YOU — Clear Secure, Inc.

Earnings Call Summary for CLEAR (Q1 2026)

1. Key Financial Results and Metrics:

• Revenue: $253 million, up 19.7% year-over-year.
• Total Bookings: $291.7 million, a 40.8% increase year-over-year.
• Active CLEAR+ Members: 8.2 million, a 13% increase year-over-year.
• Adjusted EBITDA: $80.6 million, with a margin of 31.9%, reflecting a 7.2 percentage point increase year-over-year.
• Free Cash Flow: $185 million, doubling year-over-year, representing 103.2% growth.
• Net Cash from Operating Activities: $190.4 million.

2. Strategic Updates and Business Highlights:

• CLEAR has expanded its member base to 41 million, focusing on enhancing customer experience through innovations like the home-to-gate strategy and eGates, which now cover over 50% of their network.
• The CLEAR Concierge service is gaining traction, with plans to scale it across major cities.
• The company is positioning itself as a leader in secure identity through CLEAR1, which has seen bookings grow approximately 5x year-over-year.
• CLEAR is actively pursuing opportunities in the GovTech vertical, particularly in healthcare and fraud prevention, supported by recent partnerships and FedRAMP certification.

3. Forward Guidance and Outlook:

• For Q2 2026, CLEAR expects revenue between $268 million and $271 million, and total bookings between $280 million and $285 million, indicating growth rates of 22.8% and 26.7% at the midpoint, respectively.
• The full-year free cash flow guidance has been increased from at least $440 million to at least $465 million, projecting a year-over-year increase of approximately $120 million (36% growth).

4. Bad News, Challenges, or Points of Concern:

• While the travel environment remains strong, there are concerns regarding potential impacts from rising oil prices and geopolitical issues on overall travel demand.
• The company is cautious about sustaining growth post-TSA shutdown, although they believe the value proposition remains strong.
• There is a need to effectively convert trial members acquired during the TSA turmoil into long-term paying customers.

5. Notable Q&A Insights:

• Management emphasized the importance of identity as a foundational infrastructure, particularly in light of rising AI-driven fraud.
• The acceleration in CLEAR1 bookings is attributed to a shift in market demand for trusted identity solutions, with a focus on partnerships and reducing integration times for new partners.
• There was discussion on marketing strategies to expand demographics, particularly targeting non-travelers who can benefit from CLEAR services, such as Medicare patients.
• The company plans to invest in brand marketing to enhance awareness of CLEAR as a secure identity platform while maintaining disciplined spending to support margin expansion.

Overall, CLEAR's first quarter results demonstrate strong growth and strategic positioning in the identity verification space, despite some external challenges in the broader travel environment.