In its Q3 2024 shareholder letter, Clear Secure, Inc. (CLEAR) reported substantial growth, financial gains, and strategic expansions, underlining its robust position in the identity verification market. The company achieved a revenue of $198.4 million, marking a 23.7% year-over-year increase, alongside total bookings of $227.5 million, up 18.7% from the previous year.

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Net income came in at $38.0 million, or $0.25 per share, with an operating income of $35.1 million and an adjusted EBITDA of $48.6 million. Despite net cash outflows of $35.9 million due to a credit card partner agreement, CLEAR expanded its free cash flow to $(37.9) million, reflecting ongoing investment into growth and operations.

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CLEAR’s membership now stands at 17 million, fueled by the expansion of CLEAR Plus lanes to 58 airports and the implementation of TSA PreCheck® Enrollment Provided by CLEAR in 52 airports and 10 Staples locations.

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The company's strong net retention rate of over 95% underscores high customer satisfaction and successful loyalty programs.

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During Q3, CLEAR also invested $45 million in technology to enhance the platform’s security and customer experience, which is pivotal as CLEAR continues to integrate its services across sectors like travel, healthcare, and sports.

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Additionally, the company repurchased 4 million shares, emphasizing its commitment to shareholder value. These metrics and strategic initiatives highlight CLEAR’s solid financial foundation and dedication to broadening its role in secure identity verification.

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