Clear Secure, Inc. reported significant financial growth for the fiscal year ending December 31, 2024, with total revenue reaching $770.5 million, a 26% increase from $613.6 million in 2023. The company achieved a net income of $225.3 million, compared to $49.9 million in the previous year, marking a substantial turnaround from a net loss of $115.4 million in 2022. This improvement in profitability was attributed to a 9% increase in Active CLEAR Plus Members, which totaled 7,315 by year-end, alongside price increases for the subscription service.
The company also noted a 43% rise in Total Cumulative Enrollments, which reached 28.9 million, driven by both CLEAR Plus and CLEAR1 member enrollments. Total Cumulative Platform Uses increased by 30% to 234.8 million, reflecting heightened engagement across its services. However, the Annual CLEAR Plus Gross Dollar Retention rate decreased slightly to 88.5%, down from 89.3% in 2023, indicating some challenges in member retention despite overall growth.
Strategically, Clear Secure expanded its offerings with the launch of TSA PreCheck® Enrollment Provided by CLEAR, now available in 52 airports and 24 retail locations. The company also made a notable acquisition in September 2023, purchasing assets from Sora ID, Inc., which enhanced its KYC services. Additionally, Clear Secure returned approximately $391 million to shareholders through share repurchases and dividends, demonstrating a commitment to returning capital while investing in growth.
Operationally, the company maintained a workforce of approximately 4,198 employees, primarily focused on enhancing member experiences. Clear Secure's business model continues to leverage network effects, with a strong emphasis on expanding its partner ecosystem and geographic footprint. Looking ahead, the company aims to further grow its CLEAR Plus membership base, enhance its technology platform, and explore new verticals, positioning itself for continued growth in the secure identity market.
About Clear Secure, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.