Loading...
•
Jun 30, 2021
Clear Q2 2021 Earnings Report
CLEAR's Q2 2021 results reflected strong growth in bookings and enrollments, driven by the faster-than-expected rebound in travel and the expansion of the Health Pass platform.
Key Takeaways
CLEAR Secure, Inc. reported a decrease in revenue but a significant increase in total bookings for Q2 2021. The company saw growth in cumulative enrollments and platform uses, with a strong net member retention rate. Health Pass gained traction with new partners and members.
Revenue decreased by 8% to $55.2 million, while Total Bookings increased by 102% to $70.0 million.
Total Cumulative Enrollments grew by 26% to 6.3 million.
Annual CLEAR Plus Net Member Retention was 80.6%, up 340 basis points vs. first quarter 2021.
Total Cumulative Platform Uses grew by 19% to 65.5 million.
Forward Guidance
The company expects third quarter 2021 revenue of $65.5-66.0 million and Total Bookings of $90-95 million. The guidance excludes any contribution from the launch of our TSA PreCheck enrollment service, which we expect in the fourth quarter of 2021. They are closely monitoring potential impacts of the Delta variant on travel trends which could impact our results.
Positive Outlook
- Revenue is expected to be between $65.5 and $66.0 million.
- Total Bookings are projected to be between $90 and $95 million.
- The company continues to experience significant strength across sales channels.
- Net member retention remains strong.
- Positive variances in Total Bookings may lead to positively benefitting operating cash flow and free cash flow.
Challenges Ahead
- Certain expenses such as Cost of Revenue Share and Sales and Marketing have variable components and can fluctuate based on the level of Total Bookings in the quarter.
- Positive variances in Total Bookings may lead to near term negative variances in profitability metrics.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...