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Sep 30, 2021
Clear Q3 2021 Earnings Report
CLEAR's business accelerated driven by travel recovery, new partnerships, and demand for secure digital identity and health solutions.
Key Takeaways
Clear Secure, Inc. reported a strong performance in Q3 2021, with revenue up 20% and total bookings up 89% year over year. The company saw significant growth in enrollments and platform usage, driven by the travel rebound and demand for its secure digital identity and health solutions. CLEAR is emerging as a trusted solution for vaccination and testing credential management.
Revenue increased by 20% to $67.6 million, and Total Bookings increased by 89% to $99.3 million.
Total Cumulative Enrollments reached 8.1 million, up 58% year-over-year.
Annual CLEAR Plus Net Member Retention increased to 87.4%.
Total Cumulative Platform Uses reached 72.2 million, up 27% year-over-year.
Forward Guidance
The company expects fourth quarter 2021 revenue of $77.5-78.5 million and Total Bookings of $98-102 million. The revenue and Total Bookings guidance exclude any contribution from the launch of our TSA PreCheck enrollment service, which we now expect in the first several months of 2022.
Positive Outlook
- Expected revenue of $77.5-78.5 million for Q4 2021.
- Total Bookings expected to be $98-102 million for Q4 2021.
- Positive variances in Total Bookings and enrollments may lead to near term positive variances in profitability metrics.
- Positive variances in Total Bookings and enrollments may lead to potentially positively benefiting operating cash flow.
- TSA PreCheck Bookings will be recognized as revenue in the quarter in which they are received.
Challenges Ahead
- Certain expenses such as Cost of Revenue Share, Sales and Marketing and components of General and Administrative have variable components that can fluctuate based on the level of Total Bookings and new enrollments in the quarter.
- Positive variances in Total Bookings and enrollments may lead to near term negative variances in profitability metrics.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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