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Clear Secure, Inc. (YOU) Q4 2022 Earnings Call Transcript

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Clear Secure, Inc. (NYSE:YOU) Q4 2022 Earnings Conference Call March 1, 2023 8:00 AM ET

Company Participants

Caryn Seidman-Becker - Co-Founder, Chairman & Chief Executive Officer

Ken Cornick - Co-Founder, President & Chief Financial Officer

Conference Call Participants

Dana Telsey - Telsey Advisory Group

Joshua Reilly - Needham & Company

Paul Chung - JPMorgan

David Engel - Wells Fargo

Ananda Baruah - Loop Capital

Operator

Good greeting and invited to CLEAR's Fiscal Fourth Quarter and Full Year 2022 Conference Call. We person pinch america coming Ms. Caryn Seidman-Becker, Co-Founder, Chairman, and Chief Executive Officer; and Ken Cornick, Co-Founder, President, and Chief Financial Officer.

As a reminder earlier we begin, today's chat contains forward-looking statements astir nan company's early business and financial performance. These are based connected management's existent expectations and are taxable to risks and uncertainties.

Factors that could origin existent results to disagree materially from these statements are included successful nan company's reports connected record pinch nan SEC including today's shareholder letter. The institution disclaims immoderate responsibility to update immoderate forward-looking statements that whitethorn beryllium discussed during this call.

During this telephone nan institution will talk some GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is provided successful today's shareholder missive and nan astir precocious revenge yearly study connected Form 10-K. These items tin beryllium recovered connected nan Investor Relations conception of CLEAR's website.

With that, I'll move nan telephone complete to Caryn.

Caryn Seidman-Becker

Hello. Thank you and invited to our 4th fourth 2022 net call. Fourth 4th net capped disconnected a beardown twelvemonth of maturation astatine CLEAR. People's desire to recreation past twelvemonth surpassed moreover our astir bullish expectations.

Domestic checkpoint volumes were up 30% successful 2022. At nan aforesaid time, recreation infrastructure proved to beryllium acold much vulnerable than anyone could person imagined. Travel is difficult and getting harder. CLEAR's mission, platform, and products are a captious portion of nan solution to make recreation safer and easier.

It was important we were staffed and fresh to thief travelers arsenic they return to nan entity and CLEAR's estimation arsenic a awesome place to build a profession attracts apical talent to service these travelers.

On a sequential basis, we added 8.5% to our Ambassador Workforce crossed airports nationwide arsenic we saw opportunities to heighten work and turn our personnel base. As our members cognize nan CLEAR Ambassador is simply a agleam spot successful what tin beryllium a stressful time. They are fresh and waiting to invited you astatine 4:30 successful nan greeting connected a engaged recreation time aliases 10 P.M. up of your reddish eye. That's why we shared successful our missive immoderate awesome stories astir our airdrome squad who bring CLEAR's exertion to life.

The squad has been engaged preparing for launches of caller airports arsenic we proceed to grow nan CLEAR web nationwide. We besides received our authority to run TSA pre-check enrollment provided by CLEAR successful precocious December aft a rigorous reappraisal and we look guardant to rolling it retired to nan American nationalist successful early 2023.

The gait and spot of our launches materially accelerated during 2022. We person built a beardown operations squad and nan musculus to quickly and efficiently turn into caller geographies.

In nan past 8 months unsocial we person launched 15 caller markets for CLEAR Plus and Reserves some domestically and internationally including our 51st airdrome successful Kansas City this week.

Strong recreation request coupled pinch past year's recreation challenges further our consciousness of urgency for invention and collaboration connected behalf of nan American traveler. There is simply a caller saying successful travel, Every time is now nan Wednesday earlier Thanksgiving. And arsenic an manufacture we person to activity together to hole for that.

An outstanding illustration of terrific collaboration pinch Super Bowl play successful Phoenix. The Phoenix Airport, section TSA, and nan Phoenix CLEAR squad worked together seamlessly to process a grounds 84,000 passengers connected nan Monday pursuing nan large game. 17% of these passengers usage nan CLEAR lanes and our NPS people of complete 70 shows our members' delight.

When we deliberation astir really we will securely standard friction-free recreation experiences, we are excited astir our alignment pinch our hose partners. In January, we renewed our multiyear business pinch United Airlines exemplifying nan powerfulness of collaborative innovation. Together, we are focused connected bringing caller exertion to alteration friction-free recreation experiences to United travelers.

You person heard america opportunity galore times that personality is foundational successful recreation and beyond and you spot that coming to life crossed truthful galore industries today. For example, nan consumerization of healthcare is quickly becoming a reality pinch nan implementation of nan Cures Act empowering group to entree and power their healthcare data.

With our vertically integrated personality level and complete 15 cardinal Instant-on members healthcare partners are looking to CLEAR to alteration much friction-free experiences for some their patients and employees.

We person built an at-scale nationwide web successful a regulated environment, which positions america good to play an important domiciled successful healthcare. Our caller business pinch UHealth and WellStar are conscionable nan first 2 examples of what we judge to beryllium a ample opportunity for CLEAR.

As always, we stay focused connected increasing members, bookings and free rate flow. I want to convey nan CLEAR squad who has done unthinkable activity successful 2022 continuing to make nan CLEAR imagination a reality.

With that, I will move nan telephone complete to Ken.

Ken Cornick

Thanks, Caryn. Our 4th fourth bookings and gross were amended than we expected driven by CLEAR Plus trends including renewal rates and caller joins. Overall 4th fourth bookings maturation of 37% and represents a 32% CAGR from 2019 pre-COVID levels. Of this 32% astir two-thirds is same-store.

We're besides encouraged by nan traction we're seeing successful our powered by CLEAR business and proceed to judge location is simply a ample addressable marketplace for our networked member-centric personality platform. Retention of 92% remains supra our semipermanent expectations of nan precocious 80s though down somewhat retention remains beardown arsenic our web expands and our worth proposition grows.

We stay encouraged by nan wide portion economics of CLEAR Plus. Free rate travel successful nan 4th fourth was $71 cardinal and is up 177% complete Q4 2021. Full twelvemonth free rate travel of $137 cardinal is up 220% year-over-year.

I deliberation it's really important for maine to telephone retired arsenic owner-operators we position banal comp arsenic a existent disbursal arsenic we cognize our shareholders do. When evaluating caller opportunities, we look astatine holistic comp including non-cash comp successful our return connected finance analysis.

In 2022, we issued 1.47 cardinal nett caller RSUs to labor representing little than 1% of opening communal shares outstanding. The immense mostly of RSUs vest complete 3 years. Free rate travel aft considering worker and laminitis banal comp was $82 cardinal for nan afloat twelvemonth 2022.

In 2023, we expect to turn free rate travel earlier and aft worker and laminitis banal comp. We are laser focused connected businesslike maturation and superior allocation. While it is now successful vogue to talk astir rightsizing headcount, we person ever been methodical astir our costs building and want to item CLEAR beardown incremental margins.

In Q4, OpEx excluding United warrant disbursal and different different items grew 23% year-over-year astir 40% of our gross maturation rate. For nan fiscal twelvemonth and grew 33% little than half our gross maturation rate.

The United business renewal unlocked 534,000 warrants which vested and converted to Class A communal banal successful 2023. These warrants were issued successful 2019 and person been reflected successful our SEC filings. This 4th we recognized a full of $18.1 cardinal successful non-cash warrant disbursal of which $14.5 cardinal related to this tranche and $3.5 cardinal carried complete from Q3. We expect to admit nan last $1 cardinal of warrant disbursal successful Q1.

In Q4, we besides recognized $6.1 cardinal of non-cash equity disbursal related to 617,000 capacity RSUs issued to labor anterior to our IPO, now deemed probable to vest successful 2024. The Q4 magnitude includes a catch-up expense. The ongoing 2023 quarterly magnitude will beryllium astir $1.7 million. These RSUs person besides been reflected successful our humanities SEC filings.

Total rate and equivalents arsenic of December 31 was $735 cardinal and bespeak nan $38 cardinal typical dividend paid successful December, arsenic good arsenic $5.4 cardinal utilized for nett settled RSUs. As we look to 2023, we are good positioned to turn members, bookings and revenue, while delivering operating leverage and free rate travel growth.

Like past year, our bookings guidance implies a sequential diminution from Q4 to Q1, accordant pinch pre-pandemic patterns. Because CLEAR Plus builds annually, our quarterly bookings trends are limited connected nan renewal backlog entering nan year. As of 12/31 little than 25% of nan yearly renewal backlog fell successful Q1.

We'll now spell to Q&A.

Question-and-Answer Session

Operator

Thank you. At this time, we’ll beryllium conducting a question-and-answer session. [Operator Instructions] First mobility comes from nan statement of Dana Telsey pinch Telsey Advisory Group. Please proceed pinch your question.

Dana Telsey

Good greeting and congratulations connected nan bully advancement successful nan results. When you look astatine each nan metrics, nan metrics are awesome and compelling. When you deliberation astir nan enrollments which came in, I believe, up 48% to $15.4 million, really are you reasoning astir enrollments going forward? And is location immoderate further expenses that we should beryllium mindful of to thrust enrollments successful this upcoming fiscal year?

And past I for illustration nan introduction into healthcare. How do you spot nan advancement of penetrating nan healthcare marketplace arsenic compared to nan recreation market, whether it's successful time, cost, separator -- income and separator opportunity? Thank you.

Caryn Seidman-Becker

Thanks, Dana. A fewer questions there. So I'll return a fewer and past Ken will chime successful arsenic well. In position of enrollment, I think, it's a reflection of not only nan CLEAR acquisition but recreation being strong, right? It was up 30% successful 2022 and our maturation importantly outpaced that and Ken talked astir some same-store maturation arsenic good arsenic caller stores. And I deliberation that you will spot those trends continue.

A batch of our airports are still comparatively early successful their life, right? If you look astatine coming out, we launched 8 caller airports past year. And since COVID -- aliases since we went public, I deliberation we went nationalist astatine 33 airports astatine nan extremity of June 2021. So that's a 50% maturation successful nan network.

So you'll spot maturation successful airports that person been opened rather a agelong time, arsenic we've talked astir historically, maturation successful caller airports and past caller airdrome maturation arsenic well. And so, we expect those trends to continue.

But I besides deliberation that you'll beryllium seeing maturation coming retired of nan level broadside and members. So you person to travel to an airdrome to enroll connected nan level side. You tin do it either successful a CLEAR app aliases what you're seeing is successful our partners' apps. And truthful I think, you'll spot some of those trends proceed successful 2023. In position of costs associated pinch that, I'll fto Ken talk astir that, and past I'll talk a small spot astir nan wellness attraction full addressable market.

Ken Cornick

Sure. In position of nan portion economics of nan business, actually, you'll spot successful nan K, erstwhile we record that later today, our portion economics improved connected a year-over-year basis. So we talk astir LTV to CAC, and you'll spot that, that has really improved successful '22 versus '21, partially a usability of costs of acquisition going down year-over-year. And arsenic Caryn mentioned, arsenic we person added to our network, some connected nan airdrome broadside and connected nan level side, nan web effect really drives portion economics. And so, we don't spot thing specifically successful nan sky that would alteration nan dynamics of nan business.

Caryn Seidman-Becker

In position of wellness care, Dana, some WellStar and Uhealth, our starring wellness systems successful their region. So UHealth is simply a starring South Florida wellness system. WellStar is simply a starring Georgia wellness system. And erstwhile you look astatine nan TAM of systems conscionable for illustration that, we deliberation that location is complete 6,000 likewise situated wellness systems successful nan US. And I deliberation you're seeing galore signals successful nan marketplace that nan consumerization of wellness care, which has been agelong talked about, is taking hold.

And erstwhile you look astatine nan Cures Act, which was passed respective years ago, but only being implemented now, personality is foundational successful bid to make wellness accusation acceptable to patients. And so, really eliminating that proverbial clipboard for some patients and providers. So we deliberation that these are very early days and if you conscionable look astatine UHealth and Wellstar, there's an tremendous full addressable marketplace retired there. We sized it astatine complete 6,000 conscionable successful nan US.

Dana Telsey

Thank you.

Operator

Our adjacent mobility comes from nan statement of Joshua Reilly pinch Needham & Company. Please proceed pinch your question.

Joshua Reilly

All right. Thanks guys. Congrats connected nan very awesome results here. So 2023 is apt nan first twelvemonth to transcend 2019 successful position of boarded passengers. As nan year-over-year maturation comps successful ported passengers go much difficult arsenic nan twelvemonth progresses, would you guys summation trading walk aliases make immoderate adjustments if request were to beryllium impacted? And really do you deliberation astir request relationship wide to boarded passengers?

Ken Cornick

So, successful position of investment, we are opportunistic erstwhile it comes to superior allocation, and that includes trading spend. We -- our largest transmission is successful nan airdrome channel, which is simply a very businesslike channel. And so, nan measurement we deliberation astir it is, we'll beryllium opportunistic astir nan opportunity to turn our personnel guidelines for illustration we were successful this past quarter. We don't needfully spot immoderate melodramatic changes to our portion economics arsenic a usability of reliable comps.

Caryn Seidman-Becker

But to reply your mobility much specifically, I deliberation there's a batch of breathtaking things happening successful 2023, and we've ne'er been modular marketers, right? So, nan motorboat of PreCheck, which we expect successful 2023 and was not included successful first 4th guidance is an opportunity to present group to different ways to acquisition airdrome information and some connected a stand-alone and a bundled basis, we deliberation there's opportunities there. The powerfulness of nan web effect has shown itself complete nan past 13 years and our unthinkable ambassadors connected nan floor, which we wrote about, are besides a different shape of what group deliberation of arsenic humanities trading spend.

As we adhd much partners to nan platform, it adds much members and there's an opportunity correct to upgrade group who person joined nan CLEAR level to correct from B2B complete to B2C. And we saw occurrence successful that successful places for illustration erstwhile we collaborated pinch Hawaii connected Healthpath aliases arsenic you spot what we're doing pinch Avis successful nan rental car space. And truthful there's galore on-ramps that we get excited about. And it's not your “historical” trading spend, which really gives our level and our squad opportunities to flex creatively to thrust maturation successful an economically businesslike way.

Joshua Reilly

Got it. And past conscionable a follow-up connected nan nett personnel retention. It was moreover stronger than what I would person expected here, you still talk astir moderating to nan precocious 80% range. What are you seeing present successful Q1 connected nett personnel retention for nan first mates of months of nan year? And really do you deliberation astir nan trajectory of that activity backmost to nan precocious 80s?

Ken Cornick

Yeah. I mean, it's decidedly happening slower than we would person expected. And I deliberation that speaks to nan powerfulness of nan web arsenic we adhd much nodes including airports and different usage cases that increases nan utility. And I deliberation that's what's driving nan amended than expected gross retention. And truthful we deliberation it settles successful nan precocious 80s, but it is perfectly happening slower than we would person anticipated.

Joshua Reilly

Great. And possibly I'll conscionable sneak 1 much successful connected nan existent disbursal tally complaint versus your semipermanent model, it seems for illustration G&A is 1 of nan still well-above wherever nan semipermanent exemplary is. How should we deliberation astir opportunity for leverage present successful G&A this year? And tin you conscionable punctual america what expenses are included successful that statement item? Thanks guys.

Ken Cornick

Sure. So G&A is -- we deliberation we're going to get operating leverage really crossed nan committee I would opportunity pinch nan objection of costs of gross stock interest that should stay much unchangeable than nan different statement items, but G&A surely being nan astir leverageable statement item. And beyond nan emblematic things that you would expect successful location specified arsenic rent and nan regular overhead location are in installments paper fees, which are variable.

Now evidently arsenic level becomes a larger percent of nan mix, in installments paper fees don't use to nan B2B business. And truthful -- and past mobile enrollment costs are besides successful their adaptable mobile enrollment cost. So location are a fewer things that are variable, but it's mostly much overhead type of things. And if you conscionable look this 4th connected a cleanable ground if you portion retired immoderate of nan unusuals, you had astir apt astir 2,000 ground points of operating leverage successful Q4 past twelvemonth to Q4 this twelvemonth conscionable connected nan G&A statement item. So we spot a batch of opportunity there.

Joshua Reilly

Great. That’s what I expected. Thanks guys.

Operator

Our adjacent mobility comes from nan statement of Paul Chung pinch JPMorgan. Please proceed pinch your question.

Paul Chung

Hi. Thanks for taking my question. Very bully 4th to decorativeness nan year, very beardown rate flow. So first up now nan firms astatine 51 airports is simply a semipermanent extremity of mid-50s revised higher, which cardinal airports are still successful nan pipeline successful your view? And what's nan mean lane per airdrome coming and opportunities location to expand? Also immoderate advancement connected world arsenic well? You mentioned nan reserve offering, which opens up a bully cross-selling channel. Can we spot CLEAR Plus lanes grow aliases meaningfully overseas this year? And I person a follow-up.

Caryn Seidman-Becker

Thanks Paul. So yes we are astatine 51 airports coming pinch nan motorboat of Kansas City yesterday and I deliberation it's 140 lanes pinch those 51 airports. I do expect america to unfastened -- adjacent to nan aforesaid aliases somewhat much airports this twelvemonth than we did past year. We are already 3 airports successful for nan first 2 months of 2023.

And so, I do think, if you look astatine -- and it's nationalist accusation benignant of nan apical 100 airports successful nan US, we deliberation that location is precocious applicability successful nan 70-ish scope of those airports. But I besides deliberation that there's different products erstwhile you look astatine reserve and PreCheck enrollment wherever we could besides beryllium bringing products. So we now deliberation of CLEAR much broadly, but we're talking specifically successful this lawsuit astir CLEAR Plus airports lanes.

And past internationally, we do deliberation that it's very breathtaking to beryllium building nan relationships, nan speech and nan acquisition starring pinch nan reserve merchandise and we're seeing occurrence there. And past that is opening conversations astir different products. And truthful whether aliases not that deed this year, it's excessively soon to tell. But we do deliberation erstwhile you look astatine nan surge connected recreation and nan challenges recreation difficult and getting harder, it is not conscionable a US arena but a world phenomenon.

Ken Cornick

Just connected nan portion economics of nan smaller airports, successful position of number of lanes, it wholly depends connected nan configuration of nan airport. Generally speaking, a smaller airdrome will person less lanes. And nan portion economics activity for nan mini airports connected a stand-alone ground and because they adhd to nan network. So we're capable to, fundamentally get to breakeven good nether a twelvemonth connected those airports.

Paul Chung

Great. Thanks for that. And past conscionable connected AmEx, arsenic we thigh nan first benignant of platinum enrollments, really should we deliberation astir benignant of nan gait of bookings maturation this year? And what is your consciousness of penetration rates astatine AmEx platinum, renewal rates arsenic well? Are they wide higher and if you could grow connected different benignant of cardinal target airlines in installments paper companies, recreation vendors you're engaging with. I've noticed different channels occurred. Taxi astatine for sign-ups really successful we'll person those channels being besides connected nan partner broadside would beryllium helpful. Thank you.

Ken Cornick

Lots of questions successful there. Starting disconnected pinch nan renewal rate, which is easy. Yes, nan renewal rates are rather precocious for our AmEx Platinum arsenic you would expect, supra 95%. In position of nan penetration of platinum, again we don't person nan denominator. But if you look astatine nan AmEx 4th quarter, they announced $3 cardinal nett caller cards added. Those are not each platinum but they are continuing to person occurrence increasing their personnel base. And obviously, we use from that. So we're continuing to turn pinch them.

I deliberation that transmission will grow. It's increasing -- we person different channels that are increasing faster. The 1 that you specifically asked astir is connected nan curb, that's conscionable arsenic a trading transmission for us, which is successful but it's not worldly for us.

And past successful position of your different questions successful position of caller partnerships, we are talking to further airlines. We do deliberation nan partner transmission is our champion avenue for maturation and our astir businesslike avenue for growth, and it's been very successful for us. And so, much to travel connected that.

Paul Chung

Great. Thank you.

Operator

Our adjacent mobility comes from nan statement of Michael Turrin pinch Wells Fargo. Please proceed.

David Engel

Hi. Great. This is David Engel connected for Michael Turrin. Just 1 for me, bunch overmuch of my questions person been asked. So you've talked astir postulation volumes being up 30% successful 2022. As we look to nan 2023 readying process, tin you talk astir what you're seeing frankincense acold successful 1Q pinch nan 2 months in? And really that compares to pre-pandemic traffic? And past conscionable bigger image what longer-term humanities yearly postulation volumes look for illustration in?

Caryn Seidman-Becker

I'll talk a small spot astir what we're seeing successful nan first 2 months, which is strength. January ever slows down a small bit, but versus December from a sequential basis. But I would opportunity that, you conscionable spot continued spot grounds days and group retired location walking and wanting amended experiences arsenic they travel. So location has been nary slowdown. I think, we started talking astir being thoughtful of nan economical situation astir apt successful our 3rd 4th earnings.

And I will say, and you tin spot this crossed nan industry. You cognize 1 thing. People want to travel, group emotion travel, and business recreation has been coming back. And truthful I would opportunity that, that is astir apt nan caller summation complete nan past fewer months, but you conscionable spot continued strength.

Ken Cornick

Yeah. And arsenic acold arsenic trends versus pre-COVID levels we talked astir a 32% CAGR for Q4, our guidance which excludes pre-check implies I deliberation astir a 30% CAGR from 2019 pre-COVID levels. So if you look astatine nan midpoint. So we spot continued spot arsenic Karen mentioned.

David Engel

Great. Thank you.

Operator

And our adjacent mobility comes from nan statement of Ananda Baruah pinch Loop Capital. Please proceed pinch your question.

Ananda Baruah

Hey, bully morning, guys. Appreciate it. And acknowledgment for taking nan question. I conjecture Caryn going backmost to nan speech astir benignant of nan airports that you're in, what you've been adding and nan caller lanes that you've added. Is location immoderate useful measurement you tin picture to america wherever you guys deliberation you are I conjecture for illustration power representation wise comparative to what you would see to beryllium optimal penetration successful nan US, moreover if nan anecdotal. Does that make sense?

Caryn Seidman-Becker

Not exactly, erstwhile you opportunity power representation wise do you mean MSAs and wherever group unrecorded aliases wherever they're going aliases what are basking caller areas successful nan US. Tell maine what you mean by that?

Ananda Baruah

All of that, each of that, for illustration you person nan thought process. Yes, exactly. Exactly.

Caryn Seidman-Becker

Yeah. I mean, we look astatine enplanements. We besides – correct that's nan eventual portion of it. And again, erstwhile you look astatine nan apical 100 aft nan apical 60, you spot a heavy alteration successful enplanements. All that being said, nan smaller airports for us, because we're successful airports that look for illustration that person been awesome for CLEAR, right? And truthful nan economics not only of those smaller airports, but of nan web are accretive and strong.

So it's not an nonstop science. It's nan partners who want to bring CLEAR to their travelers who are focused connected invention and rider experience. We're building products for each travelers, whether you recreation erstwhile a twelvemonth pinch reserve free for nan user aliases erstwhile a week pinch CLEAR Plus. And truthful -- and we're trying to build much products successful between.

And truthful I don't person an nonstop reply isolated from to say, we build beardown partnerships. Kansas City opened a caller airdrome and a caller terminal yesterday. And they wanted to bring invention and awesome rider experiences to their travelers. And truthful we person a batch of runway. That's a very nonstop and an appealing answer, I'm sure.

But that's nan truth. It's conscionable recreation is truthful beardown and location are truthful galore opportunities to toggle shape nan rider acquisition from nan parking and nan rental car portion to bags, to security, to concessions and then, each nan measurement backmost connected nan different side. So these are very early days.

Ananda Baruah

I sewage it. No that really is very helpful. A batch of runway position a batch -- it's very helpful. And does that include, benignant of immoderate of these caller airports opportunity for illustration a Kansas City yesterday arsenic good arsenic meaningful opportunity to adhd caller lanes say, successful those, benignant of apical 100 airports, airports whitethorn already beryllium in?

Caryn Seidman-Becker

Yes. That is accurate. We person a awesome footprint today. And then, we adhd much lanes to that footprint. You saw that pinch caller work. And we're focused connected that pinch different airports arsenic well.

Ananda Baruah

Okay. That's great. Its really adjuvant color, guys. I admit it. Thanks.

Operator: And we person reached nan extremity of nan question-and-answer session. And I will now move nan telephone complete to Caryn Seidman-Becker for closing remarks.

Caryn Seidman-Becker

Thank you for joining our 4th fourth 2022 net call. We are excited by nan robust maturation successful CLEAR Network, I conscionable said and invited Kansas City, 51st Airport successful nan CLEAR Plus network, which launched yesterday.

On nan B2B side, we proceed to judge powered by CLEAR is simply a important opportunity for growth. Avis UHealth and WellStar are conscionable nan first of what we expect to beryllium continued caller partner announcements. We stay perfectly bullish connected nan surge successful maturation of nan recreation manufacture and estimate different 1 cardinal travelers successful U.S. airports by 2030.

At CLEAR, we're focused connected invention to guarantee a scalable and friction-free rider acquisition for each travelers, whether you recreation erstwhile a twelvemonth aliases erstwhile a week. I want to convey nan CLEAR squad again for nan awesome activity they did successful 2022. And look guardant to each that we'll execute together successful 2023.

Operator

And this concludes today's conference. And you whitethorn disconnect your lines astatine this time. Thank you for your participation.

Editor: Naga



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