Clear Secure, Inc. (YOU) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Clear's Fiscal First Quarter 2026 Conference Call. We have with us today Karen Seidman-Becker, Founder, Chair, and Chief Executive Officer, Michael Barkin, President, and Jen Hsu, 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 or subject to risks and uncertainties. Factors that can cause actual results to differ materially from these statements are included in the documents the company has filed and furnished with the SEC, including today's press release. The company disclaims any obligation to update any forward-looking statements that may be discussed during this call. During this call, unless otherwise stated, all comparisons will be against the comparable period of fiscal year 2025. Additionally, the company will discuss both GAAP and non-GAAP financial measures. a reconciliation of GAAP to non-GAAP financial measures that provided in today's press release in the most recently filed Form 10Q. These items can be found on the Investor Relations section of CLEAR's website. With that, I'll turn the call over to Karen. The first quarter was a definitive stress test for the global identity landscape. As the physical and digital worlds collided with unprecedented speed, CLEAR met the moment. The seeds we planted to build the world's most trusted secure identity platform are maturing at exactly the right time. We are operating in an environment of structural instability where the national travel system is strained and AI-driven fraud is escalating at an exponential rate. In this world, identity is not a feature. It is the foundational infrastructure of a functioning...