Clear Secure Inc · Q2 2023 earnings

Briefing

Clear's second quarter results demonstrated model strength with strong top line growth and operating leverage, achieving positive net income as a public company and increased free cash flow.

Clear Secure, Inc. reported strong Q2 2023 results, with revenue up 45.9% and total bookings up 42.5%. The company achieved positive net income for the first time as a public company and grew free cash flow by 62%. A regular quarterly dividend was established.

• Revenue increased by 45.9% to $149.9 million, and Total Bookings increased by 42.5% to $175.1 million.
• Total Cumulative Enrollments reached 17.4 million.
• Active CLEAR Plus Members reached 6.2 million, representing a 40.6% increase.
• Annual CLEAR Plus Member Usage was 8.7x, up 3.6%.

Headline financials

Revenue & EPS history

The company expects third quarter 2023 Revenue of $152-$154 million and Total Bookings of $178-$180 million. Third quarter guidance does not include any contribution from TSA PreCheck® Enrollment Provided by CLEAR. For fiscal year 2023, we expect to demonstrate continued operating leverage and growth in Free Cash Flow as compared to fiscal year 2022.