Clear Secure, Inc. reported first-quarter FY22 revenue growth of 79.1 percent year-on-year to $90.5 million, beating the consensus of $88.3 million.
Clear Secure saw a continuation of the strong travel trends experienced in the fourth quarter, driving both membership growth and net retention, leading to better than expected Total Bookings growth.
Total Cumulative Enrollments of 11.8 million were up 112 percent Y/Y.
The Annual CLEAR Plus Net Member Retention of 95.3 percent was up 1,810 bps Y/Y.
Total Cumulative Platform Uses of 95.3 million were up 57 percent Y/Y.
Adjusted EPS loss of $(0.03) beat the consensus loss of $(0.12).
Clear Secure held $663 million in cash and equivalents and generated $24.9 million in operating cash flow.
Buyback
The board approved a buyback of up to $100 million of stock.“Our first-quarter performance continued the broad-based strength experienced in our fourth quarter. The business saw operating leverage and generated strong free cash flow. We remain bullish on travel as people are allocating more discretionary spend to experiences, including travel,” CEO Caryn Seidman-Becker said.
Outlook
Clear Secure sees Q2 revenue of $99 million-$101 million, above the consensus of $93.9 million.By Anusuya Lahiri
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