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Mar 31, 2024
Clear Q1 2024 Earnings Report
Clear's revenue and bookings grew, driven by member growth and price increases, with focus on improving member experience, scaling TSA PreCheck, and expanding CLEAR Verified.
Key Takeaways
Clear Secure, Inc. reported a strong first quarter in 2024, with revenue up 35.3% and total bookings up 20.6%. The company focused on improving member experience, scaling TSA PreCheck, and expanding CLEAR Verified. Net income was $32.1 million, and free cash flow was $77.6 million.
Revenue increased by 35.3% to $179.0 million, and total bookings increased by 20.6% to $180.6 million.
Total cumulative enrollments reached 21.9 million, driven by CLEAR Verified and CLEAR Plus enrollments.
Active CLEAR Plus members grew to 6.8 million, a 19.0% increase year-over-year.
The company repurchased approximately 4% of its shares, leveraging higher free cash flow.
Forward Guidance
The company expects strong revenue and Total Bookings growth for the second quarter of 2024, with revenue projected between $182.5 million and $184.5 million and Total Bookings between $192 million and $198 million. For the full year 2024, the company anticipates strong revenue and Total Bookings growth, expanding margins and Free Cash Flow growth of at least 30% versus 2023.
Positive Outlook
- Strong revenue growth expected.
- Total Bookings growth anticipated.
- Margins are expected to expand.
- Free Cash Flow growth of at least 30% is projected.
- Focus on improving member experience.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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