。我們感謝您的參與。此時您可以斷開線路並享受美好的一天。