Yet Another Value Podcast Notify me• Apr 2, 2026• 1:04:13Interview

Avory's Sean Emory on Clear Security $YOU

From Yet Another Value Podcast

Sean Emory(Avory & Co, guest)

Executive Summary

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12 quotes

The enterprise business, while promising, is not yet broken out in financial reports and remains a small part of the overall valuation.
Competition from the free, government-provided TSA line could cap pricing power and adoption if TSA efficiency improves.
The stock's recent price increase is partially tied to temporary TSA operational issues, creating potential for short-term volatility when those issues are resolved.
A significant portion of revenue (estimated 30-50%) comes from partnership channels like American Express, creating a concentration risk.

Scaling the enterprise identity platform into a major revenue contributor across healthcare, finance, and technology.
Growing the high-margin TSA PreCheck enrollment business, which also serves as a funnel for the core Clear Plus subscription.
Potential for incremental price increases on the core airport product for its 7M+ paid members.
Long-term tailwinds from the increasing societal need for trusted digital identity verification in the age of AI and deepfakes.

Clear Secure's bookings guidance of 26% growth represents a significant acceleration from its recent revenue growth of 16%.

Clear Secure reported its largest-ever bookings quarter for its enterprise business in its most recent financial results.

Clear Secure has provided guidance for $440 million in free cash flow for 2026.

Clear Secure is one of only three companies authorized by the TSA to offer TSA PreCheck verification services.

Clear Secure recently signed a multi-year renewal of its partnership with American Express.

Clear Secure's enterprise customers include healthcare organizations like Mount Sinai, Epic, Baptist Hospital, and Ochsner Health.

Clear Secure is being used by companies like Uber for driver verification, LinkedIn for user verification, and Home Depot for equipment rentals.

Clear Secure announced 20 new enterprise partners in the quarter prior to its most recent earnings report.

Clear Secure's core business is a subscription model with approximately 7.2 to 7.7 million active members.

Clear Secure operates in over 60 airports across the United States.

Clear Secure has partnered with Simon Property Group to offer identity verification services at 350 locations in shopping malls.

Clear Secure earns approximately $20 for each new TSA PreCheck application and $15 for each renewal it processes.

Processed May 4, 2026Daily intelligence brief → yt-dlp + mlx-whisper + Gemini