Clear Secure, Inc. (NYSE:YOU) Q2 2024 Earnings Conference Call August 6, 2024 8:00 AM ET
Company Participants
Caryn Seidman-Becker - Co-Founder, Chairman & Chief Executive Officer
Ken Cornick - Co-Founder, President & Chief Financial Officer
Conference Call Participants
Joshua Reilly – Needham
Dana Telsey - Telsey Advisory Group
Ben Miller - Goldman Sachs
Cory Carpenter - JPMorgan
Mark Kelley - Stifel
David Unger - Wells Fargo
Operator
Good morning and welcome to CLEAR's Fiscal Second Quarter 2024 Conference Call. We have with us today Caryn Seidman-Becker, Co-Founder, Chairman and Chief Executive Officer; and Ken Cornick, 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 documents the company has filed and furnished 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 GAAP to non-GAAP financial measures is provided in today's shareholder letter and the most recently filed annual report on Form 10-Q. These items can be found on the Investor Relations section of CLEAR's website.
With that, I'll turn the call over to Caryn.
Caryn Seidman-Becker
Good morning, and thank you for joining our second quarter 2024 earnings call. It's been three years since our IPO and CLEAR remains focused on growing members, bookings and free cash flow. In the second quarter, we added a record 2.3 million members, reflecting growth across both CLEAR Travel and CLEAR Verified.
In CLEAR Travel, we continue to build products that help our members win the day of travel from Home to Gate and back again. The lane of the future rollout is well underway improving the CLEAR Plus member experience with new technology enhancements that make verifications up to 30% faster reducing friction for our members and our ambassadors.
This quarter we will begin rolling out the next phase of our lane of the future our FaceFirst technology. Members will verify with their face a seamless experience that will keep them moving. Travel is hard and getting harder.
In addition to improvements in the airport, we are furthering the Home to Gate journey with the introduction of CLEAR Perks, exclusive benefits curated for CLEAR Plus members from expedited passports to bag delivery and my favorite CLEAR Scout, which is our lost item rescue service, who hasn't lost something in the airport to be able to have a Clear ambassador go find it for you priceless.