Core Insights - Nordic and CLEAR have formed a partnership to enhance healthcare information security and streamline access for patients and providers [1][3] - The collaboration aims to address the challenges healthcare organizations face in modernizing their systems while ensuring security and efficiency [1][3] Company Overview - Nordic is a global health and technology consulting company with over 3,300 professionals, supporting more than 700 healthcare organizations worldwide [4] - CLEAR is a secure identity company that provides a reusable identity platform, CLEAR1, compliant with NIST IAL2/AAL2 standards [2] Partnership Details - The partnership will leverage CLEAR's identity platform to simplify and secure user experiences for both patients and providers [1][2] - The goal is to reduce administrative workloads and cybersecurity risks associated with manual identity verification processes [1][3] Benefits of the Collaboration - Patients will experience streamlined access to health information and services without repeated identity checks [3] - Providers can quickly verify individuals, allowing them to focus on delivering care without administrative delays [3]

Core Insights - CLEAR is expanding its identity verification capabilities through integration with Epic's EpicCare Link, aimed at enhancing account creation and recovery workflows for community health providers [1][4][5] - The integration is part of CLEAR's broader strategy to secure every access point in the healthcare journey, providing seamless identity experiences for both patients and providers [3][6] - CLEAR's identity verification integration for MyChart is also under development, expected to be available with the November 2025 version of Epic [2] Integration Details - The integration will allow users to verify their identity through a secure, self-service process, eliminating the need for manual reviews and paper forms, thus reducing administrative burdens [4][5] - CLEAR's platform supports IAL2 standards and advanced verification protocols, ensuring compliance and security while modernizing access experiences [5][6] Market Position - CLEAR has over 33 million members and is positioned as a foundational identity layer for healthcare, helping health systems modernize infrastructure and reduce risks [6][8] - The integration with Epic is expected to streamline patient check-in processes and enhance the overall efficiency of healthcare organizations [3][4]

Financial Data and Key Metrics Changes - The company reported revenue of $219.5 million, representing a 17.5% growth year-over-year [16] - Total bookings reached $222.9 million, reflecting a 13.1% increase [16] - Free cash flow was $117.9 million, showing a 37.1% year-over-year growth [23] Business Line Data and Key Metrics Changes - Active Clear Plus members grew to 7.6 million, up 7.5% year-over-year [17] - The TSA PreCheck business expanded significantly, operating 231 enrollment locations, nearly double the count from the previous quarter [18] - Gross dollar retention improved to 87.3%, up 20 basis points sequentially [18] Market Data and Key Metrics Changes - Total members reached 33.5 million, an increase of 38.2% year-over-year [20] - The company signed over 25 ClearOne deals in Q2, marking a record for both the number of deals and aggregate contract value [20] Company Strategy and Development Direction - The company is focused on expanding its Clear Plus service to international travelers, enhancing its total addressable market (TAM) [7][17] - Clear Concierge, a premium on-demand service, is being introduced to improve member experience and increase revenue per member [8][19] - The company aims to modernize the travel experience through partnerships with the TSA and the aviation community, emphasizing public-private partnerships [8][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the travel industry's trajectory, noting record travel volume despite a flat overall travel environment [60] - The administration's focus on improving airport experiences aligns with the company's goals, providing opportunities for innovation and modernization [41][43] - The company anticipates continued growth in adjusted EBITDA margins and free cash flow for the full year [24] Other Important Information - The company is now a certified REAL ID issuer, allowing travelers to meet federal identification standards through the Clear app [10][11] - The introduction of Clear ID aims to create a mobile-first identity credential recognized beyond travel [11] Q&A Session Summary Question: International enrollment process and requirements - The enrollment process for international travelers will mirror the domestic one-step enrollment, utilizing e-passport capabilities [28] Question: Impact of recent price increases on retention - Retention has been as expected following the recent coordinated price increases, with a focus on optimizing bookings [34][35] Question: Administration's focus on airport experience improvements - The administration is focused on security, traveler delight, and public-private partnerships, which positions the company favorably [41][43] Question: Drivers behind gross dollar retention increase - Gross dollar retention increased due to retention and pricing impacts, with no significant effect from Real ID in the quarter [45] Question: Adoption expectations for international travelers - Pricing for international travelers will remain the same as in the U.S., with significant opportunities for adoption through partnerships [50][51] Question: Travel demand outlook for the second half of the year - The company remains optimistic about travel demand, expecting to penetrate both domestic and international markets [60][61]

Financial Data and Key Metrics Changes - The company reported revenue of $219.5 million, representing a 17.5% growth year-over-year [17] - Total bookings reached $222.9 million, reflecting a 13.1% increase [17] - Free cash flow was $117.9 million, marking a 7.3% year-over-year growth [24] Business Line Data and Key Metrics Changes - Active Clear Plus members grew to 7.6 million, up 7.5% year-over-year [17] - The TSA PreCheck business expanded significantly, operating 231 enrollment locations, nearly double the count from the previous quarter [18] - Gross dollar retention improved to 87.3%, up 20 basis points sequentially [18] Market Data and Key Metrics Changes - Total members reached 33.5 million, a 38.2% increase year-over-year [21] - The company signed over 25 ClearOne deals in Q2, achieving record numbers in both the number of deals and aggregate contract value [21] Company Strategy and Development Direction - The company is focused on expanding its Clear Plus service to international travelers, enhancing its total addressable market (TAM) [7][17] - Clear Concierge, a premium on-demand service, is being introduced to improve member experience and increase revenue per member [20] - The company aims to modernize the travel experience through partnerships with TSA and the aviation community, emphasizing public-private partnerships [8][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the travel industry's trajectory, noting that despite flat travel volumes, Clear achieved record travel volume [62] - The administration's focus on improving airport experiences aligns with the company's goals, and management is excited about potential partnerships to drive innovation [42][43] - The company anticipates expanding adjusted EBITDA margins year-over-year and reaffirmed free cash flow guidance of at least $310 million for the year [25] Other Important Information - The company is now a certified REAL ID issuer, allowing travelers to meet federal identification standards through the Clear app [11][12] - The operating income was $42.6 million, representing a 19.4% operating margin, with significant margin expansion [22] Q&A Session Summary Question: Can you provide more details on the international opportunity and enrollment process? - The enrollment process for international travelers will mirror the domestic one-step enrollment, utilizing e-passport capabilities [27] Question: How do you expect retention to be affected by the recent price increases? - Retention has been as expected following the July 1 price increase, with a more coordinated pricing strategy in place [33][34] Question: What is the administration focused on regarding airport experience improvements? - The administration is focused on security, traveler delight, and modernizing airports through public-private partnerships, which positions Clear favorably [41][43] Question: What factors contributed to the increase in gross dollar retention? - The increase in gross dollar retention was influenced by retention and pricing actions, with a modest benefit from the previous quarter's ID upgrades [45] Question: How does the company view the macro environment and travel demand for the second half of the year? - The company remains optimistic about travel demand, noting that it continues to penetrate the U.S. travel population effectively [62]

Financial Performance - Revenue for the three months ended June 30, 2025, was $219,467,000, an increase from $186,745,000 in the same period of 2024 [167]. - Revenue for the three months ended June 30, 2025, increased by $32.7 million, or 18%, to $219.5 million compared to $186.7 million in 2024, driven by a 7% increase in CLEAR+ Members and higher membership prices [183]. - For the six months ended June 30, 2025, revenue rose by $65.0 million, or 18%, to $430.8 million from $365.8 million in 2024, attributed to the same factors as the quarterly results [185]. - Adjusted EBITDA for the three months ended June 30, 2025, was $60,060,000, compared to $47,452,000 for the same period in 2024, reflecting strong operational performance [167]. - Free Cash Flow for the three months ended June 30, 2025, was $117,921,000, compared to $110,144,000 for the same period in 2024, indicating positive cash generation [168]. Membership Growth - Total Bookings increased by $25.9 million, or 13%, for the three months ended June 30, 2025, compared to the same period in 2024, driven by growth in Active CLEAR+ Members and price increases [150]. - Total Cumulative Enrollments reached 33,472 as of June 30, 2025, representing a 38% increase from 24,221 in 2024, attributed to CLEAR1 and CLEAR+ Member enrollments [153]. - Active CLEAR+ Members rose by 7% to 7,626 as of June 30, 2025, up from 7,095 as of June 30, 2024, driven by new members from airports and partner channels [158]. Engagement Metrics - Total Cumulative Platform Uses increased to 264,830 as of June 30, 2025, a 28% rise from 206,673 in 2024, indicating higher engagement levels among Members [155]. - Total Cumulative Platform Uses increased by 28% to 264,830 as of June 30, 2025, compared to 206,673 as of June 30, 2024 [156]. - Annual CLEAR+ Member Usage decreased by 5% to 7.0x as of June 30, 2025, compared to 7.4x as of June 30, 2024, attributed to lower utilization among newer and existing members [162]. Cost and Expenses - Cost of revenue share fee for the three months ended June 30, 2025, increased by $5.1 million, or 20%, to $31.2 million, primarily due to a 23% increase in fixed airport fees and an 18% increase in per Member fees [186]. - Cost of direct salaries and benefits for the three months ended June 30, 2025, increased by $7.6 million, or 19%, to $47.7 million, mainly due to higher employee compensation costs [188]. - Sales and marketing expenses for the three months ended June 30, 2025, increased by $3.5 million, or 32%, to $14.5 million, driven by higher discretionary marketing expenses [193]. Cash Flow and Investments - As of June 30, 2025, the company had cash and cash equivalents of $89.3 million and marketable securities of $516.4 million [203]. - For the six months ended June 30, 2025, net cash provided by operating activities was $221.3 million, an increase of $26.4 million compared to $194.9 million in 2024 [218]. - Cash flows from investing activities for the six months ended June 30, 2025, were $16.6 million, a decrease of $9.8 million compared to net cash used in investing activities of $26.4 million in 2024 [219]. Strategic Partnerships and Innovations - The partnership with American Express was renewed in March 2025 for a second one-year term, enhancing the ability to attract new CLEAR+ Members [132]. - The company aims to innovate its product offerings and partnerships to enhance Member experience and drive revenue growth [137]. - The Company plans to continue expanding TSA PreCheck® Enrollment locations, subject to TSA approval, to enhance revenue streams [171]. Market Risks - The company is exposed to market risk related to interest rate changes, with a hypothetical 100 basis points increase or decrease potentially resulting in an unrealized loss or gain of approximately $2.6 million in the fair value of its "available for sale" investments [230]. - Foreign currency transaction and translation risk was insignificant for the three and six months ended June 30, 2025, as the majority of the company's business is transacted in U.S. dollars [231].

Clear Secure (YOU) came out with quarterly earnings of $0.26 per share, beating the Zacks Consensus Estimate of $0.23 per share. This compares to earnings of $0.34 per share a year ago. These figures are adjusted for non- recurring items. This quarterly report represents an earnings surprise of +13.04%. A quarter ago, it was expected that this airport security company would post earnings of $0.3 per share when it actually produced earnings of $0.32, delivering a surprise of +6.67%. Over the last four quarte ...

Financial Performance - Revenue for Q2 2025 was $219.5 million, an increase of 17.5% year-over-year; Total Bookings reached $222.9 million, up 13.1%[6] - Operating income was $42.6 million, with an operating income margin of 19.4%; Net income was $37.9 million, representing a net income margin of 17.3%[6] - Revenue for the three months ended June 30, 2025, was $219.467 million, a 17.5% increase from $186.745 million in the same period of 2024[11] - Operating income for the six months ended June 30, 2025, reached $79.960 million, up 48.2% from $54.026 million in 2024[11] - Net income attributable to Clear Secure, Inc. for the six months ended June 30, 2025, was $50.127 million, a 16.5% increase compared to $42.925 million in 2024[11] - Revenue for the first half of 2025 was $430,835,000, representing a 17.7% increase compared to $365,794,000 in the same period of 2024[21] - Net income for Q2 2025 was $37,875,000, a decrease of 1.9% from $38,591,000 in Q2 2024[21] - Net income margin for Q2 2025 was 17.3%, down from 20.7% in Q2 2024[21] Cash Flow and Financial Health - Full Year 2025 Free Cash Flow expectations are reaffirmed to be at least $310 million[6] - Free Cash Flow for Q2 2025 was $117,921,000, an increase of 7.0% from $110,144,000 in Q2 2024[21] - Net cash provided by operating activities for the six months ended June 30, 2025, was $221.331 million, compared to $194.933 million in 2024, reflecting a 13.5% increase[13] - Cash, cash equivalents, and restricted cash at the end of the period was $92.079 million, significantly up from $42.705 million in 2024[13] Membership and Growth - Active CLEAR+ Members grew to 7.6 million, reflecting a year-over-year increase of 7.5%[6] - Total cumulative enrollments reached 33,472 thousand as of Q2 2025, with a year-over-year growth of 38.2%[7] - Total Bookings for Q3 2025 are projected to be between $253 million and $258 million, representing a year-over-year growth of 12.3% at the midpoint[6] - The company anticipates continued growth in 2025, driven by increased demand for its CLEAR+ subscription service and expansion into new markets[19] Strategic Initiatives - CLEAR launched a premium, personalized Concierge service in July 2025 and is set to launch CLEAR ID as a REAL ID for all U.S. travelers this month[6] - CLEAR has expanded its CLEAR+ service in the U.S. for international travelers from the U.K., Canada, Australia, and New Zealand[6] Risks and Challenges - The company faces risks related to competition, technology adoption, and economic conditions that could impact future performance[20] Key Financial Metrics - Adjusted EBITDA is a key financial measure used by management to evaluate business performance, excluding certain items that impact comparability[15] - Adjusted EBITDA for Q2 2025 reached $60,060,000, up 26.5% from $47,452,000 in Q2 2024[21] - Adjusted EBITDA margin for Q2 2025 improved to 27.4%, compared to 25.4% in Q2 2024[21] - Total Bookings are considered a leading indicator of business health, reflecting sales to new and renewing subscribers[23] - Total Cumulative Enrollments are tracked to analyze growth and marketing effectiveness, including all registered members since inception[24] - Active CLEAR+ Members are defined as those with an active subscription, which is crucial for measuring product growth[26]

Core Insights - Clear Secure, Inc. reported strong financial results for Q2 2025, with significant growth in revenue, bookings, and free cash flow, indicating robust business momentum and innovation in their secure identity platform [5][7]. Financial Highlights - Revenue reached $219.5 million, up 17.5% year-over-year [7]. - Total bookings were $222.9 million, reflecting a 13.1% increase year-over-year [7]. - Operating income was $42.6 million, with a margin of 19.4% [7]. - Net income stood at $37.9 million, representing a net income margin of 17.3% [7]. - Adjusted EBITDA was $60.1 million, with an adjusted EBITDA margin of 27.4% [7]. - Free cash flow amounted to $117.9 million [7]. Operational Achievements - Active CLEAR+ members grew to 7.6 million, a 7.5% increase year-over-year [7]. - The company expanded its CLEAR+ service in the U.S. for international travelers from the U.K., Canada, Australia, and New Zealand [7]. - A premium, personalized Concierge service was launched in July 2025 [7]. - CLEAR ID is expected to be launched as a REAL ID for all U.S. travelers this month [7]. Capital Allocation Activities - The company repurchased 1.0 million shares at an average price of $23.96 per share during Q2 2025 [7]. - Approximately $42.7 million was returned to shareholders in Q2 2025, including $24.6 million under the share repurchase program and $18.1 million in dividends [7]. Guidance - For Q3 2025, revenue is projected to be between $223 million and $226 million, indicating a 13.1% year-over-year growth at the midpoint [7]. - Total bookings for Q3 2025 are expected to be between $253 million and $258 million, representing a 12.3% year-over-year growth at the midpoint [7]. - Full-year 2025 free cash flow expectations are reaffirmed at a minimum of $310 million [7].

Core Insights - CLEAR is participating in the CMS Health Tech Ecosystem initiative to modernize healthcare through trusted identity solutions [1][2] - The initiative aims to enhance health data accessibility, interoperability, and patient empowerment while reducing provider burdens [2][3] Company Overview - CLEAR serves as an Identity Assurance Level 2 (IAL2) identity layer, facilitating secure and seamless patient experiences in healthcare [1][4] - The company has over 31 million members and a growing network of partners, focusing on privacy and user control over personal information [8] Technology and Solutions - CLEAR1 is a NIST IAL2/AAL2-compliant identity solution that provides reusable, privacy-centric credentials for patients and providers [4][7] - The platform is already in use by leading healthcare organizations, streamlining processes such as patient onboarding and access to medical records [3][5] Industry Impact - Over 60 companies have committed to the CMS Health Tech Ecosystem pledge, aiming to improve interoperability and reduce administrative burdens in healthcare [4][5] - The collaboration is expected to enhance the speed and reliability of identity verification across various healthcare providers [5][7]

Core Points - CLEAR has opened a new TSA PreCheck enrollment location at Aventura Mall in Florida, expanding its national footprint for consumer convenience [1][2] - The new location is part of CLEAR's strategy to enhance accessibility for TSA PreCheck enrollment beyond traditional airport settings [2][3] - TSA PreCheck members enjoy expedited security screening, with 99% of members typically waiting less than 10 minutes at checkpoints [4][6] Company Overview - CLEAR is an authorized TSA PreCheck enrollment provider with over 31 million members and a mission to create frictionless experiences [7] - The company operates 62 airport-based enrollment locations and additional flagship locations outside airports [1][2] - CLEAR emphasizes privacy and data security, ensuring members control their own information [7] Enrollment Details - The Aventura Mall enrollment location operates Monday to Saturday from 11 a.m. to 7 p.m. ET and Sunday from noon to 7 p.m. ET [3] - New applicants can pre-enroll or find enrollment locations through CLEAR's authorized TSA PreCheck website [5] - Existing members can renew their TSA PreCheck directly on the website, regardless of their original enrollment provider [5] Industry Context - TSA PreCheck is a Trusted Traveler program by the Department of Homeland Security, allowing expedited screening for low-risk travelers [6] - The program has grown to over 20 million active members since its launch in December 2013 [6] - Aventura Mall is recognized as a premier shopping destination, enhancing the appeal of the new enrollment location [8][9]