Clear Secure, Inc. (NYSE:YOU) Q3 2022 Results Conference Call November 14, 2022 8:00 AM ET
Company Participants
Caryn Seidman-Becker - Chairman and CEO
Ken Cornick - Co-Founder, President and Chief Financial Officer
Conference Call Participants
Dana Telsey - Tesley Group
Paul Chung - JPMorgan
Ananda Baruah - Loop Capital
Operator
Good morning, and welcome to CLEAR Quarter 3 2022 Earnings Conference Call. We have with us here, Ms. Caryn Seidman-Becker, Co-Founder, Chairman and Chief Executive Officer; and Ken Cornick, Co-Founder, President and Chief Financial Officer. Please be advised that today's conference is being recorded.
I would also like to remind you that today's discussion will contain forward-looking statements relating to future events and expectations. You can find factors that cause the company's actual results to differ materially from these projections in our most recent SEC filings. In addition, we've included some non-GAAP financial measures in our discussion. Reconciliation to the most directly comparable GAAP financial measures can be found in today's 8-K.
With that, I'll turn the call over to Caryn Seidman-Becker Co-Founder, Chairman and Chief Executive Officer of CLEAR. Caryn?
Caryn Seidman-Becker
Hello. Thank you, and welcome to our third quarter 2022 earnings call. Our third quarter was strong. CLEAR's beloved frictionless experiences were more important than ever as travelers look to CLEAR to navigate an extraordinarily challenging travel season. Our platform expansion to enterprise partners with our powered by CLEAR product suite contributed to our results this quarter. CLEAR Plus experienced robust enrollment and verification trends. Same-store in airport enrollments were up 65% year-over-year, which represents a CAGR from 2019 pre-COVID levels of 26%. In addition, over half of the CLEAR Plus members who verified in the quarter, visited multiple locations, which further demonstrates the power of the CLEAR network.
In recent years, we have seen an expanded total addressable market for more predictable and friction-free travel experiences. At CLEAR, we want to serve all travelers and are creating products for people who travel one time per year to one time per week. In addition to our 46 CLEAR Plus airports, as we welcome San Juan, Puerto Rico to our network today, we now operate 14 reserve lanes, including recent launches in Canada, Germany and the Netherlands.
Reserve is free to travelers where they can make a reservation for airport security just as they do for restaurants. While always thoughtful about extrapolating recent trends, we have seen several data points indicating that there has been a structural shift in demand for travel, where the lines between business and leisure have been blurred, between hybrid work patterns to shift to the experience economy and increased capacity created by the global shared rental market, we believe the secular demand for travel has shifted up and to the right.