CLEAR Secure, Inc. (YOU) 2026 Q1 法說會逐字稿

Good morning and welcome to CLEAR's fiscal first-quarter 2026 conference call. We have with us today, Caryn Seidman-Becker, Founder, Chair, and Chief Executive Officer; Michael Barkin, President; and Jen Hsu, Chief Financial Officer.

早安，歡迎參加 CLEAR 2026 會計年度第一季財報電話會議。今天與會者包括：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, 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，在我們開始之前，今天的討論包含有關公司未來業務與財務表現的前瞻性陳述。這些陳述係基於管理層目前的預期，並受風險與不確定性影響。可能導致實際結果與這些陳述存在重大差異的因素，已載於公司向美國證券交易委員會（SEC）提交與提供的文件中，包括今日的新聞稿。公司不承擔更新本次電話會議中可能討論之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 2025. Additionally, the company will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures are provided in today's press release and the most recently filed Form 10-Q. These items can be found on the Investor Relations section of CLEAR's website.

在本次電話會議中，除非另有說明，所有比較皆以 2025 會計年度的可比期間為基準。此外，公司將同時討論 GAAP 與非 GAAP 財務衡量指標。GAAP 與非 GAAP 財務衡量指標之調節表已提供於今日新聞稿及最近提交的 Form 10-Q 中。上述資料可於 CLEAR 官網的投資人關係（Investor Relations）專區查閱。

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

接下來，我把電話交給 Caryn。

The first quarter was a definitive stress test for the global identity landscape. As the physical and digital worlds collided with unprecedented speed, CLEAR met the moment. The seeds we planted to build the world's most trusted secure identity platform are maturing at exactly the right time. We are operating in an environment of structural instability where the national travel system is strained and AI-driven fraud is escalating at an exponential rate.

第一季是對全球身分識別版圖的一次明確壓力測試。當實體與數位世界以前所未有的速度碰撞交織時，CLEAR 把握住了這個關鍵時刻。我們為打造全球最受信賴的安全身分平台所播下的種子，正好在最適當的時機成熟。我們正處於結構性不穩定的環境中：全國旅運系統承受壓力，而 AI 驅動的詐欺正以指數級速度升溫。

In this world, identity is not a feature. It is the foundational infrastructure of a functioning economy. If you get identity wrong, nothing else matters. We ended this quarter with 41 million total CLEAR members, driving bookings of $292 million and free cash flow of $185 million. These record results are the direct output of our forever obsession with frictionless experiences and a fortress approach to security. We are meeting this moment by raising identity standards with the speed and urgency this environment demands.

在這樣的世界裡，身分不是一項功能。它是支撐經濟運作的基礎性基建。如果身分做錯了，其他一切都不重要。本季結束時，CLEAR 會員總數達 4,100 萬，帶動預訂金額 2.92 億美元，自由現金流 1.85 億美元。這些創紀錄的成果，直接來自我們對無摩擦體驗的長期執著，以及對安全採取「堡壘式」的防護策略。我們正以此環境所要求的速度與急迫性，提升身分標準以回應當下。

As I often say, and we're all now seeing firsthand, travel is hard and getting harder. March underscored the immense strain on our national travel system and highlighted the importance of public-private partnerships. We entered 2026 with incredible momentum in our customer experience and innovation across our travel business, which continued in the first quarter.

我常說，而我們現在也都親眼所見：旅行很難，而且越來越難。3 月凸顯了全國旅運系統所承受的巨大壓力，也凸顯公私協力夥伴關係的重要性。我們帶著在旅遊業務的客戶體驗與創新方面的強勁動能進入 2026 年，且在第一季持續延伸。

Our Home to Gate strategy is transforming a fragmented series of travel hurdles into a singular seamless experience. eGates now cover over 50% of our network, and we plan to exceed 80% by the end of the second quarter.

我們的「Home to Gate」策略，正把一連串零散的旅行關卡，轉化為單一且無縫的體驗。eGate 目前已覆蓋我們網路的 50% 以上，我們計畫在第二季末超過 80%。

The data is irrefutable. One-step, five-second biometric entry is delighting members. Average wait time for CLEAR Plus members is now under one minute. NPS has reached a three-year high, and it's not surprising that travelers who use an eGate have significantly higher NPS than non-eGate users. This is contributing to strong member adds and improved retention.

數據無可辯駁。一步到位、五秒完成的生物辨識進入體驗，正讓會員感到驚喜。CLEAR Plus 會員的平均等候時間目前已低於一分鐘。NPS 已達三年新高；而使用 eGate 的旅客，其 NPS 顯著高於未使用 eGate 的旅客，這並不令人意外。這正推動會員新增強勁並改善留存。

Our reimagined app, which recently reached number four in the travel App Store, is becoming the go-to app for our travelers. By creating certainty and transparency around the day of travel, syncing calendars, travel documents, wayfinding, and partner integrations, mobile app adoption has doubled for travelers. The app is becoming the control center for the day of travel, proactively organizing trips, surfacing gate and security details, and unlocking CLEAR services with just one tap.

我們重新打造的 App 近期在旅遊類 App Store 排名第四，正成為旅客的首選 App。透過在出行當天提供確定性與透明度、同步行事曆與旅行文件、導引動線（wayfinding）以及合作夥伴整合，旅客的行動 App 採用率已翻倍。該 App 正成為出行當天的控制中心，主動整理行程、呈現登機門與安檢資訊，並只需一鍵即可解鎖 CLEAR 服務。

Demand for CLEAR Concierge continued to increase dramatically during the quarter, and the challenges of the shutdown highlighted the value proposition of our premium product. This is a high-margin, high-touch service, and we are aggressively scaling it to major cities nationwide. Concierge turns a stressful travel day into a seamless, delightful experience with an ambassador guiding you every step of the way.

本季 CLEAR Concierge 的需求持續大幅增加，而停擺所帶來的挑戰也凸顯了我們高端產品的價值主張。這是一項高毛利、重服務的業務，我們正積極擴張至全國主要城市。Concierge 透過專員全程逐步引導，將充滿壓力的旅行日轉化為順暢且愉悅的體驗。

I want to thank the TSA officers who worked tirelessly without pay through the shutdown. We stood with our partners supporting them and their families and over 3,500 CLEAR ambassadors worked hand in glove with the TSA to keep travelers moving pre and post security. The combination of CLEAR ambassadors, our approach to hospitality and the benefit of our eGate served as a stabilizing force. This is the power of public-private partnerships, private sector speed and innovation meeting public sector scale.

我要感謝在停擺期間無薪仍不懈工作的 TSA 官員。我們與合作夥伴站在一起，支持他們及其家庭，並有超過 3,500 名 CLEAR 大使與 TSA 緊密協作，在安檢前後協助旅客順利通行。CLEAR 大使、我們的款待式服務理念，以及 eGate 的效益相結合，成為穩定力量。這正是公私協力的力量：民間部門的速度與創新，結合公部門的規模。

Identity is trusted infrastructure. It is being woven into the fabric of securing physical, digital and agentic experiences. CLEAR is the trusted brand building the smart network of human identities. The definition of secure has been permanently altered and identity is becoming harder to solve. As AI accelerates, traditional credentials like drivers' licenses have become obsolete vulnerabilities.

身分是受信賴的基礎設施。它正被編織進確保實體、數位與代理式（agentic）體驗安全的結構之中。CLEAR 是打造人類身分智慧網路的受信賴品牌。「安全」的定義已被永久改寫，而身分問題也變得更難解。隨著 AI 加速發展，傳統憑證（如駕照）已成為過時且脆弱的漏洞。

When identities and credentials can be simulated, the fundamental question becomes, are you who you say you are and what should you have access to? CLEAR1 is our answer. We are raising the bar for identity standards through a multilayered approach using biometrics, government-issued identification, source corroboration and device signals to confirm that you are you.

當身分與憑證都能被模擬時，根本問題就變成：你是否真的是你所聲稱的那個人，以及你應該擁有哪些存取權限？CLEAR1 是我們的答案。我們透過多層次方法提高身分標準，結合生物辨識、政府核發身分證件、來源佐證與裝置訊號，來確認「你就是你」。

This quarter, we achieved significant year-over-year growth driven by almost two times the amount of signed deals and a record number of large multiyear enterprise contracts. Organizations now realize that identity integrity is a key protective layer. We are committed to securing the nation's digital frontline by establishing total identity integrity across high-stakes environments. Our FedRAMP milestone is the first step towards unlocking our GovTech vertical. It builds on our mission with CMS to eliminate the systemic fraud highlighted in the December GAO report, where as many as 125 insurance policies were connected to a single identity.

本季，我們在年對年基礎上實現顯著成長，主要由近乎兩倍的簽約交易量，以及創紀錄數量的大型多年期企業合約所帶動。各組織如今已意識到，身分完整性是關鍵的防護層。我們致力於在高風險環境中建立全面的身分完整性，以確保國家的數位第一線安全。我們在 FedRAMP 的里程碑，是解鎖 GovTech 垂直領域的第一步。這也延續我們與 CMS 的使命：消除 12 月 GAO 報告所揭示的系統性詐欺，其中多達 125 份保單可能與同一個身分相連。

Our work directly supports the White House's executive order on fighting fraud, waste and abuse. We are aggressively replacing vulnerable legacy systems with a high integrity layer that proactively thwarts bad actors. By ensuring taxpayer dollars and sensitive records remain shielded, CLEAR is delivering the nonnegotiable foundation for a secure functioning digital economy.

我們的工作直接支持白宮關於打擊詐欺、浪費與濫用的行政命令。我們正積極以高完整性層取代脆弱的傳統舊系統，主動阻擋不法分子。透過確保納稅人資金與敏感紀錄持續受到保護，CLEAR 正提供安全且可運作之數位經濟不可妥協的基礎。

This is a transformative era. With the World Cup, America 250 and record summer travel on the horizon, our mission has never been more critical. We are starting this year from a position of immense strength in innovation, and execution and in financial performance. We will continue to drive members, bookings and free cash flow with relentless intensity. I want to thank our extraordinary ambassadors and the entire CLEAR team for their unwavering commitment to our members and our partners.

這是一個具變革性的時代。隨著世界盃、美國 250 週年以及即將到來的夏季旅遊高峰，我們的使命從未如此關鍵。我們以在創新、執行與財務表現方面極為強勁的態勢展開今年。我們將以不懈的強度持續推動會員數、預訂額與自由現金流。我要感謝我們傑出的品牌大使以及整個 CLEAR 團隊，對我們的會員與合作夥伴始終如一的承諾。

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

接下來，我把時間交給 Jen。

Thank you, Caryn. Our first quarter results reflect step change growth, continued margin expansion and accelerating free cash flow generation. CLEAR Travel and CLEAR1 growth is compounding. In Q1, we delivered over 40% bookings growth and approximately 32% adjusted EBITDA margins while also doubling our absolute free cash flow year over year to $185 million. These results build on our strong momentum entering the year.

謝謝你，Caryn。我們第一季的結果反映出階躍式成長、持續的利潤率擴張，以及加速的自由現金流創造。CLEAR Travel 與 CLEAR1 的成長正在複利累積。在第一季，我們實現了超過 40% 的預訂額成長，調整後 EBITDA 利潤率約 32%，同時我們的絕對自由現金流年增一倍至 1.85 億美元。這些成果建立在我們進入今年時的強勁動能之上。

And importantly, Q1 heading into the DHS shutdown was trending to exceed the 25% bookings growth that we reported in Q4 of last year. The shutdown further enhanced a strong quarter, highlighting how well positioned CLEAR is to improve the travel experience, deliver greater hospitality and drive the highest levels of security. The consistency and predictability of the CLEAR+ value proposition was evident during the shutdown, boosting member acquisition in the quarter. Revenue grew 19.7% year over year to $253 million. Total bookings increased 40.8% to $291.7 million and active CLEAR+ members grew to 8.2 million, up 13% year over year.

而且重要的是，在 DHS 停擺之前，第一季的趨勢原本就有望超過我們去年第四季所報告的 25% 預訂額成長。停擺進一步強化了這個強勁季度，凸顯 CLEAR 在改善旅遊體驗、提供更高水準的款待服務並推動最高等級安全方面的優勢地位。在停擺期間，CLEAR+ 價值主張的一致性與可預測性表現得很明顯，帶動本季會員獲取。營收年增 19.7% 至 2.53 億美元。總預訂額成長 40.8% 至 2.917 億美元，活躍 CLEAR+ 會員增至 820 萬，年增 13%。

Importantly, the investments we are making in member experience are driving improvements in retention on our growing base of CLEAR Plus members, translating the strong customer acquisition in the quarter into a durable benefit for our business. The shutdown also accelerated awareness and adoption of our Concierge offering.

同樣重要的是，我們在會員體驗上的投資，正推動我們不斷成長的 CLEAR Plus 會員基礎之留存率改善，將本季強勁的客戶獲取轉化為對業務更持久的效益。停擺也加速了市場對我們 Concierge 服務的認知與採用。

Starting at $99, CLEAR+ members can book an ambassador to greet you at the airport and expedite you through security for an even faster stress-free journey. We are now offering Concierge service in 32 airports and remain in the early innings of scaling Concierge across our network, driving member awareness and adoption. The products we are building around our home to gate CLEAR travel experience, whether it be our mobile app, eGates or services such as Concierge position us to drive greater member growth, strong retention and increasing levels of ARPU.

起價 99 美元，CLEAR+ 會員可以預訂一位品牌大使在機場迎接您，並協助您加速通過安檢，讓旅程更快速、無壓力。我們目前已在 32 座機場提供 Concierge 服務，仍處於在全網路擴展 Concierge 的早期階段，持續推動會員認知與採用。我們圍繞「從家到登機口」的 CLEAR 旅遊體驗所打造的產品，不論是行動 App、eGates 或 Concierge 等服務，都讓我們具備推動更高會員成長、強勁留存以及 ARPU（每用戶平均收入）提升的能力。

CLEAR1 is an infrastructure layer for identity, akin to how digital wallets transformed the payments industry. The growing demand for CLEAR1 is reflected in our results. Total CLEAR members grew 31.3% to $41 million, and CLEAR1 bookings were approximately 5 times those of Q1 last year, representing another record quarter.

CLEAR1 是身分識別的基礎設施層，類似於數位錢包如何改變支付產業。對 CLEAR1 日益增加的需求反映在我們的業績中。CLEAR 會員總數成長 31.3% 至 4,100 萬，而 CLEAR1 的預訂額約為去年第一季的 5 倍，創下另一個創紀錄的季度。

CLEAR1 is an enterprise business. We typically enter into multiyear contracts with partners that include minimum annual commitments, providing revenue visibility and predictability. We are prioritizing a focused set of verticals, including health care, workforce, consumer and an early but significant opportunity in government and federal relationships. The platform economies of scale in our business model have become increasingly evident. We are driving meaningful operating leverage as we scale with close to 70% adjusted EBITDA flow-through and highly attractive levels of free cash flow conversion.

CLEAR1 是一項企業級業務。我們通常與合作夥伴簽訂多年期合約，包含最低年度承諾，提供營收能見度與可預測性。我們正優先聚焦於一組特定垂直領域，包括醫療保健、勞動力、消費者，以及政府與聯邦關係中一個仍在早期但意義重大的機會。我們商業模式中的平台規模經濟愈發明顯。隨著規模擴張，我們正推動顯著的營運槓桿，調整後 EBITDA 流入率接近 70%，且自由現金流轉換率水準極具吸引力。

In Q1, we generated $62 million of operating income and $80.6 million of adjusted EBITDA, representing a 31.9% adjusted EBITDA margin and 7.2 percentage points of margin expansion year over year. Q1 net cash provided by operating activities was $190.4 million and free cash flow was $185.5 million, representing 103.2% year-over-year growth. Our strong performance and operating rigor position us positively as secure identity becomes increasingly complex and foundational. We are accelerating our product road map across CLEAR Travel and CLEAR1 and are leaning into marketing to drive greater brand awareness for CLEAR as the leading secure identity company. We are doing this while delivering expected adjusted EBITDA margin expansion in 2026 relative to 2025 and simultaneously increasing our free cash flow guidance for the year.

第一季，我們產生 6,200 萬美元的營業利益與 8,060 萬美元的調整後 EBITDA，分別代表 31.9% 的調整後 EBITDA 利潤率，以及年增 7.2 個百分點的利潤率擴張。第一季營運活動提供的淨現金為 1.904 億美元，自由現金流為 1.855 億美元，年增 103.2%。我們強勁的表現與嚴謹的營運，使我們在安全身分識別日益複雜且成為基礎要件之際，處於有利位置。我們正加速 CLEAR Travel 與 CLEAR1 的產品路線圖，並加大行銷投入，以提升 CLEAR 作為領先安全身分識別公司的品牌知名度。我們在推動上述策略的同時，預期 2026 年相較 2025 年將實現調整後 EBITDA 利潤率擴張，並同步上調今年的自由現金流指引。

We ended the quarter with $800 million of cash and marketable securities on our balance sheet, which provides us strategic flexibility while capitalizing on macro tailwinds and operating strength. Turning to guidance. For Q2, we expect revenue of $268 million to $271 million and total bookings of $280 million to $285 million, representing 22.8% and 26.7% growth at the midpoint, respectively. In light of our Q1 outperformance and confidence in our ability to sustain the momentum, we are increasing our 2026 full-year free cash flow guidance from at least $440 million to at least $465 million, which would represent an increase of approximately $120 million year over year and at least 36% year-over-year growth.

本季結束時，我們資產負債表上的現金與有價證券為 8 億美元，這在把握總體趨勢利多與營運優勢的同時，提供我們策略彈性。接著談指引。對於第二季，我們預期營收為 2.68 億至 2.71 億美元，總預訂額為 2.80 億至 2.85 億美元，以中位數計分別代表 22.8% 與 26.7% 的成長。鑑於第一季表現超預期，且我們對延續動能的能力充滿信心，我們將 2026 全年自由現金流指引由至少 4.40 億美元上調至至少 4.65 億美元，這將代表年增約 1.20 億美元，且至少 36% 的年增成長。

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

接下來，我們將開放問答。

(Operator Instructions) Joshua Reilly, Needham.

（接線員指示）Joshua Reilly，Needham。

All right. Congrats on an extremely impressive quarter here. So just maybe to hit on the bookings for CLEAR1 to start with. Maybe you could just explain why now after working on this for a number of years, are you seeing such impressive momentum in the CLEAR1 bookings with both not only enterprise but government use cases? And what is it that's differentiated about your platform that's helping you win this business versus competitors?

好的。恭喜你們交出一個極其亮眼的季度表現。那我先從 CLEAR1 的預訂額談起。也許你們可以解釋一下，為什麼在投入多年之後，現在會看到 CLEAR1 預訂額出現如此強勁的動能，而且不僅是在企業端，也包括政府端的使用情境？另外，你們的平台有哪些差異化之處，能幫助你們相較競爭對手贏得這些業務？

Thanks, Josh. I think that there's a few key points. For a long time, I would tell you that we were a solution looking for a problem. We said that identity is security. We said that identity is infrastructure.

謝謝你，Josh。我認為有幾個關鍵點。很長一段時間，我會告訴你，我們是一個在找問題的解決方案。我們說身分就是安全。我們說身分就是基礎設施。

And then you saw the world turn over the last few years. You saw it on the cyber front. You saw it on the fraud front. You saw it on the interoperability of health care front. And so identity has become ever more important in the digital world, and there's now problems looking for our solutions.

然後你看到過去幾年世界發生了翻天覆地的變化。你在網路資安方面看到了。你在詐欺方面看到了。你在醫療保健互通性方面看到了。因此，在數位世界中，身分變得愈來愈重要，而現在是問題在尋找我們的解決方案。

And with a trusted brand with over 41 million members on the platform, CLEAR is the company that people call to help them solve their problems. I also think that AI is accelerating the need for trusted identity, physical, digital and agentic worlds. And so I think that is another accelerant. I think identity is absolutely becoming more complex. And so verifying that you are you and connecting you to all the things that make you you has never been more important.

而且，憑藉在平台上擁有超過4,100萬名會員的可信賴品牌，CLEAR 是人們在需要協助解決問題時會求助的公司。我也認為，AI 正在加速對可信賴身分的需求，涵蓋實體、數位以及代理（agentic）世界。因此我認為這也是另一個加速因素。我認為身分正變得絕對更加複雜。因此，驗證「你就是你」，並將你連結到所有構成「你」的事物，從未如此重要。

So you think about what makes CLEAR special. First of all, a trusted brand. Second of all, a network of identities who know that they have enrolled in CLEAR, who have opted in and look for CLEAR in more places. And then total identity integrity. A driver's license is no longer true identity.

所以你會去思考 CLEAR 的特別之處是什麼。首先，是一個可信賴的品牌。其次，是一個身分網路：這些人知道自己已經註冊 CLEAR、已選擇加入，並且希望在更多地方看到 CLEAR。再來是完整的身分完整性。駕照已不再等同於真正的身分。

So when you look at what we've done in the airport as a qualified anti-terrorism technology with next-gen identity with source corroboration with a digital footprint, ensuring true identity, think about the agentic world. It's not just knowing who you are, that's the foundational piece. Then what about the 100 agents that are connected to you and what they should have access to. Look at the physical world in security. There are events at this point on a weekly basis.

所以當你看我們在機場所做的事情——作為合格的反恐技術，採用具來源佐證、具數位足跡的下一代身分識別，以確保真正的身分——再想想代理世界。不只是知道你是誰，那只是基礎。那麼，與你連結的100個代理呢？它們應該擁有哪些存取權限？再看實體世界的安全。目前幾乎每週都有事件發生。

You have to know who you are letting in and what they should have access to. Look at workforce with North Koreans infiltrating critical infrastructure. Look at the administration with an executive order trying to reduce fraud. While we've started in Medicare, there's Social Security, there's IRS right? There are so many places where you need to bring program integrity.

你必須知道你讓誰進來，以及他們應該擁有哪些存取權限。看看北韓人士滲透關鍵基礎設施的勞動力議題。看看政府透過行政命令試圖降低詐欺。雖然我們從 Medicare 開始，但還有社會安全（Social Security）、還有 IRS，對吧？有太多地方需要導入計畫完整性（program integrity）。

And so it is the time, and we are here to meet the moment. I think we've been very public in airports for 16 years, right? Millions of people go through that every day. There was no better place to build our brand and our capabilities. And so it is a very natural transition to these other areas that have a sense of urgency right now and that we are building strong long-term partnerships with.

因此現在正是時候，而我們就在這裡迎接這個關鍵時刻。我想我們在機場已經非常公開地運作了16年，對吧？每天有數百萬人通過那裡。沒有比那更好的地方來建立我們的品牌與能力。因此，轉向這些目前具有急迫性的其他領域非常自然，而我們也正在與其建立強健的長期合作夥伴關係。

And, Josh, I might just add, I think the business momentum that Caryn just described is really translating across the board in our financial and operating metrics for that business. We're seeing our pipeline grow. We have a very healthy number of new partner wins, 7-figure contract deals are up, and we have very strong net retention -- net revenue retention. So overall, I think all positive signals for that business.

另外，Josh，我想補充一下，我認為 Caryn 剛才描述的業務動能，確實正在全面反映在該業務的財務與營運指標上。我們看到我們的商機管線在成長。我們有非常健康的新合作夥伴得標數量，七位數合約案增加，而且我們的淨留存——淨營收留存——非常強勁。所以整體而言，我認為對該業務都是正向訊號。

Awesome. And then just one follow-up. As you look at the 8.2 million active CLEAR+ members, obviously, that's a significant acceleration by any way of looking at it. Can you just help us understand what was the mix maybe of trial customers that were added in the March quarter there with the TSA shutdown versus full paying members? And any early read on how you're going to be able to keep this cohort that you added with the TSA troubles now that things have normalized?

太棒了。接著再追問一題。當你看 820 萬名活躍 CLEAR+ 會員時，顯然不論怎麼看，這都是相當顯著的加速。你能否協助我們理解，在3月季度因 TSA 停擺而新增的試用客戶，與全額付費會員之間的組合大概如何？以及，對於在 TSA 出狀況期間新增的這批會員，在情況恢復正常後，你們能如何留住他們，有沒有任何初步觀察？

Sure. I guess, Josh, I would say I think we would have -- we expected to sustain and build upon our momentum heading out of Q4 and entering this year. And so I think we would have expected sustained growth from an Active CLEAR+ metric relative to Q4 of '25. From a trial perspective, I think we feel pretty good about our ability to convert those trial members from the sort of few weeks of shutdown into healthy paying customers and bookings. And you see that reflected both -- I think, both in our Q1 results, but also in our Q2 guidance. And probably most importantly, the members that we acquired during the shutdown, I think, signed up at a period of time when our value proposition was particularly evident. And so I think we feel very good about our ability to retain those members for the long term.

當然。Josh，我想我會這麼說：我們原本就預期在走出25年第四季並進入今年時，能夠維持並延續我們的動能。因此，相較於25年第四季，我們原本就預期活躍 CLEAR+ 指標會持續成長。就試用而言，我們對於把停擺那幾週的試用會員轉換成健康的付費客戶與訂單（bookings）的能力感到相當有信心。你可以在我們第一季的結果中看到反映，我想也同樣反映在我們第二季的指引中。而且可能最重要的是，我認為在停擺期間取得的會員，是在我們價值主張特別明顯的時點加入的。因此，我們對於長期留住這些會員的能力非常有信心。

Cory Carpenter, JPMorgan.

Cory Carpenter，摩根大通（JPMorgan）。

I had to -- maybe, Caryn, for you I'd be curious, just I think there's some debate in there around the broader health of the travel environment. So curious what you're seeing there in recent weeks given some of the higher oil prices and geopolitical issues. And then secondly, just, Jen, the commentary on the demand before the TSA turmoil was helpful. Curious how has demand looked kind of since the TSA wait times have normalized? Do you worry at all that there could be a bit of an air pocket after perhaps a bit of a pull forward?

我得——也許 Caryn，我想問你，我認為外界對整體旅遊環境的健康狀況有一些爭論。所以想了解在近幾週油價較高以及地緣政治議題之下，你看到的情況如何。第二點，Jen，你對 TSA 動盪之前需求的評論很有幫助。想請問自從 TSA 等候時間恢復正常後，需求看起來如何？你是否擔心在某種程度的提前拉貨（pull forward）之後，可能會出現一段需求真空期（air pocket）？

So I'll go first. I think I'm going to repeat what we've always said, which is consumers love to travel and yet day of travel is really hard. I would look to the other travel companies, whether it be the airlines talking about very strong top line growth. Certainly, some of that is revenues, but it's also volume going through airports. Airport traffic has remained, I would say, steady.

我先回答。我想我會重複我們一直以來說的：消費者喜歡旅行，但出行當天真的很辛苦。我會去看其他旅遊公司，不論是航空公司談到非常強勁的營收成長。當然其中一部分是收入，但也包括通過機場的人流量。我會說機場客流一直保持穩定。

And I think the most important thing for us is the value proposition. So I would say it's a backdrop of fine, strong travel growth. I haven't seen a big impact yet from oil. You are seeing corporate travel strengthen. So I think that, that's really important also when you look at the type of customer there.

而我認為對我們最重要的是價值主張。所以我會說，在一個良好、強勁的旅遊成長背景下。我還沒有看到油價帶來很大的影響。你確實看到企業差旅在增強。因此我認為，當你看那類型的客戶時，這也非常重要。

But for us, it's really about controlling our own destiny and driving the member experience. And so we're halfway through our eGate rollout. That has just such a massive impact on the customer experience, which drives retention, gross adds, conversions, the whole thing. And so continuing to drive that over the next quarter, rolling out our concierge business, which while we're excited to be in over 30 airports today, we are still missing our biggest cities like New York and LA and San Francisco.

但對我們而言，重點在於掌握自己的命運並推動會員體驗。因此我們的 eGate 佈署已完成一半。這對客戶體驗有極其巨大的影響，進而帶動留存、總新增、轉換率，整體都會受益。所以接下來一季會持續推進；同時推動我們的禮賓（concierge）業務，雖然我們很興奮目前已進入超過30座機場，但我們仍缺少像紐約、洛杉磯和舊金山這些最大城市。

So bringing those on this year will continue to drive it and continuing to have an accelerated product release cadence on our app so we can really build the home to gate experience, not to mention partnerships. So we see a lot of opportunity to continue to drive the customer experience both on our own and with partners against, I would say, a reasonable travel backdrop. So we're all watching oil. But thus far, if you look at the other travel companies, demand has remained strong.

因此今年把這些城市納入將持續帶動成長；並且在我們的 App 上維持加速的產品發布節奏，讓我們能真正打造從「家到登機口」（home to gate）的體驗，更不用說合作夥伴關係。所以我們看到很多機會，無論是靠我們自己或與合作夥伴一起，在我會稱之為合理的旅遊背景下，持續推動客戶體驗。所以我們都在關注油價。但截至目前，如果你看其他旅遊公司，需求仍然強勁。

And Cory, to your question around sustainability of growth, I think that's reflected in our Q2 outlook, which implies 27% year-on-year growth at the midpoint and continues to accelerate relative to where we were entering the year. I also think it's important to emphasize that the strong underlying demands in our business are not masked by what was really kind of a 3-week benefit from the shutdown.

Cory，針對你關於成長可持續性的問題，我認為這已反映在我們對第二季的展望中；以中位數來看，意味著年增 27%，而且相較於我們年初進入今年時的狀況，成長仍在加速。我也認為需要強調的是，我們業務強勁的基本面需求，並沒有被那種其實大概只有 3 週、因停工而帶來的短期利多所掩蓋。

Our NPS scores have been consistently at a multiyear high, and I think is representative of the work and the investments that we've made over the past few years as travel has gotten harder and become more challenging for consumers. And so overall, I think we continue to enhance our value proposition. And by the way, we think we still have a lot more to do there.

我們的 NPS 分數一直維持在多年來的高點，我認為這代表了過去幾年我們所做的工作與投入；因為旅行對消費者而言變得更困難、也更具挑戰。因此整體而言，我認為我們持續在強化我們的價值主張。順帶一提，我們認為在這方面仍有很多事情要做。

We are continuing to roll out our eGates across the network. We are very early in driving brand awareness for Concierge as just a few examples.

我們正持續在整個網路中推廣我們的 eGates。以 Concierge 為例，我們在推動品牌認知方面仍處於非常早期的階段。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

Maybe just one big picture question, just tying into some of the comments you've made so far, Caryn. Just in terms of when you get this type of signal from the end market in terms of product adoption, is there any reordering of priorities, things that you maybe would have had on your long-term strategic or investment road map that make you want to pull those more forward? So just understanding a little bit about reordering of priorities, if any, and what implications that might mean for emphasis on growth relative to incremental margins in the business, not just in 2026, but maybe over the medium term?

也許就問一個宏觀層面的問題，Caryn，結合你目前為止的一些評論。就終端市場在產品採用方面釋放出這類訊號而言，是否會重新排序優先順序？也就是說，有沒有一些原本放在長期策略或投資路線圖上的事項，會讓你想把它們更提前？所以想更了解一下是否有任何優先順序的調整，以及這對於業務在成長與增量利潤率之間的側重可能意味著什麼影響——不僅是 2026 年，也可能是在中期。

Yes. Great question. So I would say the free cash flow that you saw and that we projected for the year is inclusive of accelerating investments in product, engineering, brand, marketing and security. And so we are making those investments, and those are in the numbers that we've shared today. So absolutely, we've seen the signals.

是的。好問題。我會說，你看到的、以及我們對全年所預測的自由現金流，已包含加速在產品、工程、品牌、行銷與資安方面的投資。因此我們正在進行這些投資，而這些也都已反映在我們今天分享的數字裡。所以絕對是的，我們已經看到了這些訊號。

We are accelerating our investment in product, in marketing, in brand awareness, right? It's very important that CLEAR is known as the trusted secure identity platform that can solve your problems for your workforce and for your consumers that we can make experiences safer and easier physically and digitally, right? And so we need to be known for that. We are telling people about that. You will see more of that.

我們正在加速對產品、行銷與品牌認知的投資，對吧？非常重要的是，CLEAR 必須被認知為值得信賴的安全身分平台，能為你的員工與消費者解決問題；我們能在實體與數位層面讓體驗更安全、更容易，對吧？因此我們需要以此被市場認識。我們正在把這些訊息告訴大家。你們會看到更多這方面的動作。

I talk a lot about product release cadence. I think becoming more AI native. The expectation is that we are releasing more products for both CLEAR1 and CLEAR Travel with higher velocity and better releases in terms of quality and customer launches. We are investing in sales. We're investing in customer success.

我經常談到產品發布節奏。我認為要變得更 AI 原生。我們的預期是，針對 CLEAR1 與 CLEAR Travel，我們會以更高速度推出更多產品，並在品質與客戶上線（launch）方面帶來更好的發布。我們正在投資銷售。我們也在投資客戶成功（Customer Success）。

And so -- but again, all of that is inclusive of the numbers that we have put forth. And so we're really excited to be able to lean in on these fronts and still generate very strong free cash flow. And quite frankly, have a very strong balance sheet, which creates optionality for us to continue to invest in different ways.

因此——但再次強調，這一切都已包含在我們提出的數字之中。所以我們非常興奮，能在這些面向加大投入，同時仍能產生非常強勁的自由現金流。而且坦白說，我們也有非常強健的資產負債表，這讓我們在以不同方式持續投資方面擁有更多選擇性。

Mark Kelley, Stifel.

Mark Kelley，Stifel。

Great, thanks for taking my question. This is Brennan on for Mark. I guess, first on CLEAR1, I think last quarter, you guys had called out that the business was doubling year over year, and now it's growing at 5x that rate. So it's a pretty nice acceleration there. You had a handful of announcements over the last quarter, new partners and inclusion on the FedRAMP marketplace. I was wondering if you'd be able to walk us through kind of what the typical ramp process and timing looks like for a new partner add in the CLEAR1 business. Is it just as simple as like kind of flipping on a switch to get CLEAR1 turned on, or is there more of an integration and ramp to get CLEAR1 working across the partner's whole network?

很好，謝謝讓我提問。我是 Brennan，代替 Mark 提問。我想先問 CLEAR1。我記得上季你們提到該業務年增翻倍，而現在成長速度是那個的 5 倍。所以加速相當不錯。你們在上一季也發布了幾項公告，包括新合作夥伴，以及被納入 FedRAMP 市集。我想請你們說明一下，在 CLEAR1 業務中新增一個合作夥伴時，典型的導入爬坡流程與時間大概是什麼樣子。這是否就像把開關打開就能啟用 CLEAR1 那麼簡單？還是需要更多整合與爬坡，才能讓 CLEAR1 在合作夥伴的整個網路中運作？

So, I would say that it depends. We can come back to you with an average day, but it depends if we're going through a partner, at which point our partnerships with people that we've previously announced like an Okta can be very, very fast, being in the Epic identity toolbox, right? Those sorts of things are extremely fast, sometimes as quick as a few days. If it's not with a partner, it can be a little bit longer. And we continue to reduce that launch time as well.

我會說，這取決於情況。我們可以之後再提供一個平均天數，但這取決於是否透過合作夥伴導入；若是如此，我們與先前已宣布的合作夥伴（例如 Okta）的合作可以非常、非常快；例如進入 Epic 的身分工具箱（identity toolbox），對吧？這類情況非常快，有時快到只需要幾天。如果不是透過合作夥伴，可能就會稍微久一些。而我們也持續在縮短這個上線時間。

So it does depend on how they come in. I think one of the important things that we've honed that I'm proud of over the past year is less bespoke customization and more off the shelf. And I think that's been really important from a discipline perspective as well as an acceleration. We understand what our partners want and need. We've built it.

所以確實取決於他們是如何進來的。我認為過去一年我們打磨出來、也讓我很自豪的一點，是更少的客製化（bespoke customization），更多的現成方案（off the shelf）。我認為這不僅在紀律面很重要，也有助於加速。我們了解合作夥伴想要與需要什麼。我們已把它做出來了。

We've learned from the launches that we've had so that we can not just launch faster, but sign faster, right? And I think that all of those things are accelerating, and we're measuring them closely and trying to do better every single day. But the lack of customization has been really important for the business. I think the other piece, and this goes back to an earlier question, is CLEAR has raised the bar on identity. And having total identity integrity, not just a picture of a driver's license is massively important.

我們從既有的上線案例中學到經驗，因此不只是能更快上線，也能更快簽約，對吧？我認為這些事情都在加速，我們也密切衡量並努力每天都做得更好。但減少客製化對這項業務非常重要。我認為另一個重點——這也呼應先前的一個問題——是 CLEAR 已把身分驗證的標準提高了。擁有完整的身分完整性（total identity integrity），而不只是駕照照片，極其重要。

And so partners want to work with us. They want to get this on. They want to improve their customer experience. They want to reduce fraud. And so again, when you have a coalition of the willing, things go faster.

因此合作夥伴想與我們合作。他們想把這套系統啟用。他們想改善客戶體驗。他們想降低詐欺。所以再一次，當你有一個願意推動的聯盟（coalition of the willing）時，事情就會更快。

Great. And a quick follow-up, you guys called out the World Cup as a travel-heavy event this year. I was wondering if any of these kind of big events where a lot of people are booking travel have any impact on your marketing strategy or cadence. Are you kind of looking to reach people at the time of booking or maybe closer to the time of travel? Just wondering if you could touch on that.

很好。再追問一個，你們提到今年世界盃是一個旅行量很大的活動。我想知道，這類很多人會預訂旅行的大型活動，是否會對你們的行銷策略或節奏產生任何影響。你們是會在大家訂票時去觸達，還是更接近出行時間時再觸達？想請你們談談這點。

So something that's been quite magical for us to communicate is the calendar sync, right? So now that we know when somebody is traveling, and we would encourage everybody to sync their calendars with the CLEAR app, we can better serve potential customers and talk to them for things like Concierge. I think there's two things that we think will benefit from the World Cup. One is international. So I know we've talked previously, 42 Visa waiver countries can enroll in CLEAR with their passport.

對我們而言，一個相當「神奇」且很容易用來溝通的功能是行事曆同步，對吧？所以現在我們知道某人何時在旅行，而且我們也會鼓勵大家把行事曆與 CLEAR App 同步，我們就能更好地服務潛在客戶，並就像 Concierge 這類服務與他們溝通。我認為我們覺得世界盃會帶來兩個受益點。第一個是國際旅客。所以我知道我們之前談過，42 個免簽國家的旅客可以用護照註冊 CLEAR。

They don't even have to be in person at the airport. Those international travelers have no other options in US airports for an improved customer experience. So that's important, but also being able to -- and we're also, again, improving products and awareness for calendar sync, but also beyond to let people know when we're launching Concierge in their market and to talk to them ahead of their travel or after they've gone through the lane, right? We know where you're going.

他們甚至不需要親自到機場。這些國際旅客在美國機場沒有其他選項可以獲得更好的客戶體驗。所以這很重要；同時我們也能——而且我們也再次在改善產品並提升對行事曆同步的認知，並且更進一步讓大家知道我們何時在他們的市場推出 Concierge，並在他們出行前或通過通道之後與他們溝通，對吧？我們知道你要去哪裡。

So we could certainly talk to you through e-mail and other ways of communication. So we're starting to take advantage of all of those. But the app really is the great unlock to communicate seamlessly with travelers about whether it be update your credit card, update your driver's license, you're not REAL ID ready, do you want a Concierge, you can add family members, the ability to personalize and customize and communicate with people in ways that they want to be communicated with. We were way too constrained to e-mail for far too long.

所以我們當然可以透過電子郵件以及其他溝通方式與你聯繫。因此我們開始善用所有這些方式。但 App 真正是讓我們能與旅客無縫溝通的關鍵解鎖：不論是更新你的信用卡、更新你的駕照、你尚未符合 REAL ID 規範、你是否想要 Concierge、你可以新增家庭成員——能以使用者希望被溝通的方式來個人化、客製化並與人互動。我們過去太長時間都被電子郵件限制住了。

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey Advisory Group。

Congratulations on the terrific results. As you think about your network outside of travel, like Medicare, any updates on that and what you're seeing in the progress there? And then you speak about marketing, how do you think about marketing spend going forward? And also just overall on pricing and any new demographics that you're getting coming into the network?

恭喜你們交出非常出色的成果。當你們思考旅行以外的網路布局，例如 Medicare（聯邦醫療保險），那邊有沒有任何更新，以及你們看到的進展如何？另外你們提到行銷，你們如何看待未來的行銷支出？還有整體而言，關於定價，以及是否有任何新的族群正在加入你們的網路？

Okay. Dana, that's not one question. That's like five. So we'll start with CMS. CMS was originally part of reducing fraud in Medicare. But I think what you're seeing in CMS is the focus there is extending, as I talked about, to other areas. Social Security and Medicare are closely connected. But you look at the rural health dollars, I think the administration has budgeted $50 billion for rural health. That's Medicaid. So taking that same concept of what we can do for Medicare to Medicaid and other places in the government.

好。Dana，那不是一個問題。那大概是五個。所以我們先從 CMS 談起。CMS 最初是為了降低 Medicare 的詐欺。但我想你在 CMS 看到的是，重點正如我提到的，正在延伸到其他領域。社會安全（Social Security）與 Medicare 緊密相連。但你再看農村醫療資金，我認為本屆政府已編列 500 億美元用於農村醫療。那是 Medicaid（聯邦醫療補助）。因此把我們能為 Medicare 做的同樣概念，延伸到 Medicaid 以及政府的其他領域。

Now, there's an executive order to reduce fraud. So I do think it's gone from CMS to other agencies. And that is why you've heard us talk this morning about GovTech, right? CMS is health care, but GovTech is a broader opportunity for CLEAR. And obviously, it's where we started in partnership with the Department of Homeland Security.

現在，有一項行政命令要降低詐欺。所以我確實認為它已從 CMS 擴展到其他機構。這也是為什麼你今天早上聽到我們談 GovTech，對吧？CMS 是醫療保健，但 GovTech 對 CLEAR 來說是更廣泛的機會。而且很明顯地，這也是我們最初與國土安全部合作起步的地方。

So we feel acutely capable of this opportunity to be really good partners and continue to build public-private partnership with the administration. In terms of demographics, I think you bring up a really interesting point, and I think this ties a little bit to the marketing spend that we talked about before Jen talks about like net member growth and performance and digital marketing. I think one of the learnings is we need to be talking to Medicare patients who may not be travelers, right? And so letting them know who we are and what we do. And even if you do know us, you think, oh, well, that's a subscription in the airport that I need to buy.

因此我們非常有能力把握這個機會，成為非常好的合作夥伴，並持續與政府建立公私協力關係。至於人口結構（demographics），我覺得你提出了一個很有意思的點；而且我認為這也與我們先前談到的行銷支出有些關聯，等 Jen 談到例如淨會員成長、表現與數位行銷時也會提到。我認為其中一個學習是：我們需要與可能不是旅客的 Medicare 受益人溝通，對吧？讓他們知道我們是誰、我們做什麼。即使你知道我們，你可能會想：喔，那是我在機場需要買的訂閱服務。

But in fact, it's free for you. It's a simple enrollment and CLEAR is a trusted brand that will protect your privacy and secure your data. And so that's a new messaging opportunity for us that we are investing in is really important for us. And that does expand our demographics, right? And so you are seeing demographic expansion through CLEAR1 with partners like CMS.

但事實上，對你而言是免費的。註冊很簡單，而且 CLEAR 是一個值得信賴的品牌，會保護你的隱私並確保你的資料安全。因此，這是一個我們正在投入的新訊息傳達機會，對我們非常重要。而這也確實擴大了我們的族群覆蓋，對吧？所以你會看到，透過像 CMS 這樣的合作夥伴，CLEAR1 正在帶來人口結構的擴張。

But with partners like Home Depot, typically, and we've talked about this, typically, when we launch a new partner in CLEAR1, we might have 25% overlap with a CLEAR Traveler and then it builds over time. And that really is the power of the network. So our network is growing, our use cases are growing and our demographics are expanding.

但像 Home Depot 這樣的合作夥伴，通常——而且我們也談過——通常當我們在 CLEAR1 推出一個新合作夥伴時，可能會有 25% 與 CLEAR Traveler 重疊，然後隨時間推移而增加。而這正是網路的力量。所以我們的網路在成長、使用情境在成長、我們的族群也在擴張。

And, Dana, I think you had a market -- just a broader marketing point. Caryn alluded to this, but that is an area that we intend to lean in given the momentum. And we expect to pursue a brand marketing campaign to really emphasize I think, CLEAR's umbrella position as the leading secure identity company across our CLEAR Travel and our CLEAR1 portfolios. So we do expect marketing to increase modestly. But obviously, we will do that in a disciplined manner in the way we've always done and while we continue to expand overall margins simultaneously.

而且，Dana，我想你還有一個——更廣泛的行銷觀點。Caryn 提到過這點，但鑑於目前的動能，這是我們打算加大投入的領域。我們預期會推動一個品牌行銷活動，強調我認為 CLEAR 作為領先的安全身分識別公司，在 CLEAR Travel 與 CLEAR1 兩大產品組合之上的「傘狀」定位。所以我們確實預期行銷支出會小幅增加。但很明顯，我們會一如既往以紀律性的方式執行，同時也會持續擴大全體利潤率。

I think the other question you had was around pricing. I would start by saying, I think our first focus is always around delivering value for our members, which starts with member experience, and we've made a lot of progress there. And when we do that, we believe the opportunity to adjust pricing comes alongside that. You've heard us say in the past that we anticipate taking a more measured approach to price increases, which would be consistent with our pricing actions in 2025. And I think our philosophy there remains consistent.

我想你另一個問題是關於定價。我會先說，我認為我們的首要重點永遠是為會員提供價值，而這從會員體驗開始；我們在這方面已取得很大進展。而當我們做到這點時，我們相信調整價格的機會會隨之而來。你們過去也聽我們說過，我們預期會以更審慎、循序的方式進行漲價，這將與我們在 2025 年的定價行動一致。我想我們在這方面的理念仍然一致。

Yes, the one other thing that I would just add on the marketing side is that there's certainly the dollars that we invest, but then it's also how we think about how we market to our customers through the whole customer journey. And when we think about the experience that we're providing in the airport, which we think both drives the marketing that we have there as well as the experience that drives retention. And then we think about how we can use performance marketing in a very efficient way to reach our members. And increasingly, with the broader network, we have more people who we can reach through that. And so it's both what we invest directly, but then it's also how we use performance marketing and our experience to drive that for both new members and retention.

是的，另外我想在行銷面再補充一點：當然有我們投入的預算金額，但同時也包括我們如何思考在整個客戶旅程中向客戶行銷。當我們思考在機場提供的體驗時，我們認為這既能帶動我們在現場的行銷效果，也能透過體驗提升留存。接著我們會思考如何以非常高效率的方式運用成效型行銷（performance marketing）來觸達會員。而且隨著網路更廣，我們能透過這種方式觸達的人也更多。因此，這不僅是我們直接投入多少，也包括我們如何運用成效型行銷與體驗，來同時推動新會員成長與留存。

Wyatt Swanson, D.A. Davidson.

Wyatt Swanson，D.A. Davidson。

Could you maybe detail how you think continued strong top-line growth like this is sustainable beyond the second quarter and into the second half of 2026 and 2027? And maybe talk to how average revenue per CLEAR+ member may change over the coming quarters given some changes that you've made with different partners?

您能否更詳細說明，您認為像這樣持續強勁的營收（top-line）成長，如何能在第二季之後、延續到2026年下半年以及2027年仍具可持續性？另外，鑑於您與不同合作夥伴所做的一些調整，未來幾季每位CLEAR+會員的平均收入可能會如何變化？

Yes. Well, I would come back to member experience. We've made a lot of progress, which has been the outcome of, I think, investments again over a multiyear period, and that is starting to show up in our flywheel, if you will, of stronger NPS scores, which drives greater member acquisition and then ultimately, member retention, which started to improve and increase in the back half of last year.

是的。嗯，我會回到會員體驗這一點。我們已取得很大進展，我認為這是多年期投資的成果，而這也開始反映在我們的「飛輪」效應上：更高的NPS分數帶動更多會員獲取，最終帶動會員留存；而留存從去年下半年開始改善並提升。

And so I think again, I would point to Q2 guidance, which is a reflection of our ability to sustain the growth. I think we have confidence in the balance and the back half of the year. And we have broader levers, I think, beyond that, both from a member growth perspective, a pricing perspective and then the momentum in CLEAR1 to sustain our growth in future and outer years.

因此我認為，我會再次指向第二季的指引，這反映了我們維持成長的能力。我認為我們對今年剩餘期間以及下半年有信心。而且我們也有更廣泛的槓桿可用，我認為不僅是會員成長面、也包括定價面，以及CLEAR1的動能，來支撐我們在未來年度與更長期年度的成長。

I think if I can just add to that and with a little bit more granularity, we still only cover 75% of the US from a travel perspective. We think that there's network growth. So think of that as stores. And I think, again, no different than CLEAR1, a solution looking for a problem versus a problem looking for a solution.

我想如果我可以補充一下、並更具體一些，從旅遊覆蓋的角度來看，我們目前仍只覆蓋美國的75%。我們認為網路仍有成長空間。所以可以把它想像成門市據點。而且我認為，再次強調，這與CLEAR1一樣，是「解決方案在找問題」與「問題在找解決方案」之間的差別。

I think what you saw in March was the structural challenges and instability of the travel industry and ecosystem and CLEAR can play a massively important part, and we did. We drove efficiency. We drove throughput. We drove customer experience. And so I think more airports want that in the US and then tangentially outside the US And so there's opportunities for network growth. The better the customer experience, the stronger the retention. I will say that we've built a strong data analytics and business intelligence capability that not only goes to the performance marketing that Michael and Jen were talking about before, but also talks about how we serve our current members. And so there are so many opportunities, not to mention products.

我認為您在3月看到的是旅遊產業與生態系的結構性挑戰與不穩定，而CLEAR可以扮演極其重要的角色——我們也確實做到了。我們提升了效率。我們提升了通行量（throughput）。我們改善了客戶體驗。因此我認為，美國會有更多機場想要這樣的能力，而在美國以外也有相關機會；所以網路擴張存在機會。客戶體驗越好，留存就越強。我也要說，我們已建立強大的資料分析與商業智慧能力，不僅用於Michael和Jen先前提到的績效行銷，也用於我們如何服務現有會員。因此機會非常多，更不用說產品面。

And so you do see ARPU opportunities based on our partnerships, but you also see it importantly based on take rates of new products, whether that be driving the family attach rate because you have a great experience, whether that be Concierge and then PreCheck and more. And so continuing to drive that creates opportunities in the travel business. It's still early days in PreCheck growth. We're really only two years into that program, let alone Concierge when we're at day one. And then on the CLEAR1 business, we're just getting started.

因此，基於我們的合作夥伴關係，您確實會看到ARPU（每用戶平均收入）機會；但更重要的是，您也會看到來自新產品採用率（take rate）的機會——不論是因為體驗很好而提升家庭加購率（family attach rate），或是Concierge，還有PreCheck等更多產品。因此持續推動這些，會在旅遊業務上創造機會。PreCheck的成長仍在早期階段。我們加入該計畫才兩年，更不用說Concierge目前還在第一天的起步階段。至於CLEAR1業務，我們也才剛開始。

And we also think that there's more products in the airport side. Again, I think identity is massively important across the airport ecosystem, not just for travelers, but for workforce. And so this is really about prioritization here, improved products, product release, brand awareness and marketing, and we're investing into that this year, and you already see that in the numbers. They're included in the numbers that we've put forth that will not only continue to fuel this year's growth, but out years growth.

我們也認為在機場端還有更多產品機會。再次強調，我認為身分識別在整個機場生態系中極其重要，不僅對旅客，對機場工作人員也是如此。因此這裡真正關乎的是優先順序：改善產品、產品發布、品牌知名度與行銷；我們今年正在加大投資，而您已經在數字中看到了。這些都已包含在我們提出的數字中，不僅會持續推動今年的成長，也會推動未來年度的成長。

Got it. That's really helpful. And then I guess one quick follow-up, how do you think about your ability to maybe support a broader travel member network, given like the eGate rollout, maybe the ability to just support more travelers without increased wait times and maybe balancing that versus price increases for members?

了解。這非常有幫助。接著我想快速追問一下：考量到eGate的推廣，您如何看待在不增加等候時間的情況下，支援更廣泛的旅遊會員網路的能力？以及在這之間如何與會員的價格上調取得平衡？

Look, I think you're seeing the throughput from eGates. -- we've talked about significantly higher NPS scores from eGates versus non-eGate. We've talked about average wait times of under a minute. We've talked about verification in less than five seconds. That is throughput.

你看，我認為你已經看到eGate帶來的通行量提升——我們談過，eGate相較於非eGate的NPS分數顯著更高。我們談過平均等候時間低於一分鐘。我們談過驗證時間少於五秒。這就是通行量。

You're seeing in some markets, if you live in New York, hopefully, in LaGuardia Terminal C, you'll see a single eGate going into a double eGate. And so, right, continuing to drive that is so important. And so we think that there's a lot of opportunities. And quite frankly, you saw low wait times even in really challenged periods in March. And so I think the efficiencies that this drives, not just for us, but for all travelers and for our partners at TSA is already evident.

你也會在某些市場看到，如果你住在紐約，希望你在拉瓜迪亞機場C航廈會看到，單一eGate正在升級為雙eGate。所以，對，持續推動這點非常重要。因此我們認為機會很多。坦白說，即使在3月那些非常具挑戰的時期，你也看到等候時間仍然很低。因此我認為，這所帶來的效率提升，不僅對我們，對所有旅客以及我們在TSA的合作夥伴而言，都已經很明顯。

Thank you. We have reached the end of our question and answer session. I would now like to hand the call back over to Caryn Seidman-Becker for any closing comments.

謝謝。我們已到達問答環節的結束。我現在想把電話交回給Caryn Seidman-Becker，請她做任何結語。

Thank you for joining our first quarter earnings call. This quarter underscored the importance of being a trusted secure identity platform as the world needs greater security and more frictionless experiences physically and digitally. Thank you.

感謝各位參加我們的第一季財報電話會議。本季凸顯了作為值得信賴的安全身分識別平台的重要性，因為世界需要更高的安全性，以及在實體與數位層面更無摩擦的體驗。謝謝。

Thank you, ladies and gentlemen. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝各位女士先生。今天的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話。祝您今天剩餘時間愉快。