Clear transitions financial leadership following banner results in 2024

The latest financial results posted by Clear show a company on a strong growth trajectory, perhaps easing the decision to make a transition to new financial leadership.

The company announced its highest-ever revenues and net income in 2024, a year in which it also launched it EnVe face biometric pods, which can be used on their own or integrated with electronic gates for biometric security checks.

Co-founder, President and Chief Financial Officer Ken Cornick is stepping down to take an advisory role with the company. He will be replaced by two executives joining Clear, both with backgrounds in financial roles.

Michael Barkin has been named President. His most recent role was EVP and CFO at Vail Resorts, and previously worked for KRG Capital and Bain Capital. Barkin has had a seat on Clear’s board of directors since 2019.

Jen Hsu takes Clear’s CFO role. Hsu previously served as VP and head of corporate development and investor relations at publicly-traded online pet supply retailer Chewy, and before that held senior leadership roles in finance at JPMorgan and Goldman Sachs.

CEO Caryn Seidman Becker’s comments refer to Barkin’s “deep experience scaling businesses globally” and Clear’s goals to “drive long-term growth in members, bookings, and free cash flow.”

Revenue up 26% in 2024

Clear reports 2024 fourth quarter revenue of $206.3 million, up 20.7 percent from the same quarter in 2023.

The improvement is even more striking in operating income, with last year’s Q4 $15.7 million rising to $34.1 million, and adjusted EBITDA, which nearly doubled to $50.5 million.

For the full year, Clear made $770.5 million, 25.6 percent higher than fiscal 2023, with significant gains in operating margin and free cash flow. Net income reached $170 million, $103 million of which came in Q4, up from $28.1 million in 2023.

“As we roll out our EnVe and eGates, we are excited to bring innovation to travelers to strengthen security and create the frictionless travel journey American travelers deserve,” says Seidman Becker.

Clear is also up to 91 biometric enrollment points for TSA PreCheck.

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