Clear Secure, Up 48% In 2024, Is In The Fast Lane For Member Growth, Business Expansion

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If you've been stuck at an airport security gate, chances are you've seen stanchions and kiosks marked with a circular blue sign that reads "Clear." The sign belongs to Clear Secure (YOU), a company ...

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Founded in 2010, it launched its initial public offering in June 2021 at 31 per share. The stock joined the S&P SmallCap 600 on Sept. 23.\nThe company is best known for its Clear Plus service. It allows members to skip to the front of the security line after scanning their eye or fingerprint and boarding pass at a Clear Pod kiosk, among other perks.\nClear Plus has more than 100 lanes at 58 airports across the nation — and that number is growing. Membership increased more than 10% to nearly 25 million cumulative enrollments as of the second quarter.\nThat came after the February launch of its Transportation Security Administration PreCheck enrollment and renewal program. Customers can purchase TSA PreCheck passes at 51 Clear airport locations nationwide, or bundle it with a Clear Plus membership to reach their gate even faster.\nClear Secure Stock: Expanding Its Footprint\nNow, as Clear Secure grows its footprint and racks up members, it is expanding its identity and protection services to other industries.\n\"We believe Clear is in the early stages of multiyear growth,\" said Joseph Feldman, senior managing director at Telsey Advisory Group, in a recent note to clients. He cited the identity verification platform's growing airport footprint.\n\"The company also should benefit from expanding its technology platform beyond airports to new areas, including health care and financial services, while also adding new features such as digital payments,\" Feldman said.\nClear has been on a torrid growth streak since the end of the Covid-19 pandemic. When it reported second-quarter results in August, the company beat forecasts with adjusted earnings of 34 cents a share. That marked triple-digit earnings growth for the sixth-straight quarter. Revenue leapt 24.6% to $186.7 million.\nFurther, Clear Secure has averaged 37.2% sales growth over the past six quarters. It last reported an adjusted loss in the first quarter of 2022.\nClear still derives almost all of its revenue from its Plus subscription service, the company reported. Total second-quarter bookings were up 12.5% to $197 million, just outpacing forecasts for $195.7 million.\nHealthy Trends Seen\nWedbush Securities analyst Scott Devitt recently hiked his estimates for Clear on the results, citing sequential membership growth.\n\"Expectations were low heading into results, given mixed commentary from travel operators in recent weeks and increasing macro uncertainty,\" Devitt wrote in a recent client note. \"Trends appear healthy for Clear despite a more mixed backdrop, and management expects bookings growth to accelerate in the (second half), supported by the rollout of the TSA PreCheck program.\"\nOn Aug. 1, the company increased the price of its Clear Plus membership, which Telsey and Wedbush say will increase average revenue per user. It raised the standard price of Clear Plus by $10 to $199, the family plan by $20 to $119, and the airline price by $10.\nMeanwhile, Wedbush increased its Clear Plus member estimates for the third and fourth quarters by 2.3% and 1.9%, respectively. Wedbush lifted its third-quarter bookings estimate by 2.2% and raised its adjusted estimate on earnings before interest, taxes, depreciation and amortization, a key metric known as EBITDA, to $44.7 million from $39.8 million.\nFor the upcoming quarter, FactSet expects earnings to increase 57% to 33 cents per share on 21% revenue growth to $194.6 million.\nAnalysts predict full-year earnings growth of nearly 120% to $1.27 per share. Revenue is seen jumping 24% to $760.5 million.\nHolding The Advantage At Airports\nClear Secure, along with Telos Management Solutions (TLS) and Idemia Identity & Security are the three companies approved to enroll travelers in TSA PreCheck, which passed the 20 million member milestone in August.\nHowever, Clear Secure is the cheapest enrollment and renewal option at $77.95 and $68.95, respectively, for a five-year plan. Idemia is slightly more expensive to enroll at $78, and renews for $70. Telos costs $85 to enroll in PreCheck and $70 to renew.\nThe Clear Plus and PreCheck bundle is currently discounted to $199 from $276.95 on the company website.\nTelsey's Feldman noted that Clear Secure expects its TSA PreCheck business to be \"highly incremental\" to profits, as fixed expenses have already been incurred. And the company's incremental expenses mostly relate to staffing.\nClear Secure has an opportunity to win a greater market share of PreCheck enrollments and renewals thanks to its prominent displays at airports and existing member bases. The company also has more convenient operating hours and superior service levels compared with its competitors, Feldman noted.\nIn addition to airport locations, Clear Secure in March partnered with Staples to offer PreCheck enrollment at retail stores across the country.\nClear Plus also comes with various airport perks and discounts. The program includes benefits for rental cars, expedited passports, travel insurance, ship-ahead services, loyalty point maximization and more.\nAir Travel Growth\nAmid Clear Secure's business expansion, airline travel has boomed this year. The TSA reported record travelers for the summer holiday season. It said there were an estimated 17 million travelers for Labor Day weekend alone.\n\"Clear believes, and we agree, that consumers are likely to keep spending on experiences, especially travel,\" Feldman wrote. Clear Secure estimates another 1 million passengers will travel through U.S. airports per day by 2030. That's based on a 3% annual growth rate from 2019.\n\"The increase in travelers would require upgrades to the airport infrastructure and greater use of technology, making Clear an important airport partner,\" Feldman wrote.\nHowever, air passenger growth has subsided in recent months. Year-over-year passenger growth for September was 1.8%, down from around 7% in June, TSA data shows.\nWedbush's Devitt noted that travel softness will likely persist through the year due to macro uncertainty in the U.S. and Europe.\n\"That dynamic could change if a higher mix of last-minute bookings persists,\" he added. But negative industry commentary indicates it's too early to expect a turnaround. Wedbush is watching near-term demand trends for signs of booking window normalization and improving consumer confidence.\nExpanding Beyond Airports\nClear's services aren't limited to airports. The company is expanding into various industries with its business offering and identity platform, Clear Verified.\nClear Verified provides identity verification, risk screening, fraud prevention and data protection services. Users upload their data and credentials to the Clear app. They then use that to verify their identity with Clear Secure's business partners.\nThe company says it helps businesses retain revenue by preventing customer drop-offs due to a better user experience. Clear Verified also reduces fraud-related costs and operational costs, as well as protects from bad actors, the company says.\nVerified users control what data they share and who they share it with. And Clear Secure says it never sells or rents customer data.\n\nMembers can also link their information to new businesses within the Clear ecosystem. For businesses, that offers a pool of roughly 25 million potential customers.\nClear Secure Growth\n\"Clear is seeing strong demand for its B2B/Platform business, which continues to leverage and monetize data,\" Feldman noted. \"In the near future, significant opportunity exists across four verticals — health care, financial services, digital marketplaces (including social media), and travel/hospitality. In general, the increase in usage of Clear's ecosystem at more places helps to grow brand awareness and the userbase.\"\nClear's health care services provide protection and verification of electronic health records and documents, as well as biometric sign-ins for patients.\nThe company in October last year launched its financial services business, which provides a one-touch solution for financial service companies to onboard users and verify transactions.\nClear Verified also is available at sports and event venues. Similar to airports, it allows users access to the Clear Lane and reach their seats faster. It is currently at 17 venues, including Yankee Stadium and Madison Square Garden.\n\"Each of these verticals provide a significant runway of growth,\" Feldman wrote. \"The company is taking steps to customize the product and grow its sales team to capture market share.\"\nClear's business partners include LinkedIn, American Express (AXP), Avis Rental Car, Wellstar Health System, Globe Newswire, and investing platform Public.com. The company also partnered with Home Depot (HD) to provide biometric identification for tool rentals.\nClear Secure Leads Its Industry Group\nClear Secure is a member of Investor's Business Daily's IBD 50 list. The stock leads the Security/Safety Group, which ranks 82nd out of the 197 industry groups tracked by IBD.\n\nClear Secure is up more than 48% this year, and trading near its IPO levels. The stock gapped up on its August earnings report with a 24% spike. Shares broke out of a double-bottom base on the move.\nClear has pulled back to its 21-day exponential moving average. But it remains extended well above its buy zone and 50-day moving average.\nThe stock peaked at 65.70 in August 2021 following its IPO before tumbling amid the coronavirus pandemic. Shares hit a record low of 15.28 in October 2023.\nRise In Mutual Fund Interest\nMeanwhile, mutual fund ownership has also been climbing. The number of funds holding Clear Secure stock stood at 404 as of September, up from 355 in December, MarketSurge charts show.\nClear Secure stock has a best-possible 99 Composite Rating, which combines various technical indicators into one easy-to-read score. It also robust 81 EPS Rating.\nThe stock's relative strength line is off mid-September highs but still has a 97 RS Rating, meaning Clear Secure has outperformed 97% of the stocks in the IBD database over the last 12 months.\nAs of Oct. 1, three analysts rated Clear Secure stock a buy, according to FactSet. Four analysts have a hold rating, while one analysts has a sell rating. The mean average target price is 27.38 per share.\nYou can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison\nYOU MAY ALSO LIKE:\nBest Growth Stocks To Buy And Watch: See Updates To IBD Stock Lists\nLooking For The Next Big Stock Market Winners? Start With These 3 Steps\nJoin IBD Live And Learn Top Chart Reading And Trading Techniques From Pros\nLearn How To Time The Market With IBD's ETF Market Strategy","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2472095586"}