Clear Secure, Inc. (YOU) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, and welcome to Clear's Fiscal Third Quarter 2025 Conference Call. We have with us today Karen Seidman-Becker, Co-Founder, Chair, and Chief Executive Officer, Michael Barkin, President, and Jen Su, 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. Factors that could cause actual results to differ materially from these statements are included in the documents the company has filed and furnished with the SEC, including today's press release. The company disclaims any obligation to update any forward-looking statements that may be discussed during this call. During this call, unless otherwise stated, all comparisons will be against the comparable period of fiscal year 2024. Additionally, the company will discuss both GAAP and non-GAAP financial measures. Reconciliation of gap to non-gap financial measures is provided in today's press release and the most recently filed quarterly report on 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. Identity is the foundation of trust, and CLEAR is the secure identity platform. The digital connected world has been driving a paradigm shift in cybersecurity. and now layer AI on top of that, and there is an urgent focus on identity. Cyber criminals aren't breaking in, they're logging in. 80% of breaches start with compromised credentials, and 84% of security leaders have reported identity-related incidents that have disrupted their business. Identity has never been more important, and secure identity is the foundation to c...