What were the key takeaways from Clear Secure's earnings call?

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What were the key takeaways from Clear Secure’s earnings call?

What is the revenue and EPS growth rate for Clear Secure year over year?

What is Clear Secure's gross profit margin?

What is Clear Secure's latest dividend and current dividend yield?

What does Clear Secure do and what are its main business segments?

Did Clear Secure beat or miss consensus estimates last quarter?

- **Revenue Beats Expectations**: Q3 revenue $229.2M (+15.5% YoY), bookings $260.1M (+14.3% YoY), driven by eGates and international expansion.
- **Game-Changing Products**: eGates achieve 5-second verification, Concierge now at 23 airports, and 42 countries eligible for CLEAR+.
- **Enterprise Momentum**: CLEAR1 bookings hit record levels, with 20% of CMS pledge participants signed.
- **Profitability Surge**: 30.6% EBITDA margin (+6.1pts YoY), free cash flow guidance raised to $320M+.
- **Strategic Wins**: Amex Platinum refresh highlights CLEAR+, TSA shutdown accelerates eGate adoption.

**【CEO Opening Remarks】**
- **Revenue Growth**: Q3 revenue of $229.2M (+15.5% YoY), bookings $260.1M (+14.3% YoY), driven by CLEAR+ member expansion and product innovation.
- **Product Innovations**: eGates rolled out to 10 airports, achieving 5-second verification and 30-second throughput. CLEAR Concierge now live at 23 airports, offering premium curbside-to-gate service.
- **International Expansion**: 42 international countries now eligible for CLEAR+ enrollment, with no marketing yet but early traction.
- **Enterprise Growth**: CLEAR1 bookings hit record levels, with 20% of CMS pledge participants signed.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP operating income $52.6M (23% margin, +5.3pts YoY), adjusted EBITDA $70.1M (30.6% margin, +6.1pts YoY). Free cash flow guidance raised to $320M+.
- **Cost Efficiency**: G&A 25.7% of revenue (-150bps YoY), direct salaries 20.8% (-180bps YoY). eGates driving labor savings and repositioning ambassadors for high-margin services.
- **Pricing Strategy**: Sequential ARPU growth from July 2023 price increases, with 86.9% gross dollar retention (down 40bps QoQ due to 2023 price normalization).

**【Q&A Key Highlights】**
- **TSA Shutdown Impact**: CLEAR eGates provide predictable 1-minute airport experience, mitigating TSA staffing challenges. October air traffic +4% despite shutdown.
- **Credit Card Renewal**: Amex Platinum Card refresh highlights CLEAR+ as key benefit; partnership value being re-evaluated for renewal.
- **eGate ROI**: eGates enable ambassador redeployment to high-margin services like Concierge, with nationwide rollout by 2026.
- **International Strategy**: Targeting 2026 World Cup travelers and VWP countries, with plans for airline and credit card partnerships.
- **Concierge Performance**: 23 airport launches show strong repeat usage, with focus on awareness campaigns for home-to-gate value proposition.

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