Clear Secure(YOU) - 2025 Q3 - Quarterly Results

Financial Performance - Revenue for Q3 2025 was $229.2 million, an increase of 15.5% year-over-year; Total Bookings reached $260.1 million, up 14.3%[6] - Operating income was $52.6 million, with an operating income margin of 23.0%; Net income was $45.1 million, representing a net income margin of 19.7%[6] - Fourth quarter 2025 revenue guidance is projected to be between $234 million and $237 million, indicating a year-over-year growth of 14.2% at the midpoint[6] - Fourth quarter 2025 Total Bookings are expected to be between $265 million and $270 million, representing a year-over-year growth of 16.8% at the midpoint[6] - Net income for Q3 2025 was $45,144,000, compared to $38,024,000 in Q3 2024, representing a growth of 5.9% year-over-year[23] - Adjusted EBITDA for Q3 2025 reached $70,063,000, up from $48,645,000 in Q3 2024, indicating a year-over-year increase of 44%[23] - Revenue for the three months ended September 30, 2025, was $229,193,000, compared to $198,424,000 in Q3 2024, reflecting a growth of 15.5% year-over-year[23] - Free Cash Flow for the nine months ended September 30, 2025, was $155,714,000, compared to $149,806,000 for the same period in 2024, showing an increase of 3.8%[23] Membership and Engagement - Active CLEAR+ Members grew to 7.7 million, reflecting a year-over-year increase of 7.5%[6] - Total cumulative enrollments reached 35.8 million, with a year-over-year growth of 35.1%[7] - Active CLEAR+ Members as of the end of the period are a key metric for measuring growth in the CLEAR+ product[28] - Total Cumulative Enrollments reflect the number of members registered on the CLEAR platform since inception, serving as an important metric for growth initiatives[26] - Total Cumulative Platform Uses track individual engagements across CLEAR use cases, providing insights into member engagement and future growth potential[27] Cash Flow and Shareholder Returns - Free Cash Flow guidance for the full year 2025 has been increased from at least $310 million to at least $320 million[6] - Approximately $16.7 million was returned to shareholders in Q3 2025 through a regular quarterly dividend of $0.125 per share[6] - The company repurchased Class A Common Stock amounting to $126,345,000 during the nine months ended September 30, 2025[14] Operating Metrics - Total operating expenses for the three months ended September 30, 2025, were $176,581,000, compared to $163,337,000 in 2024, reflecting an increase of 8.1%[11] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $174,032,000, compared to $159,065,000 in 2024, indicating a 9.4% increase[14] - The weighted-average shares of Class A Common Stock outstanding, basic, increased to 95,912,490 in 2025 from 92,702,778 in 2024[11] Future Outlook - The company anticipates continued growth and demand for its products and services in 2025, although specific guidance figures were not provided[20][21] - CLEAR has launched eGates across 10 airports, with plans to expand to 30 airports by the end of the year and network-wide by 2026[6] Risks and Challenges - The company faces various risks, including competition, technological adoption, and economic downturns, which could impact future performance[22]