Clear Secure Inc · Q3 2022 earnings

Briefing

Clear's Q3 2022 performance was marked by significant revenue growth and strategic partnerships, despite a net loss impacted by non-cash equity-based compensation costs.

Clear Secure, Inc. reported a strong Q3 2022 with a 71.6% increase in revenue, reaching $115.9 million, and a 46.7% rise in total bookings to $145.7 million. The company's total cumulative enrollments grew by 76.3% to 14.2 million, and total platform uses increased by 62.9% to 117.6 million. Despite these gains, the company experienced a net loss of $65.6 million, influenced by $58.8 million in non-cash equity-based compensation costs. However, adjusted net income stood at $8.1 million, with free cash flow at $5.3 million.

• Revenue increased by 71.6% to $115.9 million, and total bookings grew by 46.7% to $145.7 million.
• Total cumulative enrollments rose by 76.3% to 14.2 million, and total platform uses increased by 62.9% to 117.6 million.
• Annual CLEAR Plus Net Member Retention was 92.2%.
• New platform partnerships were launched with Avis and Virdee, expanding the CLEAR network.

Headline financials

Revenue & EPS history

The company expects fourth quarter 2022 revenue of $123-$125 million and Total Bookings of $142-$146 million. They expect to soft-launch the TSA PreCheck® program in Q4 2022 with revenue contribution starting in 2023 and building throughout the year.