CLEAR Secure, Inc. (YOU) 2026 Q2 法說會逐字稿

Good morning and welcome to Clear's fiscal second quarter 2026 conference call.

早安，歡迎參加 Clear 2026 會計年度第二季財報電話會議。

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

今天與會者包括：創辦人、董事長暨執行長 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 the 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，並可能受到風險與不確定性的影響。可能導致實際結果與上述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，包括今天的新聞稿。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 is provided in today's press release and the most recently filed Form 10-Q. These items can be found in the Investor Relations section of Clear's website.

在本次電話會議中，除非另有說明，所有比較均以 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天的新聞稿以及最近提交的 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 will turn the call over to Caryn.

接下來，我把電話交給 Caryn。

(technical difficulty) -- We founded Clear with a profound conviction that proving you are you securely, privately and instantly would one day sit at the center of how Americans live, work and travel. For a long time, it was a vision. Now it is our reality. Clear is the trusted secure identity company. And after 16 years of building our identity platform, CLEAR Travel and CLEAR1, we have never been stronger or better positioned. It feels like day one around cleared because it is. Today, identity is critical infrastructure. It is security, the foundation of the connected, frictionless digital world being built around us.

(技術問題) -- 我們創立 Clear 時懷抱一個深刻的信念：安全、私密且即時地證明「你就是你」，終有一天會成為美國人生活、工作與旅行方式的核心。很長一段時間，這只是願景。如今，這已成為我們的現實。Clear 是值得信賴的安全身分公司。在打造我們的身分平台、CLEAR Travel 與 CLEAR1 的 16 年之後，我們從未如此強大，也從未如此具備優勢。在 Clear 的世界裡，感覺就像第一天，因為確實如此。今天，身分已是關鍵基礎設施。它就是安全，是我們周遭正在建構之互聯、無摩擦數位世界的基石。

We ended this quarter with almost 44 million total CLEAR Members, driving bookings of $296 million and free cash flow of $189 million. We delivered 33% bookings growth and free cash flow is up 60% year over year. This quarter's results reflect years of disciplined execution, building the technology, expanding the network and earning the trust of tens of millions of members and partners. We are growing rapidly, generating significant cash and investing aggressively in the products and experiences that will define the next era of secure identity and frictionless experiences.

本季結束時，我們的 CLEAR 會員總數接近 4,400 萬，帶動預訂額（bookings）達 2.96 億美元，自由現金流達 1.89 億美元。我們實現了 33% 的預訂額成長，自由現金流年增 60%。本季成果反映了多年來有紀律的執行：打造技術、擴展網路，並贏得數千萬會員與合作夥伴的信任。我們正快速成長、產生可觀現金，並積極投資於將定義下一個安全身分與無摩擦體驗時代的產品與體驗。

This is the five-year anniversary of our IPO, and at that time, we targeted 35% adjusted EBITDA margins. For the first time this quarter, we surpassed that goal with a 36.4% adjusted EBITDA margin, reflecting the investments we made for the future and the power of our growth and our business model. I had high expectations five years ago for what it meant to be the trusted secure identity company from Homeland Security to cybersecurity. But the opportunities far surpassed what I imagined from transforming the travel experience to fighting fraud and agentic identity. Today, we'll talk about these opportunities and how we're executing in both CLEAR Travel and CLEAR1.

今年是我們 IPO 的五週年；當時我們設定的目標是 35% 的調整後 EBITDA 利潤率。本季我們首次超越該目標，調整後 EBITDA 利潤率達 36.4%，反映了我們為未來所做的投資，以及我們成長動能與商業模式的力量。五年前，我對「成為值得信賴的安全身分公司」有很高的期待，涵蓋從國土安全到資安領域。但機會遠遠超出我的想像——從改造旅行體驗，到打擊詐欺與代理式身分（agentic identity）。今天，我們將談論這些機會，以及我們如何在 CLEAR Travel 與 CLEAR1 兩大業務中落實執行。

In travel, it's about Home-to-Gate. The travel economy continues to boom and travelers expect the same seamless personalized experiences at the airport that they have everywhere else in their lives and Clear delivers it. We have always said we're obsessed with the member experience and this quarter that helped deliver our highest customer experience scores due to our robust product suite enabling the much sought after frictionless and predictable travel day. The mobile app unifies the travel journey with calendar sync, personalized travel guidance, airport wayfinding and live updates, travelers know exactly when to leave and where to go, regardless of the airport or terminal.

在旅行領域，重點在於「從家到登機口」（Home-to-Gate）。旅遊經濟持續蓬勃，旅客期待在機場也能享有與日常生活其他場景同樣無縫、個人化的體驗，而 Clear 正在提供這一切。我們一直強調對會員體驗的極致投入，而本季這一點幫助我們創下最高的客戶體驗評分，因為我們強大的產品組合讓旅客得以實現備受追求的無摩擦、可預期的旅行日體驗。行動 App 將旅程整合為一體，透過行事曆同步、個人化旅行指引、機場導引與即時更新，旅客無論身處哪個機場或航廈，都能清楚知道何時出發、該往哪裡走。

Our mobile business is growing rapidly and is averaging 1 million monthly users. Users are engaging with the app, whether it be Home-to-Gate, Concierge or the identity vault. We see significant opportunities to simplify the rest of the journey from your bag to concessions. In fact, we've launched our first concessions partnership at Newark and we're building in that momentum with a new pilot with Starbucks beginning at LaGuardia. Members can order coffee in advance and have it waiting at exactly the right spot as they head to their gate.

我們的行動業務快速成長，平均每月使用者達 100 萬。使用者會在 App 中互動，不論是 Home-to-Gate、Concierge，或是身分保險庫（identity vault）。我們看到龐大機會可簡化旅程的其餘環節，從行李到餐飲購買。事實上，我們已在紐華克機場推出首個餐飲合作夥伴關係，並乘勢推進，於拉瓜迪亞機場與 Starbucks 展開新的試點計畫。會員可提前點咖啡，並在前往登機口途中於正確地點準時取用。

eGates now cover more than 70% of our network and remain magical for CLEAR Members. There used to be a saying in travel, if you've seen one airport, let alone one terminal. With Clear, if you've experienced one eGate what to expect at every eGate, a seamless verification in under five seconds. This is the modern travel experience, driving retention, gross adds, and conversion and winning back customers who have not yet experienced the Clear we have built today.

eGates 現已覆蓋我們網路的 70% 以上，對 CLEAR 會員而言依然令人驚豔。過去旅遊圈有句話說：如果你看過一座機場，更別說一個航廈……但有了 Clear，只要你體驗過一個 eGate，就知道每個 eGate 會是什麼樣子——五秒內完成無縫驗證。這就是現代旅行體驗，推動留存、總新增（gross adds）與轉換，並贏回那些尚未體驗我們今日所打造之 Clear 的客戶。

The identity layer matters more today than ever as adversaries now manufacture identity at scale with AI making deepfakes and synthetic identities cheap and convincing. Yesterday's defenses are no match for today's threats. Getting identity right is the foundation of a secure enterprise and CLEAR1 is built for this moment. Clear is raising the bar and this quarter we didn't just elevate industry standards, we levitated them to deliver total identity integrity to our partners and our members.

如今，身分層（identity layer）比以往任何時候都更重要，因為對手正利用 AI 以規模化方式製造身分，使深偽（deepfakes）與合成身分變得便宜且逼真。昨日的防禦無法匹敵今日的威脅。把身分做對，是打造安全企業的基礎，而 CLEAR1 正是為此時刻而生。Clear 正在提高門檻；本季我們不僅提升了產業標準，更是將其「抬升」到新的高度，為合作夥伴與會員提供全面的身分完整性（total identity integrity）。

We launched Clear's identity framework with three proprietary products built for today's world: [Vertex, Apex and Helix]. Vertex establishes a stronger foundation of identity for our partners, moving beyond the industry standard of document-only verification. Apex builds on that foundation with a multi-layer validation for higher risk use cases such as Medicare. Helix represents our highest level of identity confidence, rooted in witness verification and designed for the most sensitive high-stakes environments. We hold ourselves to the highest standards because strengthening security, fighting fraud, and protecting privacy demands nothing else in a world where identity is security.

我們推出 Clear 的身分框架，包含三項為當今世界打造的專有產品：[Vertex、Apex 與 Helix]。Vertex 為合作夥伴建立更強的身分基礎，超越僅以文件驗證為主的產業標準。Apex 在此基礎上，針對如 Medicare 等較高風險的使用情境，提供多層驗證。Helix 代表我們最高等級的身分信心，根植於見證人驗證（witness verification），並為最敏感、最高風險的環境而設計。我們以最高標準要求自己，因為在一個「身分即安全」的世界裡，強化安全、打擊詐欺與保護隱私，別無選擇。

We are building a GovTech vertical as the fraud we are fighting at CMS is endemic through other federal agencies. Getting true identity right is crucial to protect program integrity and fight fraud, waste, and abuse in our country. We have been working in government technology and federal partnerships for a long time, as reflected in our work with the Department of Homeland Security. The administration's executive order to fight fraud makes the mandate clear, strengthen eligibility verification, put controls in place before taxpayer dollars go out the door and stop fraud before it happens.

我們正在建立一個 GovTech 垂直領域，因為我們在 CMS 所對抗的詐欺問題，也以地方性流行（endemic）的形式存在於其他聯邦機構。把真實身分做對，對於保護計畫完整性以及打擊我國的詐欺、浪費與濫用至關重要。我們長期深耕政府科技與聯邦合作夥伴關係，這也反映在我們與國土安全部（Department of Homeland Security）的合作成果上。本屆政府為打擊詐欺所發布的行政命令，清楚傳達了要求：強化資格驗證，在納稅人資金支出前先建立控管，並在詐欺發生前就加以阻止。

This administration prioritizes fighting fraud while enhancing experiences. We see that commitment in the executive order and initiatives like Trump Accounts, which is a customer-centric and modern digital experience. We are well positioned and working with leaders across agencies to deliver secure and customer-centric experiences.

本屆政府在提升體驗的同時，也將打擊詐欺列為優先事項。我們從該行政命令以及如 Trump Accounts 等倡議中看見這份承諾；這是一種以客戶為中心、現代化的數位體驗。我們具備良好定位，並正與各機構領導者合作，提供安全且以客戶為中心的體驗。

Identity is security. Security is now everything, and Clear is the company built to deliver it. We are moving with urgency to create seamless, secure experiences for our members and all Americans.

身分即安全。如今安全就是一切，而 Clear 正是為提供這一點而打造的公司。我們正以緊迫感推進，為我們的會員以及所有美國人打造無縫且安全的體驗。

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

接下來，我把時間交給 Jen。

Thank you, Caryn.

謝謝你，Caryn。

Since our IPO five years ago, we have built Clear into the leading secure identity platform. Over that time, our CLEAR Travel network expanded from 38 to 62 airports and our member base grew nearly 3.5 times from approximately 2.4 million to 8.3 million active CLEAR+ members, while we only increased the standard price of our membership by an average of 4% on an annualized basis. We accomplished this while investing prudently in our business and growing annual free cash flow from just slightly above breakeven to approaching $0.5 billion today.

自五年前 IPO 以來，我們已將 Clear 打造成領先的安全身分平台。在此期間，我們的 CLEAR Travel 網路從 38 座擴展至 62 座機場，會員基礎也從約 240 萬名成長近 3.5 倍至 830 萬名活躍 CLEAR+ 會員；同時，我們僅以年化平均 4% 的幅度上調會員標準價格。我們在審慎投資業務的同時達成上述成果，並將年度自由現金流從略高於損益兩平提升至如今接近 5 億美元。

Within CLEAR Travel, we are continuing to expand our network, grow members and ARPU by delivering a compelling customer experience through product and services innovation and ultimately driving strong member retention. On top of this, the investments we have made in our identity platform position us as a leader in security and identity infrastructure with CLEAR1 scaling rapidly and further strengthening our growth profile.

在 CLEAR Travel 方面，我們持續擴大網路、成長會員與 ARPU，透過產品與服務創新提供具吸引力的客戶體驗，最終帶動強勁的會員留存。此外，我們在身分平台上的投資使我們在安全與身分基礎設施領域居於領先地位，CLEAR1 正快速擴張，並進一步強化我們的成長輪廓。

Our second quarter results showcased the demand for our differentiated industry-leading secure identity offerings with compelling top-line growth, meaningful margin expansion and strong free cash flow generation. We delivered 33% bookings growth, 36% adjusted EBITDA margins and $189 million of free cash flow, up 60% year-over-year. Notably, our adjusted EBITDA margin exceeded 35% target set at the time of our IPO and our quarterly free cash flow reached a record high.

我們第二季的成果展現了市場對我們差異化、業界領先的安全身分產品的需求，帶來亮眼的營收成長、顯著的利潤率擴張以及強勁的自由現金流產生。我們實現了 33% 的預訂（bookings）成長、36% 的調整後 EBITDA 利潤率，以及 1.89 億美元的自由現金流，年增 60%。值得注意的是，我們的調整後 EBITDA 利潤率超過了 IPO 時設定的 35% 目標，而季度自由現金流也創下歷史新高。

Our Home-to-Gate strategy enabled another quarter of strong growth. Revenue grew 26.6% year-over-year to $277.8 million and total bookings increased 32.8% to $295.9 million. We continue to meaningfully improve our member experience through eGates, our relaunched mobile app and our expanding Concierge offering, which is reflected in record NPS scores, strong member retention and active CLEAR+ member growth of 15.2% to 8.3 million. This momentum is carrying through into Q3.

我們的 Home-to-Gate 策略帶動本季再度實現強勁成長。營收年增 26.6% 至 2.778 億美元，總預訂（bookings）年增 32.8% 至 2.959 億美元。我們持續透過 eGates、重新上線的行動 App，以及不斷擴大的 Concierge 服務，顯著提升會員體驗；這反映在創新高的 NPS 分數、強勁的會員留存，以及活躍 CLEAR+ 會員年增 15.2% 至 830 萬。這股動能延續至第三季。

We expanded our network with Indianapolis and Bentonville representing the two newest CLEAR+ airports and Concierge expanding to seven additional locations, now available in 39 airports. Concierge remains in its early innings with an opportunity to grow through footprint expansion, member awareness and adoption.

我們擴展了網路，印第安納波利斯（Indianapolis）與本頓維爾（Bentonville）成為最新加入的兩座 CLEAR+ 機場；同時 Concierge 也新增七個據點，目前已在 39 座機場提供服務。Concierge 仍處於早期階段，未來可透過據點擴張、提升會員認知與採用率來推動成長。

ARPU is growing and effective July 1, we increased standard pricing by $10 from $209 to $219 with corresponding changes across many airline pricing tiers. Family member pricing remained unchanged at $125. Our early retention rates have remained healthy following these price increases and we believe we have a range of additional pricing opportunities that could meaningfully contribute to the long-term growth of our business.

ARPU 持續成長，自 7 月 1 日起，我們將標準價格上調 10 美元，從 209 美元調整至 219 美元，並同步調整多個航空公司分級定價方案。家庭會員價格維持不變，仍為 125 美元。在這些漲價後，我們早期的留存率仍維持健康；我們相信仍有一系列額外的定價機會，可在長期內對公司成長做出顯著貢獻。

CLEAR1 momentum continued to build. The growing demand for our B2B offerings drove 30% year-over-year growth in total CLEAR Members, reaching 43.5 million in the second quarter. We are seeing strength across every stage of the CLEAR1 lifecycle, from pipeline generation and new partner signings to expansion within our existing customer base and net revenue retention. Our pipeline reflects channel partnerships and expanding opportunity within government and growth in our healthcare workforce and consumer verticals.

CLEAR1 的動能持續增強。對我們 B2B 產品的需求成長，帶動 CLEAR 會員總數年增 30%，第二季達到 4,350 萬。我們在 CLEAR1 生命週期的每個階段都看到強勁表現，從管線生成、新合作夥伴簽約，到在既有客戶群中的擴張與淨營收留存率。我們的管線反映了通路合作夥伴關係、政府領域的機會擴大，以及在醫療照護人力與消費者垂直領域的成長。

This quarter, we signed a significant number of new partners with average deal size continuing to increase. Our focus on customer success is expanding relationships with existing partners through additional use cases, which is driving strong net revenue retention. These trends support our meaningful bookings growth and reinforce the large and significant long-term opportunity for CLEAR1.

本季我們簽下了相當數量的新合作夥伴，平均交易規模持續提升。我們對客戶成功的聚焦，正透過更多使用情境擴大與既有合作夥伴的關係，進而帶動強勁的淨營收留存率。這些趨勢支撐我們顯著的預訂（bookings）成長，並再次印證 CLEAR1 具備龐大且重要的長期機會。

We have maintained strong operational and cost discipline, and in the second quarter, we delivered approximately 70% adjusted EBITDA flow-through and meaningfully expanded free cash flow year-over-year. We generated $83 million of operating income and $101.1 million of adjusted EBITDA, representing a 36.4% adjusted EBITDA margin and approximately 900 basis points of margin expansion year over year.

我們維持強勁的營運與成本紀律；第二季我們實現約 70% 的調整後 EBITDA 流入率（flow-through），並使自由現金流年比大幅擴張。我們產生 8,300 萬美元的營業利益與 1.011 億美元的調整後 EBITDA，調整後 EBITDA 利潤率為 36.4%，年比利潤率擴張約 900 個基點。

Labor has been a meaningful lever in our profitability story. eGates have driven significant labor efficiency with Q2 direct salaries and benefits representing 17.3% of revenue, an improvement of approximately 450 basis points year over year, while also strengthening security and the member experience. That efficiency has turned what was once a pure cost center into a driver of top-line growth, enabling us to redeploy our ambassadors from lane operations toward hospitality and sales-generating initiatives such as Concierge.

人力一直是我們獲利故事中的重要槓桿。eGates 帶來顯著的人力效率提升，第二季直接薪資與福利占營收比重為 17.3%，年比改善約 450 個基點，同時也強化了安全性與會員體驗。這項效率讓原本純粹的成本中心轉變為推動營收成長的動力，使我們能將現場大使從通道作業重新部署至接待與創造銷售的計畫，例如 Concierge。

For the full year, we continue to expect meaningful year-over-year adjusted EBITDA margin expansion, reflecting the leverage in our business model coupled with our team's operating discipline. Q2 net cash provided by operating activities was $201.2 million and free cash flow was $189 million, representing 60.3% year-over-year growth. As a reminder and consistent with prior years, we will settle the accrued partnership liability with our credit card partner in the third quarter, resulting in negative Q3 free cash flow. This payout is reflected in our full-year free cash flow guidance. We ended the quarter with $959 million and over $7 per share of cash and marketable securities on our balance sheet.

就全年而言，我們仍預期調整後 EBITDA 利潤率將有顯著的年比擴張，反映我們商業模式的營運槓桿以及團隊的營運紀律。第二季營運活動提供的淨現金為 2.012 億美元，自由現金流為 1.89 億美元，年增 60.3%。提醒一下，且與往年一致，我們將於第三季與信用卡合作夥伴結清已提列的合作夥伴負債，這將導致第三季自由現金流為負。此筆支付已反映在我們全年自由現金流指引中。本季末，我們資產負債表上的現金與有價證券為 9.59 億美元，折合每股超過 7 美元。

Quarter-to-date in Q3, we have repurchased approximately $22 million of shares at an average price of $52.73. Our liquidity position provides a strategic flexibility while simultaneously allowing us to invest behind the strong demand and operating fundamentals of our business.

第三季截至目前，我們已以平均每股 52.73 美元的價格回購約 2,200 萬美元的股票。我們的流動性部位提供策略彈性，同時也讓我們能在強勁需求與穩健營運基本面之下持續加大投資。

Turning to guidance, for Q3, we expect revenue of $284 million to $287 million and total bookings of $311 million to $316 million, representing 24.6% and 20.5% year-over-year growth at the midpoint respectively. We are also increasing our 2026 full year free cash flow guidance from at least $465 million to at least $480 million, which would represent an increase of at least 40% year-over-year.

接著談指引：第三季我們預期營收為 2.84 億至 2.87 億美元，總預訂（bookings）為 3.11 億至 3.16 億美元；以中位數計，分別代表年增 24.6% 與 20.5%。我們也將 2026 全年自由現金流指引從至少 4.65 億美元上調至至少 4.80 億美元，這將代表至少 40% 的年比成長。

We will now open the call for Q&A.

我們現在開放問答。

(Operator Instructions)

（接線員指示）

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

Thanks so much for taking the question. I wanted to go a little bit deeper in some of the comments during the prepared remarks about the evolution of the Home-to-Gate strategy and how to think about Concierge membership broadly over the medium- to long-term, both in terms of what you've learned about the scope for adoption as well as the scope for monetization and how that might build in the years ahead. Thanks so much.

非常感謝讓我提問。我想更深入探討一下在事先準備的發言中，關於 Home-to-Gate 策略演進的一些評論，以及在中長期如何更全面地看待 Concierge 會員制——包括你們對採用範圍的學習，以及變現空間的評估，還有未來幾年可能如何逐步建立起來。非常感謝。

Thanks, Eric.

謝謝你，Eric。

Home-to-Gate has always been the vision, right, that we want to help travelers win the day of travel and not just one point. When you look at the travel day and we're all travelers, it's broken up into six different pieces. There's mobility, whether you're reserving a car or a parking spot or drop off. There's wayfinding. There's the line for bag drop. There is the wait for when your bags come off the plane.

Home-to-Gate 一直都是願景，對吧？也就是我們希望幫助旅客在整個出行日都能順利，而不只是某一個單點。當你看整個出行日，而且我們都是旅客，它其實被拆成六個不同的環節。有交通接駁（mobility），不論你是在預訂租車、停車位或下車接送。有導引（wayfinding）。有行李托運排隊。還有等行李從飛機卸下來的時間。

I always find it funny that smart people watch bags go around a carousel for a half hour. There's the security experience and the unpredictability of it, whether it be no line or a half hour line, you sort of have to solve for the worst part of it. And then there's the concessions. I'm a coffee drinker. It's 6 AM. I want my coffee ready. I don't want to wait for another line and then be locked on a plane for a few hours.

我總覺得很好笑，聰明人會看著行李在轉盤上轉了半小時。還有安檢體驗及其不可預測性，可能完全不用排隊，也可能要排半小時，你某種程度上必須以最糟情況來做規劃。然後還有機場餐飲零售（concessions）。我喝咖啡。早上 6 點。我希望咖啡已經準備好。我不想再等另一條隊，然後接著在飛機上被困好幾個小時。

And so the Home-to-Gate experience, which really starts with mobile and the ability to calendar sync gives us much more visibility into a traveler's day than just waiting for them to show up at the clear lane, allows us to unlock all of these experiences and tie them together in a seamless way for members. And so that is really important and that is what we are executing on. And what you see now, and we talked about a million monthly average users, is really just the beginning. We see a higher NPS when you use the mobile app on your day of travel.

因此，Home-to-Gate 的體驗其實是從行動端開始，而行事曆同步的能力，讓我們對旅客的一天有更高的可視性，而不只是等他們出現在 CLEAR 通道；這讓我們能解鎖所有這些體驗，並以無縫方式把它們串起來，提供給會員。所以這非常重要，也是我們正在落地執行的方向。而你現在看到的——我們談到每月平均使用者達到 100 萬——其實只是開始。在出行當天使用行動 App 時，我們看到更高的 NPS。

And from a Concierge perspective, I would say that these are early days, three important points. We're still not in cities like New York and LA, which are really important cities to the network. So we're working really hard to launch all of these cities so that we can have a much more holistic network and meet travelers where they are. In addition to that, I would say early days in marketing and awareness, part of this is partnership and partners making travelers aware of this, hence our announcement with Expedia, and you should see more behind that. Corporate, which is a channel that historically we haven't driven on, right? It's really been B2C. And so the ability to open up those channels with not just single purchases but multi-pack purchases, and then it is driving awareness through our own channels, both digital marketing and with so many millions of members on the platform, that's another way to drive awareness.

從 Concierge 的角度來看，我會說目前仍是早期階段，有三個重點。我們仍未進入像紐約和洛杉磯這些對網路非常重要的城市。所以我們正非常努力地推動這些城市上線，讓我們能有更完整的網路，在旅客所在之處與他們相遇。此外，我也會說在行銷與認知度方面仍是早期階段，其中一部分來自合作與合作夥伴讓旅客知道這件事，因此我們才會與 Expedia 發布合作公告，後續你也會看到更多進展。企業端（Corporate）也是一個我們過去歷來沒有著力推動的通路，對吧？一直以來主要是 B2C。因此，開啟這些通路的能力——不只是單次購買，也包括多套裝（multi-pack）購買——再加上透過我們自有通路提升認知度，包括數位行銷，以及平台上數以百萬計的會員，這也是另一種提升認知度的方法。

And so I think one of the things we think about when spending money on the marketing front is you really want to get a more complete network before you start putting a lot of dollars behind it. So that is the plan for Home-to-Gate and it starts with partners. So you saw us announce concessions, partnerships and pilots and so the mobile app and the driving of it is really the glue that brings it all together. And then the eGates are just magical. And as we talked about, we're still only a little over two-thirds through that rollout. So a lot of growth there yet to come.

因此我認為，我們在行銷端花錢時會思考的一點是：在你投入大量預算之前，你真的希望先建立更完整的網路。所以這就是 Home-to-Gate 的計畫，而它從合作夥伴開始。因此你看到我們宣布了餐飲零售（concessions）的合作與試點，而行動 App 以及對其使用的推動，確實就是把一切串起來的黏著劑。然後 eGates 真的很神奇。而如我們所談到的，我們目前的部署進度也才剛超過三分之二。所以後面還有很多成長空間。

Joshua Reilly, Needham & Co.

Joshua Reilly，Needham & Co.。

Great. Thanks for taking my questions.

很好。謝謝你回答我的問題。

As we attended the Identity Summit in June in New York, it was pretty clear that there's significant momentum in growing corporate budgets for products and platforms like CLEAR1. How do you maintain your first-mover advantage because you clearly have a differentiated platform in the space and manage the go-to-market effectively and further develop use cases for corporate customers there.

我們 6 月在紐約參加 Identity Summit 時，很明顯看到企業預算在像 CLEAR1 這類產品與平台上有顯著的成長動能。你們如何維持先行者優勢？因為你們在這個領域顯然有差異化的平台；同時如何有效管理 go-to-market，並進一步為企業客戶開發更多使用情境（use cases）。

Thanks, Josh, and thanks for coming. It was a really special day and the first of many. It's great to be a convener of hundreds -- I think well over 100 people in the industry came because everybody is seeing identity as critical infrastructure and identity as security. And so to bring people together from both the public and the private sectors to talk about the problem statement and how clear is a great solution, but also just broader industry trends.

謝謝你，Josh，也謝謝你來參加。那天真的非常特別，而且會是眾多活動中的第一場。能夠召集數百人——我想業界來了遠超過 100 人——真的很棒，因為大家都把身分（identity）視為關鍵基礎設施，也把身分視為安全。因此，能把公部門與私部門的人聚在一起，討論問題陳述，以及 CLEAR 如何是一個很好的解決方案，同時也討論更廣泛的產業趨勢。

Look, in terms of market leadership, and I think the identity fund has started to show that, market leadership is about innovation and always raising the bar and the launch of products this quarter reflects that. So Vertex, Apex and Helix really reflects our leadership from the front and raising the bar on industry standards because what people are using today does not fight or really reflect yesterday, does not fight the problems of today and tomorrow with synthetic identities, with deepfakes, with injection attacks.

你看，就市場領導地位而言——我認為 identity fund 已經開始展現這點——市場領導地位來自創新、持續拉高標準，而本季產品的發布也反映了這一點。因此，Vertex、Apex 與 Helix 充分展現我們在前線的領導力，並提高產業標準，因為人們今天使用的東西並不能對抗——或者說其實也反映不了——昨天的情況，更無法對抗今天與明天的問題，例如合成身分（synthetic identities）、深偽（deepfakes）與注入攻擊（injection attacks）。

And so really our products reflecting multi-factor authentication at every level and the higher risk level you go to, the more that we can do. And so whether that be in workforce where we have a lot of very strong relationships and a very well-known brand because with workforce, agentic is multiplying the number of employees and so there is an increasing need to get that foundational employee right, which is what we are known for and who they are and what they should have access to.

因此，我們的產品在各個層級都體現了多因素驗證（multi-factor authentication），而風險層級越高，我們能做的就越多。不論是在 workforce 領域——我們在那裡有很多非常強的關係與非常知名的品牌——因為在 workforce 場景中，agentic 正在倍增員工數量，因此越來越需要把員工這個基礎身分做對：他們是誰、以及他們應該擁有哪些存取權限，這正是我們的強項與我們被認知的地方。

So this critical connection between the human and the agent to authorize the agent to act on our behalf, Clear is in a unique position to provide human assurance to facilitate agentic authorization. We are known for that. We have done that hundreds of millions of times over 16 years and the bigger going back to leadership, the bigger our embedded network of identities is, the more powerful the customer experience is. And so that really feeds on itself.

因此，這個「人」與「代理（agent）」之間的關鍵連結，用來授權代理代表我們行事，CLEAR 在提供人類可信保證（human assurance）以促成 agentic 授權方面，處於獨特的位置。這是我們的強項。16 年來，我們已經做過數億次，而回到領導力這件事：我們嵌入式身分網路（embedded network of identities）越大，客戶體驗就越強大。因此這會形成自我增強的正向循環。

Or what you're seeing in government where, look, we've been partners with the Department of Homeland Security for 16 years. We are qualified anti-terrorism technology. We are FISMA high. We surpass the NIST standards. And so there's a significant opportunity in government, hence really our focus on to fight fraud, waste and abuse across federal and state programs.

或者你在政府端看到的：你看，我們與國土安全部（Department of Homeland Security）合作已經 16 年。我們是合格的反恐技術（qualified anti-terrorism technology）。我們符合 FISMA high。我們超越 NIST 標準。因此政府端存在顯著機會，這也解釋了我們為何聚焦於打擊聯邦與州級計畫中的詐欺、浪費與濫用。

And so I think the more evidence, the more white papers, the more outcomes you have of driving efficiency for our partners, driving an unbelievable customer experience, being able to tie together the physical and the digital and a large embedded network with a trusted brand and a team here that is so partner-centric and solution-centric that all of this just keeps the momentum building at CLEAR1. But the best form of competition is innovation and we are innovating the living daylights out of identity and security.

因此我認為，你擁有的證據越多、白皮書越多、為合作夥伴帶來效率提升的成果越多、能提供令人驚豔的客戶體驗、能把實體與數位串聯起來、再加上一個龐大的嵌入式網路、可信賴的品牌，以及一支以合作夥伴為中心、以解決方案為中心的團隊，這一切都會讓 CLEAR1 的動能持續累積。但最好的競爭形式就是創新，而我們正在把身分與安全的創新推到極致。

Josh, (multiple speakers) we shared some context around the performance of CLEAR1 earlier on the call. We continue to scale the business very nicely and momentum is strong. We increased the number of our net new customer signings in Q2 by over 50% sequentially Q1 into Q2, and we also grew our pipeline by over 50% quarter-on-quarter, so that sets us up quite nicely for CLEAR1 performance in the back half of the year.

Josh，（多位發言者）我們在本次電話會議較早時已分享了一些關於 CLEAR1 表現的背景。我們持續非常順利地擴大業務規模，動能強勁。我們在第二季的淨新增客戶簽約數較第一季到第二季的序列成長超過 50%，同時我們的銷售管線也較上季成長超過 50%，因此為今年下半年 CLEAR1 的表現奠定了相當好的基礎。

And then in terms of the Amex partnership, we're now entering the first quarter of the new agreement. Is there anything we should be considering in terms of the accrual structure for the fiscal year-end of the contract over the next 12 months and any changes to the statement credits or repaying Amex that we should be considering as we model that part of the business going forward?

接著就 Amex 合作夥伴關係而言，我們現在正進入新協議的第一個季度。在未來 12 個月、合約於財年年末的部分，就應計（accrual）結構而言，有沒有任何我們在建模時需要考量的事項？以及在帳單抵扣（statement credits）或償還 Amex 方面，是否有任何變動是我們在往後建模這部分業務時應該納入考量的？

Thank you, guys.

謝謝各位。

Sure. So you saw in our filing, we have about a $315 million accrued partnership liability that will get paid out next quarter in Q3. There are no other implications to this year from a free cash flow perspective, and we can share more at the appropriate time.

當然。如你在我們的申報文件中所見，我們有約 3.15 億美元的已應計合作夥伴負債，將在下一季第三季支付。從自由現金流的角度來看，今年不會有其他影響；我們會在適當的時間分享更多資訊。

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey Advisory Group。

Hi, good morning. Nice to see the progress, everyone. Congratulations on exceeding the adjusted EBITDA margin target of 35%, coming in at 36.4%. How do you think about that going forward?

嗨，早安。很高興看到各位的進展。恭喜調整後 EBITDA 利潤率目標 35% 超標，達到 36.4%。你們如何看待未來的走勢？

And beyond travel, any updates on the other sectors and segments that you've been partnering with as you look forward to the next stage of growth?

另外，除了旅遊之外，當你們展望下一階段成長時，對於你們正在合作的其他產業與細分領域，有沒有任何更新？

Thank you.

謝謝。

Sure. Dana, maybe I'll start and Caryn will take the second question.

好的。Dana，我先回答第一題，第二題由 Caryn 來回答。

But we are not introducing a specific new target today, but we do see, I would say, meaningful upside opportunity to our margin levels relative to where we are today. You have seen us grow top-line quite significantly above the growth of our cost base even as we've been investing in scaling several newer businesses and also making just general important investments into our identity platform.

我們今天不會提出一個新的明確目標，但我們確實看到，相較於目前水準，我們的利潤率仍有我會稱之為「顯著」的上行機會。你已看到，即使我們持續投資以擴大數個較新的業務、並對我們的身分識別平台進行一些整體且重要的投資，我們的營收成長仍明顯高於成本基礎的成長。

I think we've been very intentional about where we can extract leverage, eGates is a great example of that and overall we have made quite a bit of investment across our identity infrastructure inclusive of travel and CLEAR1, but we have a strong business model to support that, both recurring and subscription in nature on the B2C and the B2B side.

我認為我們一直非常有意識地選擇可以取得營運槓桿的地方，eGates 就是一個很好的例子。整體而言，我們已在身分識別基礎設施上投入相當多資源，涵蓋旅遊與 CLEAR1；而我們也有強健的商業模式來支撐這些投入，無論在 B2C 或 B2B 端，都具有經常性與訂閱性質的收入。

And Dana, I'll take the second part because I think that there's opportunities on both the travel side and CLEAR1, right? So again, when you look at CLEAR Travel, a little over 75% network growth. We have network growth opportunities, so I think of that as stores, right? We still only cover 75% of the US, and we are not in other countries yet. I see subscriber growth. I see win-back opportunities, which adds to subscriber growth because I think we can all acknowledge, as I've said, that the customer experience degraded in '23 and '24 and there's many a CLEAR Members who left and we still had good growth through that period, but I see the opportunity to reintroduce Clear, we see the opportunity to reintroduce Clear to those people as a lot of fuel to the fire in CLEAR Travel as we drive this Home-to-Gate experience.

Dana，第二部分我來回答，因為我認為在旅遊端與 CLEAR1 端都有機會，對吧？所以再看 CLEAR Travel，我們的網路覆蓋成長超過 75%。我們仍有網路擴張的機會，我把它想成是「門市」，對吧？我們目前仍只覆蓋美國 75% 的地區，而且尚未進入其他國家。我看到訂閱者成長。我也看到挽回（win-back）機會，這會進一步帶動訂閱者成長；因為我想大家都能認同，正如我所說，2023 與 2024 年的客戶體驗有所下滑，許多 CLEAR 會員因此離開。即便如此，我們在那段期間仍有不錯的成長，但我看到機會把 Clear 重新介紹給那些人，這將成為 CLEAR Travel 的強大助力，推動我們打造這個 Home-to-Gate 的體驗。

And then there's ARPU growth. Because as Jen talked about, we've raised prices 4% on average since we IPOed five years ago. And the customer experience and the network has been transformed since then. And I believe that when you offer consumers compelling value, they will pay for it. We are seeing that. We're really thoughtful about ARPU and making sure that we deliver the customer experience first and foremost. But as you both improve the customer experience, add to the network and add new services, that drives ARPU. So I think there's a lot of levers in that model, but it starts with the customer experience and the network growth and the partners.

此外還有 ARPU 成長。因為如 Jen 所說，自我們五年前 IPO 以來，平均僅調漲 4%。而自那時起，客戶體驗與網路覆蓋已被徹底改造。我相信，當你為消費者提供具吸引力的價值，他們會願意付費。我們正在看到這一點。我們對 ARPU 一直非常審慎，並確保首先且最重要的是交付客戶體驗。但當你同時改善客戶體驗、擴大網路、並新增服務時，就會推動 ARPU。所以我認為這個模型有很多槓桿可以拉動，但起點是客戶體驗、網路成長與合作夥伴。

On CLEAR1, we talked a little bit about workforce and you're continuing to see every day in the newspaper, there's a different call center challenge, there's different breaches, there's different exfiltration of data, workforce and securing the workforce, securing the employees, making sure they are who they say they are from interviewing to onboarding to network access management to agentic is more important today than ever.

至於 CLEAR1，我們稍早談到勞動力（workforce），而你每天在報紙上都會看到不同的客服中心挑戰、不同的資安外洩、不同的資料外流（exfiltration）。勞動力身分驗證與勞動力安全、確保員工從面試到到職（onboarding）、到網路存取管理、到代理式（agentic）流程中都「確實是其所聲稱的那個人」，在今天比以往任何時候都更重要。

In addition to that, when you do right by the workforce, we're seeing cross-sell and upsell opportunities to consumers, and so that's really exciting. In healthcare, there's two pieces to healthcare. Data interoperability is massively important, and we've talked about that before, but you're seeing that be a two-sided market, which is whether it be hospital systems or whether it be pharmacies, right? You want data interoperability or whether it be digital health, you want data interoperability flowing between all of those types and the key to that data interoperability is identity and then you see healthcare and fraud, waste and abuse from a Medicare and a Medicaid opportunity.

除此之外，當你把勞動力這件事做好，我們也看到對消費者端的交叉銷售與加值銷售（upsell）機會，這非常令人振奮。在醫療保健方面，有兩個部分。資料互通性（data interoperability）極其重要，我們之前也談過；而你會看到這是一個雙邊市場，無論是醫院體系或藥局，對吧？你希望資料互通性在所有這些類型之間流動，不論是醫院體系、藥局或數位健康；而實現資料互通性的關鍵就是身分識別（identity）。此外，你也會看到醫療保健領域的詐欺、浪費與濫用（fraud, waste and abuse），這在 Medicare 與 Medicaid 上是一個機會。

So that's a federal, state and local opportunity on the GovTech side. So workforce, healthcare, gov tech, and then obviously there's consumer and online opportunities because fraud is more prevalent than ever. And at the end of the day, fraud is rooted in identity.

因此，在 GovTech 端，這是一個聯邦、州與地方層級的機會。所以是勞動力、醫療保健、GovTech，然後顯然還有消費者與線上機會，因為詐欺比以往任何時候都更普遍。歸根結底，詐欺的根源在於身分。

Michael Turrin, Wells Fargo.

Michael Turrin，Wells Fargo。

Just on bookings, growth rate strong above 30% this quarter. You're guiding for low 20s% next quarter. Maybe speak to the drivers of bookings upside this quarter as well as how you're thinking about normalized bookings growth rates over a longer period of time and some of the drivers you'd expect. And if there's any way to help us just ballpark size the CLEAR1 contribution you're seeing at this stage, that's also helpful.

就預訂（bookings）而言，本季成長率強勁，超過 30%。你們對下季的指引是 20% 出頭。能否談談本季預訂超預期的驅動因素，以及你們如何看待更長期間的常態化預訂成長率與你們預期的驅動因素？另外，如果有任何方式能協助我們大致估算現階段你們看到的 CLEAR1 貢獻規模，也會很有幫助。

I'll take that. So I guess I would say overall, our fundamental business drivers are quite positive at the moment. The Q3 rate of growth that's implied by our guidance is significantly higher than the approximately 14% growth that we delivered in Q3 of 2025. And we also increased our full year free cash flow guidance for the second time this year.

我來回答。我想我會說，整體而言，我們目前的基本面業務驅動因素相當正向。我們指引所隱含的第三季成長率，明顯高於我們在 2025 年第三季所交付的大約 14% 成長。而且我們今年已第二次上調全年自由現金流指引。

And so you heard us talk about CLEAR Travel. We are seeing strong customer acquisition trends, we are seeing positive retention trends. They have -- both of those metrics have maintained and the momentum is continuing into Q3 and Caryn has talked a lot about the ways by which we believe we can continue growing both our member base and our pricing opportunities.

你也聽到我們談到 CLEAR Travel。我們看到強勁的客戶獲取趨勢，也看到正向的留存趨勢。這兩項指標都維持穩健，動能也延續到第三季；而 Caryn 也談了很多我們相信可以持續推動會員基礎成長與定價機會的方式。

So on the member base side, I would say that includes growth of our existing markets, we look at that on a market-by-market basis, we think we have significant opportunity there. Network expansion, which we've talked about, that's airports that could include additional lanes, growing new products and services like eGates and Concierge, and then we have international opportunities and partnerships on top of that.

因此，在會員基礎這一端，我會說這包括我們既有市場的成長；我們會以逐一市場的方式來看待，我們認為那裡有相當大的機會。至於我們談過的網路擴張，那是指機場，可能包括新增更多通道、發展像 eGates 與 Concierge 這類新產品與服務；此外，我們也有國際機會與合作夥伴關係。

So overall, we believe we have significant room to run on the member side. And from a pricing perspective, we just increased price as we saw July 1. We did not see any impact to retention. We think we can take measured price increases over time on a relative annual basis. We believe we have additional opportunities to adjust our discounted price points for certain member segments. And we also think that there are new pricing structures and packages, particularly as we grow our product and services innovation broadly, Concierge is a great example of that.

總體而言，我們相信在會員端仍有很大的成長空間。從定價角度來看，我們剛在 7 月 1 日如大家所見調漲了價格。我們沒有看到對續約留存造成任何影響。我們認為，隨著時間推移，我們可以以相對每年為基礎，採取審慎、循序的價格調整。我們相信，針對特定會員族群調整折扣價位仍有額外機會。我們也認為，會有新的定價結構與套裝方案，特別是當我們更廣泛地推動產品與服務創新時；Concierge 就是一個很好的例子。

Wyatt Swanson, DA Davidson.

Wyatt Swanson，DA Davidson。

Thanks for the question. I appreciate it.

謝謝你的提問。我很感謝。

I kind of want to follow-up to that last question and hopefully get some more color as to the 3Q bookings guide and some of the moving pieces sort of as it relates to adding CLEAR+ members, CLEAR1 contribution and whether we should be modeling any meaningful changes in average bookings per member in the back half?

我想針對上一個問題再追問一下，希望能更了解第三季（3Q）訂單（bookings）指引，以及其中一些變動因素，例如新增 CLEAR+ 會員、CLEAR1 的貢獻，還有在下半年我們是否需要在模型中納入每位會員平均訂單（bookings per member）有任何顯著變化？

Sure. I guess I would reiterate a bit of what I just shared, which is that we continue to see strength in our customer acquisition and our retention trends remain healthy. So I think together that supports a growing active CLEAR+ member base in Q3 and the balance of the year.

當然。我想我會重申我剛分享的一些內容：我們持續看到客戶獲取（acquisition）表現強勁，而我們的留存趨勢也維持健康。因此，我認為這兩者合在一起，支持第三季以及今年剩餘期間活躍 CLEAR+ 會員基礎持續成長。

From a bookings to member metric effectively kind of a back into on ARPU, there are various ways to look into that, but given the price increases and our new credit card partnership, I think you can expect us to continue growing ARPU as we have kind of over the years.

至於「訂單對會員」這個指標，本質上有點像回推 ARPU（每用戶平均收入）；有不同的切入方式。但考量到這次的漲價以及我們新的信用卡合作夥伴關係，我認為你可以預期我們會像過去幾年一樣，持續推升 ARPU。

Got it. That's helpful.

了解。這很有幫助。

And then a follow-up. I believe you guys mentioned that you're not international yet but that sort of indicates that perhaps you're thinking about that expansion. Could you maybe just give some color on like where you could potentially see international expansion and what that timeline might look like over the medium to long-term?

接著再追問一下。我相信你們提到目前還沒有國際化，但這似乎表示你們正在思考那樣的擴張。你們能否分享一些看法：可能會在哪些地區進行國際擴張，以及中長期的時間表大概會是什麼樣子？

Yeah, this is Caryn.

是的，我是 Caryn。

I think, first of all, you look at North America, you look at Canada and Mexico, and specifically North, I think that there's a lot of opportunities there. And so that's something that we're very interested in. I'm not going to give a timeline, but to say that that's something we're very interested in. And then I think you look at -- and those are the most obvious to us, and then you look at Western Europe and South America. Those are the places that we are most interested in, and I think there's different ways to go after those markets.

我想，首先你看北美，你看加拿大與墨西哥，特別是北方（加拿大），我認為那裡有很多機會。所以這是我們非常感興趣的方向。我不會給出時間表，但可以說這是我們非常感興趣的事情。接著我想你也會看——這些對我們來說是最明顯的——然後你會看西歐與南美。這些是我們最感興趣的地區，而且我認為切入這些市場有不同的方式。

I think if I look back over the past few years, I would have hoped we were further along on the domestic market network. We are getting there and so that's very exciting to us. We didn't think it was appropriate to go and be half coverage in the US and then offer you other markets. So we're very focused on having a holistic customer experience and I think we're excited about our network growth. Indianapolis has been a great add this quarter.

如果我回顧過去幾年，我原本希望我們在美國國內市場的網路佈建能更往前一些。我們正在達成目標，這讓我們非常振奮。我們認為，在美國只做到一半覆蓋就去提供其他市場，並不合適。因此我們非常專注於提供完整一致的客戶體驗，我想我們也對網路成長感到興奮。本季新增的印第安納波利斯是一個很棒的加入。

And again, there is plenty of markets where Clear is not currently at and those customers are clamoring for clear. People see the experience. You go through an eGate, a triple at Newark or a double at JFK, you're flying through. It is the experience that you have in so many other parts of your life, and you want it there. And I think our airport partners or potential partners are hearing that, are seeing how we've delivered over the last few years on innovation and the customer experience, and that's incredibly important. So we see continued growth in the US. And then I would specifically point you to North American markets in the near-term.

再者，仍有許多市場目前 Clear 尚未進駐，而那些客戶正強烈要求有 Clear。人們看到了這種體驗。你通過一個 eGate，在 Newark 的三通道（triple）或在 JFK 的雙通道（double），你就能快速通行。這就是你在生活中許多其他場景已經習慣的體驗，而你也希望在那裡同樣擁有。我認為我們的機場合作夥伴或潛在合作夥伴也聽到了、看到了我們過去幾年在創新與客戶體驗上的交付成果，這非常重要。因此我們看到美國仍將持續成長。而在近期，我會特別指向北美市場。

If I can just make one point on CLEAR1 that (multiple speakers) sure.

如果我可以就 CLEAR1 補充一點，（多位講者）當然。

Just one additional thing on international is in partnership with TSA last year, we got approval as we've talked about to enroll international members from the 42 Visa Waiver countries. And so we are seeing actually good pickup in organic growth from international members using our product across our US network. And so that's certainly an encouraging start to the international expansion.

另外再補充一點關於國際：去年我們與 TSA 合作，正如我們談過的，我們已獲核准可讓來自 42 個免簽證（Visa Waiver）國家的國際會員進行註冊。因此，我們確實看到國際會員在使用我們的產品、跨我們的美國網路時，帶來不錯的自然（organic）成長增量。所以這無疑是國際擴張一個令人鼓舞的起步。

And then if I can just wrap up with your question on CLEAR1.

接著我想就你關於 CLEAR1 的問題做個總結。

As Jen mentioned, the contract sizes are growing. We're focused on growing them aggressively, which could add to chunkiness, right, and timing. And so we understand that and we're excited for these opportunities, but that could add to chunkiness of timing to your question but we will go after these huge contracts all day long.

如 Jen 提到的，合約規模正在變大。我們專注於積極擴大規模，這可能會讓業績呈現更「不均勻」（chunkiness），也就是在時點上更有波動。因此我們理解這點，也對這些機會感到興奮；但就你提問的時點而言，這可能會增加時點上的不均勻性。不過，我們會全天候全力爭取這些大型合約。

Thank you. At this time, I would like to turn the floor back over to Caryn for closing comments.

謝謝。此時，我想把時間交還給 Caryn 做結語。

Thanks for joining our second quarter earnings call. Identity is security, and I want to thank the Clear team for working tirelessly to help strengthen security for all of our CLEAR Members and partners.

感謝各位參加我們的第二季財報電話會議。身分即安全（Identity is security），我也要感謝 Clear 團隊不懈努力，協助為我們所有 CLEAR 會員與合作夥伴強化安全。

Thanks.

謝謝。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.

各位女士、先生，今天的活動到此結束。您現在可以中斷電話連線或登出網路直播，祝您今天剩餘時間愉快。