Clear Secure, Inc.

I don't see any monocular things in here that, like, does not belong. Like, you are wherever life takes you.

Good morning and welcome to Clear's Fiscal First Quarter 2023 Conference Call. We have with us today Karen Seidenbecker, Co-Founder, Chairman, and Chief Executive Officer, and Ken Kornick, 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. Factors that could cause actual results to differ materially from these statements are included in the company's reports on file with the SEC, including today's shareholder letter. The company disclaims any obligation to update any forward-looking statements that may be discussed during this call. During this call, the company will discuss both GAAP and non-GAAP financial measures. A reconciliation of debt to non-GAAP financial measures is provided in today's shareholder letter and the most recently filed annual report on Form 10Q. These items can be found on the Investor Relations section of CLIR's website. With that, I would like to turn the call over to Karen.

Good morning, and thank you for joining us for our first quarter 2023 earnings call. At Clear, we believe identity is the key to transforming customer experiences, both physically and digitally. We also believe trust is the oxygen the digital world needs to thrive. As the world has moved online, anonymity is the new norm. The opposite of anonymity is authenticated identity. The acceleration of the digital world has increased the sense of urgency to get identity rights. When Clear, LinkedIn, and its parent company, Microsoft, came together to explore how we could join forces to enhance digital trust and safety at scale, we aligned on a shared vision to strengthen and democratize trust across the world's largest professional network through stronger connections, better conversations, and improved outcomes. Through our recently launched partnership, we are empowering LinkedIn's over 200 million US users to verify their identity on their profile using CLEAR for free. Together, we are making it safer and easier for people to find jobs, connect, and build community. Verified profiles provide a holistic understanding of those users' professional identities. It's not just about who you are. It's about all the things that make you you. This partnership isn't about driving CLEARplus memberships. It's about furthering Powered by CLEAR our identity as a service platform, to expand our connected identity ecosystem. It's about bringing the trusted, predictable, friction-free experiences you've come to expect in airports to the digital world. We remain intent on providing American travelers with the experiences they rightfully deserve. Travel is absolutely booming. In March, we saw our highest average daily verification numbers, And in the first quarter, over 10% of checkpoint traffic in our airports came through a clear lane. Travel is hard and getting harder. As we continue to stress, clear is on the side of the American traveler. We hear our members when they say they are always looking for clear and more airports. And we hear them when they say they want the joyful journey we provide in more places. Clear gives our members predictability and control over their time and their experiences. This is now the expectation. With 52 Clear Plus and 17 Reserve airports, we are expanding our network across the country and around the world. Our expanded network is of course good for our members, and it also allows us to launch new products like TSA PreCheck enrollment and Reserve with strength across a larger footprint. We are focused on building products for all travelers, whether you travel once a year or once a week. I would be remiss not to mention our newly revamped Clear app with an awesome new home-to-gate feature driving predictability and friction-free day-of-travel experience. I highly recommend everyone on the call uses it. As always, we remain focused on growing members, bookings, and free cash flow. I want to thank the Clear team for their continued great work this quarter. With that, I will turn the call over to Ken.