In the second quarter of 2024, Clear Secure, Inc. reported a 24.6% year-over-year increase in revenue to $186.7 million, with total bookings growing by 12.5% to $197.0 million. The company's operating income reached $30.3 million, while adjusted EBITDA stood at $47.5 million. Net income for the quarter was $38.6 million, translating to earnings per common share of $0.26. Additionally, net cash provided by operating activities amounted to $114.6 million, with free cash flow reaching $110.1 million.
The total cumulative enrollments as of the second quarter of 2024 reached 24.2 million, reflecting a sequential increase of 2.3 million. Active Clear Plus members grew to 7.1 million, marking a 14.8% rise compared to the same period in 2023. Furthermore, the total cumulative platform uses reached 206.7 million, primarily driven by Clear Plus verifications.
In terms of member retention, the annual Clear Plus gross dollar retention for the second quarter of 2024 was 89.3%, representing a 160 basis point increase year-over-year. However, the annual Clear Plus net member retention slightly declined by 80 basis points sequentially to 83.2%.
Cost of revenue share fee in the second quarter of 2024 was $26.1 million, including a $0.6 million COVID-19 related benefit. Excluding this benefit, the cost of revenue share fee as a percentage of revenue decreased by 10 basis points year-over-year and by 32 basis points sequentially.
During the quarter, Clear Secure, Inc. repurchased 3.6 million shares of Class A common stock at an average price of $18.25 per share. As of August 1, 2024, the company had 139,246,095 shares of common stock outstanding.
Looking ahead, the company expects third quarter 2024 revenue in the range of $193-$195 million and total bookings of $220-$222 million.
Today the company's shares have moved 0.8% to a price of $19.47. Check out the company's full 8-K submission here.
