Clear Secure, Inc. (NYSE:YOU) Q4 2023 Earnings Conference Call February 28, 2024 8:00 AM ET
Company Participants
Caryn Seidman-Becker - Co-Founder, Chairman & Chief Executive Officer
Ken Cornick - Co-Founder, President & Chief Financial Officer
Conference Call Participants
Joshua Reilly - Needham
Cory Carpenter - JPMorgan
Ben Miller - Goldman Sachs
Dana Telsey - Telsey Advisory Group
Mark Kelley - Stifel
David Unger - Wells Fargo
Operator
Good morning and welcome to CLEAR's Fiscal Fourth Quarter 2023 Conference Call. We have with us today, Caryn Seidman-Becker Co-Founder Chairman and Chief Executive Officer; and Ken Cornick Co-Founder President and Chief Financial Officer.
As a reminder, before we begin, today's discussion contains forward-looking statements about the company's future business and financial performance. These are based on management's current expectations and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these statements are included in the company's reports on file with the SEC including today's shareholder letter. The company disclaims any obligation to update any forward-looking statements that may be discussed during this call. During this call the company will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is provided in today's shareholder letter and the most recently filed annual report on Form 10-K. These items can be found on the Investor Relations section of CLEAR's website.
With that I'll turn the call over to Caryn.
Caryn Seidman-Becker
Good morning. CLEAR's fourth quarter and full year 2023 financial results reflect our continued focus on growth in members, bookings and free cash flow. This quarter we exceeded 20 million members on the platform an important milestone. More members joining the CLEAR platform means more value for our partners, who are focused on creating friction-free experience as their customers.
In 2023, revenues grew 40% and operating margins expanded by over 1300 basis points. We generated 200 million of free cash flow. Last year we were obsessed with our members experience and in 2023, we did not consistently deliver the in-lane experience that our members have come to expect.
As you read in our letter, we are fixing this. Delivering our members to CLEAR experience they know, love and rely on. In December, we launched NextGen Identity+. And with that CLEAR is operationalizing the first and only at-scale standardized digital identity, the absolute unlock for the lane of the future. The CLEAR team is doing an amazing job with our NextGen Identity+ upgrade and is in it to win it.