Clear Secure (YOU) 6 Aug 242024 Q2 Earnings call transcript

Good morning, and welcome to Clear's Fiscal Second Quarter 2024 Conference Call.

We have with us today, Caryn Seidman-Becker, Co-Founder, Chairman 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. A 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 shareholder letter. obligation during any this any may statements disclaims discussed be call. company to forward-looking update that The

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

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

continue quarter growing thank XXXX years flow. win Gate and for and across and we you quarter, been travel CLEAR reflecting and a record to CLEAR members, the our second added from free second X.X that call. Home again. Travel morning, both X earnings Good since million Clear help our joining It's remains members, build day cash to IPO, our products the focused Travel, of In members on bookings Verified. growth we back and In CLEAR

future the faster, reducing underway, technology and verifications XX% to of experience improving up enhancements for that lane our new member Plus rollout our friction members with The CLEAR make the well ambassadors. is

rolling we our of Members phase moving. future, next This will lane seamless technology. their out will will our of FaceFirst face with them keep quarter, the verify a begin that the experience

hard and is Travel getting harder.

members journey to Clear go you, Plus to item In in airport hasn't something CLEAR for of favorite CLEAR the a addition priceless. exclusive to improvements rescue our Scout, expedited ambassador able the service, be my which curated who it we with bag the lost and is find to delivery lost for Gate introduction have are in Home the airport, passports Perks, benefits furthering to CLEAR from

every to infrastructure overcapacity. system By especially strain X terminals these seamless and designed the to are putting members. is challenges, more additional deliver experience travel already checkpoints. even Aging value that Perks at compound crowd on million passengers Americas XXXX, a to day, expected more screening our end-to-end are and predictable technology CLEAR increase

the innovation million of driving revenue Since over XXXX, with improve Clear experience has sharing while partners. airports to local passenger with airport our partnered $XXX

Clear the and formal and American to technology work campaign infrastructure innovation partnerships bring airports. help around our announce plans Next public-private latest month, to airport to a accelerate

we accelerated towards growth our As we said, XXXX. member grow in year, goal and seeing million are this to members XX is

fueled this by CLEAR flywheel. is Verified member

can click As who of our our we With percentage experience, platform attractive goes even existing product the on increased our partners. members, our more becomes are up. more members to and This with for way one magic new verify scale, with brand, enrolled and frictionless instant add already create partners. trusted along

secure XX% In recent agree turn current similar the to been a with companies accounts that into will more online respondents Ken. I brand agree partner members, using percentage now trust Clear. leader. is also Clear market to never they would said has important sign strongly and with find more nonclear and of they it it feel Identity over of former brands and or A Clear. nationwide study roughly that or preferable

Thanks, Karen.

margins recently we to Second quarter XX% of EBITDA for EBITDA XX% out. XX%, growth. on continued continued and as XXX%. of Margin results as grew and ramp increased PreCheck airports, profitable verified respectively. achieved continue launched and margins high operating demonstrate including TSA focus drivers cost Revenues our discipline well income been incremental play and We that discussing, the adjusted have incremental

and flow was generation. normalized flow channel $XXX.X $XXX.X up P&L by largely grew sales upgrade improved QX behind us, the CLEAR process XXX,XXX strength Active million, stock from flow XX% in in quarter, free and million, XX%. Cash is cash comp, translating NextGen operations into in-airport the is up from XX,XXX deducting as sequentially. significant year-over-year. grew cash was members cash Plus After the free

We The MSA as in of penetrated a we our lower in the helped appreciating markets. market. percent are opportunities, markets to addressable have a expand and Clear's where continue our digits particularly our travelers are frictionless member to versus population, of demographic high broader penetration member of more value booming travel single the low in see economy experienced in Clear market now journey. growth Gate single digits being Home A

Standard second standard absolute X, airline reducing at $XXX with only August and driving we've year. on increased We in $XXX. the of pricing remain XX $XXX As $XX pricing standard pricing Family time discounting. and $XX, through peers ARPU per airline focused $XXX years. by is pricing increased increased to and now historical

we introduced CLEAR introduced reflect bag have We membership. gross value significant retention a focus. gotten as RushMyPassport quarter, CLEAR to Perks, significant dollar and this ship Plus our KPI Last adds already to traction. which new

one Scout truly anything we As forgets it. of to find and call ambassadors a airport, member in can Karen service. mentioned, If CLEAR dispatch us and delivers a our priceless try they will the

So to garment we've far, a a in United to full clothing an lounge. to from iPhone everything laptop passport the covered of a bag

plan airport to to customer experience overall airports month way. formally that drive an and we next with innovation to announce partner Our campaign ROI-positive opportunity is an

while and identify North experience, which growth Our to increased lead is our members airport retention. also in that partners enhancing Star Clear to achieve help can goals projects their member

market to visit enrollments share. to travelers plan grow and to off XX daily, completed pre-enrollments it's enrollment in is locations. and our this of start from and convert live up as several We Clear the PreCheck will airports, provided to a expanding and drive thousand QX. of pipeline the end by X inside revenues With strong base TSA at expand locations the realize and outside airport

in We gross term contribute profit the revenue near into year. driving expect and incremental while profit to PreCheck gross dollars growth next

Delta approach million an X allocation. our in shares capital We repurchased from X.X July, in and continuing additional opportunistic million to shares QX

to continued remains passenger and innovation forward Delta look with continue together invested the They in to in to shares. partnership win-win. million enhance CLEAR X.X true We Our own a experience. XXXX

of In QX, we've in we respectively. our a $XXX program since growth, in initiating all of On of and basis, outstanding. and [indiscernible]. IPO XX And issued repurchase to our to shares $XXX we total shares expect X% beginning million revenue million our XX% $XXX million, representing million XXXX, million XX% $XXX bookings back bought have year-to-date retired

we our to In card our approximately annual repayment will partner, credit make QX, million. $XXX

XX% As growth we million. a flow consistent year. fiscal cash or result, year to said, QX, we raising have free at negative flow free That our $XXX in will with cash last least year-over-year guidance are

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

from The comes Instructions] Joshua [Operator Reilly first Needham. question with

quarter. All right. here Nice in the executions

in around believe retention in managing did your here? another just implement now pricing mentioned that as saw adds on that here and modest we a just you QX. review I acceleration nice net member So increase Can philosophy you price you

I'll little bit then adds. talk Sure. I'll with start about pricing a net and

So thanks questions. the for

only So keep about the think it's in only mind, XX look we've second on is second when pricing, in raised at we it years. we this membership prices the time, few time Look, a ways. the different standard

use But and taken we've to as $XXX obviously, a CLEAR lanes We such pricing to is on time, Home to $XX this to lanes, we've airports from perspective, way In from family. some So standard X that XXX to from we've Clear XXXX. back Mobile gone at all X new incremental $XXX. ways XX added and to the over were Gate.

the travel. hard, valuing experiences is world getting a economy travel are harder. experience really it's People to particularly in So and within where

experience over few we think demographic Clear. And also what's Karen has say, we but per a are to cost the at broader use, to value continues the the I factor, past appreciating mentioned, outpaced far the would offer. important creating And of our now use use. certainly, we're the value cost beyond proposition as has what improve, value travelers checkpoint. per per an years, of And Clear look that's

Perks, excited about. CLEAR really So we're

It's recover the value the a the think cost it's for RushMyPassport of iPhone, itself. your literally or membership pays great discount example whether benefit the where of we exceeds a on membership, we

So that paying. more our getting are price we're than value they're confident the members

add specific so from a pricing. we ask look you yes, did how but didn't see at And And sort that's perspective, acceleration. an of net we question, a

a process highly sort focus the our of out in improve. that peaked coming we you would were disruptive, things that from told from it that coming we both our of of flow and quarter, ambassador NextGen and February lane out Last from field it, operation was a perspective

exactly We approach to balanced we've refocused seen that's existing out QX. on what coming servicing of And members adding new members. and

so been we have improving But there. by June of some And out impacted was things literally certainly, coming NextGen, since growth nice see did February. June, but

other upgrade in getting past maybe are understand of adds, we're net just member as next-gen give ID of the the of terms should I new don't considering of adds impacting then this net factors in be be the and and member And on guidance price of second net know considering for helpful. member any what churn half we help us we on terms airports trajectory you the but you process, opening 'XX in can the second that That's should factors year? it. the Got half family increases adds just

how wider -- to TAM underpenetrated we're the a grow in of to audience. we a opportunity Sure. our members, and expansion appealing Sure. look, of about We have we think particularly markets. lot talked I

same side. So of PreCheck. in we going refocused do we've have ambassadors. out That's field. TSA believe that's come I really something We've the we that. think launched as NextGen, many And our of the on It's

and stabilized we improved continues, that And the So and quarter, the the that And QX have said to. we optimistic will remains operations than growth higher be implied gotten last sequentially the half rate have in are back in guidance, as certainly, still and would true. for was what continue back half. that field our

of gross if I there's can win those And there's retention, lot all I and lot adds. add backs of that, on then channels, to around we points a have there's There's of just net opportunities. think And adds. a

and For technology, much years, Clear more value the coming left perks a Clear over better to they're back past a Clear, with with few other with larger partners. people who Clear a

population, From more there we've a better. retention value And perspective, experience people bring getting a So way. Clear the and more obviously, on your to grown. opportunities should there's And we're back as the is member larger Clear. point, offering again, to be to

that, also expect should be number there's And that gross we better. So getting adds. then

retention, across that, you to then think pricing I the look also opportunities so meaningful. in addition we board. And dollar with And have at gross that's when

with Telsey Dana The from Advisory next Telsey is Group. question

Congratulations on of results. nice couple A things. the very

As that? you're you certainly month And bit the little on what future, then partnerships follow-up. acquisition. member be of a like it any launching is about us tell driver more you have airport that new think A and how Can with a details sounds gauging which innovation little the the campaign, a of entails? next I could it about

thank you. Yes. Dana,

Clear for airport over excited doing really decade and not it because we're technology the closed campaign because airport about things it's So a that been the But wayfinding the you walk structured. innovation drives door, in the we've are the level, behind the by only could time or some lanes experience. doors, from like at lane or be organized how that customer it's holistic so experience the

really technology can customer and airport members And travelers. addition for holistically airports infrastructure so for in make that, American bringing latest a and difference Clear and that the to for the to experience

retention so drive help gross when to And experience you to customer through airport opportunity adds our better look the partners. at or

massively to about they we is infrastructure. shared we've XXX% in invest partners, margin so that as revenue talk right? $XXX that And them, that's with million When of a our important

power You the see of partnerships. private think public you also

faster But aren't airports. with hear we want about in you can investments government So with. sometimes there's that that help that things the talking funded turnaround infrastructure airports

And Star but So airport to where that North Gate, from where you're just think experience passenger Home the it. is we not transform flying flying you're our through to from right, airport. will innovation endure bold really that's I through campaign a the to a experience statement help with but make journey the you this that like enjoy. traveling, travelers it know shouldn't

it. enjoy should You

think we think it our partners. think helps And travelers. it Clear helps it member We airport experience. helps a We so

on And retention, metric, so that attach again, I that's think that's rates. gross that's adds,

on projects it as with that be network, as Mobile, closed taking to Clear going opportunity opposed like with our back CLEAR public eligible with through be million they multiple nationwide one-off identify we'll a to on members doors and come more we'll time. products But PreCheck, guys coming make the Perks. like And faster. is in bigger details you over with to working over behind so CLEAR to a aggregate then impact partners I like Plus, platform XX an like think And with

newspaper you balance We and favorite in have at sheet single guys really tons. strong you very challenges in them it's the we read on could I party, see think and booming, travel a And people's airports the every point and out quarter conversations. every cocktail

can and But you XX, projects over experience travel the think with months next we build be partnerships XX and and sharing with we'll impact So out, relationships do the as them public-private XX stronger to our these partners. lot guys. I there's airport a come

Got any mentioned Ken updates other into opportunity anything potential? the attack about beyond venues the some membership the it. opportunities to to And and and those? And MSAs, expanding then in other you're then plan what's which game And airports? what's

when Dana, other on So identity the platform say mean side? you you CLEAR venues, Verified

Yes, exactly. Yes.

one Depot. that about I think excited you So be Home particularly would is

specifically, as problem and but think in they is fraud it's I huge really you retail, just call theft all it we know a and fraud. right, shrink,

it tool rolled And business experience out shrink. great Home all while success in, reduce reducing seen both partnered the in have their their reducing rental them the and that rental in stores across fraud, with fraud. over So tools Depot they've enhancing we've that's experience X,XXX. the to they customer and focused We've is in customer on

experiences, that over XX% them concept the digitally easier, ago a powering identity concept this XX% talked of of hammer for trusted it safer base, platform, making connected instant about their And and to to a was physically we on. we right, on, continue and customer few that years

on more. people it for be customers bringing win-win, after could Depot, those and week use platform repeat and a at at They that at day one the it's day, have Home They're already after folks week is and WellStar, at just on and such click move able to public.com new LinkedIn the also on verify to platform.

and the you peel the possible So Home onion about Depot or back really great at partnership are to you is, something I shrink just membership-based because their to what you art start it lot on challenge a comes you? and and lower. of about a win-win is to and think you has starts been -- shopper, look identity, a Costco roll think huge of the a back you a of what frequent their lot Are on it a who you business, make

the So it of to talk identity. really does power

in penetration markets, rates Plus member market range then, Look, XXXX opened addressable about been a those a where And significant your And really Dean, at we lower look have the this we that in higher implies the to since market apply we've airports to talked XXXX, of we by growth and question. have penetration on past, penetration. MSA that if CLEAR penetrated we base. have

of enrollments so it's And can really It airports a matter those targeted within focus. be and marketing. incremental or staffing

opportunities of range reach those a there's travelers. So to

question Ben The with Goldman Sachs. next from is Miller

to about I you're what guess a second meaningful And as XXXX. members. offerings that and million Verify think be CLEAR rollout are first, a And revenue CLEAR When we the start driver being investors how some contributor XX forward? excited Verified you the a of that just forward? exciting mentioned going going PreCheck think any more should helpful expect a to of updated of about Karen, contributor would learnings TSA the in then as should goal I half from

to grow Just we towards I said as XX million. clarify,

as location airport PreCheck as think as airport we But has as be specific. is Verified. to target, XX. -- There's just exciting in let an of of with a it me went locations Francisco it, towards it shouldn't in PreCheck an and I'll we incredibly start So lot a to X. quarter you then grow but L.A. X get been from to CLEAR well, an San just

have we X locations. or X think I

to minutes for X:XX a.m. a it and just or a if this on p.m. capacity XX when say, total a p.m. XX start X of number, is you the think average enrollment to for but lot takes pre-enrollment. opened let's higher less So to from XX and

we You about have. the think capacity that

And so learnings. there's a few

so I is birth around pre-enrollment things. and enrollment think power with other frankly, time as marketing pre-enrolled, much certificate And one quite the they half of one-step is a easier and really someone When right? than it passport, the passport digital come much and takes power their a that. of

less to someone customer and as the more So it better frictionless experience, right documents. time prepared takes possible, comes enrollment as encourage and a we and want it's with

a something a lot you the finish we've locations of learned we places power more and And have your pre-enrollment to about the lot So is that opportunities. have, the creates of enrollment. more

-- educated pricing different think are is They justifies thing the point the different it number I PreCheck. think And pricing. not year. in think think other have we've we providers the a on $X.XX think whatever I over to people $XX that want I put learned and The enroll price out it's People or a TAM enough $XX a is is we the said once that million. month.

years, it down, It's break month. X you a it's over $X.XX

should right? years about feel the TAM you to pricing. TAM ease about it's Everybody drive And opportunity. very a we enrollment put continue easier, capacity, should and we few so enroll. over that out as ability drive around course, make Of we to of But there exciting enrollment that think next It's the excited really education I enroll. our penetrate

years different have ago Home something improve opportunities And is in the the we frictionless change understand and safer to bullish no provider start margins. -- care thought the of health and trusted few sector Depot terms then there's patient not The of you for both and experiences to are perspective, you you a be from the platform, and than and very in CLEAR to for connected a revenues when of retention a business, And health a continue on easier, care Verified, massive. would opportunity the sector. think few the identity

the it health interoperable care, making sense going insurance The of driving for connected to things for end and it's hospitals and a There's then health applied a for different for be urgency create care. lot are companies, same interoperability. lot in of are of companies who of some that back the analog, regulatory steps, can on a

health So we continue care. on to be very excited

public.com. results You see early on

having KYC. conversations see we're You around that the

see the a happening you specifically have look impact at know we fraud there. as big You on and peer-to-peer payment that the can you side,

financial And like We continue to could banking be trading services. is be be could again, services be or that that that public.com. excited financial a platform about broad, or could gaming

front back services year we of the a almost end excited to continue our product financial be partners. and a And good think a I really acquisition So post is Sora, for guess, from I is the about. ago, end perspective something

consumer I LinkedIn just and that Depot to have know Home easier the in-person, think enormous look side, are online safer On to at there you and experiences. both and to drive opportunities

You know like you coming age see of or things coming verification rules trust online out rules out online matters. and Congress safety

And you happened to something different me over are who you and on you asked in to see you so places, so about verify That many being over. X. this were just weekend and

So them. would with love work to

consumer And side. so so many there the on are opportunities

And hotels, the there's trust doing are the and your we're you is on travel check-in -- across one key programs in saying that platform, person really safety that then you that massively but also, side, shared economy important. see and same and trust as safety brands. have in mobile And whatever, building it's connected some multiple the one,

and care travel, digital, both consumer, and financial So services. physical health

on people platform to trusted with the we and the more sees a and of clear, is friction look you it's brand, at when they their customers the to when acceleration different And platform, have the all which engage. excited have really nodes, the get more the on our you these that will, gross if free know that consumer the scaling experience adds

brand massively I trusted that world that So our that's studies, of talked brand from about important. in a

never around adding safety experience. and friction-free more the online So it, has different important. been capabilities always innovating We're

Hopefully, the answers to about gross acceleration continue adds. really of we So your excited question. be that the

Carpenter is from The Morgan. next JP question Cory

are And drivers TSA And Ken, could booking on the on question you XQ? of acceleration PreCheck. these that expect second expand trends the you in continue XQ? into to then

has breakdown of customers entirely update TSA those for been can provide between versus As Clear customers up, and customers option? you any signing rough the for cohort bundled the what customers new existing we think Clear about initial to adding the

drivers. quarter. to That said we were by last the Look, impacted specifically goes it I'll Sure, start channel. back to with what We the was disruptive NextGen. airport

of are pricing there's we if at back tailwinds. a half, look that the number Number is tailwind. a drivers one, obviously, So

we new. and have which So starting retention both pricing X, August impact, drives

we've We continue. airport will already improvement but some that have QX, an in in the seen which channel,

We And verified contribution. versus think last in said back be have we half. incremental we bookings the PreCheck up quarter, half would first the

say, versus would of like I QX the the bookings So numbers. drivers numerous acceleration

terms not PreCheck, coming completely success, have both I look, CLEAR we're marketing I of having are don't to new but I think, specific CLEAR and breakdown, on In members that Plus. -- to the Plus existing people PreCheck think add PreCheck to the in

sides. So it's both really spread across

talk Certainly, non-clear can signage with know to. or We whether our members having CLEAR easier the Plus members they e-mail The to with were are. who are We digital Plus in them. to reach airport marketing.

The next question Mark Stifel. Kelley is with from

you my I to Plus? question the do acquisition more or see long bit there That's a margin for of over I Corey's channel like PSA one. Or being as what's in more product. first build on kind PSA guess I revenue factor run, guess of that an TSA on your and overall? important, isolation profile CLEAR a want PreCheck the on

large. terminals already footprint have terminal? where go is today? every about b, think you access your I one the And some attacking a, do guess, second you within you those every quite to need do our access access don't to terminal. is you airports don't you But have And airports, how

Sure.

So really about I'll a excited revenue stand-alone item. and business stand-alone Look, TSA. a start with the as we're line TSA

recognize know, basis. a revenues the net you on we As

But are more right? dollars. for are So impactful and profit the and they much bookings. revenue to gross PreCheck they're impactful less to or Bookings one revenue TSA same,

would it, to gross what be the going in call dollars. incremental profit is near say So term, it's I XXXX,

have enroll in XX as talked the as drives structure the same towards more already place, for which to Verified, we meaningful margin and well. both And revenue bookings XXXX, to We usage gross cost million, about. that be get it's going and people profit the repeat we right? And dollar we thing I'd look CLEAR this As say to growth.

to So say there about opportunities very, are grow would I a basis, it. stand-alone channel. Plus a opportunities and excited CLEAR as -- we're very are But there on upsell are we

think tiering. there point another I there's is which

the PreCheck, should You level. an you that. that might think it certain people want So might want as wants continue a some right? might right? travel bundle, think entry PreCheck because They where we want So we about for everyone just opportunities want different to like They we innovate, certainly, add travelers are experience. to they meet there's might plus perks more frictionless and might predictable

every terminals, bring to of customers terms been just hard. the way. accessible in PreCheck In a we wants know too airline to their It's really

all and And to to to airport and the so airline airports at dawn necessary that know customers. about is no airlines know seeing appointment it know to believing the customers. want see every it. is it that bring excited And every their we to customers I want signing that think We up bring to all of their crack and

be we So travelers, because to but those terminals expect their are. also they to about travelers it's serve in where meeting they want

it enrolled to you or finish or to you morning in do could another not Midtown in airport go a to weeks Manhattan hotel can located and a Saturday for lobby, few can conveniently because a to going on if retail you you to the online finish go location lunch. So during you're Staples

office. corporate it It's companies was just in your you that lobby. in do would course, of a it on campus So college easy PreCheck want make the or that, something corporate and enrollment, for there's with did -- could a travelers met could great it their enroll you to to We success. do at or

accessibility ways all bring there's and a mentality to so of this. And customer-centric sorts to

initiative. excited that really to lead we're So

Right.

airports In Does footprint, terminal airports doesn't to about expansion not, in which lanes. benefit, multiple or existing of expand some CLEAR our CLEAR that's a and think that those ago use TAM a terminals, look, TAM it Plus is feed into quarters our I the And terminals airports, CLEAR our it expand -- talked or there can of -- along to allows that as seasonal checkpoints Louisville, Mobile us TAM. footprint. also, a are some pop-ups and We opportunities with Plus smaller couple opportunity. product, we about model go incremental terms think expand members going or

to also a and where we uneconomic have do so. offer airports, PreCheck can so It's pay-per-use model, it in revenue, incremental otherwise smaller might been those

smaller And number at accessible of travelers early bring in to of our to It's impressive when and nationwide enrolling you an today, in easy days, airports way. they're all some people this important look an PreCheck. really

And to that markets. the see all positive have so we response from great it's been just the

with The next question Wells is from Michael Fargo. Turrin

could positive high Turrin you a buyback been share we're the shareholder more Michael volatile in a [indiscernible]from Can David the talk confidence today. yesterday. market? today, a level, as how given of given Delta you've letter, in laid on and that through Ken, you've you ownership you from think that taken viewed growth increasing and have the be increased buyback you in amount flow the cash out free sale that about

where than going of repurchase our going. And certainly, years. we with to function guidance at talk a of it's on now have $XXX this we've we Look, cash want cash be million ultimately. year. about flow our we're is flow Yes. capital year free where that's allocation this flow obviously, past free been per we share cash And more in to of free of and And aggressive drive opportunistic. that view least share And right

about have outstanding. and XXX shares change We million

and per shareholders. what's do remain flow going opportunistic for to We're cash free best of $X that's share. ultimately So

And to bridge is time? And if way retention between soft there and the a for but I have? dollar is that over then just retention. on retention the past, about a target the follow-up there think the member the we dollar know don't retention one touched trend in upon -- dollar this for and you us

be I over target soft well XXX%. no specifically. to like mean There's it we'd

is More better.

the More better.

doesn't change than talked basis. a the it's And is the year-over-year And dollar member, on from that that is It's retention points the a which pricing. so right because net member our bridge very net today, what's we member is metrics have a the really year-over-year is down the it and about less and we the incremental represent how basis benefit now stable The basis. lagging necessarily year-over-year year-over-year it on indicator. true XXX X

at If and apples-to-apples of win sort of you impact the cohort. remove look an backs

from as February. trailing net retention. so anniversaried certainly, airline hand, other August rolls that's going cumulative. dollar through X, to in we the our pricing Remember, the the it's XX-month But pricing that's on benefit a So basis,

there's pushes So and always pulls.

add be online or just airport can I for use it an to cases. a If certain whether hospital we that, friction-filled worlds, or operate in verifying

And so is a focused drives And it glass or changing are hotel bringing retailer's is whether be check-in less it's hospital of whether what frictionless that or so experiences, everything. and safer. the experience that it magic bringing product on, future, behind we be lane check-in that

on, And we focused drive experience, expect that not only through have that to also partners, and line. but and we've is so the what ads, bottom it customer we're for retention invested that, flow and to

the would to to session. And Ladies and you. Seidman-Becker for now back I reached question-and-answer have turn the the Caryn we of remarks. gentlemen, like Thank end call closing

member our scale how our our XXXX earnings they to extremely team, our joining scale you. continue call. areas are of proud across second focus the team as I and TSA of proud executing we improve for quarter and Thank am Thanks PreCheck verified. experience,

This you. today's concludes teleconference. Thank

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