Clear Secure Inc (YOU) 2025 Q3 法說會逐字稿

Good morning, and welcome to CLEAR's fiscal third 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 財年第三季電話會議。今天我們邀請了共同創辦人、董事長兼執行長 Caryn Seidman Becker；總裁 Michael Barkin；以及財務長 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.

在開始之前提醒大家，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。這些預測是基於管理層目前的預期，但存在風險和不確定性。

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

可能導致實際結果與這些聲明有重大差異的因素已包含在公司向美國證券交易委員會提交和提供的文件中，包括今天的新聞稿。本公司聲明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 press release 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.

本次電話會議中，除非另有說明，所有比較均以 2024 財年同期為基準。此外，該公司也將討論GAAP和非GAAP財務指標。今天的新聞稿和最近提交的 10-Q 表格季度報告中提供了 GAAP 與非 GAAP 財務指標的調整表。這些資訊可以在 CLEAR 網站的投資者關係部分找到。

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

接下來，我將把電話交給卡琳。

Identity is the foundation of trust, and CLEAR is the secure identity platform. The digital connected world has been driving a paradigm shift in cybersecurity. And now, layer AI on top of that, and there is an urgent focus on identity.

身分是信任的基礎，而 CLEAR 是安全的身份平台。數位化互聯世界正在推動網路安全領域的典範轉移。現在，再加上人工智慧技術，身分識別就成了當務之急。

Cyber criminals aren't breaking in; they're logging in. 80% of breaches start with compromised credentials, and 84% of security leaders have reported identity-related incidents that have disrupted their business.

網路犯罪分子不是在入侵系統，而是在登入系統。 80% 的資料外洩事件始於憑證洩露，84% 的安全負責人報告稱，與身分相關的安全事件已經擾亂了他們的業務。

Identity has never been more important, and secure identity is the foundation to create safer and easier experiences. CLEAR is the future-facing identity infrastructure layer that is transforming how security and customer experience come together.

身份從未像現在這樣重要，而安全的身份是創造更安全、更便利體驗的基礎。CLEAR 是面向未來的身份基礎設施層，它正在改變安全性和客戶體驗的結合方式。

Global events such as the World Cup and the Olympics are on the horizon, and security is paramount. CLEAR is helping America's infrastructure rise to the occasion by combining technology, security, and hospitality to make our airports sparkle.

世界盃和奧運等全球性賽事即將到來，安全至關重要。CLEAR 透過結合科技、安全和熱情好客，幫助美國的基礎設施提升到應有的水平，使我們的機場煥然一新。

More than 35 million total CLEAR members trust and rely on CLEAR across many use cases. Our customer-centric brand which is known for privacy and security, as well as our physical and digital network, is accelerating our momentum across both CLEAR members and enterprise customers as we close out the year.

超過 3500 萬 CLEAR 會員在各種使用情境中信賴和依賴 CLEAR。我們以客戶為中心，以隱私和安全著稱的品牌，以及我們的實體和數位網絡，正在加速我們在 CLEAR 會員和企業客戶中的發展勢頭，為這一年畫上圓滿的句號。

The premium, frictionless, and predictable end-to-end travel journey we are building for our 7.7 million CLEAR+ members is the new customer expectation. Our mobile app enhancements are streamlining the enrollment experience and helping members navigate their day of travel with confidence and ease.

我們正在為 770 萬 CLEAR+ 會員打造優質、流暢、可預測的端到端旅行體驗，這是新的客戶期望。我們的行動應用程式改善簡化了註冊流程，幫助會員自信輕鬆地安排出行事宜。

Our beloved ambassadors enable the merging of hospitality and technology to provide an unparalleled customer-centric and personalized experience that helps members win the day of travel. And our product innovation, from EnVe enrollment and verification pods to eGates, is having a meaningful impact on speed and member experience.

我們摯愛的品牌大使們將熱情好客與科技完美融合，提供無與倫比的以客戶為中心、個人化的體驗，幫助會員們贏得旅行的美好一天。從 EnVe 註冊和驗證艙到電子閘門，我們的產品創新正在對速度和會員體驗產生重大影響。

Our long-awaited eGate rollout has commenced and the feedback from members is unanimous. The experience is magical. CLEAR eGates are vertically integrated, combining our software and hardware across our nationwide network.

我們期待已久的 eGate 系統已經正式上線，會員的回饋一致好評。這真是一次奇妙的體驗。CLEAR eGates 採用垂直整合模式，將我們的軟體和硬體整合到我們遍佈全國的網路中。

Members verify in approximately five seconds and move directly into physical screening in 30 seconds. We are seeing eGates drive meaningful improvements in throughput, lane experience scores, and NPS. Our nationwide rollout will continue over the next few months, and we expect member experience to continue to improve.

會員驗證過程大約需要 5 秒鐘，然後 30 秒後即可直接進入人身安檢環節。我們看到 eGates 顯著提高了吞吐量、通道體驗評分和 NPS。接下來的幾個月裡，我們將繼續在全國推廣這項服務，我們預計會員體驗將持續改善。

As we scale automation across our network, our ambassadors can create an even more elevated member experience with CLEAR Concierge. CLEAR Concierge is a premium, personalized, on-demand service where a dedicated ambassador meets you curbside and guides you all the way to your gate. Now live at 23 airports, CLEAR Concierge is giving members a truly premium and effortless travel journey.

隨著我們在整個網路中擴大自動化規模，我們的大使可以透過 CLEAR Concierge 創造更卓越的會員體驗。CLEAR Concierge 是一項優質的、個人化的、按需服務，專屬服務人員會在路邊迎接您，並一路引導您到達登機口。CLEAR Concierge 目前已在 23 個機場投入使用，為會員提供真正優質輕鬆的旅遊體驗。

The CLEAR travel experience and value is growing, and we are expanding our CLEAR+ member base across all channels. Member acquisition in the airport remains strong, supported by a steady increase in total air travelers coupled with our new improved mobile one-step enrollment.

CLEAR 旅行體驗和價值正在不斷提升，我們正在所有管道擴大 CLEAR+ 會員群體。機場會員招募依然強勁，這得益於航空旅客總數的穩定成長，以及我們全新改進的行動端一鍵註冊服務。

International enrollment is off to a strong start even before we have launched marketing. There is an exciting opportunity to tap this broader pool of potential CLEAR+ members.

甚至在我們正式進行市場推廣活動之前，國際招生就已經取得了強勁的開端。我們有機會挖掘更廣泛的 CLEAR+ 潛在會員群體。

Partners continue to be an important channel for us to acquire high value loyal members. We are pleased that CLEAR+ is a highlighted embedded benefit of the American Express Platinum Card refresh, reflecting the value each of us bring to our partnership.

合作夥伴仍然是我們獲取高價值忠誠會員的重要管道。我們很高興 CLEAR+ 成為美國運通白金卡升級版的重點嵌入式權益，這反映了我們雙方為合作關係帶來的價值。

We have long talked about the power of public-private partnerships and we are grateful that this administration is moving at the speed of business. We are working together on behalf of American travelers, connecting public sector priorities with private sector innovation. Embracing technology and business is improving the everyday security and experience of all Americans.

我們長期以來一直在談論公私合作的力量，我們很高興本屆政府正以商業的速度推進這項工作。我們共同努力，為美國旅行者服務，將公共部門的優先事項與私營部門的創新相結合。擁抱科技和商業正在改善所有美國人的日常安全和體驗。

CLEAR1 continues to scale. Crime and fraud attacks are occurring with unprecedented speed and sophistication, and this is a critical and growing problem that every organization is facing.

CLEAR1 持續擴大規模。犯罪和詐欺攻擊正以前所未有的速度和複雜性發生，這是每個組織都面臨的一個嚴峻且日益嚴重的問題。

CLEAR1 is a comprehensive enterprise identity platform that delivers strengthened security with a multi-layered approach, the building block of trust. CLEAR1 delivered its strongest quarter yet with a record number of enterprise customers signed.

CLEAR1 是一個綜合性的企業身分平台，它採用多層方法提供更強大的安全性，這是信任的基石。CLEAR1 迎來了迄今為止業績最好的一個季度，簽約的企業客戶數量創下歷史新高。

In healthcare, CLEAR is a partner to the administration in the Center for Medicare and Medicaid Services Health Tech Ecosystem Initiative as their trusted identity layer. The CMS pledge is a coalition of healthcare technology companies working to improve patient data interoperability and access, killing the clipboard while safeguarding sensitive health information. Over 60 companies have signed the CMS pledge, and to date, we have entered into CLEAR1 contracts with over 20% of the participating companies.

在醫療保健領域，CLEAR 是醫療保險和醫療補助服務中心健康科技生態系統計畫的合作夥伴，是其可信賴身分層。CMS承諾是由多家醫療保健技術公司組成的聯盟，致力於改善患者資料的互通性和可訪問性，消除剪貼板，同時保護敏感的健康資訊。已有 60 多家公司簽署了 CMS 承諾，迄今為止，我們已與超過 20% 的參與公司簽訂了 CLEAR1 合約。

Our work with Epic is further embedding us into the healthcare ecosystem. Health providers on Epic can enable a CLEAR1 turnkey solution within MyChart. This partnership creates distribution and seamless integration for CLEAR1 into the millions of patients with Epic electronic health records.

我們與 Epic 的合作進一步將我們融入醫療保健生態系統。使用 Epic 的醫療服務提供者可以在 MyChart 中啟用 CLEAR1 一站式解決方案。此次合作將 CLEAR1 推廣到數百萬擁有 Epic 電子健康記錄的患者群體中，並實現無縫整合。

In workforce, CLEAR1 is protecting the full workforce identity life cycle, from pre-hiring activities such as verifying candidate profiles to post-hiring identity verification use cases such as account recovery and privileged access. We are also beginning to expand our use cases with customers, cross-selling and up-selling our various CLEAR1 workforce solutions.

在勞動力領域，CLEAR1 保護著勞動力身分的整個生命週期，從招募前的驗證候選人資料等活動到招募後的身分驗證用例（例如帳戶恢復和特權存取）。我們也開始拓展與客戶的合作案例，交叉銷售並向上銷售我們各種 CLEAR1 人力資源解決方案。

Identity security has become a mandate for all stakeholders. CLEAR1's trusted brand, platform approach,, and elevated security standards are enabling our enterprise customers to protect their employees, customers, and assets with confidence. I am proud of our execution and strong financial performance and want to thank our ambassadors and all of the CLEAR team members for how they serve travelers and customers.

身分安全已成為所有利害關係人的當務之急。CLEAR1 值得信賴的品牌、平台方法和更高的安全標準，使我們的企業客戶能夠自信地保護他們的員工、客戶和資產。我為我們的執行力和強勁的財務業績感到自豪，並感謝我們的大使和所有 CLEAR 團隊成員為旅客和客戶提供的服務。

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

接下來，我將把麥克風交給珍。

Thank you, Caryn. Third-quarter revenue grew 15.5% year over year to $229.2 million, and total bookings grew 14.3% year over year to $260.1 million, both exceeding the top end of our Q3 guidance range provided last quarter.

謝謝你，卡琳。第三季營收年增 15.5% 至 2.292 億美元，總預訂量年增 14.3% 至 2.601 億美元，均超過了我們上季給出的第三季業績指引範圍的上限。

Active CLEAR+ members grew to 7.7 million, up 7.5% on a year over year basis. Our rapid product innovation and growing suite of services in CLEAR travel is elevating customer experience and attracting new members.

CLEAR+ 活躍會員人數增至 770 萬，年增 7.5%。CLEAR 旅行產品快速創新，服務範圍不斷擴大，正在提升客戶體驗並吸引新會員。

eGates are elevating our home-to-gate value proposition. We continue to penetrate opportunities such as bundling TSA pre-check with CLEAR+, and we are growing our total addressable market with international travelers.

電子門正在提升我們「家到大門」的價值主張。我們不斷開拓各種機會，例如將 TSA 預檢與 CLEAR+ 捆綁銷售，我們正在透過國際旅客擴大我們的潛在市場。

We are now offering CLEAR+ to over 40 international country passport holders. And we are encouraged by the contribution of international to our CLEAR+ member base prior to having activated any marketing efforts to this audience.

我們現在向超過 40 個國際國家的護照持有者提供 CLEAR+ 服務。在我們尚未對國際市場進行任何行銷活動之前，國際市場就已經為我們的 CLEAR+ 會員基礎做出了貢獻，這令我們倍感鼓舞。

From a pricing perspective, we believe we have multiple levers to drive average revenue per member growth over time. This includes a regular cadence of price increases, closing the pricing gap with discounted members that we have acquired via our partnership channels, and services such as CLEAR Concierge which are add-on transactional opportunities.

從定價角度來看，我們相信我們有多種手段可以隨著時間的推移推動每位會員的平均收入成長。這包括定期提價，縮小與我們透過合作管道獲得的折扣會員之間的價格差距，以及 CLEAR Concierge 等附加交易服務。

In aggregate, our member and pricing performance delivered sequential accelerating bookings growth in Q3, and we expect that to continue in Q4 as we close out the year.

總體而言，我們的會員和定價表現推動了第三季預訂量的環比加速成長，我們預計這一趨勢將在第四季度繼續保持，並最終結束這一年。

Q3 gross dollar retention was 86.9%, down 40 basis points sequentially and consistent with our expectations as the impact from the larger general airline and family price increases we took in 2023 continued to normalize.

第三季毛利率為 86.9%，季減 40 個基點，與我們的預期一致，因為我們在 2023 年採取的大規模航空公司和家庭價格上漲的影響繼續正常化。

CLEAR1 is scaling and delivered a record quarter of bookings, excluding one-time health pass performance in 2022. We ended Q3 with 35.8 million total members, up 35.1% year over year and indicative of the momentum that we are seeing in CLEAR1.

CLEAR1 正在擴大規模，並在 2022 年實現了創紀錄的季度預訂量（不包括一次性健康通行證的業績）。第三季末，我們的會員總數達到 3,580 萬，年成長 35.1%，這表明 CLEAR1 的發展勢頭良好。

Our product innovation continues to drive meaningful impact to our value proposition and also our cost structure. Ambassador efficiency and member throughput is significantly improved with our EnVe verification pods. As we scale eGates across our network in Q4 and into 2026, we have the opportunity to rethink and reposition our ambassadors towards the highest value hospitality driving services for our members.

我們的產品創新持續對我們的價值主張和成本結構產生重大影響。我們的 EnVe 驗證艙顯著提高了大使效率和成員吞吐量。隨著我們在第四季度和 2026 年將 eGates 擴展到我們的整個網絡，我們有機會重新思考和重新定位我們的大使，以便為我們的會員提供最高價值的款待服務。

Cost of direct salaries and benefits represented 20.8% of revenue in Q3, an improvement of approximately 180 basis points year over year. We continue to drive operating leverage through disciplined resource allocation and corporate cost efficiencies, with G&A representing 25.7% of revenue, an improvement of approximately 150 basis points year over year.

第三季直接工資和福利成本佔收入的 20.8%，比去年同期改善了約 180 個基點。我們透過嚴格的資源配置和企業成本效率來持續提高營運槓桿，一般及行政費用佔收入的 25.7%，比上年同期提高了約 150 個基點。

Taken together, we generated $52.6 million of operating income, representing a 23% operating margin and 5.3 percentage points of margin expansion versus Q3 2024. And we generated $70.1 million of adjusted EBITDA, representing a 30.6% adjusted EBITDA margin and 6.1 percentage points of margin expansion year on year.

總計，我們創造了 5,260 萬美元的營業收入，營業利潤率為 23%，比 2024 年第三季利潤率提高了 5.3 個百分點。我們實現了 7,010 萬美元的調整後 EBITDA，調整後 EBITDA 利潤率為 30.6%，較去年同期成長 6.1 個百分點。

We delivered $47.3 million of net cash used in operating activities and negative $53.5 million of free cash flow. Both figures reflect the annual payment to our credit card partner of approximately $229 million. We ended the quarter with $533 million of cash and marketable securities after returning. $16.7 million of capital to shareholders through our regular quarterly dividend of $0.125 cents per share and distribution.

我們在經營活動中產生的淨現金流為 4,730 萬美元，自由現金流為負 5,350 萬美元。這兩個數字都反映了我們每年向信用卡合作夥伴支付的約 2.29 億美元。本季末，我們持有現金及有價證券5.33億美元（扣除返還款項後）。透過每股0.125美元的季度股息和分紅，我們向股東返還了1670萬美元的資本。

Turning to guidance for Q4. We expect revenue of $234 million to $237 million and total bookings of $265 million to $270 million, representing 14.2% and 16.8% growth at the midpoint, respectively. This would reflect another quarter of accelerating growth from a bookings perspective.

接下來展望第四季業績指引。我們預計營收為 2.34 億美元至 2.37 億美元，總預訂額為 2.65 億美元至 2.7 億美元，中間值分別為 14.2% 和 16.8% 的成長。從預訂量來看，這將反映出連續第二季成長加速。

We continue to expect expanding adjusted EBITDA margins for the full year 2025 versus 2024, and we are increasing our 2025 full-year free cash flow guidance from $310 million to at least $320 million. Our free cash flow guidance reflects both the impact of additional CapEx related to our eGates rollout, which was not originally anticipated at the onset of the year, as well as certain cash tax benefits related to the One Big Beautiful Bill Act, which went into effect in Q3.

我們繼續預期 2025 年全年調整後 EBITDA 利潤率將比 2024 年有所成長，並將 2025 年全年自由現金流預期從 3.1 億美元提高到至少 3.2 億美元。我們的自由現金流預期反映了與 eGates 推廣相關的額外資本支出的影響（這在年初並未預料到），以及與《一項偉大的美麗法案》相關的某些現金稅收優惠（該法案於第三季度生效）。

With that, we will open the call for Q&A.

接下來，我們將進入問答環節。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions) Joshua Reilly, Needham & Co.

謝謝。接下來我們將進行問答環節。（操作說明）Joshua Reilly，Needham & Co.

And very nice job on the quarter here. How should we be thinking about the strong bookings guidance for Q4, which is above my model? How much of that upside is being driven by CLEAR+ versus maybe some CLEAR1 and B2B deals that are a little bit bigger than maybe what you would have historically had?

這季度做得非常好。我們該如何看待第四季強勁的預訂量預期（高於我的預測）？其中有多少成長是由 CLEAR+ 推動的，又有多少是由 CLEAR1 和一些規模比以往更大的 B2B 交易推動的？

Thanks, Josh. Nice to hear from you. I would say we expect the product and member experience improvements that we're driving really across all dimensions of our business.

謝謝你，喬希。很高興收到你的來信。我想說，我們期望我們正在推動的產品和會員體驗的改進能夠真正惠及我們業務的各個方面。

If you think about mobile one-step enrollment to internationals to eGates, all of this work is really impacting both member retention as well as member acquisition. If you couple that with CLEAR1, which continues to gain traction, as we talked about on the call, with our enterprise customers, that business is starting to contribute more meaningfully to top line.

如果你考慮從行動端一鍵註冊到國際用戶再到 eGates，所有這些工作實際上都對會員留存和會員獲取產生了影響。如果再加上 CLEAR1（正如我們在電話會議上討論的那樣，CLEAR1 在我們的企業客戶中持續獲得關注），這項業務正開始對收入做出更有意義的貢獻。

We obviously are not breaking out CLEAR+ versus CLEAR1 in our guidance specifically, but we did share that CLEAR1 had its largest bookings quarter if you exclude HealthPass back in 2022, and we expect that momentum to continue into Q4.

顯然，我們的業績指引中並沒有具體區分 CLEAR+ 和 CLEAR1，但我們確實提到，如果排除 HealthPass，CLEAR1 在 2022 年迎來了預訂量最大的一個季度，我們預計這一勢頭將延續到第四季度。

And then on the -- maybe what are some of the moving parts investors should be considering in terms of the -- it was a small sequential decline in gross dollar retention. But offsetting that is you just implemented a price increase obviously at the beginning of the quarter, which should be a tailwind of that metric. How should we be thinking about what happened in the quarter there and maybe the trajectory of that metric going forward?

然後，關於——或許投資者應該考慮哪些變動因素——毛美元留存率出現了小幅環比下降。但可以抵消的是，你們在本季初顯然實施了提價，這應該會對該指標起到積極作用。我們該如何看待本季發生的事情，以及該指標未來的發展趨勢？

Sure. So on gross dollar retention -- so as a reminder, we took about $60 and $40 of price increase to our general airline and family pricing plans back in 2023. So from a gross dollar perspective, those pricing changes impact that metric over a 24-month period in an accordion fashion, so think about the fourth and fifth quarter having the greatest positive contribution to GDR.

當然。因此，關於毛額留存率——提醒一下，我們在 2023 年對一般航空公司和家庭定價計劃分別提高了約 60 美元和 40 美元。因此，從總美元數的角度來看，這些價格變化會在 24 個月內以折疊的方式影響該指標，所以可以認為第四季度和第五季度對 GDR 的貢獻最大。

So this quarter, our GDR of 86.9% was anticipated. It was in line with the impact of that 2023 pricing decisions, which are moderating in the metric.

所以本季我們的全球存託比率為 86.9%，符合預期。這與 2023 年定價決策的影響相符，該指標正在趨於緩和。

I think the second piece of this, which you alluded to, is the impact of retention and if there's anything that we're seeing from our July 1 pricing increases this year. And I would say we're not seeing a material impact on retention. In fact, well, it's early, but we're actually encouraged by the retention patterns we're seeing in recent months, which we believe are a result of the customer experience improvements that we're driving.

我認為你提到的第二點是用戶留存率的影響，以及我們今年 7 月 1 日漲價是否帶來了任何影響。我認為我們並沒有看到對用戶留存率產生實質影響。事實上，雖然現在下結論還為時過早，但我們對近幾個月來看到的客戶留存模式感到鼓舞，我們認為這是我們正在推動的客戶體驗改進的結果。

Cory Carpenter, JPMorgan.

科里·卡彭特，摩根大通。

I have two, one and a follow-up. So maybe just first, it'd be good to hear what you're seeing in recent weeks, just given a lot of the headline noise around TSA staffing issues. How is that impacting you or how do you think it could impact CLEAR should the shutdown persist in the coming weeks?

我有兩個問題，一個是初步的，另一個是後續的。所以，首先，鑑於最近幾週關於美國運輸安全管理局 (TSA) 人員配備問題的報道鋪天蓋地，我們不妨聽聽您最近幾週的觀察情況。如果停工持續數週，這對您有何影響？或者您認為這會對 CLEAR 產生什麼影響？

Hi, Cory. It's Caryn. So as someone who just flew Newark to San Francisco, Tuesday, I will say that going through the CLEAR eGates in Newark were magical. And so I think the technology that we are putting out and the new services that we are putting out couldn't be coming at a better time.

嗨，科里。是卡琳。身為一個週二剛從紐瓦克飛往舊金山的人，我想說，在紐瓦克機場使用 CLEAR 電子閘門簡直太神奇了。所以我認為，我們推出的技術和新服務可謂恰逢其時。

But I think that there's really two parts to the shutdown, traffic and experience. And actually, traffic has been trending upwards despite the government shutdown. It was up almost 4% in October. So even with the FAA announcement yesterday of trimming, we're heading into a very strong holiday travel season.

但我認為這次停工實際上包含兩個面向：交通和體驗。事實上，儘管政府停擺，交通流量卻呈現上升趨勢。10月份上漲了近4%。因此，即使美國聯邦航空管理局昨天宣布削減航班，我們仍將迎來一個非常強勁的假期旅遊季。

And so I think that traffic continues to be strong on both the leisure and the corporate side. But certainly, you are seeing challenges in some places regarding the experience. And I think regarding experience, CLEAR as a private company is there to help all stakeholders improve the experience.

所以我認為，無論是休閒旅遊還是商務出行，客流量都依然強勁。但可以肯定的是，在某些地方，使用者體驗方面確實存在一些挑戰。我認為就體驗而言，CLEAR 作為一家私人公司，其宗旨是幫助所有利害關係人改善體驗。

And when I say all stakeholders, travelers are at the center of that. But that's airports, that's airlines, that's TSA and the federal government. And so I think our capabilities really shine through in these moments.

而我所說的所有利益相關者，其中旅行者是核心。但那是機場的事，那是航空公司的事，那是美國運輸安全管理局和聯邦政府的事。所以我認為，在這些時刻，我們的能力才能真正展現出來。

And the overall airport experience, you're seeing it on the news, remains highly challenging. So we are seeing a lot of excitement and appreciation for our improved member experience.

正如你在新聞中看到的那樣，機場的整體體驗仍然極具挑戰性。因此，我們看到會員們對我們改進後的會員體驗感到非常興奮和讚賞。

And for the follow-up, Caryn, just curious to hear how you're thinking about -- you have a big upcoming credit card renewal next year. Not expecting you to comment one way or the other on if you'll do it or not, but just how you're thinking. CLEAR has changed a lot in the five years since you initially signed it. So how are you thinking about the key considerations as you weigh your options there?

卡琳，還有一個後續問題，我很好奇你對明年即將到來的信用卡續約有什麼想法。我不是叫你對是否會做這件事發表意見，只是想知道你的想法。自從您最初簽署 CLEAR 協議以來的五年裡，該協議已經發生了很大的變化。那麼，在權衡各種選擇時，您是如何考慮關鍵因素的呢？

Yeah, thanks. AmEx and our partnership there, we've had a great partnership with AmEx. And we're definitely pleased to be one of the highlighted benefits of the Platinum Card refresh, where CLEAR+ is one of the key travel benefits that Platinum Card members value.

嗯，謝謝。我們與美國運通的合作關係一直非常融洽。我們非常高興能成為白金卡升級的重點福利之一，CLEAR+ 是白金卡會員非常重視的關鍵旅遊福利之一。

And we also saw with AmEx's recent announcement of their refresh and the marketing support for it that the Platinum Card refresh really created good awareness around the embedded CLEAR+ benefit. So as we look to our future partnership, we're going to make sure that the value that we bring to the benefits package is reflected in the terms of an ongoing agreement.

我們也看到，美國運通最近宣布對其白金卡進行更新，並為此進行了市場推廣，白金卡的更新確實提高了人們對內建 CLEAR+ 權益的認知度。因此，展望未來的合作關係，我們將確保我們為福利待遇帶來的價值能夠體現在持續合作協議的條款中。

And we really value our credit card partnership, and we'll share more information as it becomes available.

我們非常重視與信用卡合作夥伴的合作關係，如有更多信息，我們將及時分享。

Mark Kelly, Stifel.

馬克凱利，史蒂費爾。

I had two quick ones. The first one is, as you continue to scale and you grow the membership base and you're raising prices and the economics are clearly accruing to you, does that give you an opportunity to go back to some of the agreements, when they come up for renewal with the different airports, to maybe get better economics as well? Like, are your agreements more tied to an absolute dollar number but expressed as like a rev share percentage and, maybe with that, be a positive for your margins over time?

我快速地吃了兩份。第一個問題是，隨著您不斷擴大規模、增加會員基礎、提高價格，並且經濟效益明顯對您有利，這是否給了您一個機會，在與各個機場續簽協議時，重新審視這些協議，從而獲得更好的經濟效益？例如，你們的協議是否更多地與絕對的美元金額掛鉤，但以收入分成百分比的形式表示，並且隨著時間的推移，這可能會對你們的利潤率產生積極影響？

And second, just a quick one. I would love to hear how you think about advertising bigger picture. I feel like you continue to add more value to the membership. You have all these great features and products that I think maybe even current members sometimes don't even realize you have.

其次，就簡單問一個問題。我很想聽聽你對廣告大局的看法。我覺得你一直在為會員創造更多價值。你們擁有這麼多優秀的功能和產品，我覺得可能連現有會員有時都沒意識到你們擁有這些功能和產品。

So maybe can you help me think about how to make people more aware of the broader offering versus what may be in people's heads historically?

所以，您能否幫我思考一下，如何讓人們更清楚地了解更廣泛的產品和服務，而不是局限於人們以往的認知？

Sure. And so I agree with you. This is Caryn. I don't think enough people know about all the great things that CLEAR is doing from home to gate, and that's an opportunity. But let me take your first question about airports.

當然。所以我同意你的看法。這是卡琳。我認為很多人並不了解 CLEAR 從家庭到大門所做的所有出色工作，這是一個機會。但讓我先回答你關於機場的第一個問題。

We have 60 airport partners today. We have over 160 lanes, and we expect to continue to grow our network. I prize -- we prize our airport partnerships and relationships. And I think they just continue to strengthen through the years.

我們目前擁有60家機場合作夥伴。我們擁有超過 160 條車道，並計劃繼續擴大我們的網路。我珍惜——我們也珍惜與機場的合作關係。而且我認為他們這些年來只會越來越強大。

We've been at this for 15 years, and we have done what we said we're going to do on an innovation perspective, right? We've gone from smart cards to fingerprint and eyes to face and now with eGates, which is something that we have been working on and talking about for five years.

我們已經從事這項工作15年了，從創新的角度來看，我們已經實現了我們所說的目標，對吧？我們已經從智慧卡發展到指紋識別和眼部識別，再到人臉識別，現在又有了電子門禁系統，這是我們五年來一直在研究和討論的東西。

And today, we're at 10 airports. We continue to roll them out. And so that innovation is so appreciated by our airport partners. And I think it's a really powerful economic partnership that it's success based and it's a win-win for us and for our airports.

今天，我們來到了10個機場。我們將繼續推出這些產品。因此，我們的機場合作夥伴對這種創新非常讚賞。我認為這是一個非常強大的經濟夥伴關係，它以成功為基礎，對我們和我們的機場來說都是雙贏的。

So when I think about margins, what I think about is our opportunity to continue to drive automation and innovation and scale. I think eGates drive enormous efficiency. I think new services like Concierge drive enormous opportunities for high margin, new revenue sources.

所以，當我思考利潤率時，我想到的是我們有機會繼續推動自動化、創新和規模化。我認為電子閘門能大大提高效率。我認為像禮賓服務這樣的新服務能夠帶來巨大的高利潤、新的收入來源。

And to your point now about awareness and home to gate, right, we have an app. We are going to be improving our app. We have Concierge now live in 23 airports, more coming. We have eGates, and there's so much more we can be doing.

說到你剛才提到的意識和家門口的問題，對吧，我們有一個應用程式。我們將改進我們的應用程式。目前我們的禮賓服務已在 23 個機場上線，未來也將涵蓋更多機場。我們有了電子閘門，但我們還可以做更多的事情。

And so driving this home to gate journey and experience is really important for us to communicate. I do think the best communication are happy customers and great word of mouth.

因此，對我們來說，傳達這種返程體驗至關重要。我認為最好的溝通方式就是讓顧客滿意，並且取得良好的口碑。

And so when we talk about improving customer experience scores, improving NPS scores, improving employee satisfaction scores, improving hospitality scores, all of that is the best advertising we can do because members talk.

因此，當我們談論提高客戶體驗評分、提高 NPS 評分、提高員工滿意度評分、提高服務評分時，所有這些都是我們能做的最好的廣告，因為會員會談論。

And we think that there's more that we can do to drive awareness, cheap and cheerful. But you'll find me and us more on Instagram. And so we are definitely leaning into new ways to tell our story.

我們認為，我們可以做更多既便宜又有趣的事情來提高人們的意識。不過你可以在 Instagram 上找到我和我們。因此，我們正在積極探索新的方式來講述我們的故事。

And I think in the world of not just SEO, but how you leverage AI and share the story in so many different digital ways, we are definitely thinking a lot more about that. But it starts with happy customers, and that is what we are most excited about right now.

我認為，不僅是搜尋引擎優化（SEO），還有如何利用人工智慧以各種不同的數位方式分享故事，我們肯定會更多地思考這個問題。但這一切都始於顧客的滿意，也是我們目前最興奮的事。

And now you're right. We need to tell that story in bigger ways, both for the member experience and our services, but also CLEAR as a secure identity company, right? So I think you're going to see us lean into both sides of that story.

現在你說得對了。我們需要以更宏大的方式講述這個故事，這不僅是為了提升會員體驗和我們的服務，也是為了展現 CLEAR 作為安全身分認證公司的優勢，對嗎？所以我認為你會看到我們兼顧到這件事的正反兩面。

Dana Telsey, Telsey Advertising Group.

Dana Telsey，Telsey廣告集團。

Great. [Sarang] for Dana. Congratulations on a great quarter. The question is about eGates. It's an exclusive benefit for CLEAR+ members, and we feel like it is game changing to the model because it solidifies your relationship with the CLEAR+ members.

太好了。 [Sarang]送給Dana。恭喜你們本季業績出色。這個問題與eGates有關。這是 CLEAR+ 會員的專屬福利，我們認為它改變了遊戲規則，因為它鞏固了您與 CLEAR+ 會員之間的關係。

It's great to see it launched in the New York area. Just curious to know, can you share some more statistics on like how it has changed the member experience; any color on operation side, like verification speed or the process of clearance; and any capital investment? Any color you can share on eGates would be helpful.

很高興看到它在紐約地區推出。我很好奇，您能否分享一些關於它如何改變會員體驗的統計數據；營運方面的情況，例如驗證速度或審批流程；以及是否有任何資本投資？您在eGates上分享的任何顏色都會很有幫助。

Yeah, I'll start, and then maybe Jen and Michael want to chime in. As I said on the call, what we're hearing from our members is the word magical.

好，我先開始，然後Jen和Michael也許會想插話。正如我在電話會議上所說，我們從會員那裡聽到的最多的詞就是「神奇」。

And so today, we're at 10 airports. We expect to be in at least 30 airports by the end of the year. Starting in the pre-check lanes and then adding other lanes, we expect to be nationwide in 2026.

所以今天，我們總共去了10個機場。我們預計到今年年底，我們的業務將至少涵蓋 30 個機場。我們計劃先從預檢通道開始，然後再增加其他通道，預計到 2026 年將在全國推廣。

And something that I want to -- so you are seeing a significant improvement in member experience scores in NPS. We talked about the speed, less than one minute through the lane, less than five seconds for verification.

還有一點我想說的是——所以你可以看到 NPS 中的會員體驗評分有了顯著提高。我們討論了速度，通過車道的時間不到一分鐘，驗證時間不到五秒。

I think what's really important and part of the magic is the predictability, right? So when you have it on either end of your trip, you know exactly what you're getting. And it is the same every time. I think there's a saying when we started, and it's still there today, you've seen one airport, you've seen one airport.

我認為真正重要且充滿魅力的一點是可預測性，對吧？所以，當你在旅程的開始或結束階段擁有它時，你就能確切地知道自己會得到什麼。每次都一樣。我想我們剛起步時有一句諺語，現在依然適用：你只看過一個機場，你只看過一個機場。

Every airport, every lane, every terminal, every security checkpoint is different. And so having this predictable, consistent, universal experience is so important for both domestic travelers, but I would also add now for international travelers.

每個機場、每條通道、每個航廈、每個安檢點都不一樣。因此，擁有這種可預測的、一致的、普遍的體驗對於國內旅客來說非常重要，但我現在還要補充一點，對於國際旅客來說也同樣重要。

So being able to add 42 different visa waiver countries and having those travelers be able to enroll when they have not been able to have anything in the US and having those experiences look like Doha, Singapore, Tokyo, and London is such a great step forward.

因此，能夠增加 42 個不同的免簽國家，讓這些旅客在無法前往美國的情況下也能註冊，並讓他們體驗到類似多哈、新加坡、東京和倫敦的旅行，這是一個巨大的進步。

But the other thing that I want to add to that is that eGates are magical. We've been working on them for a long time. That's awesome. Our real thing is the journey, the whole journey -- the mobile, the concierge, the home to gate, the family, the pre-check, like being able to meet travelers where they are and craft a customized journey for them from home to gate and back again.

但我還要補充一點，eGates 非常神奇。我們為此已經努力很久了。太棒了。我們真正關注的是旅程，整個旅程——行動服務、禮賓服務、從家到登機口、家人、預檢，就像能夠在旅客所在的地方與他們見面，並為他們量身定制從家到登機口再返回的旅程。

And eGates are certainly a great unlock, and it unlocks our team members, our ambassadors to drive the hospitality. So we're really excited about the nationwide rollout, excited about the customer feedback, excited about the scale. And I probably just took all of Jen and Michael's talking points, but I'll turn it over to them.

eGates 無疑是一項偉大的突破，它解放了我們的團隊成員和品牌大使，讓他們能夠更好地服務顧客。所以我們對全國範圍內的推廣感到非常興奮，對客戶的回饋感到興奮，對規模感到興奮。我可能只是把Jen和Michael的所有論點都搬過來了，不過我會把發言權交給他們。

I think the only thing I would add is that we have been very, very focused on all those pieces that Caryn just talked about in terms of improving the member experience. And that is what we show up every day doing. That's what our 3,500 ambassadors across our 60 airports wake up and deliver every day for travelers in what can be a challenging experience.

我唯一要補充的是，我們一直非常非常專注於Caryn剛才提到的所有方面，以改善會員體驗。這就是我們每天所做的事。這就是我們遍布 60 個機場的 3500 名服務大使每天醒來後為旅客提供的服務，因為旅客的旅行可能會充滿挑戰。

And I think one of the things that we're most pleased about is seeing the improvements in our lane experience scores, which really measure what's happening in the moment of the experience, as well as our NPS scores. And we're seeing that across the network, but then what we're really specifically seeing it on is the change that we're seeing once eGates go in.

我認為我們最欣慰的事情之一是看到我們的車道體驗評分有所提高，該評分真正衡量了體驗當下的情況，以及我們的 NPS 評分也有所提高。我們看到整個網路都出現了這種情況，但我們真正具體看到的是，一旦電子閘門投入使用，就會發生這樣的變化。

And we're very encouraged by that because we believe that delivering that member experience is, yeah, critical to our success. And we're pleased to be making good progress there.

我們對此感到非常鼓舞，因為我們相信，提供良好的會員體驗對我們的成功至關重要。我們很高興在這方面取得了良好進展。

And, Sarang, I just thought I think you had a capital question tied in there, but we are not disclosing the specific CapEx associated with eGates. But that is incremental CapEx spend that we were not anticipating at the onset of the year. It is reflected in our revised and increased full-year free cash flow guidance, which we increased.

薩朗，我覺得你可能對資本方面的問題很感興趣，但我們不會透露與 eGates 相關的特定資本支出。但這是我們年初沒有預料到的新增資本支出。這體現在我們修訂並上調的全年自由現金流預期。

So that gives you some perspective of scale of CapEx and not material, I think, from an overall business perspective. The last thing I think is important is from an ROI standpoint, if you think about eGates and the labor savings that we can create with the eGates, we have a pretty unique ability to repurpose our ambassadors towards what we believe are the highest hospitality driving services for our members.

所以這能讓你對資本支出的規模有所了解，但從整體業務角度來看，我認為這並不重要。我認為最後一點很重要，從投資回報率的角度來看，如果你考慮一下電子門以及我們透過電子門可以節省的勞動力，我們就擁有了一種非常獨特的能力，可以將我們的員工重新安排到我們認為能夠為會員提供最高水平的熱情服務中。

That's great. No, very, very helpful. And the other big initiative is the international. I feel like expanding the CLEAR+ to 40 countries, travelers from 40 countries' a big, big opportunity. The question is, how do you market to these people?

那太棒了。不，非常非常有用。另一項重大措施是國際化。我覺得將 CLEAR+ 服務擴展到 40 個國家，讓來自 40 個國家的旅客受益，這是一個巨大的機會。問題是，如何向這些人行銷？

We are already seeing some gains, as you mentioned before. But how are you marketing to these people? Is it like in the future, would you have like airlines partnership, credit card partnerships like you have it in the US? Or is it more targeted like UK or France? Or just curious to know how you are targeting and how meaningful it can be for like next two years for you guys.

正如您之前提到的，我們已經看到了一些成效。但你是如何向這些人行銷的呢？未來是否會像美國一樣，與航空公司、信用卡公司建立合作關係？或者它更側重於英國或法國等國家？或者只是好奇你們的目標客戶群是如何定位的，以及這對你們未來兩年的發展有多重要。

Yeah, thanks for the question. I think we are very, very excited about the introduction of our ability to enroll international travelers from 42 countries in the CLEAR+ product. As you know, this is still relatively early innings for us, but we are really pleased with what Jen has shared in terms of the early enrollment with relatively limited marketing.

謝謝你的提問。我認為我們非常非常興奮地宣布，CLEAR+ 產品現在允許來自 42 個國家的國際旅客註冊。如您所知，這對我們來說還處於相對早期的階段，但我們對 Jen 分享的在行銷相對有限的情況下取得的早期招生成果感到非常滿意。

Our plans are to certainly do our own marketing efforts, but then, as we have done with our domestic business here in the US, find really meaningful strategic partnerships that help us drive both awareness and enrollment from across these countries where folks have heavy travel patterns within the US.

我們的計劃當然是開展我們自己的行銷活動，但隨後，就像我們在美國國內開展業務一樣，尋找真正有意義的戰略合作夥伴關係，幫助我們提高這些國家（尤其是那些在美國境內旅行頻繁的國家）的知名度和招生人數。

And we are certainly excited about trying to find ways to help folks, in particular who are coming for the World Cup next summer, be able to use the benefits of the CLEAR+ lane when they are traveling to and from the World Cup and within the country, as we know that travel will be busy around that important event that's coming up.

我們當然非常高興能夠找到方法來幫助人們，特別是那些明年夏天來觀看世界杯的人們，讓他們在往返世界杯以及在國內旅行時能夠享受到 CLEAR+ 通道帶來的好處，因為我們知道，在即將到來的這項重要賽事期間，旅行將會非常繁忙。

I just want to add to what Michael is saying, and I talked about it on the call. I think we are heading into a travel boom, right? Like look past the government shutdown, the World Cup, the America 250, Olympics in 2028, business travel rebounding.

我只想補充一下麥可剛才說的，我在電話裡也談到了這一點。我認為我們即將迎來旅遊業的繁榮時期，對吧？例如，忽略政府停擺、世界盃、美洲250英里越野賽、2028年奧運會以及商務旅行的復甦。

We have been saying for some time that today there's about 3 million people a day coming through airports. I think by 2030, you're going to have 4 million people a day. Travel is growing here in the US, and our infrastructure needs to shine.

我們一直都說，如今每天大約有300萬人次經由機場進出。我認為到 2030 年，每天的人口數量將達到 400 萬。美國的旅遊業正在蓬勃發展，我們的基礎設施也需要提升。

We need to be better than Tokyo and Doha and Singapore and Paris was for the Olympics. And I think the power of public-private partnership and innovation and putting the customer at the center, like you do in so many different industries, really gives our airports, our travelers a unique opportunity and certainly creates a moment for us, which is why you see us launching more products over the past six months than I think we have over the past few years.

我們需要比東京、杜哈、新加坡和巴黎奧運做得更好。我認為，公私合作、創新以及以客戶為中心（就像你們在許多不同行業所做的那樣）的力量，確實為我們的機場和旅客提供了一個獨特的機會，也為我們創造了一個契機。正因如此，你會看到我們在過去六個月推出的產品比過去幾年加起來還要多。

Michael Stern, Wells Fargo Securities.

邁克爾·斯特恩，富國證券。

Just first, I want to go back to just some of the commentary on eGates and the incremental CapEx relative to what you're expecting at the start of the year. Is -- the rollout to 10, is that happening faster than you expected at this point? Or is the rollout generally as expected as eGates has started to come to market in some of the major airports?

首先，我想回顧一下關於 eGates 的一些評論，以及相對於年初預期而言的增量資本支出。向 10 版本推出的速度是否比您預期的要快？或者說，電子門的推廣總體上是否如預期般順利，因為電子門已經在一些主要機場開始投入使用？

And then any incremental commentary you can give us? There's been some hints around the ability to shift the ambassadors, but any other ways for us to think about incremental margin of eGate relative to the traditional CLEAR+ business?

還有什麼補充說明嗎？雖然已經有一些跡象表明可以更換品牌大使，但除此之外，我們還有其他方法可以考慮 eGate 相對於傳統 CLEAR+ 業務的增量利潤嗎？

Thanks for your question. I think to Jen's point that some of the CapEx was not calculated at the beginning of the year.

謝謝你的提問。我同意Jen的觀點，有些資本支出在年初並沒有被計算在內。

Certainly, we've been pushing on eGates for quite a while. It has taken us longer to get them out. And then once this administration was ready to move, it is moving faster. And we couldn't be more thrilled that they are moving at the speed of business.

當然，我們已經推進電子門專案很長時間了。我們花了更長的時間才把它們弄出來。而且，一旦本屆政府準備採取行動，行動速度就會加快。我們無比欣喜地看到，他們的行動速度與商業運作的速度一樣快。

So while some were thought of this year, not only have we rolled out, but we're buying forward for the ones that we're rolling out this year and then more for next year. So I would say it is happening faster, and we are thrilled by that.

所以，雖然有些產品是今年才想到的，但我們不僅已經推出了，而且還提前採購了今年要推出的產品，以及明年要推出的產品。所以我覺得這件事進展得更快了，我們對此感到非常興奮。

And then, yes, certainly, eGates frees up our ambassadors to be used for their highest and best use, which is hospitality and service. And again, this is about the entire home-to-gate experience, and that's so important. So I think that's just a really big opportunity for us to roll out new revenue streams with no or low incremental costs.

當然，eGates 可以讓我們的大使們騰出手來發揮他們最大的才能，那就是熱情待客和服務。再次強調，這關乎從家到機場的整個體驗，這點非常重要。所以我認為這對我們來說是一個非常好的機會，可以以極低的增量成本甚至零增量成本推出新的收入來源。

And I think that when you think about the second derivative impacts, gross adds, trial conversions, retention, family ads, things of that nature, it all just connects. And so it's just a really exciting moment. eGates are a great unlock for us to drive this home-to-gate journey and for us to launch and build new products around it as well.

我認為，當你考慮二階導數的影響、新增用戶數、試用轉換率、用戶留存率、家庭廣告等等時，你會發現這一切都是相互關聯的。所以，這真是一個令人興奮的時刻。電子門禁系統為我們推動從家到大門的出行流程提供了極大的助力，也為我們圍繞它推出和開發新產品提供了契機。

Thanks for that. Maybe just on -- go ahead.

謝謝。或許就開——繼續吧。

Maybe just to add on your incremental margins point. You've seen us continue to deliver pretty significant margin expansion on a consistent basis. This quarter, 30.6% of EBITDA margin was over 600 basis points year on year and over 300 points sequentially.

或許可以補充你提到的增量利潤率。你們已經看到我們持續不斷地實現相當顯著的利潤率成長。本季 EBITDA 利潤率為 30.6%，較去年同期超過 600 個基點，較上季超過 300 個基點。

This quarter, we delivered operating leverage across every line of our P&L, both, again, sequentially and year over year. And I think innovation such as eGates really gives us the opportunity to either reallocate capital and or flow it through to the bottom line.

本季度，我們在損益表的每項指標上都實現了營運槓桿效應，無論是環比還是同比。我認為像 eGates 這樣的創新確實給了我們重新分配資金或將其轉化為利潤的機會。

Thanks for that. Just a small follow-on, just on the bookings growth improvement in the second half. Are the tailwinds that you previously indicated from pricing or what you're expecting from pricing holding consistent since the July 1 price increase?

謝謝。簡單補充一下，關於下半年的預訂量增長。自 7 月 1 日漲價以來，您之前提到的價格利好因素或您對價格的預期是否保持不變？

Yeah, I think the short answer is yes. The pricing increases obviously are improving our ARPU equation and ultimately our bookings growth in the back half of this year.

是的，我認為簡短的答案是肯定的。價格上漲顯然改善了我們的每位用戶平均收入 (ARPU) 計算結果，並最終促進了今年下半年的預訂量成長。

Wyatt Swanson, DA Davidson.

懷亞特·斯旺森，地方檢察官戴維森。

First question, I realize it's early, but could you provide some thoughts on how Concierge is doing, how usage has maybe looked thus far, and how it's tracking relative to your expectations?

第一個問題，我知道現在問這個問題還為時過早，但您能否談談 Concierge 的運行情況，目前的使用情況如何，以及它與您的預期相比如何？

Yeah, we're really pleased with the rollout of Concierge in terms of the experience that we're providing for those members who are taking advantage of it. As Caryn mentioned, we're in 23 airports. We're hoping to launch more airports by the end of the year and continuing to expand the footprint.

是的，我們對禮賓服務的推出感到非常滿意，它為使用該服務的會員提供了良好的體驗。正如卡琳所提到的，我們在 23 個機場設有服務點。我們希望在年底前啟用更多機場，並繼續擴大業務版圖。

I think that one of the key things for us is continuing to drive awareness on Concierge. It has just been launched here in a meaningful way over the last few months. We do think that what we're seeing is that the members who are using it are really appreciating it.

我認為對我們來說，關鍵之一是繼續提高人們對禮賓服務的認知。在過去的幾個月裡，它才剛剛在這裡以一種有意義的方式推出。我們認為，目前的情況是，使用該功能的用戶確實非常欣賞它。

We're seeing a lot of repeat usage for those who have tried it. Our big effort will be in continuing to expand awareness and getting more folks to try it because we think that it offers an incredible service for families, for folks who may need a little more assistance, or folks who are worried about getting to their flight on time.

我們發現，許多試用過的人都重複使用了該產品。我們將努力繼續擴大宣傳範圍，讓更多人嘗試這項服務，因為我們認為它為家庭、需要更多幫助的人或擔心趕不上飛機的人提供了非常棒的服務。

In this moment when the airport experience is challenged and traffic is up, we really think Concierge is an incredible value proposition for our members. As Caryn's described, we think it's a really important step in helping people understand that the CLEAR+ membership really expands from home to gate. That'll be something that we continue to emphasize and roll out product and innovation around to enhance our members' experience and the value of the CLEAR+ membership.

在機場體驗面臨挑戰、交通擁擠加劇的當下，我們認為禮賓服務對我們的會員來說是一項極具價值的舉措。正如 Caryn 所描述的那樣，我們認為這是幫助人們理解 CLEAR+ 會員資格真正從家中擴展到大門的重要一步。我們將繼續強調這一點，並圍繞這一點推出產品和創新，以增強會員體驗和 CLEAR+ 會員的價值。

I just want to add to that. The question that came earlier, I think our opportunity set going forward is awareness and communication. If you look at us two years ago, we had one product. Now, you can really customize your product for your needs, for your journey, and driving that awareness as well as the ease of enrollment. That's where mobile is so important.

我只想補充一點。我認為，對於先前提出的問題，我們未來面臨的機會在於提高意識和加強溝通。兩年前，我們只有一款產品。現在，您可以真正根據自己的需求和發展歷程客製化產品，提高知名度，並簡化註冊流程。這就是為什麼行動裝置如此重要的原因。

Yes, we have one-step mobile enrollment. Now you can add Concierge to that. There's a lot more that we're doing to drive digital enrollment so that you just can come to the airport, show up, and it all happens magically.

是的，我們提供一鍵式行動註冊服務。現在您也可以新增禮賓服務。我們正在採取更多措施來推動數位化註冊，這樣您只需來到機場，出現，一切都會神奇地發生。

Could you maybe provide an update on your largest channels for adding CLEAR+ members during the quarter? How is the TSA PreCheck bundling channel developing as you continue to scale that deployment?

能否提供本季新增 CLEAR+ 會員的主要管道資訊？隨著你們不斷擴大部署規模，TSA PreCheck 捆綁通路的發展如何？

Yeah. By and large, we think about member acquisition really at the highest level between airports and then our digital marketing efforts. I'd break it out between those two.

是的。總的來說，我們認為會員獲取應該從機場和我們的數位行銷工作這兩個最高層面著手。我會把球分給他們兩個。

From a bundling perspective, we are still seeing significant success there. We haven't shared a specific cross-out percentage, but we're happy with the percentage of TSA PreCheck customers that we're able to cross into CLEAR+.

從捆綁銷售的角度來看，我們仍然看到了顯著的成功。我們沒有公佈具體的轉入率，但我們對能夠將 TSA PreCheck 客戶轉入 CLEAR+ 的比例感到滿意。

There are no further questions at this time, so I'd now like to turn the floor back over to Caryn Seidman Becker for closing comments.

目前沒有其他問題了，所以我想把發言權交還給卡琳·塞德曼·貝克爾，讓她做總結發言。

Thank you for joining our third-quarter earnings call. It is certainly an important time to be a secure identity company, and we are confident and excited as we wrap up the year.

感謝您參加我們第三季財報電話會議。對於一家安全身分認證公司而言，這無疑是一個重要的時期，在即將結束這一年之際，我們充滿信心和興奮。

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。您可以在此時斷開線路。感謝您的參與。