What factors drove the changes in Clear Secure's revenue and profit?

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

What guidance did Clear Secure's management provide for the next earnings period?

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

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

What is the market's earnings forecast for Clear Secure next quarter?

What is Clear Secure's gross profit margin?

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

- **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.

Clear Secure, Inc. (YOU) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

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