Clear Secure, Inc. (YOU) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.516 Good morning, and welcome to CLEAR's fiscal fourth quarter and full year 2025 conference 00:00:05.516 -- 00:00:10.761 call. We have with us today Karen Seidman-Becker, founder, chair, and chief executive 00:00:10.761 -- 00:00:16.227 officer, Michael Barkin, president, and Jen Su, chief financial officer. 00:00:16.227 -- 00:00:20.291 As a reminder before we begin, today's discussion contains forward-looking statements 00:00:20.291 -- 00:00:24.154 about the company's future business and financial performance. 00:00:24.154 -- 00:00:29.562 These are based on management's current expectations and are subject to risk and uncertainties. 00:00:29.562 -- 00:00:33.806 Factors that could cause actual results to differ materially from these statements are 00:00:33.806 -- 00:00:38.631 included in the documents the company has filed and furnished with the SEC, including 00:00:38.631 -- 00:00:43.637 today's press release. The company disclaims any obligation to update any forward-looking 00:00:43.637 -- 00:00:46.600 statements that may be discussed during this call. 00:00:46.600 -- 00:00:51.225 During this call, unless otherwise stated, all comparisons will be against the comparable 00:00:51.225 -- 00:00:53.727 period of fiscal year 2024. 00:00:53.727 -- 00:00:57.862 Additionally, the company will discuss both GAAP and non-GAAP financial measures. 00:00:57.862 -- 00:01:02.167 A reconciliation of GAAP to non-GAAP financial measures is provided in today's press 00:01:02.167 -- 00:01:06.952 release and the most recently filed annual report on Form 10-K. 00:01:06.952 -- 00:01:11.498 These items can be found on the investor relations section of Clear's website. 00:01:11.498 -- 00:01:15.380 With that, I'll turn the call over to Carolyn. 00:01:15.642 --...