Clear Secure, Inc.

Good morning, and welcome to CLEAR's fiscal fourth quarter and full year 2025 conference call. We have with us today Karen Seidman-Becker, 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 risk 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. A reconciliation of GAAP to non-GAAP financial measures is provided in today's press release and the most recently filed annual report on Form 10-K. These items can be found on the investor relations section of Clear's website. With that, I'll turn the call over to Carolyn.

2025 was a defining year for Clear. Becoming the trusted secure identity company is no longer a goal. It is our reality. Clear is incredibly well-positioned sitting at the intersection of security and the experience economy. In an era where identity has never been more critical, Clear is the trusted standard. We are an essential layer connecting and securing the physical and digital world. Over the past 15 years, Clear has built deep expertise as a secure identity company. We operate in both physical identity and digital identity across regulated consumer and enterprise environments. and have built a trusted brand that stands for high fidelity, secure identity, privacy, and a frictionless member experience for our nearly 40 million CLEAR members. We are operating with greater urgency than ever because identity is at an important inflection point. Identity is under constant siege, and it is the tip of the spear for getting security right, as threat actors create greater risk. As agentic identity evolves and identities are multiplying exponentially, Knowing that you are you and connecting you to all the things that make you you is crucial to manage and secure access. CLEAR has become the trusted standard and operating system for identity across both the physical and digital world. This is creating significant opportunities in both our B2C CLEAR travel business and our B2B CLEAR One enterprise business. I wanted to share two of CLEAR's core pillars this year. enabling identity to transform and secure physical experiences from home to gate in travel, and aggressively scaling ClearOne to secure the enterprise for both the workforce and their consumers or patients in healthcare. In ClearTravel, helping travelers win the day of travel with a frictionless home to gate experience is our North Star. Consumers don't want process, they want outcomes. They want to leave their front door and be at their gate with as little hassle as possible. To achieve this, we've doubled down on innovation with our relaunched mobile app, scaling the Clear Concierge program, and our eGate rollout with more to come. Our new mobile app reflects our obsession with the frictionless member experience. Just one tap and you are in. Seamlessly connecting traffic, the speedy Clear Lane, and the walk to your gate, you can know exactly when to leave to get to your gate perfectly on time. You can also personalize it, as we all know people who like to arrive at their gate as the doors are closing. Or my mom, who prefers to arrive two hours early no matter what I tell her. You can now easily add a concierge at almost 30 airports. A beloved clear ambassador can meet you at the curb and take you straight through security to your lounge or your gate. Live activities will help guide you step by step through your journey. This is a total reimagining of how an app can transform and connect your travel experience to help win the day of travel from home to gate and back again. The rapid expansion of our home-to-gate experience reflects our focus on the member experience and future-facing innovative culture. This drives higher NPS, strengthens our brand, and increases long-term retention. When you provide a premium magical experience, customers don't just stay, they become evangelists. Strategic partners also appreciate the importance of a member-obsessed frictionless travel experience. I am pleased that we are lengthening and strengthening our partnership with American Express. This has been a great partnership for the past five years, and we look forward to continuing to build it from here. Accelerating progress building robust public-private partnerships at the federal, state, and local level is also creating more opportunities. We continue to work with the administration and TSA to modernize travel at no cost to taxpayers. When you align private sector speed with public sector scale, the results for the American traveler are powerful. I love to talk about the AND. Clear is a travel powerhouse, and we are becoming a force in enterprise. Clear One delivered a record-breaking quarter. This is validation that our principled, multilayered approach to identity is winning. Working to reduce fraud, waste, and abuse in Medicare by building an identity interoperability layer is a testament to our opportunity and our strategy. As the largest healthcare payer in the U.S., CMS is integrating Clear One to modernize account creation and fraud prevention for millions of beneficiaries. We are helping CMS move toward a patient-centered future by providing a secure, one-and-done identity layer in one of the world's most regulated environments. Beyond healthcare, we are also seeing a pull from the Fortune 100 to secure their workforce, critical infrastructure, and their assets. Many have experienced breaches, data exfiltration, and insider risk. This is a here-and-now problem that is multiplying. From telecom giants to critical banking infrastructure, The world's most sophisticated companies are choosing ClearOne to secure their workforce lifecycle. The beauty of ClearOne is its network depth and seamless integration into existing workflows. We don't ask companies to change how they work. We plug into the systems they already use. We verify the human behind the device. We are delivering total identity integrity. In a world of deep fakes and AI-driven fraud, knowing who is who and you are you is the only thing that matters. As we said five years ago in our S-1, at Clear, we believe in the end. We can deliver both growth and profitability. We have done that. The flow through of the business from revenue to free cash flow speaks to the power of the Clear model. I am proud of our discipline to accelerate growth and be highly profitable. We have created the foundation and leverage for significant growth ahead. At Clear, we are building the infrastructure for a world where you are always you. We entered 2026 from a position of strength. Our fourth quarter acceleration is a direct result of the investments we have made over the past few years and the seeds that we planted that are now growing into forests. We have the cash, the talent, and the momentum to continue scaling. With that, I will turn it over to Michael.

Thanks, Karen. A key focus for us over the past year has been improving the member experience, and we have made significant progress. Our strengthening member experience is a rising tide that improves member acquisition, conversion, retention, and our brand for ClearOne and our travel partners. Additionally, we have network expansion opportunities both domestically and internationally, and our strong partnership with the TSA allows us to work together to improve the travel experience in the U.S. TSA PreCheck, Concierge, and Clear One are businesses that remain in their early innings and are increasingly important contributors to our overall growth. Partnerships remain a strategic part of our business and an attractive member acquisition channel. We're pleased that we have renewed our partnership with American Express, offering Clear Plus as an embedded benefit on the American Express Consumer, Corporate, and Small Business Platinum cards and select other American Express card products. This multi-year renewal reflects the value of Clear Plus for American Express cardholders and the strong partnership that Clear and American Express have established over the last six years. We look forward to continuing to provide great experiences for our American Express members. The need for secure, multi-layered identity infrastructure has been amplified, and we are entering this chapter from a position of strength. Our balance sheet is robust and growing, providing us meaningful flexibility. In a rapidly evolving identity landscape, we believe we have attractive opportunities to develop more partnerships and make disciplined investments that will deepen our home-to-gate Clear Travel membership experience, increase penetration of Clear One, and shape the future of the identity industry. I'll now turn it over to Jen.