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Mar 31, 2023
Clear Q1 2023 Earnings Report
Clear's revenue increased and partnerships expanded, but member retention experienced a slight decrease.
Key Takeaways
Clear Secure, Inc. reported a strong first quarter with revenue up 46.2% and total bookings up 38.9%. The company launched a record number of new airports and expanded locations, partnered with LinkedIn and Health Gorilla, and repurchased Class A Common Stock. However, CLEAR Plus Net Member Retention decreased slightly.
Revenue increased by 46.2% and Total Bookings increased by 38.9%.
Total Cumulative Enrollments grew by 37.1%.
Annual CLEAR Plus Net Member Retention decreased by 400 basis points year-over-year.
Launched record 12 new airports and expanded four locations since first quarter 2022.
Forward Guidance
The company expects second quarter 2023 revenue of $139-$141 million and Total Bookings of $158-$160 million.
Positive Outlook
- Expect second quarter 2023 revenue of $139-$141 million
- Expect Total Bookings of $158-$160 million for second quarter 2023
- Received Authority to Operate from TSA for TSA PreCheck Enrollment Provided by CLEAR in December 2022
- Expect a soft launch in mid-2023
- Expect to demonstrate operating leverage and growth in Free Cash Flow as compared to fiscal year 2022
Challenges Ahead
- Second quarter guidance does not include any contribution from TSA PreCheck
Historical Earnings Impact
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Avg. Return Before/After Earnings
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