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Sep 30, 2022
Clear Q3 2022 Earnings Report
Clear's Q3 2022 performance was marked by significant revenue growth and strategic partnerships, despite a net loss impacted by non-cash equity-based compensation costs.
Key Takeaways
Clear Secure, Inc. reported a strong Q3 2022 with a 71.6% increase in revenue, reaching $115.9 million, and a 46.7% rise in total bookings to $145.7 million. The company's total cumulative enrollments grew by 76.3% to 14.2 million, and total platform uses increased by 62.9% to 117.6 million. Despite these gains, the company experienced a net loss of $65.6 million, influenced by $58.8 million in non-cash equity-based compensation costs. However, adjusted net income stood at $8.1 million, with free cash flow at $5.3 million.
Revenue increased by 71.6% to $115.9 million, and total bookings grew by 46.7% to $145.7 million.
Total cumulative enrollments rose by 76.3% to 14.2 million, and total platform uses increased by 62.9% to 117.6 million.
Annual CLEAR Plus Net Member Retention was 92.2%.
New platform partnerships were launched with Avis and Virdee, expanding the CLEAR network.
Forward Guidance
The company expects fourth quarter 2022 revenue of $123-$125 million and Total Bookings of $142-$146 million. They expect to soft-launch the TSA PreCheck® program in Q4 2022 with revenue contribution starting in 2023 and building throughout the year.
Positive Outlook
- Expected fourth quarter 2022 revenue of $123-$125 million
- Expected Total Bookings of $142-$146 million
- TSA PreCheck® soft launch in Q4 2022
- TSA PreCheck® Bookings will be recognized as revenue in the quarter they are received.
- Revenue contribution starting in 2023 and building throughout the year for TSA PreCheck® program
Historical Earnings Impact
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Avg. Return Before/After Earnings
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