YOU - Earnings call transcript Q4 2024

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Operator

Good morning, and welcome to CLEAR's Fiscal Fourth Quarter 2024 Conference Call.

We have with us today, Caryn Seidman-Becker, Co-Founder, Chair and Chief Executive Officer; and Ken Cornick, Co-Founder, President and Chief Financial Officer.

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. including actual in differ has the furnished the cause statements from filed could with included letter. are documents SEC, that results materially to these and Factors shareholders' today's the company company be during may any statements discussed to any this update The forward-looking disclaims that call. obligation

report and recently shareholder to section Form this measures non-GAAP the on GAAP discuss is call, filed letter A can measures. provided in will company financial During today's and of financial most the reconciliation annual the in items found These both non-GAAP of website. XX-K. CLEAR's GAAP be Relations Investor

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

Caryn Seidman-Becker

security sense reduce workforce and loyalty PreCheck way, fraud, name ] just Enrollment and few. momentum thank travel we and turnkey more trust platform earnings for a In CLEAR's has for in CLEAR powerful insider places. was in their accelerated, bringing morning, our fourth TSA important. the products is secure booming our industry, to more enterprise need needs create and NextGen urgency identity to new strengthen like year frictionless feel Identity, you of identity the platform bringing are [ consumers. these call. build and identity with to singular Enterprises people and risk a market A EnVe's, our platform the addresses prevent to XXXX never quarter XXXX face-first security critical. secure transformational Provided a to more Good as experiences been joining by CLEAR

CLEAR volume XXX security to redefining and XX% lanes nationwide. what of and airport In means with travel, we innovation around with delight Today, travelers. covers are strengthen Plus leading it

here XX% is the the through The travel NextGen fidelity than under of our With minutes. in which evident. highest X less experience than Identity verification today, the X power stands The digital EnVe's, minutes, lane and X scale. complete, are in matters. for of XX% the Identity, future lanes improvement is and at member minutes in in in rollout XX% less NextGen CLEAR year-over-year members enrollment our of powered identity The of by and Pods predictability

They experience streamlining are long automation, members delivering our faster, love. our significantly, members. and Lane operational we eGates, can magic that for efficiencies, customer-centric and throughput improved seamless EnVe's Xx experience significant to fewer a systems are complete security and It be members rollout connected be EnVe passionate EnVe's massively March, by driving serving scores creating have have should member XX% important something with and experience. drive pods. time. easily eGates for a been is about that the

in believe of eGates cornerstone airports this modernized today should be piloting select are airport technology a and infrastructure. We absolutely

day security, the no in to to public-private government airports travel, The opportunity lanes The and taxpayers deploy we changing, delight automated We This is new be U.S. end-to-end unleash CLEAR at leading deploy cost game be of of dawn to or it's power technology to and innovation the and and can make it. and partnerships. great. Washington has in products that travelers should ready. strengthen will are and time a the to the for CLEAR want

partners, new innovation They traveling and We have capital, administration, engagement American to the public. partners are with excited needed technology more. much we seen airline to pleased with the deserve airport we the bring and and are our

XXXX. scale are continued And locations. TSA XX PreCheck at to today, we in

in destinations provided in bringing we and TSA Mall to with convenient power America PreCheck By benefits such are City, locations You travelers retail they the are people partnerships of the seeing of enrollment public-private where meeting more airports, CLEAR. flagship are, New whether the by the Oculus in more as York places. or

has CLEAR been for enroll years, you, always once everywhere. you XX you the are and that vision should use that For

day improving maximizes in minimizes network Verified products of such vertically platform identity trust with integrated CLEARX are the we CLEARX. enterprises friction and a security CLEAR to takeovers, a embedded strengthen and identity smart user holistic as operational one vision platform XX security risk, ensuring reduce is experiences. ONE's deliver today With solve renamed for X prevent account seamless over Customers million CLEAR using fraud base and their the workforce problems have identity solution. build the fraud, members enterprise verified mind, insider our combating and and We users. that and efficiencies. helps and to

and XX% identity digital the for across industries calls. for care, today in reducing segments patients and their used workforce multiple different CLEARX CLEARX both enterprise, patients Health out in health that to risk. the and serve workforce. the Health the employees, stakeholders, results the deploying being is is world. Network and In and reduction foundational Community password and immediate, fact reflecting annual operations We in initial physical Community rolling both insider reset a XX% rate streamlining an adoption is were

secure expanded Community patients, recovery. to enabling frictionless Health account also

end-to-end data is while in a in reducing identity health the travel to clinical fraud the health experiences CLEAR platform experience their a secure using trials. Similar industry, customer Additionally, and care. improve can platform to safety unlock

beyond businesses enhance to so the enterprise workflows, is CLEAR Okta authentication multifactor verify can enables No implement the required security. integration device. Okta within development work biometric CLEARX person clients Our to with instantly

includes continued strong cash flow expect least CLEAR's taxes at spend need regulated MFA in cash addressing As of for enterprises threatened infrastructure. to workforce secure which biometric be the of growth, top EnVe we or Driven access by Travel is incremental free line totaling $XX CLEAR and million, million. both and compromised, $XXX critical CLEARX, pressing XXXX industries year-over-year continue to year and be margin expansion another and

cash on members, and that free build continuing growing while trust focused remain we brand bookings total always, to and a As and partners members love. flow

CLEAR been million The taking over we of vision it's want Before an is day on say Ken and taking where had over to and shape, incredible the journey, XXX,XXX going are X to from it to that CLEAR and it team is XX-year I today. XX hand there. I is building incredibly I members proud Ken,

step operational working to will his down CLEAR Ken initiatives. an remain a adviser exciting on range roles from of wide and

achieve thrilled And excited global our ahead. for about CLEAR vision as extremely of Michael Chewy, Barkin and goals Hsu and our great leading well tremendous has together, CLEAR President; are as on identity is Michael to teams platform. financial CFO. been and seasoned opportunities Jen welcome Hsu X with knows Jen a experience. executive We help experience the they our CLEAR our realize is the and will a new operational secure Michael building at and years, Board having

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

Kenneth Cornick

bookings CLEARX and points grew pricing, XX%, Caryn. Fourth respectively, contributed PreCheck strong member retention to improvements and TSA growth, you, and by quarter driven several Thank activity. total and in member XX% revenue win-back with up Flow-through rate. margin, XX% points margins growth and XX% X,XXX over year-over-year. XX% We strong was year margins. adjusted our over which operating EBITDA EBITDA incremental a basis is incremental full achieved

results quarter, member million, of the financial are rollout continued by up the cumulative that which at mentioned, ended Total Caryn in $X.X driven $XX.X experience our Underpinning the EnVe's. million improvements record year enrollments is in growth. the

XX over the CLEARX reflecting today, Active are members Plus XXX,XXX by we CLEAR continued grew traction. members, million of quarter. As in

of does quarter important note not is promotions, adds we partnerships airport annual result card impact as is credit can quarter businesses, that it so that launches. Unlike subscription XXXX, by through renewal as backlog go to for our number net a evenly distributed materially up the openings, are monthly in quarter's members demand. historic renewal and we As seasonal an biller, of a particular travel

of lowest QX XXXX, expect dollar QX. higher modest In net and point, basis adds first in cancellations. XX is decline order parent net full points family at and fewer nothing QX members a we their be down impacting metric, slightly gross the to sequentially. member the do QX the adds was disproportionate having in The due to year that with in this with sequential price retention QX XX.X%, share but adding to

members, retention more value believe to can to member our a our to experience continue we or home gate to to increase roll ARPU and impact As out we member material growth. bring without continue

points was uptick stabilized, in and was an are basis retention member activity. member seeing Net win-back retention XX.X%, we which has net down XX Annual sequentially.

expect retention continued based on improvement improvements, in member XXXX in mix. We lane innovation and

retention, continue business dollar for first We in XXXX as which gross introduced retention we of optimize both embeds and ARPU member to quarter the the it growth.

economics Therefore, the we are discount some revenue metric annual on going plan our early instead drag been and our which retention net dollar We unit and to on is focus increasing have forward. report average member. of gross of retention per deep value a member programs, sunsetting

growth. our CLEARX and PreCheck TSA bookings profit businesses, are emerging and total to dollar gross contributing Our

on conversion. progress off-airport CLEARX strong making are We PreCheck and locations enrollment pipeline TSA

of income. TRA. the other tax note the positive tax balance million, recognized by onetime sheet In quarter, X-year net million, million. or quick we A true-up gain $XX triggered This $XXX consisting a benefit expense is $XX a of offset by on onetime a of to of the agreement receivable noncash cumulative pretax

details, and flows. we which tax in the ownership by to this operating For which should refer our between XX%. will hundred basis cash a range XX-K, us morning. and TRA please XX% further few to Note the share through P&L GAAP, tax will XX expect prevailing benefit GAAP versus year structure, a taxes XXXX cash rates From perspective, points full on flow Based be filed

In our end shares. at free shrunk XXXX, we XX% flow, generated XXX.X X% year-over-year, up share while the million year count of cash to million $XXX

shareholder Delta. at ended repurchasing the shares allocate capital in from long-term cash million continue including block will a $XX.XX, million to with We We $XXX the of QX year value. transaction X.X goal maximizing with opportunistically after of

XX.X average million XXXX, at full of an For $XX.XX. repurchased year we shares price

the XXX,XXX quarter, an $XX.XX. of have repurchased So shares first average far at we an additional price in

$X.XXX includes cash XXXX special dividend $X.XX totaling and a The first quarterly of quarter regular dividend $X.XXX. a dividend

is requires $XXX which million revenue million. we cash million XXXX, million million the least to at expect free $XXX of which of EnVe which in year-over-year. $XX In favorable recur reminder, $XXX as $X CapEx, members, of $XXX our including dividend includes as As of QX, which million, cash an not will flow incremental In ]. year-over-year of a taxes structure, PubCo XXXX, million result million tax a annual bookings is to $X total incremental of well [ to we expect of distribution and corporate special $XXX

flow comparable least a XX% this basis, implies free at On cash growth.

year between assumes capital. partner cash CLEAR gap final flow has guidance wholesale significant. awareness June our XXXX We believe grown credit to having retail XXXX, card distribution, total place. and the through will renew impacts, are for and we questions expect reflect continue beneficial. to credit and valuable partnership have the is substantially Our of card price deal the It provides currently the from of we unit where is and the lot and should to while a contract in The free XXXX. a depresses one on benefiting where believe are working economics get EBITDA our we we and We financial bookings and going. of

revenue, compound free in positioned well to XXXX extremely total are We flow bookings, beyond. and EBITDA and cash

and Before the thrill both going will gratitude to seamless joining. to an Caryn a entire from take have to a closely lifetime XX up. CLEAR team them an the after at are partnered in I to to have step exhilarating I the incredibly been ready years. to my be with Jen building transition. lucky Q&A, business run, with to working incredible personally just amazing and ground want ensure back express Michael I'm of we a an It's for

With that, let's go to Q&A.

Operator

Instructions] Co. & Joshua comes first with from Reilly [Operator Needham question Our

Joshua Reilly

spend time working appreciate of you, Ken, all, great on congrats I and with and that family. with given want your say support over to I you've all more your opportunity of just last to the couple first me retirement and it's And the the years, been some

sequential just maybe million at And XX.X% $XXX how the puts or lower much this QX starting tailwind can for as So look of a And the review the takes what considering growth? does year-over-year off, guidance? you influence midpoint price bookings? we on should guidance and be we

Kenneth Cornick

Josh, kind for words. thanks the

PreCheck over XX% guidance, And actually is like implies in are QX and growth. a around We deals deal a closed few signed. incidentally for close as for slow ramping locations. things year-over-year January So quarter, quarter were seasonally was in with QX CLEARX CLEARX record travel lots had to on likely in just of bookings deals look, signing the QX. XX that

to did And terms lap new $XXX. in now we for pricing, November and renewal, of respectively. from family $XX $XX $XXX to the going December in And pricing we're and for

those So contributing all factors. are

QX. in less pricing slightly have We tailwind

nothing -- really in all nothing factors. the particular driving So there. are Those

Joshua Reilly

adds anything And the about -- quarter? net mix there as can unusual terms Got at talk the you in is then net it. we in look of adds, in

Kenneth Cornick

So trial like in terms mean of mix, paid versus you upfront?

Joshua Reilly

Yes.

Kenneth Cornick

our as as up, Active trial contributing down. end QX a but the it. Actually, the number was percent of a year Got to well. count also of slightly members Plus little down Yes. was bit the absolute factor That's total of at was percentage the year-over-year. a CLEAR The

Joshua Reilly

Got contract comments under around depressing how about given that on the more just quickly perspective? Amex one does I bookings relationship renewal what's Amex mean there's your on it. of maybe behalf? your and this this And has what then EBITDA. thinking And from going guess are you that with year

Kenneth Cornick

significant business brand our having awareness has a we've would at full and it price talked between And has credit significantly benefits Amex. discount retail distribution price is renewal retail. widened We is low than think about, working larger The since level. the as our relative the bookings a be rates EBITDA, fairly $XXX us. And the the wholesale love depresses to XXXX. a rate. Look, we believe wholesale scaled for percentage the It's card so the partner we believe But obviously Look, our and to valuable capital. important. and we gap been price

Caryn Seidman-Becker

data see retention come somebody when in we our are. or lower-priced membership, And a what off that free a actually membership rates the would

Operator

Our from Sachs. with Goldman Ben comes next question Miller

Benjamin Miller

the of as view the I as you think what in-airport us looking and well or about normal future, update the to actions, steady-state can think of period lane you're prior member member guess achieve? and as pricing experience between on as like pods improving about you just the balance or retention we how factors dollar count rollout you and EnVe price the

Caryn Seidman-Becker

Thanks, Ben.

I'm well by And the sure First are and We're be have people experienced much complete we through on call we'll EnVe of pretty end just They our say, quarter. the of said, think all, let's it. rollout. as many we magic. the

ambassador So important the the for and want first face-first experience is to technology that well. as for for add services new efficiency massively experience, we customer for

connected also And driving to the also connected for enrollment gross customer the experience quarter. customer retention, later is so experience, to is but conversion, EnVe's It's we're and to going be to are adds in second they connected win-backs out and which and reactivation. rolling

enrollment there also technologies then And coming as a so And that's great opportunity. that are are some well. other

ePassport and through chips about capability the read talked we've have and so And to people mobile. enroll

adds. all better there's drive and So sorts of with opportunities gross new technology this year to technology

I price. perspective, focused things out. will very adds taking the on think see these really retention we expect have And mid-single to dollar why then we a the least, that's we digits. roll do be we're in -- from pricing because But at gross how net

We will be free tiers repricing paid tiers. some to

Assist we positive came rate, like don't, incredibly Scout, Perks, is and So to so even But and that gross things dollar drive off, on the continue on to they really gate focused experience. value is drive would differentiated if that the it. to members those we hope all drive a home are retention which experience and why we with which right,

Benjamin Miller

a Great. to compared maybe And you any from of other that the about do need of push airport sets position continue just that how multiyear investments then made to other kind security, you you've about offerings, investments incremental might innovation? and you as offerings how up a view and you to to the follow-up, think on CLEAR versus here both think evolution yourself as

Caryn Seidman-Becker

question. that love I

around So that it's a in the man told me hoop. hanging business, wise once about

around we've years. think I could for hanging hoop the airport XX argue been you

strengthen well travelers have delight cost to no positioned we and security so are incredibly taxpayers. to at invested And and

quite quarters we frankly, said As We've it So in we and want I incremental is fruition. you past great, margin security. that delight travelers few years, over airports to the right? see the deploy the on to and can make it, and investments time coming automation call, already what have reflects the and technology are which it, strengthen invested to and growth

forced no policies we we side on get 'XX that. and made I based a other in would late and were are sense, that say labor of little 'XX, heavy some that on also to the

So not automation, face-first think when you about it's technology. just

talked huge. in attached automation I margins is power it for, and eGates, the strengthening And pay travelers, that call, right? about so think end-to-end on when As about it's delighting the to automation we and on you on of security

la nationwide. to in expect is and carte bundled ambassadors, When adding offer, out in that amazing roll of which airports, new Assist, pricing a you we value-added think X maybe our packages or we the about

We get the airports network. powerful to continues to adding have a solution that better,

Ken I XX% as today. said, we cover think about

end-to-end and and leading travel, adding we've Singapore and Dubai that Tokyo, in in London it. you to the automation invested We're it. so And be and in ready should technology U.S. see deploy

And and with we a had airports, federal from the are we've that cost at incredibly benefit travelers airlines, taxpayers the government excited focus importantly, most public-private and partnerships. about perspective. the We on no Washington engagement and security to belief

ready excited we're we the to them bring roll. They American are to investments, and super We've it. to traveling So public. deserve the made

Operator

comes Cory question next with JPMorgan. from Our Carpenter

Cory Carpenter

a Like on of you're CLEAR and question, maybe the more public-private opportunity bit you're that perhaps greater the PreCheck more what see under about a between second then for Caryn, seeing question PreCheck, you, you TSA of just administration? just what and And on welcoming you cross-sell for update some CLEAR? partnership? that build an TSA like could either for then could seeing do that the to talk look

Caryn Seidman-Becker

privatization hear all American the companies. the the on I'll the turn administration Obviously, over I'll talking it and part, first then and of Sure. the about economy we PreCheck. of take importance Ken to

made-in-America that's company more biometric have on XX aviation aligned So we for leading a security, years. privacy in protected and opt-in on for and administration, focused security never at this with focused been been years the XX

understanding we appreciation what do. a there's I think for lot and of

get TSA, them, fact, a large In a airport we share, both percentage pay partners percentage $X federal also and our revenue PreCheck We of from pay government. of costs. we pay the our our enrollment we

to great technology we there's we and local So bring. governments, a appreciation federal are can for partners big the state the and that

of having doing software-based, the ability updated the hardware opposed I think that really analog that old-fashioned the the that importance long as ahead to software with is see of in hardware today threat is right? that to you sort environment stay ways. procurements secure So automotive industry in of and are

the so And power that front with are the to we're buying with allocate with you back again, face-first, just our we NextGen can The there's -- in powerful. of travelers again, equipment. travelers to CLEAR and Plus eGates and enroll airport end-to-end, a bundle in the platform CLEAR our fact the in PreCheck. it's capital it. vetted and automation, most We've going do Identity been some and so

about to we few I a capital our equipment. think talked airport innovation guys buy partners and you quarters helping our ago

already So there. we're in

exciting is make There to so incredibly an understanding airports a behind. there great. And have is and focus it's an moment, absolutely that fallen we

are for be security taxpayers. alignment cost margin would couldn't at so to it more positive, be ready. would strengthening great And delighting and It we be There travelers investments. the there. made We've and no

Kenneth Cornick

driving on share. today in PreCheck great just going live locations, And gaining We're PreCheck. quickly market well. is the momentum. XX It's Look, really

for we those or XX% already And terms In PreCheck members people upsell that opt-in have is those rate joining XX%. marketing our are plus upsell not members rates, CLEAR approaching of rate.

Operator

Telsey Dana Group. next comes from Telsey question with Our Advisory

Dana Telsey

platform travel the just Ken, seeing see also you're and how you best best price on through touch pleasure a the been It's locations -- decreases see Well, doing? working How And opening hearing of of you. role Mall adjusting think nice Westfield, And those how this year? price. on and mentioned the the upcoming America, there? pricing And progress. any then of on was How luck fiscal price of do wishes. and then do think power. price trends you've some in to independent of but give I maybe update like a you there not increases, And are what year? you of air goes with can Caryn, you and the decreases, it pricing

Caryn Seidman-Becker

you point, decrease price. your X a To can't

good record a a we So to this I last think terms we to to the sound continue broken was continue year travel USTA years. that, There think, terms expect up. that interesting, X.X points over of going like to through travel people But say that's be take love days was XX record we travel. expect be your few macro going airports just trends, report and trends. of airports I through I People years. know in the on bullish through traveling. in some X a I million like there's see next million year. really people X They There a going by And U.S. XXXX. to day had

So the and World automation, from us now. so trusted the and vetted look travel on system need can efficiency have perspective at the people greater you need more is you for There that when hosting here the and greater is a the and focus And a Cup, security. into Olympics. bringing for public-private partnerships right,

you are or the saying, excitement room there saying, travel. look saying the share at about home of so share when terms capacity, much think what what people is hotels the airlines in are what are just I

on to be very bullish So continue it.

quite a as it's frankly, getting our harder, is that hard company I and frictionless focuses that think, and opportunity experiences. on

that year. In first our we're in half enrollment out-of-airport very it excited the and it's something terms scaling network, of are this we about, aggressively of

have we cash so to again, are positive things the people. have an locations products, weeks. few can Mall it's as And it us to in enroll think of someone when within come Oculus and meeting are. gives other great to first sell these PreCheck, they flow we those more opportunity we America literally And locations people But where to or

things. brand our and it's are to So powerful really where exciting other economics, PreCheck meeting they is bring then first people with and it

CLEARX, again, witnessed just to of, enrollment high power in-person having and needs, really of to digital capabilities go in think security you enrollments when both over exciting. is the then And

turn pricing, In terms that to to Ken. of over going I'm

Kenneth Cornick

Yes.

the see The obvious we those. historically number and for some charge most tiers airlines taking free of a So is beginning of to pricing opportunities. of

gross that lane that And on are you, we the opportunity. of not is retention metric focus so again, you the dollar definitely because And to and using retention an why if that. net paying people area is have not right focus on member

we -- come to So of that's opportunity. more but sort near-term pricing, on the most

Caryn Seidman-Becker

also would greater partner lowering want and cycle. more the can our It services to really with adding when people the platform perspective, I XXX Dana, million and first airports, this foremost, services the And a more philosophy offer right? and predictability experience say customers, got scores you value today of And lane us. from the talked becomes so at people to add you look We lanes, drive members. for on climbing. implied at price means value you XX-plus when statistics There's having about the XX and we virtuous

think so And our in customers. about cost we for about we anything, lower benefits implied the us but pricing, value-added think those not when about price think we bundles, might that bundles

with You see do partnerships nature. that us things Uber, of

So is we about for our members a of about single to also but that sense create in pricing have to specifically make and But tiers. that beyond something allows lot travel there's pricing thinking every more a thoughtful us value be are philosophy. going to holistic and products year,

Operator

with Kelley Mark Stifel. from comes question next Our

Mark Kelley

for administration P&L just tape And assuming I parts well deal we there the there. the global but less might My going to that other just guess that then the that CLEAR made, thinking comments member at back in with And there to have was the positioned you're about? to new Caryn, is looking usage how first forward, maybe ease red an be the opportunity and had about you should if question, line, that entry are maybe G&A that stabilized I'm annualized sequentially. going you I Plus facilitate process? of other you question there's

can and expect we seeing what Just 'XX? curious what you're throughout there

Caryn Seidman-Becker

entry. them XX enrollment take me we global approached years global engine an being entry. let So ago, for on

is believe So it off we then, we start. it incredibly believed an strong PreCheck and now. to

And both are things as experience and technology and security and and proving first. first strength So our product customer enrollment think we partner I and an improvement. marketing

So once continue there's think to a our infrastructure. you data that lot off of drive have potential to new I services

government companies important that's So a And trusted And one. it's to that company, have the important made-in-America that's think looks moment as are really company. U.S.-based, with our number as for partnerships really also data a again, I to as a a have know now we there's can story we that qualified more it. we're anti-terrorism we that that that and just share doing, lot to be excited specifically technology, prove

Kenneth Cornick

Yes. And of in in policies I terms of efficiencies, line. some inefficiencies led maybe the to salaries think some direct our

that I and see the line. And of expect so think, on opportunity, is on biggest we area that, basis do to operating leverage a year full

Caryn Seidman-Becker

line, the wouldn't delight revenue further taxpayers. just But experience to and that, to faster strengthen to it's the it's cost the to at opportunity just customer travelers if no want add who I and beyond move can security

more is think this in do And so move it I technology turnkey. is quickly, to everyone's specifically when benefit

Kenneth Cornick

the for driven decline the mix. by being just we about talked in of past quarters few And utilization, had then terms

our maybe So in are reduction less post-COVID should a travel in TAM, travelers we've frequent bringing And enlarged of members on as I the that reduction, pool travel. then say, snapback, in new generally the general. or post-COVID speaking,

things stabilize. strong our those right of is share both up seeing we're TSA year-over-year, seen volumes. And and traffic we've now, So of

Caryn Seidman-Becker

thing, I we it. continue think other one also to drive and

together families beneficial, or members which are sometimes is who traveling younger plan, their less. CLEAR own, family you the want So but those traveling on really younger travel people

Operator

Wells with comes Michael from Fargo. next Our question Turrin

Michael Turrin

give I'll have Just rates, retention here. On some a X-parter comments. there been

any way you unpacking Pre can comment ranking that mindful bookings are to the efforts the to strong ending price, if Plus just there comment then or QX, and that? CLEAR on renewal comment on for a 'XX other the think TSA Any there? mix in be and And color core base year growth, held that business, of saw the bit? drivers on stabilization stack what seasonal around and and the at all Just on impacts XQ of early you us about

Kenneth Cornick

there's retention question, trailing mean, XX-month seasonal on So as nothing the a I metric.

So And snapback the we with just the out see in experience, rolling EnVe's, did a win et stabilization along as passenger well. cetera. backs

So nothing of external execution. there, just sort

And there. see to happy so we're really that

sort driven of going of the by growth, to be number I of and terms things. it's think In a mix

earlier, do this do mentioned CLEAR do Caryn we pricing member initiatives pricing. expect We and some Plus then have from you net we growth. last Certainly, rollover year. year's As expect whatever

have ramping. We CLEARX

a contributed contribute both we Those that few more on. year goes basis to rates, ramping. and PreCheck have We as hundred expect growth the to points

Caryn Seidman-Becker

And Michael, It's secure to that. technology experience a on why platform I just would bullish very driven end-to-end and and we're by innovations Obviously, add an to identity driving we're biometrics. the a I value-added to drive is opportunity experience, day and travel growth to drive win having services. travelers new think, to drive help price our really and and predictable of

much think have that think we last CLEAR just growing. are so it, the automation. magic going Plus about great think depression And secondary certainly Identity you think second derivative X.X just to there's reenrolling of experiences then you have more NextGen through opportunities to PreCheck, last PreCheck, so think forward and many NextGen and the there's X I I There's And -- the It's million And marry -- have different people is travel Plus didn't And for has -- year I Identity, when services. on really different that impacts the years. We're the is driving of. in-person roll and over plus all off difficult. we're EnVe's, you business there's and coming unlock is tiers. efficient, which you many hard you about so which plus CLEAR other PreCheck

Operator

further Caryn at back turn no would comments. this to over the time. questions like for There to now are I closing floor

Caryn Seidman-Becker

fourth our team call. joining our for you you. earnings Thank am front proud excited the opportunities Thank really in of quarter am of XXXX us. for I executing, I how and is

Operator

teleconference. This concludes today's

time. may your Thank lines You your you at for participation. disconnect this

Clear Secure (YOU) 26 Feb 252024 Q4 Earnings call transcript