YOU Q3 2021 Earnings

Call Details

• Call Title: Clear Secure Q3 2021 Earnings Call
• Date: November 15, 2021 at 1:00 PM UTC
• Management Team:
  • Caryn Seidman Becker (Co-Founder, Chairman, and Chief Executive Officer)
  • Ken Cornick (Co-Founder, President, and Chief Financial Officer)

Call Summary

Financial Performance

• The company reported strong bookings and revenue relative to guidance for the quarter as stated on the call.
• The company generated free cash flow of $28.1 million in Q3 2021.
• CLEAR membership totaled 8.1 million members at the end of the quarter, inclusive of platform and CLEAR+.
• An American Express-related accrual of approximately $17 million is reflected and is netted against gross bookings.
• Approximately 40% of markets have verification levels above 2019 levels, and 60% of markets have higher enrollments compared to 2019.
• GAAP metrics were characterized on the call as understating underlying business strength during growth periods.

Guidance

• The company expects GAAP revenues in the range of $77.5 to $78.5 million for Q4 2021.
• The company expects total bookings in the range of $98 to $102 million for Q4 2021.
• The Q4 guidance explicitly excludes any contribution from TSA PreCheck.
• TSA PreCheck is now expected to launch in the first several months of 2022, per the call.
• The company expects continued strength in Clear Plus and platform revenue heading into the holiday season.