Clear Secure Inc (YOU) 2025 Q4 法說會逐字稿

Good morning, and welcome to CLEAR's fiscal fourth quarter and full-year 2025 conference call.

早上好，歡迎參加 CLEAR 2025 財年第四季及全年業績電話會議。

We have with us today Caryn Seidman Becker, Founder, Chair and Chief Executive Officer; Michael Barkin, President; and Jen Hsu, Chief Financial Officer.

今天我們邀請了創辦人、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. 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.

提醒各位，在開始之前，今天的討論包含有關公司未來業務和財務表現的前瞻性陳述。這些預測是基於管理層目前的預期，但存在風險和不確定性。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 annual report on Form 10-K. 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-K 表格年度報告中提供了 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。

2025 was a defining year for CLEAR. Becoming the trusted secure identity company is no longer a goal, it is our reality. CLEAR is incredibly well positioned, sitting at the intersection of security and the experience economy. In an era where identity has never been more critical, CLEAR is the trusted standard. We are an essential layer connecting and securing the physical and digital world.

2025 年是 CLEAR 具有里程碑意義的一年。成為值得信賴的安全身分公司不再是我們的願景，而是我們的現實。CLEAR 的市場定位非常有利，它位於安全與體驗經濟的交匯點。在身分認證比以往任何時候都更重要的時代，CLEAR 是值得信賴的標準。我們是連結與保障實體世界與數位世界的重要環節。

Over the past 15 years, CLEAR has built deep expertise as a secure identity company. We operate in both physical identity and digital identity, across regulated consumer and enterprise environments and have built a trusted brand that stands for high fidelity, secure identity, privacy, and a frictionless member experience for our nearly 40 million CLEAR members.

過去 15 年來，CLEAR 作為一家安全身分認證公司，累積了深厚的專業知識。我們在實體身分和數位身分領域均有業務，業務遍及受監管的消費者和企業環境，並已建立起一個值得信賴的品牌，代表著高保真度、安全身分、隱私和為我們近 4,000 萬 CLEAR 會員提供的流暢會員體驗。

We are operating with greater urgency than ever because identity is at an important inflection point. Identity is under constant siege, and it is the tip of the spear for getting security right as threat actors create greater risk.

我們比以往任何時候都更加迫切地開展工作，因為身份認同正處於一個重要的轉折點。身分資訊正遭受持續不斷的攻擊，它是保障安全的最前沿，因為威脅行為者會製造更大的風險。

As agentic identity evolves and identities are multiplying exponentially, knowing that you are you and connecting you to all the things that make you, you, is crucial to manage and secure access. CLEAR has become the trusted standard and operating system for identity across both the physical and digital world. This is creating significant opportunities in both our B2C CLEAR Travel business and our B2B CLEAR1 enterprise business.

隨著主體身分的演變和身分的指數級增長，了解你是你，並將你與構成你的一切事物聯繫起來，對於管理和保障存取權至關重要。CLEAR 已成為實體世界和數位世界中值得信賴的識別標準和作業系統。這為我們的 B2C CLEAR Travel 業務和 B2B CLEAR1 企業業務都創造了巨大的機會。

I wanted to share two of CLEAR's core pillars this year: enabling identity to transform and secure physical experiences from home to gate and travel; and aggressively scaling CLEAR1 to secure the enterprise for both the workforce and their consumers or patients in healthcare.

今年我想分享 CLEAR 的兩個核心支柱：一是實現身分認證，從而改變並保障從家庭到登機口和旅行的實體體驗；二是積極擴展 CLEAR1，以保障醫療保健領域員工及其消費者或病患的企業安全。

In CLEAR Travel, helping travelers win the day of travel with a frictionless home to gate experience is our North Star. Consumers don't want process, they want outcomes. They want to leave their front door and be at their gate with as little hassle as possible. To achieve this, we have doubled down on innovation with our relaunched mobile app, scaling the CLEAR Concierge program and our eGate rollout with more to come.

在 CLEAR Travel，我們始終秉持著幫助旅客享受從家到登機口無阻的旅行體驗，從而贏得旅行日的美好願望。消費者不關心過程，他們只關心結果。他們希望盡可能輕鬆地離開家門，到達家門口。為了實現這一目標，我們加倍投入創新，推出了重新發布的行動應用程序，擴大了 CLEAR Concierge 計劃和 eGate 的推廣規模，未來還將推出更多服務。

Our new mobile app reflects our obsession with the frictionless member experience. Just one tap and you are in, seamlessly connecting traffic, the speedy clear lane, and the walk to your gate, you can know exactly when to leave to get to your gate perfectly on time.

我們全新的行動應用程式體現了我們對打造流暢會員體驗的執著追求。只需輕輕一點，即可進入，無縫連接交通、快速暢通的車道和通往您大門的步行路線，您可以準確地知道何時出發，從而準時到達您的大門。

You can also personalize it as we all know people who like to arrive at their gate as the doors are closing, or my mom, who prefers to arrive two hours early, no matter what I tell her. You can now easily add a concierge at almost 30 airports. A beloved CLEAR ambassador can meet you at the curb and take you straight through security to your lounge or your gate.

你也可以根據自己的喜好進行個性化設置，因為我們都知道有些人喜歡在登機口即將關閉時才到達，或者像我媽媽一樣，無論我怎麼勸說，她都喜歡提前兩個小時到達。現在您可以在近 30 個機場輕鬆新增禮賓服務。深受喜愛的 CLEAR 大使會在路邊迎接您，並帶您直接通過安檢前往您的休息室或登機口。

Live activities will help guide you step-by-step through your journey. This is a total reimagining of how an app can transform and connect your travel experience to help win the day of travel from home to gate and back again.

即時活動將一步步引導您完成旅程。這徹底重新構想了應用程式如何改變和連接您的旅行體驗，幫助您輕鬆贏得從家到登機口再返回家的整個旅行日。

The rapid expansion of our home to gate experience reflects our focus on the member experience and future-facing innovative culture. This drives higher NPS, strengthens our brand, and increases long-term retention. When you provide a premium magical experience, customers don't just stay, they become evangelist.

從家到大門的體驗的快速擴展，體現了我們對會員體驗的重視和麵向未來的創新文化。這有助於提高淨推薦值 (NPS)，增強品牌影響力，並提高長期用戶留存率。當你提供優質的魔法體驗時，顧客不僅會留下來，還會成為你的忠實擁護者。

Strategic partners also appreciate the importance of a member obsessed frictionless travel experience. I am pleased that we are lengthening and strengthening our partnership with American Express. This has been a great partnership for the past five years, and we look forward to continuing to build it from here.

策略夥伴也深知以會員為中心的無縫旅行體驗的重要性。我很高興我們能夠延長並加強與美國運通的合作關係。過去五年我們一直保持著良好的合作關係，我們期待在此基礎上繼續深化合作。

Accelerating progress building robust public private partnerships at the federal, state, and local level is also creating more opportunities. We continue to work with the administration and TSA to modernize travel at no cost to taxpayers. When you align private sector speed with public sector scale, the results for the American traveler are powerful.

加速在聯邦、州和地方各級建立強大的公私合作夥伴關係，也創造了更多機會。我們將繼續與政府和運輸安全管理局合作，在不增加納稅人負擔的情況下實現旅行現代化。當私營部門的速度與公共部門的規模相結合時，對美國旅行者來說，結果將是巨大的。

I love to talk about the and, CLEAR is a travel powerhouse, and we are becoming a force in enterprise. CLEAR1 delivered a record-breaking quarter. This is validation that our principled multilayered approach to identity is winning. Working to reduce fraud, waste, and abuse and Medicare by building an identity interoperability layer is a testament to our opportunity and our strategy.

我喜歡談論…而且，CLEAR 是一家旅遊巨頭，我們正在成為企業界的一股力量。CLEAR1 創下了季度業績紀錄。這證明我們以原則為基礎的多層次識別方法是有效的。透過建立身分互通層來減少詐欺、浪費和濫用行為，從而改善醫療保險，這證明了我們的機會和策略。

As the largest healthcare payer in the US, CMS is integrating CLEAR1 to modernize account creation and fraud prevention for millions of beneficiaries. We are helping CMS move toward a patient center future by providing a secure, one-and-done identity layer, in one of the world's most regulated environments.

作為美國最大的醫療保健支付方，CMS 正在整合 CLEAR1，以實現數百萬受益人帳戶創建和詐欺預防的現代化。我們正在幫助 CMS 在世界上監管最嚴格的環境之一中，透過提供安全、一次性身分層，邁向以患者為中心的未來。

Beyond healthcare, we are also seeing a pull from the Fortune 100 to secure their workforce, critical infrastructure, and their assets. Many have experienced breaches, data exfiltration and insider risk. This is a here and now problem that is multiplying, from telecom giants to critical banking infrastructure, the world's most sophisticated companies are choosing CLEAR1 to secure their workforce life cycle.

除了醫療保健產業，我們還看到財富 100 強企業也採取措施保護其員工、關鍵基礎設施和資產。許多公司都經歷過資料外洩、資料外洩和內部風險。這是一個迫在眉睫且日益嚴重的問題，從電信巨頭到關鍵的銀行基礎設施，世界上最先進的公司都在選擇 CLEAR1 來保障其員工生命週期。

The beauty of CLEAR1 is its network depth and seamless integration into existing workflows. We don't ask companies to change how they work. We plug into the systems they already use. We verify the human behind the device. We are delivering total identity integrity in a world of deepfakes and AI-driven fraud knowing, who is who, and you are you, is the only thing that matters.

CLEAR1 的優勢在於其網路深度以及與現有工作流程的無縫整合。我們不會要求公司改變他們的運作方式。我們連接他們已經使用的系統。我們會核實設備背後的操作人員。在一個充斥著深度偽造和人工智慧驅動的詐欺的世界中，我們致力於提供全面的身份完整性，因為只有知道誰是誰，以及你是你，才是最重要的。

As we said five years ago in our S-1, at CLEAR, we believe in the and. We can deliver both growth and profitability. We have done that. The flow through of the business from revenue to free cash flow speaks to the power of the CLEAR model. I am proud of our discipline to accelerate growth and be highly profitable. We have created the foundation and leverage for significant growth ahead. At CLEAR, we are building the infrastructure for a world where you are always you.

正如我們五年前在 S-1 文件中所說，在 CLEAR，我們相信「和」。我們既能實現成長，又能獲利。我們已經做到了。從收入到自由現金流的業務流程體現了 CLEAR 模式的強大之處。我為我們以自律加速成長並實現高利潤而感到自豪。我們已經為未來的顯著成長奠定了基礎並提供了槓桿作用。在 CLEAR，我們正在建立一個讓你永遠做自己的世界的基礎架構。

We enter 2026 from a position of strength. Our fourth-quarter acceleration is a direct result of the investments we have made over the past few years and the seeds that we planted that are now growing into forest. We have the cash, the talent, and the momentum to continue scaling.

我們以強大的實力進入2026年。我們第四季的加速成長，直接得益於過去幾年所做的投資，以及我們播下的種子如今已長成參天大樹。我們擁有資金、人才和發展勢頭，可以繼續擴大規模。

With that, I will turn it over to Michael.

接下來，我將把麥克風交給麥可。

Thanks, Caryn. A key focus for us over the past year has been improving the member experience, and we have made significant progress. Our strengthening member experience is a rising tide that improves member acquisition, conversion, retention, and our brand for CLEAR1, and our travel partners.

謝謝你，卡琳。過去一年，我們的重點工作之一是改善會員體驗，並且我們取得了顯著進展。不斷提升會員體驗，將有效提高會員獲取率、轉換率、留存率，並提升 CLEAR1 及其旅遊合作夥伴的品牌形象。

Additionally, we have network expansion opportunities, both domestically and internationally, and our strong partnership with the TSA allows us to work together to improve the travel experience in the US. TSA PreCheck, Concierge, and CLEAR1 are businesses that remain in their early innings and are increasingly important contributors to our overall growth.

此外，我們在國內和國際上都有拓展網路的機會，我們與美國運輸安全管理局 (TSA) 的牢固合作關係使我們能夠共同努力，改善美國的旅行體驗。TSA PreCheck、Concierge 和 CLEAR1 這三項業務仍處於起步階段，但它們對我們整體成長的貢獻越來越重要。

Partnerships remain a strategic part of our business, and an attractive member acquisition channel. We're pleased that we have renewed our partnership with American Express, offering CLEAR+ as an embedded benefit on the American Express consumer, corporate, and small business Platinum cards, and select other American Express card products. This multiyear renewal reflects the value of CLEAR+ for American Express cardholders and the strong partnership that CLEAR and American Express have established over the last six years. We look forward to continuing to provide great experiences for our American Express members.

合作夥伴關係仍然是我們業務的策略組成部分，也是一個極具吸引力的會員獲取管道。我們很高興與美國運通續簽了合作夥伴關係，將 CLEAR+ 作為一項嵌入式福利提供給美國運通個人、企業和小型企業白金卡以及其他部分美國運通卡產品。此次多年續約體現了 CLEAR+ 對美國運通卡持卡人的價值，以及 CLEAR 和美國運通在過去六年建立的牢固合作關係。我們期待繼續為美國運通會員提供優質體驗。

The need for secure, multilayered identity infrastructure has been amplified, and we are entering this chapter from a position of strength. Our balance sheet is robust and growing, providing us meaningful flexibility. In a rapidly evolving identity landscape, we believe we have attractive opportunities to develop more partnerships and make disciplined investments that will deepen our home to gate, CLEAR Travel membership experience, increased penetration of CLEAR1, and shape the future of the identity industry.

對安全、多層身分基礎設施的需求日益增長，我們正以強大的優勢進入這一階段。我們的資產負債表穩健且不斷成長，為我們提供了相當大的靈活性。在快速發展的識別領域，我們相信我們有機會發展更多合作夥伴關係，並進行審慎的投資，從而深化我們的「家到大門」服務、CLEAR Travel 會員體驗、提高 CLEAR1 的滲透率，並塑造身份識別行業的未來。

I'll now turn it over to Jen.

現在我把麥克風交給珍。

Thank you, Michael. 2025 was a year of disciplined execution and structural improvements. In Q4, bookings accelerated to north of 25% year-over-year growth, the highest level since Q4 2023. And adjusted EBITDA margins reached well over 30%. In 2025, we generated over $340 million of free cash flow and returned over $240 million of capital to shareholders, all while investing to position us favorably as a leader in secure identity.

謝謝你，麥可。 2025年是嚴謹執行和結構改進的一年。第四季度，預訂量加速成長，年增超過 25%，達到 2023 年第四季以來的最高水準。調整後的 EBITDA 利潤率達到了 30% 以上。2025 年，我們創造了超過 3.4 億美元的自由現金流，並向股東返還了超過 2.4 億美元的資本，同時也進行了投資，使我們在安全身分領域佔據領先地位。

Our Q4 results reflected our 2025 initiatives, and we ended the year in a significantly stronger position than we began. We improved the member experience, completed a billing system migration, and made meaningful progress against our product and technology road maps. Our fourth-quarter performance gives us confidence in the step change growth that we expect in 2026 as we continue to expand margins and generate materially higher levels of free cash flow.

我們第四季的業績反映了我們 2025 年的各項舉措，並且我們年底的處境比年初好得多。我們改善了會員體驗，完成了計費系統遷移，並在產品和技術路線圖方面取得了實質進展。第四季的業績讓我們對 2026 年的階躍式成長充滿信心，我們將繼續擴大利潤率並產生更高水準的自由現金流。

In the fourth quarter, revenue grew 16.7% year over year to $240.8 million. Total bookings increased 25.4% to $287.1 million. For fiscal year 2025, revenue was $900.8 million, up 16.9% and total bookings were $977.2 million, up 17.2% year over year. There are multiple structural drivers that will underpin durable and increasingly profitable growth in 2026 and beyond, including the growing size of our member base, improvements in member experience and policy resulting in strong retention trends, attractive partnership economics, a disciplined approach to pricing, ARPU growth through product expansion and new businesses, as well as the continued scaling of CLEAR1.

第四季度，營收年增16.7%，達到2.408億美元。總預訂量成長25.4%，達到2.871億美元。2025 財年，營收為 9.008 億美元，年增 16.9%；總預訂額為 9.772 億美元，年增 17.2%。2026 年及以後，多種結構性因素將支撐持續且獲利能力不斷增強的成長，包括會員基礎規模的擴大、會員體驗和政策的改進帶來的強勁留存趨勢、有吸引力的合作經濟效益、嚴格的定價方法、透過產品擴張和新業務實現 ARPU 成長，以及 CLEAR1 的持續規模化。

Following a comprehensive review to simplify our reporting, I'd like to provide an update on our KPIs. Beginning in the first quarter of 2026, we will discontinue three metrics: total cumulative platform uses, annual CLEAR+ gross dollar retention, and annual CLEAR+ member usage. Effective as of Q4 2025, we are renaming total cumulative enrollments to total CLEAR members with no changes to the calculation of this metric. Starting in Q1 2026, the KPIs we will report are total bookings, total CLEAR members, and active CLEAR+ members.

為了簡化我們的報告流程，我們進行了全面的審查，現在我想向我們提供一份關於關鍵績效指標的最新資訊。從 2026 年第一季開始，我們將停止使用三個指標：平台累計使用總量、CLEAR+ 年度總收入留存率和 CLEAR+ 年度會員使用量。自 2025 年第四季起，我們將把累積註冊總人數更名為 CLEAR 會員總數，該指標的計算方法不變。從 2026 年第一季開始，我們將報告的關鍵績效指標是總預訂量、CLEAR 會員總數和活躍 CLEAR+ 會員數。

Q4 active CLEAR+ members grew to 7.6 million, up 6% year over year and reflect a onetime cleanup of lapsed accounts as part of a billing system transformation project undertaken during 2025. This had no impact on revenue, cash flow, or any other financial measures.

第四季 CLEAR+ 活躍會員人數增至 760 萬，年增 6%，這反映了作為 2025 年計費系統轉型專案的一部分而進行的一次性帳戶清理。這並未對收入、現金流量或任何其他財務指標產生影響。

Q4 total CLEAR members grew to 38 million, up 31.5%, demonstrating the sustained momentum in CLEAR1. We are the largest bookings quarter for CLEAR1, more than doubling year over year. Q4 also marked another record quarter for the largest number of enterprise customers signed. Q4 and full year 2025 represented record profitability for CLEAR. Our results reflect our ability to drive growth and deliver strong flow-through to the bottom line. The structural improvements we put in place throughout 2025 delivered over 33% adjusted EBITDA margins in Q4 an increase of 870 basis points from Q4 2024 and position us to continue expanding profitability.

第四季 CLEAR 會員總數成長至 3,800 萬，成長 31.5%，顯示 CLEAR1 的持續發展勢頭。我們季度的預訂量是 CLEAR1 的最大成長，年增超過一倍。第四季企業客戶簽約數量也再次創下歷史新高。CLEAR 2025 年第四季和全年獲利創歷史新高。我們的業績反映了我們推動成長並為最終利潤帶來強勁成長的能力。我們在 2025 年實施的結構性改善措施，使第四季度的調整後 EBITDA 利潤率超過 33%，比 2024 年第四季提高了 870 個基點，並使我們能夠繼續擴大獲利能力。

In Q4, cost of direct salaries and benefits represented 19.3% of revenue, an improvement of approximately 390 basis points year over year. We delivered sequential expense leverage in every quarter of 2025, and we expect to realize additional efficiency benefits over time.

第四季度，直接工資和福利成本佔收入的 19.3%，比去年同期改善了約 390 個基點。我們實現了 2025 年每季的費用槓桿效應，我們預計隨著時間的推移將實現額外的效率效益。

Our G&A trajectory illustrates the operating leverage we can drive while also investing in strategic priorities. Full-year G&A grew at less than half the pace of revenue and over the last two years, G&A as a percentage of revenue has improved by more than 10 percentage points.

我們的一般及行政費用走勢表明，我們可以在投資策略重點的同時，實現營運槓桿效應。全年一般及行政費用增長速度不到收入增長速度的一半，過去兩年，一般及行政費用佔收入的百分比提高了 10 個百分點以上。

In Q4, we generated $53.9 million of operating income and $79.9 million of adjusted EBITDA representing a 33.2% adjusted EBITDA margin and 8.7 percentage points of margin expansion year over year. For the full year 2025, we generated $186.5 million of operating income and $262.2 million of adjusted EBITDA, representing a 29.1% adjusted EBITDA margin, 4.8 percentage points of margin expansion year over year, and over 50% flow-through.

第四季度，我們實現了 5,390 萬美元的營業收入和 7,990 萬美元的調整後 EBITDA，調整後 EBITDA 利潤率為 33.2%，年增 8.7 個百分點。2025 年全年，我們實現了 1.865 億美元的營業收入和 2.622 億美元的調整後 EBITDA，調整後 EBITDA 利潤率為 29.1%，年增 4.8 個百分點，利潤傳遞率超過 50%。

We continue to deliver strong free cash flow. For the full year 2025, we generated $372.5 million of net cash provided by operating activities and prudently invested $29.3 million of capital expenditures resulting in free cash flow of $343.1 million, significantly ahead of guidance.

我們持續保持強勁的自由現金流。2025 年全年，我們透過經營活動產生了 3.725 億美元的淨現金流，並審慎地投資了 2,930 萬美元的資本支出，從而產生了 3.431 億美元的自由現金流，遠超預期。

We have managed dilution consistently and rigorously with stock-based compensation expense as a percentage of revenue decreasing meaningfully since our IPO to 4.3% in 2025. Coupled with our capital return strategy, our total shares outstanding have decreased over time by 14 million shares or 9% since our IPO in 2021.

自公司上市以來，我們一直嚴格控制股權稀釋，股票選擇權費用佔收入的比例顯著下降，預計到 2025 年將降至 4.3%。結合我們的資本回報策略，自 2021 年首次公開募股以來，我們的流通股總數已減少了 1,400 萬股，降幅達 9%。

We ended 2025 with $703 million of cash and marketable securities, and we expect to exit 2026 with over $1 billion in cash on our balance sheet and no debt prior to any capital returned to shareholders. Our Board of Directors approved a 20% increase to our regular quarterly dividend from $0.125 to $0.15 per share. In 2025, we repurchased 5.3 million shares for $126.3 million at an average price of $23.86 reducing total shares outstanding by 3% to 133.2 million shares.

截至 2025 年底，我們擁有 7.03 億美元的現金和有價證券；預計到 2026 年底，我們的資產負債表上將擁有超過 10 億美元的現金，並且在向股東返還任何資本之前，我們沒有任何債務。我們的董事會批准將季度常規股息從每股 0.125 美元提高 20% 至每股 0.15 美元。2025 年，我們以平均每股 23.86 美元的價格回購了 530 萬股股票，總計 1.263 億美元，使流通股總數減少了 3%，至 1.332 億股。

Our Board has also authorized a $125 million increase to our share repurchase program bringing the total capacity under the repurchase authorization to approximately $250 million. We will continue to take a disciplined approach to reinvesting in the business while returning capital to shareholders.

我們的董事會也批准將股票回購計畫增加 1.25 億美元，使回購授權的總額度達到約 2.5 億美元。我們將繼續採取嚴謹的方式對業務進行再投資，同時向股東返還資本。

In 2026, we expect accelerating top line growth and margin expansion, which will translate to significant free cash flow growth. We expect 2026 full year free cash flow of at least $440 million, which would represent an increase of approximately $100 million and at least 28% year-over-year growth.

預計到 2026 年，營收成長和利潤率將加速擴張，這將轉化為顯著的自由現金流成長。我們預計 2026 年全年自由現金流至少為 4.4 億美元，這將比上年增加約 1 億美元，年增至少 28%。

Based on prevailing tax rates and our corporate structure, we expect full year 2026 GAAP P&L taxes to range between 18% and 20%. For Q1, we expect revenue of $242 million to $245 million and total bookings of $248 million to $253 million, representing 15.2% and 20.9% growth at the midpoint, respectively.

根據現行稅率和我們的公司結構，我們預計 2026 年全年 GAAP 損益表稅額將在 18% 至 20% 之間。對於第一季，我們預計營收為 2.42 億美元至 2.45 億美元，總預訂額為 2.48 億美元至 2.53 億美元，中間值分別為 15.2% 和 20.9%。

We will now open the call for Q&A.

現在開始問答環節。

(Operator Instructions) Eric Sheridan, Goldman Sachs.

（操作說明）埃里克·謝裡丹，高盛。

Caryn, I wanted to put a finer point on some of your messaging this morning and better understand how you see your strategic priorities laying out over the next 12 to 18 months that can either maintain or build on the momentum you have on the member side and the subscription side in terms of building both investments in the business on the tech side as well as further connectivity around brand and go-to-market strategy.

Caryn，我想就你今天早上的一些資訊進行更深入的探討，並更好地了解你如何看待未來 12 到 18 個月的戰略重點，這些重點既可以保持也可以加強你在會員和訂閱方面的發展勢頭，包括加大對技術方面的業務投資，以及進一步加強品牌和市場推廣戰略方面的聯繫。

All right. That was like eight questions in one. I respect that, Eric.

好的。那就像把八個問題塞進一個問題裡一樣。我尊重你的意見，艾瑞克。

So we'll talk about the two core pillars that I talked about because those really are key drivers for the business this year. When you think about our B2C CLEAR Travel business, building this home to gate experience, right?

所以我們將討論我剛才提到的兩個核心支柱，因為它們確實是今年業務的關鍵驅動因素。當你想到我們的 B2C CLEAR Travel 業務時，你就會明白，我們致力於打造從家到登機口的全程體驗，對嗎？

People don't just want to get through the security lane, which we're certainly doing that better than ever with higher NPS scores than we've had because of the eGate, but driving a predictable, consistent nationwide network and member-centric experience drives retention and you're seeing that come through the fourth quarter numbers, that's a financial driver to 2026. It drives gross adds, it drives conversion and with evangelism comes family attach rate and other ways to sell and to partner.

人們不僅想通過安檢通道，雖然我們通過電子門安檢後，淨推薦值 (NPS) 得分比以往任何時候都高，但我們確實做得比以往任何時候都好，但打造可預測、一致的全國性網絡和以會員為中心的體驗才能提高用戶留存率，這一點在第四季度的數據中已經體現出來，這將是到 2026 年的財務驅動力。它能帶來大量新增用戶，提高轉換率，透過宣傳推廣，還能提高家庭用戶黏著度，並帶來其他銷售和合作方式。

And so the innovation that we've put forth with the app, with the eGate, and more to come are a key driver to financial returns to member growth and also the operating leverage and the flow through that you see because of the automation when you can enroll on your phone with your passport, when we expand our TAM to now 42 visa waiver countries, and by the way, we only cover 75% of the US, so network growth as well. Those are big growth drivers on the Travel side.

因此，我們透過應用程式、電子門以及未來將推出的更多創新，是推動會員成長、實現財務回報的關鍵因素，也是營運槓桿和流程效率的關鍵驅動力。您可以看到，由於自動化，您可以使用護照在手機上註冊，我們將目標市場擴大到現在的 42 個免簽國家/地區，順便說一句，我們目前只覆蓋了美國 75% 的地區，因此網路成長也至關重要。這些是旅遊業發展的主要驅動力。

And certainly, what we talked about on identity and being the tip of the spear for security and the opportunities that AI is presenting for CLEAR, both to drive our own productivity but certainly to drive our CLEAR1 business. We've invested in that business. So you are seeing the results of that investment, both from a top line growth, contracts signed, really focused on workforce, healthcare, and GovTech and we are uniquely positioned for that. And so signing more contracts, net revenue retention in that business.

當然，我們也討論了身分識別、安全先鋒以及人工智慧為 CLEAR 帶來的機遇，這些機會不僅可以提高我們自身的生產力，而且肯定可以推動我們的 CLEAR1 業務發展。我們投資了那家企業。所以，您現在看到了這項投資的成果，無論是營收成長、合約簽署，還是真正專注於勞動力、醫療保健和政府科技，我們都擁有獨特的優勢。因此，簽訂更多合同，提高該業務的淨收入留存率。

So going in with a bigger book of business this year and being able to cross sell, up sell, grow that business, have those customers turn into evangelists and sign more new customers at larger sizes because quite frankly, the crisis in identity is growing are major drivers this year.

因此，今年我們擁有更大的業務量，能夠進行交叉銷售、向上銷售，發展業務，讓現有客戶成為品牌擁護者，並簽下更多規模更大的新客戶，因為坦白說，身份認同危機日益加劇，這些都是今年的主要驅動因素。

Some of that are certainly the seeds we planted for the past few years, and then we're planting new seeds this year. And you're seeing that incorporated in our free cash flow guidance, right, which is why I love talking about the and because we have been investing, we are investing, and we are generating stronger free cash flow.

其中有些肯定是我們過去幾年播下的種子，而今年我們又播下了新的種子。你們可以看到，這一點已經融入我們的自由現金流預期中，對吧？這就是為什麼我喜歡談論這一點，因為我們一直在投資，我們正在繼續投資，我們正在產生更強勁的自由現金流。

Cory Carpenter, JPMorgan.

科里·卡彭特，摩根大通。

I wanted to ask about the government shutdowns, maybe, Caryn, just how did that impact you guys during the last shutdown. And I think there's a lot of concern that the TSA may shut down any day now. So if that were to happen, could you just discuss how that would -- would or would not impact your service? And then I had a follow-up for Jen after.

我想問關於政府停擺的事，卡琳，上次政府停擺對你們有什麼影響？我認為很多人都擔心美國運輸安全管理局（TSA）隨時可能倒閉。如果這種情況發生，您能否談談這會對您的服務產生什麼影響（或不會產生什麼影響）？之後我又傳了一封後續訊息給Jen。

Yeah. I think the power of a public-private partnership, and we were very clear in our communications this weekend, which is CLEAR is open. And we're here to serve our airport partners, our travelers, and certainly, our airline and government partners. With a winter full of weather, so that not only is there the government shutdown disruption, but certainly with the winter full of weather, and other travel disruptions, I think what you're seeing is a renewed appreciation for the consistency and the reliability of CLEAR by our members and our partners.

是的。我認為公私合作的力量，以及我們本週末在溝通中非常明確地表達的觀點，就是CLEAR是開放的。我們在此為機場合作夥伴、旅客以及航空公司和政府合作夥伴提供服務。冬季天氣多變，不僅有政府停擺造成的干擾，還有其他旅行中斷，我認為你們看到的是，我們的會員和合作夥伴對 CLEAR 的穩定性和可靠性有了新的認識。

Travel continues to be strong. You've certainly heard that from the travel industry with a continued focus on premiumization. And so quite frankly, I think the power of the public private partnership and our ability to serve members, our ability to staff up and our ability to serve our partners is more appreciated and more important today than ever before.

旅遊業持續強勁成長。你肯定從旅遊業聽到類似的說法，他們一直專注於高端化。坦白說，我認為公私合作的力量，以及我們服務成員、擴充人員和為合作夥伴服務的能力，在今天比以往任何時候都更加受到重視和重視。

And Jen, the free cash flow guide, it implies a pretty significant acceleration this year. Could you just maybe unpack some of the drivers of that? And then in your prepared remarks, you had mentioned, I think, top line accelerating. Is that specific -- do you expect bookings to accelerate this year?

而 Jen，根據自由現金流指南，今年的自由現金流預計會有相當大的加速成長。您能否解釋一下其中的一些驅動因素？然後，在您事先準備好的發言稿中，我想您提到了總收入加速成長。具體來說—您預計今年的預訂量會加速成長嗎？

Sure. Hi, Cory. Maybe I'll start with top line. I think I come back to the member experience, and I think the improvements we've made there is really a propellant to really all our key metrics. That includes higher retention, better member acquisitions, stronger NPS. All of that ultimately just drives a more durable top line growth profile for our CLEAR Travel business.

當然。嗨，科里。或許我可以先從第一行開始。我認為關鍵在於會員體驗，我們在這方面所做的改進確實推動了我們所有關鍵指標的提升。這包括更高的用戶留存率、更好的用戶獲取、更強的淨推薦值。所有這些最終都會推動我們的 CLEAR Travel 業務實現更持久的營收成長。

And as you heard Caryn just say, CLEAR1 is really we think reaching escape velocity. We had another record bookings quarter. We again signed our largest number of new CLEAR1 partners. So we feel incredibly well positioned to capitalize during a time when identity security is top of mind across enterprises.

正如你剛才聽到的 Caryn 所說，我們認為 CLEAR1 真的已經達到了逃逸速度。我們又迎來了一個預訂量創紀錄的季度。我們再次簽約了數量最多的 CLEAR1 新合作夥伴。因此，我們感到非常榮幸，能夠在企業將身分安全放在首位的當下，充分利用這項機會。

On the free cash flow side, as you said, our guidance implies continued leverage on a business model that is already demonstrating a highly strong profitability. I think importantly, the bigger picture is that we are operating subscription-based businesses with strong recurring revenue in both our B2C CLEAR Travel business as well as our B2B CLEAR1 enterprise business. So when our member experience is improving, that is driving higher levels of retention, again, both for our members in CLEAR Travel as well as the net revenue retention for -- from our enterprise partners.

正如您所說，在自由現金流方面，我們的預期意味著將繼續利用已經展現出非常強勁獲利能力的商業模式。我認為更重要的是，從更宏觀的角度來看，我們在面向消費者的 CLEAR Travel 業務和麵向企業的 CLEAR1 企業業務中都經營著基於訂閱的業務，並獲得了強勁的經常性收入。因此，當我們的會員體驗得到改善時，就會提高會員留存率，無論是 CLEAR Travel 的會員，還是來自我們企業合作夥伴的淨收入留存率，都是如此。

So all of that is really reinforcing flywheel, and we believe we'll drive better and better economics in our business and ultimately, higher levels of profitability and flow-through.

所以所有這些都在增強飛輪效應，我們相信這將推動我們業務的經濟效益越來越好，並最終實現更高的獲利能力和利潤傳遞水準。

(Operator Instructions)

（操作說明）

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey顧問集團。

Nice to see the solid results. Can you talk a little bit about -- you mentioned the American Express partnership was extended. What's different now about the partnership than before? How long is it extended for? And then on the B2B enterprise side of the business, it was good to see the Mount Sinai affiliation yesterday. What else are you looking for as we look through this year? Is it more expansion into healthcare than anything else? And how do the margins compare on those businesses?

很高興看到取得如此好的結果。您能稍微談談嗎—您提到美國運通的合作關係已經延長。與以前相比，現在的合作關係有何不同？延期持續多久？在 B2B 企業業務方面，昨天很高興看到與西奈山醫院的合作。回顧今年，您還想了解什麼？此次擴張的重點是醫療保健領域嗎？這些企業的利潤率如何？

Thanks, Dana. Yeah, the agreement with American Express extends into a multiyear agreement. We're not disclosing specific terms, but we are really excited to continue to provide our American Express card members with the CLEAR Plus embedded benefit which we really think aligns, right, the American Express experience with our travel experience.

謝謝你，達娜。是的，與美國運通的協議是多年協議。我們不會透露具體條款，但我們非常高興能夠繼續為我們的美國運通卡會員提供 CLEAR Plus 內建權益，我們認為這真正將美國運通體驗與我們的旅行體驗完美結合。

And we also think the structure of the renewed agreement reflects the value that we each bring to the partnership, which, of course, has been an incredibly valuable one for us over the last six years, and we expect that to continue over the coming years. So we're really excited to be able to announce that today. And again, not disclosing any specific terms of that, but moving forward with that in a great way.

我們也認為，續約協議的結構體現了我們各自為合作關係帶來的價值，當然，在過去的六年裡，這種合作關係對我們來說非常有價值，我們希望這種價值在未來幾年繼續保持下去。所以，我們今天非常高興地宣布這個消息。再次聲明，我不會透露任何具體條款，但進展非常順利。

And in terms of CLEAR1, Dana, Mount Sinai is certainly an exciting partner. And I think it really does talk to ecosystems that we're building. We have a strong network here in New York in terms of the travel business, in terms of the sports capabilities, and now adding healthcare networks on that are a natural growth for CLEAR. And again, as we turn into a daily habit for members, it's a really powerful use case.

就 CLEAR1 而言，達納和西奈山無疑是一個令人興奮的合作夥伴。我認為這確實與我們正在建構的生態系統息息相關。我們在紐約擁有強大的網絡，涵蓋旅遊業務、體育領域，現在又增加了醫療保健網絡，這對 CLEAR 來說是一個自然而然的成長。而且，當它成為會員的日常習慣時，它就成了一個非常強大的應用案例。

When we think about healthcare, I think it's important to talk about CMS, which is an anchor healthcare contract. It's multiyear in nature. And as we talked about last quarter, that contract connects to the pledge. I think last time we talked about 60 companies that have signed the pledge, I believe that number is like up tenfold, closer to 600. And so that's creating a network which is driving a pipeline for us in healthcare.

當我們談到醫療保健時，我認為有必要談談 CMS，它是醫療保健領域的重要合約。它是多年生的。正如我們上個季度所討論的，該合約與承諾有關。我認為上次我們談到有 60 家公司簽署了這項承諾，現在這個數字已經成長了十倍，接近 600 家了。因此，這正在創建一個網絡，為我們在醫療保健領域開闢一條發展之路。

So being part of Epic in the identity toolbox, being part of CMS as the identity interoperability layer, makes it easier to sign healthcare partners like Mount Sinai because it's much easier to connect. You're already embedded in it. So we are signing more health care partners across the country.

因此，作為身分工具箱中的 Epic 的一部分，作為 CMS 的身份互通層的一部分，可以更容易地與像西奈山這樣的醫療保健合作夥伴簽約，因為連接起來要容易得多。你已經身處其中了。因此，我們正在全國範圍內簽約更多醫療保健合作夥伴。

And then the other thing is for the health care partners that we have, perhaps we started with workforce but then add patient or perhaps we started with patients and then are adding workforce. So it really is this very exciting flywheel. And obviously, killing the clipboard is something we've been passionate about for many years. If you come to our offices, we actually have a sculpture made of old clipboards that we made many years ago.

還有一點就是，對於我們的醫療保健合作夥伴來說，也許我們最初是從醫護人員開始，後來才增加病人；或者也許我們最初是從病人開始，後來才增加醫護人員。所以這確實是一個非常令人興奮的飛輪。顯然，多年來我們一直熱衷於消除紙質剪貼簿。如果您來我們辦公室，您會看到我們多年前用舊剪貼簿製作的雕塑。

But now having the administration also aggressively lean into that, it means that there's a lot of motivation at the federal level, moving on to the state level where there's a whole rural healthcare initiative that is mirroring what's happening at the federal level.

但現在政府也積極推進這項工作，這意味著聯邦層級有很多動力，並將這種動力傳遞到州一級，那裡有一個完整的農村醫療保健計劃，與聯邦層面正在發生的事情相呼應。

So it is a very exciting moment for CLEAR in healthcare, and quite frankly, for patients and for doctors and nurses who work in it.

因此，對於 CLEAR 在醫療保健領域來說，這是一個非常令人興奮的時刻；坦白說，對於患者以及在該領域工作的醫生和護士來說，也是如此。

Michael Turrin, Wells Fargo.

邁克爾圖林，富國銀行。

This is Ronit on for Michael. I just wanted to pick apart the kind of drivers of bookings. Maybe if you could talk through CLEAR1 versus the kind of core CLEAR+ and how it impacted bookings? And then how your bookings pipeline looks for '26?

這裡是羅尼特，替麥可報道。我只是想分析一下影響預訂量的各種因素。或許您可以詳細講解 CLEAR1 與核心 CLEAR+ 的區別，以及它們對預訂的影響？那麼，你們2026年的預訂情況如何？

Yeah, I would say for Q4, our performance was really strong across the board. We said we had the highest year-on-year bookings growth for CLEAR+ since 2023. And again, CLEAR1 had its strongest bookings quarter by quite a distance. And so the performance you saw in the beat relative to guidance was really strength across all our businesses.

是的，我認為第四季我們的整體表現非常強勁。我們表示，CLEAR+ 的年度預訂量成長是自 2023 年以來最高的。CLEAR1 再次迎來了預訂量最高的季度，而且遙遙領先。因此，您看到的業績超出預期，這確實體現了我們所有業務的強勁表現。

Got it. And just a follow-up. I just had a question on like the recent kind of TSA impacts. Has that shown in your business? And do you expect it to be a forward tailwind, especially on like the value prop of CLEAR?

知道了。還有一個後續問題。我只是想問一下最近美國運輸安全管理局（TSA）的一些影響。這一點是否已體現在你的業務中？你認為這會變成一股順風嗎，尤其是在 CLEAR 這樣具有價值主張的產品上？

I think as I talked about a little bit earlier, you're seeing a renewed appreciation of the predictability and the consistency that CLEAR brings. I think that's been improved by the eGates. And I certainly think, and you've seen this throughout the 15 years that there's moments of enormous instability in the travel sector. And people have come to rely on CLEAR in its moments like that when I think the appreciation grows, but it's our job to continue to grow the customer experience in a consistent way. I think that is the greatest driver of our long-term sustainable growth.

我認為正如我之前稍微提到的那樣，人們重新認識到 CLEAR 帶來的可預測性和一致性。我認為電子閘門改善了這種情況。而且我當然認為，過去 15 年你也看到了，旅遊業確實存在著巨大的不穩定時期。人們在這樣的時刻開始依賴 CLEAR，我認為這種依賴會增強人們的感激之情，但我們的工作是持續不斷地提升客戶體驗。我認為這是我們實現長期可持續成長的最大驅動力。

And I think I'd just add that one of the benefits that we have from the member experience, improvements that we've had over the last year and implementing the eGates is that our ambassadors, right, 3,500 strong across our 60 airports can increasingly focus on hospitality and the customer experience in the airports. And so while there's disruptions in travel, whether that's weather or otherwise, we really believe that part of our member experience is that ambassador hospitality.

我想補充一點，我們從會員體驗中獲得的益處之一，以及過去一年來我們取得的改進和電子閘門的實施，就是我們的大使們（遍布 60 個機場的 3500 名員工）可以更加專注於機場的接待和客戶體驗。因此，儘管旅行受到天氣或其他因素的影響，但我們仍然相信，大使般的熱情款待是我們會員體驗的一部分。

And with the innovations and technology and improvements that we've made, our ambassadors are increasingly able to focus on that, which becomes really important in building out this home to gate experience and membership.

隨著我們不斷創新、運用新技術、不斷改進，我們的大使們越來越能夠專注於此，這對於打造從家到大門的體驗和會員服務至關重要。

We've always believed that it's technology and hospitality. And so when we talk about sitting at the intersection of security and the experience economy, that is massively important in the travel experience, which is highly fragmented, very challenged. And as we head into the World Cup and America 250, it is hard and getting harder. The volumes keep growing, and so you need innovation to drive this experience. That is what we're known for.

我們一直認為，成功的關鍵在於科技和款待。因此，當我們談到安全與體驗經濟的交會點時，這對於高度分散、充滿挑戰的旅行體驗至關重要。隨著世界盃和美洲 250 英里耐力賽的臨近，比賽變得越來越難。業務量持續成長，因此需要創新來推動這種體驗。這就是我們聞名遐邇的原因。

Wyatt Swanson, D.A. Davidson.

懷亞特·斯旺森，D.A.戴維森。

Could you talk about how CLEAR+ member adds in 4Q looked at airports that have eGates versus airports that don't yet have eGates? And whether you expect those trends to continue?

能否談談 CLEAR+ 會員在第四季度新增數量與已安裝 eGates 的機場以及尚未安裝 eGates 的機場相比有何不同？你認為這些趨勢會持續下去嗎？

Yeah. I think we're seeing strong adds across the network. What I can comment on is that we're seeing really, really strong experience scores, where the eGates have been implemented. And obviously, we just started putting eGates in, in the second half of last year. So the impact of the eGates is still actually relatively new. And many of the airports that got eGates came actually in the later half of the fourth quarter.

是的。我認為我們看到整個網路都在大力推廣廣告。我可以評論的是，在已經實施電子閘門的地區，我們看到了非常非常高的體驗評分。顯然，我們是從去年下半年才開始安裝電子閘門的。因此，電子閘門的影響實際上還相對較新。許多獲得電子閘門的機場實際上是在第四季後半段才實現的。

And so as we continue to season those, have more people experience that, what we're seeing is an immediate impact on our NPS and lane experience scores. And we think what will happen because of that as those experience pieces tie into retention that we're starting to see the early benefits of that.

因此，隨著我們不斷完善這些產品，讓更多人體驗到這些產品，我們看到的是它們對我們的 NPS 和車道體驗評分產生了即時的影響。我們認為，隨著這些體驗環節與使用者留存率的提高，我們將會看到一些初步的成效。

And so in the guidance that Jen shared, we certainly are expecting improvements in retention, which we're already seeing. And we do see that as part of the holistic member experience. And so we're really encouraged by the early results that we're seeing from the eGates and we think that will only continue to grow as more and more of our members experience those and as we get the coverage across our network in the coming quarters.

因此，根據 Jen 分享的指導意見，我們當然期望在客戶留存率方面有所提高，而且我們已經看到了這種提高。我們認為這是整體會員體驗的一部分。因此，我們對 eGates 的早期成果感到非常鼓舞，我們認為隨著越來越多的會員體驗到這些成果，以及在接下來的幾個季度中我們的網路覆蓋範圍擴大，這一成果只會繼續增長。

If I can just add to that, eGates are an unlock to the home to gate experience. And so we think holistically, as we look at both the numbers in the fourth quarter, which I think showed early signs of impact on the good work that we've been doing.

如果我能補充一點，電子大門是提升從家裡到大門體驗的解鎖方式。因此，我們從整體上考慮，同時審視第四季度的數據，我認為這些數據初步顯示出了我們所做良好工作的影響。

But when you look at the mobile app, when you look at Concierge, when you look at eGates, when you look at the hospitality, and then you look at our ability to grow our partnership because of a differentiated premium member experience, the whole thing drives retention, drives gross adds, drives conversion, drives the willingness to take on new products from CLEAR. So it's just a really powerful flywheel.

但是，當你審視行動應用程式、禮賓服務、電子門禁、飯店服務，以及我們透過差異化的優質會員體驗來發展合作夥伴關係的能力時，你會發現這一切都能夠提高用戶留存率、增加新用戶數量、提高轉換率，並促使用戶願意接受 CLEAR 的新產品。所以它就是一個非常強大的飛輪。

Got it. That's really helpful. And then on the CMS partnership, can you talk about like why CLEAR is suited particularly well to serve CMS relative to other companies out there? And then perhaps some details as to what the contract structure looks like? I believe you mentioned multiyear, but anything else would be helpful.

知道了。這真的很有幫助。那麼關於 CMS 合作關係，您能否談談為什麼 CLEAR 相對於其他公司而言特別適合為 CMS 提供服務？然後或許可以詳細介紹合約結構？我相信您提到了多年期，但其他任何資訊都會很有幫助。

Right. So multiyear is what I can say. It is an important contract for CLEAR. And I love that question of why we're uniquely positioned.

正確的。所以，我只能說，這需要好幾年時間。對CLEAR來說，這是一份重要的合約。我很喜歡這個問題：為什麼我們擁有獨特的優勢？

We started as a -- in a regulated industry. So understanding the importance of privacy, of security, of compliance, of working in a regulated industry, with a trusted consumer brand, with an embedded base, as we talked about today of almost 40 million consumers or patients, those people are both patients as well as employees in the healthcare sector. It makes it a natural fit. I don't want to say that going into an airport feels a lot like going into a hospital, but I would say that they're both challenged experiences with multiple stakeholders.

我們最初是一家－在受監管產業中起步的公司。因此，要理解隱私、安全、合規的重要性，理解在受監管的行業中工作的重要性，理解擁有值得信賴的消費者品牌和穩固的客戶基礎的重要性，正如我們今天所討論的，擁有近 4000 萬消費者或患者，這些人既是患者，也是醫療保健行業的員工。這簡直是天作之合。我不想說去機場和去醫院的感覺很像，但我想說，兩者都是涉及多方利害關係人的挑戰性經驗。

And so putting patients or travelers at the center, wrapped in compliance and regulation and privacy is what we are known for. And so I really think that this was a natural fit and one that also allows us to continue to drive innovation with other partners as we continue to drive this interoperability layer.

因此，我們以患者或旅行者為中心，同時兼顧合規、監管和隱私保護而聞名。因此，我真的認為這是一個水到渠成的選擇，也使我們能夠與其他合作夥伴一起繼續推動創新，同時繼續推進這一互通性層。

And so I just think it was hand in glove, and it's a really exciting and aligned moment. We led a big conference from pledge to progress in December, bringing together over 100 health care leaders around the country as well as government. And we are a convener to drive secure frictionless experiences, which is exactly what this initiative is.

所以我覺得這兩件事簡直是天作之合，這是一個非常令人興奮且水到渠成的時刻。12 月，我們組織了一場大型會議，從承諾到進展，匯聚了來自全國各地的 100 多位醫療保健領導人以及政府代表。我們致力於推動安全無摩擦的體驗，而這正是這項計畫的宗旨。

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

我們的問答環節到此結束。現在我想把發言權交還給卡琳，請她做總結發言。

Thank you for joining our fourth-quarter earnings call. As always, I am deeply grateful for our CLEAR team and the CLEAR ambassadors that are delivering our home to gate experience every day. We have built the foundation, and we are well positioned to execute against meaningful opportunities in the evolving and emerging identity landscape. Thank you.

感謝您參加我們第四季財報電話會議。一如既往，我由衷感謝我們的 CLEAR 團隊和 CLEAR 大使們，他們每天都在為我們帶來從家到大門的優質體驗。我們已經打好了基礎，並且已經做好充分準備，抓住不斷演變和新興的身份領域中的重要機會。謝謝。

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

今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。