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Mar 31, 2022
Clear Q1 2022 Earnings Report
CLEAR experienced broad-based strength with operating leverage and strong free cash flow.
Key Takeaways
CLEAR Secure, Inc. reported a strong first quarter with revenue up 79.1% and total bookings up 73.5%. The company saw a continuation of strong travel trends and generated significant free cash flow.
Revenue increased by 79.1% to $90.5 million, and Total Bookings increased by 73.5% to $107.8 million.
Total Cumulative Enrollments reached 11.8 million, driven by CLEAR Plus and Platform enrollments.
Annual CLEAR Plus Net Member Retention increased to 95.3%.
The Board of Directors authorized a share repurchase program of up to $100 million.
Forward Guidance
The company expects second quarter 2022 revenue of $99-101 million and Total Bookings of $110-114 million. This excludes any contribution from the launch of our TSA PreCheck enrollment service.
Positive Outlook
- The company expects second quarter 2022 revenue of $99-101 million
- The company expects Total Bookings of $110-114 million
- The company is working collaboratively with TSA partners through the launch process.
- TSA PreCheck Bookings will be recognized as revenue in the quarter in which they are received.
- CLEAR remains focused on growing members, bookings AND free cash flow while continuing to build a brand that members trust and love.
Challenges Ahead
- Second quarter 2022 revenue and Total Bookings guidance exclude any contribution from the launch of the TSA PreCheck enrollment service
- The company continues to incur operating expenses in the second quarter associated with the future launch of this program.
- First quarter 2022 net loss was ($18.8) million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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