Clear Secure beats Q4 top and bottom line estimates; initiates Q1 and FY23 outlook
Mar. 01, 2023 6:36 AM ET Clear Secure, Inc. (YOU)
Mar. 01, 2023 6:36 AM ET Clear Secure, Inc. (YOU)
- Clear Securepress release(NYSE:YOU): Q4 Non-GAAP EPS of $0.14beats by $0.10.
- Revenue of $128.3M (+59.0% Y/Y)beats by $4.48M.
- Total Bookings of $150.6 million were up 37.4%.
- Total Cumulative Enrollments of 15.4 million were up 48.4%.
- Total CumulativePlatform Uses of 129.6 million were up 54.4%.
- Adjusted EBITDA of $15.5 million.
- Outlook:We expect first quarter 2023 revenue of $129-$131 million vs $121.72M consensus and Total Bookings of $140-$143 million. Consistent with CLEAR’s historical (pre-COVID) quarterly patterns, we expect the first quarter of 2023 to represent the lowest revenue and bookings quarter of fiscal year 2023.
- First quarter CLEAR Plus renewal backlog as of December 31, 2022 represented less than 25% of the fiscal 2023 amount. In December 2022, we received Authority to Operate from the TSA for the TSA PreCheck® Enrollment Provided by CLEAR. We expect a soft launch in early 2023 and bookings and revenue from this program will build throughout 2023. TSA PreCheck® bookings will be recognized as revenue in the quarter they are received.
- For fiscal year 2023, we expect to demonstrate continued operating leverage and growth in Free Cash Flow as compared to fiscal year 2022.
