Clear Secure Inc (YOU) 2025 Q2 法說會逐字稿

Good morning. Welcome to CLEAR's fiscal second-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.

早安.歡迎參加 CLEAR 2025 財政年度第二季電話會議。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 risk and uncertainties. Factors that could cause actual results to different materially from these statements are included in the documents company has filed and furnished with the SEC including the shareholder letter. The company disclaims any obligation to update any forward-looking statements that may be discussed during this call.

在我們開始今天的討論之前提醒一下，其中包含有關公司未來業務和財務業績的前瞻性陳述。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（包括股東信函）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 financials. A reconciliation of GAAP to non-GAAP financial measures is provided in today's press release and most recently filed quarterly report on Form 10-Q. These items can be found an 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，該公司還將討論 GAAP 和非 GAAP 財務狀況。今天的新聞稿和最近提交的 10-Q 表季度報告中提供了 GAAP 與非 GAAP 財務指標的對帳。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，我就把電話轉給卡琳 (Caryn)。

Clear Secure Identity platform is the trusted identity layer for travel and enterprise. 2025 continues to be a year of innovation, execution, and momentum, as the need for trust, security, and frictionless experiences in today's world is paramount. The threat environment continues to evolve, and AI is only accelerating the need for secure identity in CLEAR.

Clear Secure Identity 平台是旅遊和企業的可信賴身分層。 2025 年將繼續是創新、執行和發展勢頭的一年，因為當今世界對信任、安全和無摩擦體驗的需求至關重要。威脅環境不斷演變，人工智慧只會加速 CLEAR 對安全身分的需求。

Traditional forms of identity, such as the driver's license have become analogue, outdated, and insufficient. CLEAR Smart network, which is physical and digital enables us to secure identity with depth, delivering total identity integrity. CLEAR is making experiences safer and easier for our members and our enterprise partners, travel, workforce, healthcare, and consumer applications.

傳統的身份證明形式，例如駕駛執照，已經變得模擬化、過時且不足。CLEAR Smart 網路集實體和數位於一體，使我們能夠深度保護身份，提供全面的身份完整性。CLEAR 正在為我們的會員和企業合作夥伴、旅遊、勞動力、醫療保健和消費者應用提供更安全、更輕鬆的體驗。

We delivered a strong second quarter, driven by the continued strength of our travel business. Against a broadly flat travel environment, CLEAR+ had a record travel volume quarter. The member experience continues to elevate. Our face-first EnVe verification pauses are 100% live across our network, enhancing security and accelerating throughput.

由於旅遊業務的持續強勁成長，我們第二季業績表現強勁。在整體平穩的旅行環境下，CLEAR+ 本季的旅行量創下了新高。會員體驗不斷提升。我們的臉部優先 EnVe 驗證暫停在我們的網路中 100% 即時進行，從而增強了安全性並加快了吞吐量。

CLEAR members are through the clear lane in under 3 minutes on average. And our member experience scores continue to rise. We are delivering the consistent and predictable airport experience that travelers prize. We continue to roll out EnVe enrollment pods, enabling features such as Apple Pay, which creates more intuitive and fully digitized onboarding.

CLEAR 會員平均在 3 分鐘內通過暢通通道。我們的會員體驗分數持續上升。我們正在提供旅客所珍惜的一致且可預測的機場體驗。我們繼續推出 EnVe 註冊模組，支援 Apple Pay 等功能，從而實現更直覺、完全數位化的入職流程。

We have developed a great and consistent enrollment experience, whether you choose to enroll at the airport or on your phone. Digitally, our e-passport capability has created a one-step enrollment. Enabling new members to simply scan their passport directly within the CLEAR app, completely skipping the airport enrollment process. Now, travelers can enroll at home or stuck in traffic on their way to the airport and just head straight to our verification lane.

無論您選擇在機場還是透過手機註冊，我們都為您提供出色且一致的註冊體驗。從數位化角度來看，我們的電子護照功能實現了一步登記。新會員只需在 CLEAR 應用程式中直接掃描護照即可，完全跳過機場登記流程。現在，旅客可以在家中進行登記，或在前往機場的路上塞車時直接前往我們的驗證通道。

Additionally, it is time for highly vetted international travelers to have access to a better airport experience in the US. Starting this week, CLEAR+ will be available to travelers from the UK, Canada, Australia, and New Zealand. This will unlock an attractive new TAM and can increase our overall member base. We expect to add additional countries heading into 2026.

此外，現在是時候讓經過嚴格審查的國際旅客在美國享受更好的機場體驗了。從本週開始，CLEAR+ 將向來自英國、加拿大、澳洲和紐西蘭的旅客開放。這將解鎖一個有吸引力的新 TAM，並可以增加我們的整體會員基礎。我們預計到 2026 年將增加更多國家。

We believe in public-private partnerships and are actively partnering with the TSA and the aviation community to modernize and enhance the travel experience at no cost to taxpayers. At CLEAR, we're on a mission to help travelers win the day of travel, delivering a true frictionless home to gate experience. That's why we're introducing CLEAR Concierge, a premium on-demand service that connects members with a dedicated ambassador at the touch of a button from the CLEAR app.

我們相信公私合作夥伴關係，並積極與 TSA 和航空界合作，在不增加納稅人成本的情況下實現旅行體驗的現代化和提升。在 CLEAR，我們的使命是幫助旅客贏得旅行的每一天，提供真正無摩擦的從家到登機口的體驗。這就是我們推出 CLEAR Concierge 的原因，這是一項優質的按需服務，會員只需在 CLEAR 應用程式中按一下按鈕即可與專門的大使建立聯繫。

Whether you're running late, juggling bags, or just want a little extra help, CLEAR Concierge meets you curbside, guides you through the clear lane and can also stay with you all the way to your gate. It's personal, seamless, and powered by the awesome ambassadors who make CLEAR, clear.

無論您是遲到了、忙著搬運行李，還是僅僅需要一點額外的幫助，CLEAR 禮賓服務都會在路邊與您會面，引導您通過暢通的通道，並全程陪伴您到達登機口。它是個性化的、無縫的，並由出色的大使提供支持，使 CLEAR 變得清晰。

Innovation and progress in realizing our home-to-gate vision has been in service of improving our member experience, growing our total addressable market and yielding greater operating leverage in our business. The REAL ID mandate reflects the importance of a digital identity. CLEAR ID can now be your REAL ID. We are digitizing your passport on your phone.

在實現「家到門」願景的過程中，我們的創新和進步一直致力於改善會員體驗、擴大我們的整體潛在市場並為我們的業務帶來更大的營運槓桿。REAL ID 授權體現了數位身分的重要性。CLEAR ID 現在可以成為您的 REAL ID。我們正在透過手機將您的護照數位化。

As a certified REAL ID issuer by the Department of Homeland Security, CLEAR can now help travelers meet the federal identification standard required for air travel. US travelers can simply upload their passport via the CLEAR app. This creates a free digital REAL ID that travelers can use at any TSA enabled checkpoint nationwide. Initially available only to members, we expect that CLEAR ID will be enabled for all US travelers this month, successfully introducing even more travelers to CLEAR services.

作為經國土安全部認證的 REAL ID 發行機構，CLEAR 現在可以幫助旅客滿足航空旅行所需的聯邦識別標準。美國旅客只需透過 CLEAR 應用程式上傳護照即可。這將創建一個免費的數位 REAL ID，旅客可以在全國任何啟用 TSA 的檢查站使用它。CLEAR ID 最初僅對會員開放，我們預計本月將向所有美國旅客開放，從而成功向更多旅客推出 CLEAR 服務。

Over time, this work paves the way for a CLEAR ID to be recognized as a mobile-first identity credential, not only in travel, but for our CLEAR1 platform and beyond. CLEAR's brand and high level of trust and safety is resonating with current and potential CLEAR1 enterprise partners across workforce, healthcare, and consumer verticals. Global industries are grappling with the challenge of a digitally connected world, which is elevating the risk and the cost of fraud.

隨著時間的推移，這項工作為 CLEAR ID 作為行動優先身分憑證的認可鋪平了道路，不僅在旅行領域，而且在我們的 CLEAR1 平台及其他領域。CLEAR 的品牌和高度的信任和安全與勞動力、醫療保健和消費者垂直領域的現有和潛在的 CLEAR1 企業合作夥伴產生了共鳴。全球各行各業都在努力應對數位互聯世界的挑戰，這也增加了詐欺的風險和成本。

According to Gartner, by 2028, 1 in 4 job applicants will be fraudulent and over 80% of breaches will start with compromised credentials. CLEAR1 is solving critical problems for enterprises and their need to secure their employees, customers, and assets. Our CLEAR1 solution for workforce applications is gaining strength and penetration. With notable adoption from partners like Greenhouse, the recruiting software provider wanting to secure the entire candidate journey from applicant to employee.

根據 Gartner 預測，到 2028 年，四分之一的求職者將會是詐欺者，超過 80% 的違規行為將始於憑證外洩。CLEAR1 正在解決企業面臨的關鍵問題以及保護員工、客戶和資產安全的需求。我們針對勞動力應用的 CLEAR1 解決方案正在增強其實力並逐漸普及。隨著 Greenhouse 等合作夥伴的顯著採用，招募軟體提供者希望確保從申請人到員工的整個候選人旅程。

The healthcare industry is enhancing security practices to safeguard sensitive health information. This has become an industry imperative. In fact, we were at the White House this past week as a trusted partner in the new centers for Medicare and Medicaid Services Health Tech Ecosystem Initiative.

醫療保健產業正在加強安全措施以保護敏感的健康資訊。這已成為業界的當務之急。事實上，上週我們作為醫療保險和醫療補助服務健康技術生態系統計劃新中心的可信賴合作夥伴來到白宮。

CLEAR1 will aid in the CMS initiative to help streamline the patient experience by eliminating the clipboard and enabling secure seamless access to personal health information. Our Epic Toolbox integration, which we planned up live by the end of the year will allow Epic 325 million patients to create and recover accounts to access their electronic health records. This partnership is a great example of CLEAR1's opportunity to land and expand our healthcare partner relationship with both patients and providers.

CLEAR1 將協助 CMS 計劃，透過消除剪貼簿並實現對個人健康資訊的安全無縫存取來幫助簡化患者體驗。我們計劃在今年年底前上線的 Epic Toolbox 整合將允許 Epic 的 3.25 億患者建立和恢復帳戶以存取他們的電子健康記錄。此次合作是 CLEAR1 與患者和醫療服務提供者建立並擴大醫療保健合作夥伴關係的絕佳機會。

Finally, I'm thrilled to announce that our partnership with Docusign is now live. CLEAR1 will enhance trust by verifying identities for critical agreements and contracts, setting a new standard for high stakes digital workflows.

最後，我很高興地宣布，我們與 Docusign 的合作現已生效。CLEAR1 將透過驗證關鍵協議和合約的身份來增強信任，為高風險數位工作流程設定新標準。

CLEAR is executing from a position of strength with a powerful brand, strong balance sheet, and a platform purpose built for scale and trust. Our leadership team is focused on maximizing the moment. We are lining around technology, efficiency and organizational structure that will deliver the best experience for our members and optimized for members, bookings, and free cash flow.

CLEAR 憑藉強大的品牌、強勁的資產負債表以及專為規模和信任而構建的平台，憑藉實力地位開展業務。我們的領導團隊致力於最大限度地利用這一時機。我們圍繞技術、效率和組織結構進行最佳化，為我們的會員提供最佳體驗，並針對會員、預訂和自由現金流進行最佳化。

With that, I will turn it over to Jen.

說完這些，我會把話題交給 Jen。

Thank you, Caryn. We delivered a strong quarter of financial results with $219.5 million of revenue representing 17.5% growth, $222.9 million of total bookings representing 13.1% growth and $117.9 million of free cash flow. Our focus on product innovation and experience continues to attract new members to the CLEAR+ service. Active CLEAR+ members grew to $7.6 million, up 7% on a year-over-year basis. Bringing CLEAR+ to international travelers is further growing our TAM and represents an additional opportunity to expand our member base over time.

謝謝你，卡琳。我們本季的財務表現表現強勁，營收 2.195 億美元，成長 17.5%；總預訂量 2.229 億美元，成長 13.1%；自由現金流 1.179 億美元。我們對產品創新和體驗的關注不斷吸引新成員加入 CLEAR+ 服務。CLEAR+活躍會員成長至760萬美元，年增7%。將 CLEAR+ 帶給國際旅客將進一步擴大我們的 TAM，並為我們隨著時間的推移擴大會員基礎提供了額外的機會。

From a pricing perspective in Q2, we brought standard pricing from $199 to $209 and family pricing from $119 to $125 due to gross dollar retention with 87.3%, up 20 basis points sequentially. As a reminder, gross dollar retention is an output of member retention and pricing action. Any pricing action that we take influences gross dollar retention over 24-month time period from the date we implement a pricing change.

從第二季的定價角度來看，我們將標準定價從 199 美元提高到 209 美元，將家庭定價從 119 美元提高到 125 美元，因為總美元保留率為 87.3%，比上一季上漲了 20 個基點。提醒一下，總美元保留率是會員保留率和定價行動的產出。我們採取的任何定價行動都會影響自實施價格變動之日起 24 個月內的總美元保留額。

Our TSA PreCheck business continues to ramp. As of Q2 quarter end, we operated 231 enrollment locations, nearly 2 times our location count ending Q1. Our TSA PreCheck presence represents a portfolio across airports, retail partners, and flagship locations.

我們的 TSA PreCheck 業務持續成長。截至第二季末，我們經營 231 個招生地點，幾乎是第一季末招生地點數量的兩倍。我們的 TSA PreCheck 業務涵蓋機場、零售合作夥伴和旗艦店。

We continue to gain outsized market share relative to our location share, a testament to our differentiated go to market and convenience, including our pre-enrollment capabilities. In addition, we are successfully bundling TSA PreCheck with CLEAR+ as two highly complementary service offerings.

相對於我們的位置份額，我們的市場份額繼續大幅增長，這證明了我們差異化的市場進入方式和便利性，包括我們的預註冊能力。此外，我們成功地將 TSA PreCheck 與 CLEAR+ 捆綁在一起，成為兩種高度互補的服務產品。

As Caryn mentioned, Clear Concierge is live in 14 airports with the $99 express service expediting travelers through security and the $179 gate service guiding members from the curb to their lounger gate. Concierge is one example of our continued opportunity to drive increasing revenue per member over time.

正如 Caryn 所提到的，Clear Concierge 已在 14 個機場投入使用，其價值 99 美元的快速服務可幫助旅客快速通過安檢，價值 179 美元的登機口服務可引導會員從路邊前往休息室登機口。禮賓服務是我們持續推動每位會員收入成長的一個例子。

The risk and security environment is driving meaningful interest towards CLEAR1.We ended Q2 with $33.5 million total members, up 38.2% year-over-year and demonstrative of the growth we are seeing on the CLEAR platform. We signed over 25 CLEAR1 deals in Q2 across workforce, healthcare, and consumer verticals. Both the number of deals signed, and the aggregate contract value of these deals were a record quarter for CLEAR1.

風險和安全環境正在推動人們對 CLEAR1 產生濃厚興趣。第二季結束時，我們的會員總數達到 3,350 萬美元，年增 38.2%，這證明了我們在 CLEAR 平台上看到的成長。我們在第二季簽署了超過 25 項 CLEAR1 協議，涉及勞動力、醫療保健和消費者垂直領域。本季度，CLEAR1 簽署的交易數量和合約總價值均創下新高。

Moving to probability, we continued our consistent track record of growing both profit dollars and margins. We generated $42.6 million of operating income, representing a 19.4% operating margin and just north of 300 basis points of margin expansion. We generated $60.1 million of adjusted EBITDA representing a 27.4% adjusted EBITDA margin and approximately 200 basis points of margin expansion.

從機率角度來看，我們繼續保持著利潤和利潤率不斷增長的良好記錄。我們創造了 4,260 萬美元的營業收入，營業利潤率為 19.4%，利潤率擴張略高於 300 個基點。我們產生了 6,010 萬美元的調整後 EBITDA，相當於 27.4% 的調整後 EBITDA 利潤率和約 200 個基點的利潤率擴張。

Cost of direct salaries and benefits represented 21.7% of revenue, up 20 basis points year-over-year.110 basis points was due to changes to our compensation structure, which shifted away from commissions and into base salaries. Direct salaries and benefits demonstrated a 90 basis points year-over-year improvement when factoring in this change.

直接薪資和福利成本佔營收的 21.7%，年增 20 個基點。其中 110 個基點是由於我們的薪酬結構發生了變化，從佣金轉向基本工資。考慮到這一變化，直接工資和福利同比增長了 90 個基點。

The operating leverage that we have been able to drive has been a result of efficiencies from our EnVe verification pods, which verify members 5 times faster than our legacy pods. We believe there's further cost leverage ambassador optionality, we can drive over time as we further roll out EnVe pods for new enrollments, deliver product innovation and policy advancement.

我們能夠實現的營運槓桿得益於 EnVe 驗證艙的高效運行，其驗證會員的速度比我們傳統的驗證艙快 5 倍。我們相信，隨著我們進一步推出 EnVe 吊艙以供新註冊，實現產品創新和政策進步，我們可以進一步利用大使可選性的成本，隨著時間的推移推動這一進程。

G&A represented 26.7% of revenue. An improvement of approximately 300 basis points year-over-year reflecting our continued discipline around corporate resource allocation and expense management. Our leadership team remains highly focused and committed to strategic prioritization, streamlining and driving operational efficiency. In Q2, we generated $123 million of net cash provided by operating activities and $117.9 million of free cash flow, up 7.3% and 7.1% year-over-year respectively.

一般及行政費用佔收入的 26.7%。與去年同期相比提高了約 300 個基點，反映了我們在企業資源配置和費用管理方面的持續嚴格。我們的領導團隊始終高度專注並致力於策略優先、精簡和提高營運效率。第二季度，我們的營運活動淨現金流為 1.23 億美元，自由現金流為 1.179 億美元，分別較去年同期成長 7.3% 和 7.1%。

As a reminder, the majority of CapEx requirements for the EnVe pod rollout is behind us, and we have higher cash taxes this year after having utilized the majority of our NOL balance in 2024, which impacts year-over-year free cash flow growth. We ended the quarter with $609 million of cash and marketable securities after returning $42.7 million of capital to shareholders, including approximately $24.6 million under our share repurchase program and approximately $18.1 million in dividends and distributions.

提醒一下，EnVe 吊艙推出的大部分資本支出要求已經過去，並且在 2024 年使用了大部分 NOL 餘額後，今年我們的現金稅更高，這影響了同比自由現金流的增長。在向股東返還 4,270 萬美元資本後，我們在本季結束時擁有 6.09 億美元的現金和有價證券，其中包括根據我們的股票回購計劃返還的約 2,460 萬美元和約 1,810 萬美元的股息和分配。

Turning to guidance for Q3. We expect a revenue of $223 million to $226 million and total bookings of $253 million to $258 million, representing 13.1% and 12.3% growth at the midpoint respectively. As a reminder, because we are an annual biller, the number of members up for renewal has a meaningful impact on net ads within a specific quarter. This dynamic coupled with seasonal travel demand drives our expectation for Q3 to be the smallest net ad contributor in 2025.

轉向第三季的指引。我們預計營收為 2.23 億美元至 2.26 億美元，總預訂額為 2.53 億美元至 2.58 億美元，中間值分別成長 13.1% 和 12.3%。提醒一下，由於我們是按年計費的，因此續約的會員數量對特定季度內的淨廣告有很大影響。這種動態加上季節性旅遊需求促使我們預計第三季將成為 2025 年最小的淨廣告貢獻者。

For the full year, we continue to expect expanding adjusted EBITDA margins on a year-over-year basis, and we are reaffirming our free cash flow guidance of at least $310 million. With that, we will open the call for Q&A.

就全年而言，我們繼續預計調整後的 EBITDA 利潤率將同比增長，並且我們重申至少 3.1 億美元的自由現金流預期。接下來，我們將開始問答環節。

(Operator Instructions)

（操作員指示）

Joshua Riley, Needham & Company.

約書亞·萊利（Joshua Riley），尼德漢姆公司。

All right. Great. Thanks for taking my questions. Nice job on the quarter here. As we're looking at the international opportunity, maybe we can get some more color there in terms of how does the enrollment process going to work for these people, what documents do they need? And do you need to work directly with each country to make the process work? And does that ultimately lead to CLEAR Lanes in some of these individual countries themselves?

好的。偉大的。感謝您回答我的問題。本季表現不錯。當我們關注國際機會時，也許我們可以更詳細地了解這些人的入學流程是怎樣的，他們需要哪些文件？您是否需要直接與每個國家合作才能使這項進程順利進行？這最終是否會導致這些國家各自設立 CLEAR Lanes？

Thanks, Josh. So in terms of international, the enrollment is now the same as our domestic one-step enrollment. Our ePassport -- or our eChip capability on passports really opens up the opportunity for this one-step enrollment. And so it starts with the countries that we talked about. It is a blanket opportunity for all of those countries.

謝謝，喬希。因此，就國際而言，現在的招生與我們國內的一步式招生相同。我們的電子護照——或者護照上的電子晶片功能確實為這種一步式登記提供了機會。所以一切從我們談論的國家開始。這對所有這些國家來說都是一個全面的機會。

We don't need to go country by country. And they can enroll on their phone. They can enroll at the Pod. So first, we'll come to the Pod, the phone will come just a little bit later this year. And then they have access to CLEAR Lanes in the US.

我們不需要逐國去。他們可以透過手機註冊。他們可以在 Pod 報名。首先，我們來談談 Pod，這款手機將在今年稍後上市。然後他們就可以進入美國的 CLEAR Lanes。

In terms of marketing, both partners, direct corporate, we see opportunities to reach international travelers through all of those channels. And today, we are still focused on growing our domestic network, which only covers about 75% of US traffic. So I think we still have opportunities there. And our CLEAR1 platform has been going international.

在行銷方面，無論是合作夥伴還是直接企業，我們都看到了透過所有這些管道接觸國際旅客的機會。今天，我們仍然專注於發展我們的國內網絡，該網絡僅覆蓋美國約 75% 的流量。所以我認為我們仍然有機會。我們的CLEAR1平台已經走向國際化。

But as of today, we're focused from a CLEAR+ lanes still domestically. But we're incredibly excited to grow this TAM. And when you think about these international travelers, they don't have access. I'm sure we've all heard from our friends and colleagues overseas that the US airport experience is not what they're used to. And certainly heading into the World Cup, we want to make our airports great and accessible for all highly vetted travelers.

但截至今天，我們的重點仍是國內的 CLEAR+ 航線。但我們非常高興能夠擴大這個 TAM。而當你想到這些國際旅客時，卻無法獲得這些服務。我相信我們都曾聽過海外的朋友和同事說過，美國機場的體驗與他們所習慣的不同。當然，在世界盃即將到來之際，我們希望我們的機場能為所有經過嚴格審查的旅客提供便利。

Got it. That's awesome. And then how are you thinking about the latest round of price increases that took effect July 1? This round has been more coordinated in terms of the different membership categories and family. Had the smallest price increase this time? Any color there in terms of what you expect around retention through this round of price increases? Thanks, guys.

知道了。太棒了。那麼您如何看待 7 月 1 日生效的最新一輪價格上漲？此輪在不同會員類別和家庭方面更加協調。這次漲價幅度是最小的嗎？您對這一輪價格上漲後的留存率有何預期？謝謝大家。

Hi, Josh, thanks. Yes, you're right. I would say these pricing actions were more coordinated, I would say in the past. The decisions we took were really a step function to catch up for, if you will. Some of the years where we had not taken price on CLEAR+ in an effort to catch up to our value proposition. I would say our overall approach on pricing is really a goal to optimize bookings. And we're obviously only a few weeks into the July 1 price increase. But retention thus far has been as we expected.

嗨，喬希，謝謝。是的，你說得對。我想說的是，這些定價行動在過去是更協調的。如果你願意的話，我們所做的決定其實是一種需要努力才能趕上的舉措。有些年份我們沒有對 CLEAR+ 進行定價，以努力趕上我們的價值主張。我想說，我們整體的定價方法實際上是為了優化預訂。顯然，距離 7 月 1 日的價格上漲才過了幾週。但迄今為止，保留率一直如我們預期的那樣。

And Josh, if I can just add to that, you should expect a more disciplined and consistent pricing strategy out of us. It has clearly been more sporadic, and our focus on continuing to launch new products, of which you saw several this quarter, improve the member experience, add to the value proposition and have a disciplined and consistent approach on pricing is something that we are focused on.

喬希，如果我可以補充一點的話，你應該期待我們採取更嚴謹和一致的定價策略。它顯然更加零散，我們的重點是繼續推出新產品，其中您在本季度看到了幾款產品，改善會員體驗，增加價值主張，並在定價方面採取規範和一致的方法，這是我們關注的重點。

The overall perspective on pricing is that we believe we have continued runway and that's both through bringing our discounted members closer to standard pricing and then also opportunities like Concierge, which effectively brings the revenue per member up over time.

關於定價的總體觀點是，我們相信我們能夠繼續保持成長勢頭，這既是透過讓我們的折扣會員更接近標準定價，也是透過禮賓服務等機會，從而有效地隨著時間的推移提高每位會員的收入。

Awesome. Thank you, all. I'll pass it along.

驚人的。謝謝大家。我會傳達的。

Cory Carpenter, JPMorgan.

摩根大通的科里·卡彭特。

Thanks for the question. Caryn, I had one for you and a follow-up for Jen. I wanted to ask the current administration, they've been quite vocal about their desire to improve the airport experience. We've already seen changes such as few staying on through screening. Based on your conversations in time in Washington, what is the administration most focused on changing? And what role do you think CLEAR could play in this process? Thank you.

謝謝你的提問。卡琳，我有一個問題想告訴你，還有一個後續問題想告訴 Jen。我想問現任政府，他們一直直言不諱地表示希望能改善機場體驗。我們已經看到了一些變化，例如很少有人能透過篩選而留下來。根據您在華盛頓的談話，政府最關注的改變是什麼？您認為 CLEAR 在過程中可以發揮什麼作用？謝謝。

Great question. I will say DC is one of my favorite cities of late. This administration clearly values public-private partnerships and company's willingness to push innovation at no cost to taxpayers and so that could not position CLEAR any better. We do not have -- take any money from the government.

好問題。我想說 DC 是我最近最喜歡的城市之一。本屆政府顯然重視公私部門合作夥伴關係以及公司願意在不增加納稅人成本的情況下推動創新，因此 CLEAR 的地位不會變得更好。我們沒有從政府拿任何錢。

In fact, we share revenues at the federal, state and local level PreCheck through our rev share with the Department of Homeland Security and TSA, and then at the airport level, well over $100 million this year alone. And so I think that they're focused on a few things, certainly driving security, which are biometrics and our future initiatives do really, really well. They definitely want to delight travelers. They understand that travel is an important part of the economy. 1 out of 10 jobs are associated with travel.

事實上，我們透過與國土安全部和 TSA 的收入分成在聯邦、州和地方層面分享 PreCheck 的收入，然後在機場層面，光是今年的收入就超過 1 億美元。所以我認為他們專注於一些事情，當然是推動安全，也就是生物辨識技術，我們未來的措施做得非常非常好。他們肯定想讓旅行者感到高興。他們明白旅遊業是經濟的重要組成部分。每 10 個工作機會中就有 1 個與旅遊業相關。

Many states and cities are very dependent on tourism and specifically heading into the World Cup, making our airports great. You look around at Singapore, at Tokyo, at London, at Doha where the World Cup was last year. These are highly digital, very personalized seamless experiences.

許多州和城市都非常依賴旅遊業，特別是在世界盃期間，這使得我們的機場變得非常重要。看看新加坡、東京、倫敦以及去年舉辦世界盃的杜哈。這些都是高度數位化、非常個人化的無縫體驗。

And so partnering with the private sector to drive the innovation to modernize our airports to strengthen security, delight travelers, I would also say they're very focused on privacy, which is really important, and again, something that we are also focused on. And [I would say] they're focused on Made in America companies, which is music to our ears.

因此，與私營部門合作推動創新，實現機場現代化，加強安全，讓旅客感到滿意，我還想說，他們非常注重隱私，這非常重要，而且，這也是我們關注的重點。而且[我想說]他們專注於美國製造的公司，這對我們來說是天籟之音。

And so I really think that over the next few years, you will see transformation in the travel experience, the airport experience in a way that we really haven't seen much over the past 20 years, and we are incredibly excited to partner with this administration to do that.

因此，我真的認為，在接下來的幾年裡，你會看到旅行體驗、機場體驗發生過去 20 年未曾見過的轉變，我們非常高興能與本屆政府合作實現這一目標。

Thank you. And I think for you, Jen, just gross dollar retention and increased sequentially for the first time in 2023, perhaps you could talk a bit about the drivers. Behind that and any impact REAL ID you had on the business in the quarter? Thank you.

謝謝。Jen，我認為對您來說，僅僅是總美元留存率在 2023 年首次環比增長，也許您可以談談其中的驅動因素。這背後有什麼影響嗎？ REAL ID 對本季的業務有何影響？謝謝。

Sure. Maybe I'll start with the latter question, which is that REAL ID did not have a meaningful impact on the business on the quarter or our results. From a GDR perspective, 87.3%, broadly in line with prior quarter. I would say, again, just to reiterate that, that metric is an output of retention and pricing, and pricing impacts that metric on an increasing basis as we annualize a price increase over the first 12 months. So those are the kind of factors that are influencing that metric.

當然。也許我應該從後一個問題開始，即 REAL ID 對本季的業務或我們的業績沒有重大影響。從 GDR 角度來看，為 87.3%，與上一季基本持平。我想再次重申，該指標是保留和定價的產出，隨著我們將前 12 個月的價格漲幅按年化，定價對該指標的影響會越來越大。這些都是影響該指標的因素。

I would say relative to last quarter, we had a modest 20 basis points benefit last quarter Q1 versus Q1 of '24. We were in the middle of our next-generation ID upgrades. And so that did have a small impact of -- on retention in Q1 of '24 relative to this quarter.

我想說，相對於上一季度，我們上一季第一季與 2024 年第一季相比獲得了 20 個基點的適度收益。我們正處於下一代 ID 升級的過程中。因此，與本季相比，這對 24 年第一季的保留率確實產生了很小的影響。

Great. Thank you.

偉大的。謝謝。

Mark Kelley, Stifel.

馬克凱利（Mark Kelley），Stifel。

Great. Thanks very much. Good morning, everyone. Just two quick ones. Caryn, I know you're more focused on the domestic market at the moment, but really find the international rollout, interesting. And would love to get a little bit more color if I could, just about the roughly 2 million travelers that you called out, I think, on the last call. I guess what do you expect adoption to be like across those countries? And will pricing be the same as in the US market? Or will it be a bit different? Just any thoughts there would be great. Thank you.

偉大的。非常感謝。大家早安。只需簡單兩句話。卡琳，我知道您目前更關注國內市場，但確實發現國際推廣很有趣。如果可以的話，我希望能夠提供更多細節，例如您在上次通話中提到的大約 200 萬名旅行者的情況。我猜您認為這些國家的採用情況會是如何？定價會與美國市場相同嗎？或者會有些不同？只要有任何想法就很好。謝謝。

Yes. So again, we haven't launched yet. So I don't want to make too many estimations before we see evidence. But let me tell you what I can say, which is pricing will be the same, right? So whether you are flying in from the UK and want to enroll with your passport on the phone, it's in the CLEAR app. It is the same experience and the same price.

是的。所以，我們還沒推出。因此，在我們看到證據之前，我不想做太多估計。但讓我告訴你我能說什麼，那就是定價會是一樣的，對嗎？因此，無論您是從英國飛來並想透過手機使用護照進行註冊，都可以在 CLEAR 應用程式中完成。同樣的體驗，同樣的價格。

They can also sign up for as many Concierge as they want, and we welcome that experience as well, which is something they're accustomed to, I think, in other airports. From an adoption perspective, certainly, I think partners will be important through this rollout, right? So if you -- we're partnered with Delta and United and they're part of alliances.

他們也可以註冊任意數量的禮賓服務，我們也歡迎這種體驗，我想，在其他機場，他們也已經習慣了這種服務。從採用的角度來看，當然，我認為合作夥伴在這次推廣中會發揮重要作用，對嗎？所以如果你——我們與達美航空和聯合航空合作，他們是聯盟的一部分。

There's hotels. Certainly, we have a great partnership with Uber. There's lots of ways to communicate to travelers, not to mention through their companies and other ways to drive adoption. I would say we didn't incorporate crazy things into this year. So -- but we definitely think that the opportunity set is enormous.

有飯店。當然，我們與 Uber 建立了良好的合作關係。有很多方法可以與旅行者溝通，更不用說透過他們的公司和其他方式來推動採用。我想說我們今年沒有做瘋狂的事。所以——但我們確實認為機會是巨大的。

And we're going to start with these countries and then we're going to roll out to many more over the upcoming months. So we will keep you up, but we think the increase in TAM. And again, we think heading into the World Cup having this universal predictable frictionless experience is a huge opportunity for us. So we'll definitely have more to say on it next quarter.

我們將從這些國家開始，然後在接下來的幾個月中推廣到更多國家。因此，我們會繼續關注您，但我們認為 TAM 會增加。我們再次認為，在世界盃上擁有這種普遍可預測的無摩擦體驗對我們來說是一個巨大的機會。因此下個季度我們肯定會對此有更多評論。

Okay. All right. Perfect. And then just kind of sticking with the same theme, the fact that you didn't have to go country by country and kind of get sign off from those countries. Is that mostly just because it's the product will still be, those travelers coming to the US and it's more about the TSA and all the regulatory entities?

好的。好的。完美的。然後就堅持同樣的主題，事實上你不必逐國去獲得這些國家的批准。這是否主要是因為產品仍然是那些前往美國的旅行者，並且與 TSA 和所有監管機構有關？

Correct. Yes. There. Let's remember, they're going to be using it outbound right through the CLEAR Lanes. This is not about inbound and CBP that is separate, right? So this is outbound traffic today. So it would be the same experience that they're having today.

正確的。是的。那裡。請記住，他們將直接使用它通過 CLEAR Lanes 出站。這與入境和 CBP 無關，對嗎？這是今天的出站流量。所以他們今天所經歷的將會是同樣的。

Either travel within the US or folks traveling from the US back to their home countries or other countries.

無論是在美國境內旅行，或是從美國返回自己的國家或其他國家。

Okay. Perfect. Thanks so much. Appreciate it.

好的。完美的。非常感謝。非常感謝。

(Operator Instructions)

（操作員指示）

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

Hey. Good morning. This is [Brona] on for Michael. Just a question on the macro environment overall. A lot of airlines have reported flat to down forecast through the rest of the year. Just wondering how you guys are thinking about the second half in terms of travel demand and what you're kind of expecting on a go-forward basis?

嘿。早安.這是 [Brona] 為 Michael 表演的。這只是關於整體宏觀環境的一個問題。許多航空公司報告稱，今年剩餘時間的預測將持平或下降。只是想知道你們對下半年的旅行需求有何看法以及對未來有何期待？

Yeah. So as I mentioned this quarter, CLEAR had a record travel volume and that was in a time when travel volumes were pretty flat. So I think that reflects the opportunity for us to continue to penetrate the US travel population. And as we just talked about, we can now add international travelers to that.

是的。正如我在本季提到的那樣，CLEAR 的旅行量創下了歷史新高，而當時的旅行量相當平穩。所以我認為這反映了我們繼續滲透美國旅遊人口的機會。正如我們剛才談到的，現在我們可以將國際旅客添加到其中。

So as we look at the back half of the year, I do think actually, the industry has become more optimistic about the trajectory for travel. And I've continued to say it before COVID and certainly post COVID, people love traveling, the experienced economy continues to thrive, and we continue to see penetration opportunities broadly. And then certainly, we've talked historically about some underpenetrated cities and now we add international. So we continue to be excited about our opportunities, weather travel is up or down 1%.

因此，當我們回顧今年下半年時，我確實認為，業界對旅遊業的發展軌跡實際上變得更加樂觀。我在新冠疫情之前就一直這麼說，疫情之後當然也是如此，人們喜歡旅行，體驗式經濟繼續蓬勃發展，我們繼續看到廣泛的滲透機會。當然，我們歷史上討論過一些滲透率較低的城市，現在我們又增加了國際城市。因此，無論旅行量是上升還是下降 1%，我們都會繼續對我們的機會感到興奮。

Just to clarify that, I mean, in Q2, the overall traffic volume was down about 0.5 percentage point. And we obviously grew our member base by 7.5%. And to Caryn's point, from a penetration perspective, we still have many airports that are on the lower end of the penetration curve, so ability to kind of grow same-store sales from there.

需要澄清的是，在第二季度，整體流量下降了約 0.5 個百分點。我們的會員數量顯然增加了 7.5%。正如卡琳所說，從滲透率的角度來看，我們仍有許多機場處於滲透率曲線的低端，因此我們有能力從那裡增加同店銷售額。

Great. And just a follow-up on that. And kind of related, is this at all related to your new product cadence? It seems like you're really picking it up with products like Concierge and now you have the REAL ID products rolling out? Is this what's driving the delta between the customer demand and your new member growth in terms of travel?

偉大的。這只是對此的後續跟進。這和你的新產品節奏有關係嗎？看起來你們確實正在透過 Concierge 等產品獲得成功，現在又推出了 REAL ID 產品？這是造成客戶需求和新會員旅行成長之間差異的原因嗎？

Yeah. I'll take your product rollout question, and then I'll turn it over to Michael. The increased cadence of product innovation and product launches that you see from us, whether it be CLEAR ID, international or Concierge are things that we had been working on for several years. I think, as I talked about, we were not able to unleash our full product portfolio that we wanted to. And I think this administration has helped as well as our great team.

是的。我將回答您關於產品推出的問題，然後將其交給邁克爾。您從我們這裡看到的產品創新和產品發布的節奏越來越快，無論是 CLEAR ID、國際產品還是禮賓服務，都是我們多年來一直致力於的事情。我認為，正如我所說的，我們無法推出我們想要的全部產品組合。我認為本屆政府和我們優秀的團隊都提供了幫助。

And so we're excited on both fronts about the product innovation and product launches, but that is really not what has driven the growth that you saw in the quarter. Some of those are still in front of us from a product launch perspective.

因此，我們對產品創新和產品發布這兩個方面都感到興奮，但這並不是推動本季成長的真正原因。從產品發布的角度來看，其中一些問題仍擺在我們面前。

Yeah. And I would just add that I think all of the efforts that we're making relative to product and technology and service are in concert with an overall view of how we can improve the travel experience broadly because we think that's what will ultimately determine our members' loyalty and retention and ultimately drive the business.

是的。我想補充一點，我認為我們在產品、技術和服務方面所做的所有努力都是與如何全面改善旅行體驗的整體觀點相一致的，因為我們認為這最終將決定我們會員的忠誠度和保留率，並最終推動業務發展。

And so I think when you think about the next-gen ID upgrades, the EnVes that we've rolled out, now international passports, the ability to have one-step enrollment and then things like Concierge, which are really a premium and differentiated experience in the airports, what we're really trying to do is make the experience frictionless and delightful for our members throughout the travel experience at the airports, and that's what we're really focused on, on that side of the business.

因此，我認為，當您考慮下一代身分證升級、我們推出的 EnVes、現在的國際護照、一步註冊的能力以及禮賓服務等真正為機場帶來優質和差異化體驗的服務時，我們真正想要做的是讓我們的會員在機場的整個旅行過程中獲得順暢而愉快的體驗，而這正是我們真正關注的重點，也是業務的重點。

Awesome. Thank you.

驚人的。謝謝。

Dana Telsey, Telsey Advisory Group.

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

Hi. Good morning, everyone and nice to see the progress, Caryn. As you think about some of these new programs that you've put out there. How are you planning member retention? How do you think about it? How are you thinking about pricing going forward?

你好。大家早安，很高興看到進展，卡琳。當您考慮您推出的一些新程式時。您如何規劃會員保留？您覺得怎麼樣？您如何考慮未來的定價？

Will it given you mentioned sporadic in the past, do you think it is once a year, twice a year? And do these different engagements have different price points attached? How do you plan for that? And lastly, AI, any advancements there we should make note of? Thank you.

鑑於您過去曾提到偶爾發生，您認為是每年一次還是每年兩次？這些不同的活動是否有不同的價格點？您對此有何計劃？最後，人工智慧方面有哪些進步值得我們注意？謝謝。

So just in terms of retention, let me take it at a high level, and then I'll turn it over to Michael. I'll also talk to AI. It starts with a great member experience, and we are massively focused on that not only today's experience but adding new products that drive that home-to-gate experience. I'll let Michael go deeper. What I will say on AI, I think I said in the script, two pieces.

因此，就保留而言，讓我從高層次討論它，然後我將把它交給邁克爾。我也會和 AI 交談。一切都從良好的會員體驗開始，我們不僅在關註今天的體驗，而且還在增加新產品，以推動從家到門口的體驗。我會讓麥可更深入地了解。關於人工智慧，我想說的是，我想我在劇本中已經說了兩點。

AI and synthetic identities and all that you're hearing about that makes true identity and total identity integrity more important than ever. And the fact that we have this physical network has become more valuable than ever, and we are expanding that physical network. I would also say from an internal perspective, we have signs around here that say, AI in every work stream every day, it can advantage our business on every line item.

人工智慧和合成身份以及您所聽到的一切都使得真實身份和完全身份完整性比以往任何時候都更加重要。事實上，我們擁有這個實體網路變得比以往任何時候都更有價值，而且我們正在擴展這個實體網路。我還想從內部角度說，我們這裡有跡象表明，人工智慧在每天的每個工作流程中都能為我們的業務帶來優勢。

It can drive productivity. It can drive faster product launches. It can certainly drive margins and efficiency, and we are driving that through every area of our business. So I think it creates a huge top line opportunity in C1 and you're seeing that. And then I think it certainly creates business opportunities as we think about how we run our business every day.

它可以提高生產力。它可以推動更快的產品發布。它確實可以提高利潤率和效率，而且我們正在業務的各個領域推動這一點。因此我認為它在 C1 中創造了巨大的收入機會，而你已經看到了這一點。然後我認為，當我們思考如何每天經營業務時，它肯定會創造商業機會。

But I'll turn it over to Michael to talk more about retention and pricing.

但我會讓麥可來進一步討論保留和定價問題。

Yeah. Thanks, Dana. I mean I think the way we're looking at this is everything from enrollment all the way through the airport experience. And so a lot of that has been how do we make sure that each piece of that, right, that we're always working to optimize and improve that. And I think that, that is what gives us confidence in our ability to create that member experience that Caryn talked about.

是的。謝謝，達娜。我的意思是，我認為我們看待這個問題的方式是從註冊到機場體驗的一切。因此，我們面臨的很大一部分問題是，如何確保每個部分都得到最佳化和改進。我認為，這讓我們對自己創造卡琳所說的會員體驗的能力充滿信心。

It's what gives us confidence to try and take a methodical and intentional approach to pricing because the value proposition that we intend to offer to our members only improves. And then being able to add on experiences like Concierge, which we're expanding. We have 14 airports where it's active today. We'll continue to expand that so that for folks who need a little extra assistance or want a more premium experience. We can actually offer those kinds of products.

這讓我們有信心嘗試採取有條不紊、有目的的定價方法，因為我們打算為會員提供的價值主張只會不斷改進。然後能夠添加禮賓服務等我們正在擴展的體驗。目前，我們有 14 個機場正在運行該服務。我們將繼續擴展此功能，以便為那些需要額外幫助或想要更優質體驗的人提供服務。我們實際上可以提供這類產品。

And in so doing actually add not just to the price of any one product, but actually the set of products that we can that we can offer to our members and then ultimately be a bigger part of their overall experience and, obviously, benefit from that in terms of being able to sell more products.

這樣做實際上不僅提高了任何一種產品的價格，而且實際上增加了我們可以向會員提供的產品組合，最終成為他們整體體驗中更重要的一部分，並且顯然可以從中受益，從而能夠銷售更多的產品。

So I think we're trying to take a holistic look at what that member experience is. It really starts with what are those products that we can offer, what is the service that every one of our ambassador offers to our members every day, which is a critical part of making the airport experience more pleasant. We're incredibly grateful to all of them. And yes, and then continuing to think about different ways we can make the experience better through new products.

所以我認為我們正在嘗試全面了解會員體驗。這實際上始於我們可以提供哪些產品，我們的每位大使每天為我們的會員提供哪些服務，這是讓機場體驗更加愉快的關鍵部分。我們非常感謝他們所有人。是的，然後我們繼續思考如何透過新產品來改善體驗。

And different travelers want different things, right? And so again, where does AI help is really understanding our data better and being able to personalize. Some people want to be left alone and not talk to anybody, heads down and go through. We all know those travelers.

不同的旅行者想要的東西也不同，對嗎？所以，人工智慧的真正幫助在於更好地理解我們的數據並且能夠進行個人化。有些人想獨處，不想與任何人說話，低著頭走過去。我們都認識那些旅行者。

Some people are traveling with three kids or little kids that used to be me and you're trying to get through. And if someone help you, sometimes you just are running late and want to make sure you make your flight. We've all gotten calls here for can you help me? I'm in traffic on the [Van Wyck] And so it's really just trying to personalize and customize and serve travelers how they want to be served. That could be with PreCheck only, that could be with a PreCheck bundle.

有些人帶著三個孩子或小孩一起旅行，就像我一樣，你正試著通過。如果有人幫助您，有時您只是遲到了並且想確保您趕上航班。我們都接過這樣的電話，你能幫我嗎？我在 [Van Wyck] 路上堵車了，所以它實際上只是試圖個性化和定制化，並以旅行者想要的方式為他們提供服務。這可能僅適用於 PreCheck，也可能適用於 PreCheck 套裝組合。

That could be with a PreCheck bundle with CLEAR+ plus Concierge, like there's just so much and then driving innovation in the lane. We're incredibly excited and think there's so much to do to modernize airports and personalize a frictionless customer experience and strength in security.

這可能是 PreCheck 捆綁包，其中包含 CLEAR+ 和 Concierge，就像有很多東西，然後在車道上推動創新一樣。我們非常興奮，認為還有很多工作要做，以實現機場現代化、個人化無摩擦的客戶體驗和加強安全。

Thank you.

謝謝。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to Caryn for closing remarks.

我們的問答環節已經結束。我想將會議交還給卡琳 (Caryn) 做最後發言。

Thank you for joining our second quarter earnings call. The expanding use cases and growing demand for Clear Secure identity platform that we talked about today is incredibly exciting. Thank you.

感謝您參加我們的第二季財報電話會議。我們今天談到的 Clear Secure 身份平台的不斷擴大的用例和不斷增長的需求令人興奮不已。謝謝。

Please note this morning's introduction referenced a shareholder letter, which was meant to be a reference to the company's press release. Thank you. This does conclude today's teleconference. We thank you for your participation. You may now disconnect at this time.

請注意，今天上午的介紹引用了一封股東信，這封信原本是指公司的新聞稿。謝謝。今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連線。