Clear Secure, Inc. (NYSE:YOU) Q2 2022 Earnings Conference Call August 15, 2022 8:00 AM ET

Company Participants

Caryn Seidman-Becker - Chairman & CEO

Ken Cornick - President & CFO

Conference Call Participants

Dana Telsey - Telsey Advisor Group

Paul Chung - JPMorgan

Michael Turrin - Wells Fargo Securities

Brian Essex - Goldman Sachs

Ananda Baruah - Loop Capital Markets

Operator

Good morning and welcome to the Clear Second Quarter 2022 Earnings Conference Call.

We have with us here -- with us today, Ms. Caryn Seidman-Becker, Co-Founder, Chairman and Chief Executive Officer; 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 could cause the company's actual results to differ materially from those 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. Caryn?

Caryn Seidman-Becker

Hello and welcome to our second quarter 2022 earnings call.

We were expecting a very busy summer travel season, which we had at Clear had termed, 'travel to lose us'. Needless to say the global secular demand for travel, combined with the significant industry challenges have exceeded our already high expectations. This travel environment has highlighted the imperative for future facing innovation and collaboration amongst all stakeholders to ensure travelers have the frictionless experience they rightfully deserve and enjoy in so many other settings. We are laser-focused and deeply committed to accelerating our network expansion, partnerships and innovation around new products to help travelers navigate an increasingly difficult global travel environment.

We at Clear, spend each day envisioning and creating safer and easier travel experiences. When we say transforming the journey from home to gate, we mean it, from stepping out of your front door to reaching your final destination; it is just too hard today. Clear is on the side of the traveler and obsessed with making the journey better.

Our results continue to be fueled by our strong network and are evidence of the power of the network effect we spoke about in our shareholder letter. As we've continued to add new nodes, the value proposition increases exponentially. In the second quarter, we experienced strong bookings growth of over 75%. Some of our earliest markets opened over a decade ago are amongst the fastest growing in our network. We were able to fuel our growth in a highly capital efficient manner, reflecting not only the network effect, but the obsession with customer experience yielding both strong word of mouth and a high NPS.