Operator

Good morning, and welcome to CLEAR's Fiscal First Quarter 2026 Conference Call. We have with us today, Caryn Seidman-Becker, Founder, Chair and Chief Executive Officer; Michael Barkin, President; and Jen Hsu, 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 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 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 2025. Additionally, the company will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures are provided in today's press release and the most recently filed 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
Chairman & CEO

The first quarter was a definitive stress test for the global identity landscape. As the physical and digital worlds collided with unprecedented speed, CLEAR met