On Wednesday, Clear Secure (NYSE:YOU) discussed second-quarter financial results during its earnings call. The full transcript is provided below.

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Summary

Clear Secure reported strong financial results for Q2 2026, with bookings growth of 33% and free cash flow up 60% year over year, reaching $189 million.

The company surpassed its five-year IPO target with a 36.4% adjusted EBITDA margin, reflecting significant investments in technology and network expansion.

Clear Secure expanded its member base to nearly 44 million, with a notable increase in active Clear Plus members, now at 8.3 million.

Strategic initiatives include expanding the CLEAR Travel network to 62 airports, launching new identity products (Vertex, Apex, Helix), and pursuing partnerships in the GovTech vertical.

The company's home-to-gate strategy is bolstered by a growing mobile app user base and new partnerships, such as a concessions pilot with Starbucks.

Guidance for Q3 2026 suggests continued growth, with expected revenue of $284 to $287 million and total bookings of $311 to $316 million.

Management emphasized innovation and market leadership, particularly in the identity and security infrastructure space, with a focus on expanding Clear One's B2B offerings.

International expansion is under consideration, with potential opportunities in Canada, Mexico, Western Europe, and South America.

Clear Secure ended the quarter with strong liquidity, holding $959 million in cash and marketable securities.

Full Transcript

OPERATOR

Good morning, and welcome to Clear Secure's fiscal second quarter 2026 conference call. We have with us today Caryn Seidman-Becker, Founder, Chair and Chief Executive Officer; Michael Barkin, President; and Jen Hsu, 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 documents the Company has filed and furnished with the SEC, including today's press release. The Company disclaims any obligation to update any forward-looking statements that may be discussed during the call. During this call, unless otherwise stated, all comparisons will be against the comparable period of fiscal year 2025. Additionally, 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 press release and the most recently filed Form 10-Q. These items can be found in the Investor Relations section of Clear Secure's website. With that, I will turn the call over to Karen.

Caryn Seidman-Becker, Founder, Chair & Chief Executive Officer

We founded Clear Secure with a profound conviction that proving you are you—securely, privately, and instantly—would one day sit at the center of how Americans live, work, and travel. For a long time, it was a vision. Now it is our reality. Clear Secure is the trusted secure identity company, and after 16 years of building our identity platform—CLEAR Travel and CLEAR One—we have never been stronger or better positioned. It feels like day one around Clear Secure because it is.

Today, identity is critical infrastructure. It is security—the foundation of the connected, frictionless digital world being built around us. We ended this quarter with almost 44 million total CLEAR members, driving bookings of $296 million and free cash flow of $189 million. We delivered 33% bookings growth, and free cash flow is up 60% year over year. This quarter's results reflect years of disciplined execution, building the technology, expanding the network, and earning the trust of tens of millions of members and partners.

We are growing rapidly, generating significant cash, and investing aggressively in the products and experiences that will define the next era of secure identity and frictionless experiences. This is the five-year anniversary of our IPO, and at that time we targeted 35% adjusted EBITDA margins. For the first time, this quarter we surpassed that goal with a 36.4% adjusted EBITDA margin, reflecting the investments we made for the future and the power of our growth and our business model.

I had high expectations five years ago for what it meant to be the trusted secure identity company—from homeland security to cybersecurity—but the opportunities far surpassed what I imagined, from transforming the travel experience to fighting fraud and agentic identity. Today we'll talk about these opportunities and how we're executing in both CLEAR Travel and CLEAR One. In travel, it's about home to gate. The travel economy continues to boom, and travelers expect the same seamless, personalized experiences at the airport that they have everywhere else in their lives.

And CLEAR delivers it. We have always said we're obsessed with the member experience, and this quarter that helped deliver our highest customer experience scores. And due to our robust product suite enabling the much-sought-after frictionless and predictable travel day, the mobile app unifies the travel journey with calendar sync, personalized travel guidance, airport wayfinding, and live updates. Travelers know exactly when to leave and where to go, regardless of the airport or terminal.

Our mobile business is growing rapidly and is averaging 1 million monthly users. Users are engaging with the app, whether it be Home to Gate Concierge or the Identity Vault. We see significant opportunities to simplify the rest of the journey—from your bag to concessions. In fact, we've launched our first concessions partnership at Newark, and we're building on that momentum with a new pilot with Starbucks. Beginning at LaGuardia, members can order coffee in advance and have it waiting at exactly the right spot as they head to their gate.

E-gates now cover more than 70% of our network and remain magical for CLEAR members. There used to be a saying in travel: if you've seen one airport, you've seen one airport—let alone one terminal. With CLEAR, if you've experienced one e-gate, you know what to expect at every e-gate: a seamless verification in under five seconds. This is the modern travel experience—driving retention, gross adds, and conversion, and winning back customers who have not yet experienced the CLEAR we have built today.

The identity layer matters more today than ever, as adversaries now manufacture identity at scale with AI, making deepfakes and synthetic identities cheap and convincing. Yesterday's defenses are no match for today's threats. Getting identity right is the foundation of a secure enterprise, and CLEAR One is built for this moment. Clear Secure is raising the bar, and this quarter we didn't just elevate industry standards—we levitated them—to deliver total identity integrity to our partners and our members.

We launched Clear Secure's Identity Framework with three proprietary products built for today's world: Vertex, Apex, and Helix. Vertex establishes a stronger foundation of identity for our partners, moving beyond the industry standard of document-only verification. Apex builds on that foundation with a multi-layer validation for higher-risk use cases such as Medicare. Helix represents our highest level of identity confidence, rooted in witness verification and designed for the most sensitive, high-stakes environments.

We hold ourselves to the highest standards because strengthening security, fighting fraud, and protecting privacy demands nothing else. In a world where identity is security, we are building a GovTech vertical, as the fraud we are fighting at CMS is endemic through other federal agencies. Getting true identity right is crucial to protect program integrity and fight fraud, waste, and abuse in our country. We have been working in government technology and federal partnerships for a long time, as reflected in our work with the Department of Homeland Security.

The Administration's Executive Order to fight fraud makes the mandate clear: strengthen eligibility verification, put controls in place before taxpayer dollars go out the door, and stop fraud before it happens. This administration prioritizes fighting fraud while enhancing experiences. We see that commitment in the Executive Order and initiatives like Trump Accounts, which is a customer-centric and modern digital experience. We are well positioned and working with leaders across agencies to deliver secure and customer-centric experiences.

Identity is security. Security is now everything, and Clear Secure is the company built to deliver it. We are moving with urgency to create seamless, secure experiences for our members and all Americans. With that, I'll turn it over to Jen. Thank you, Karen. Since our IPO five years ago, we have built Clear Secure into the leading secure identity platform. Over that time our Clear Travel Network expanded from 38 to 62 airports and our member base grew nearly three and a half times from approximately 2.4 million to 8.3 million active Clear Plus members. While we only increased the standard price of our membership by an average of 4% on an annualized basis, we accomplished this while investing prudently in our business and growing annual free cash flow from just slightly above break even to approaching half a billion dollars today.

Within Clear Travel, we are continuing to expand our network, grow members and ARPU by delivering a compelling customer experience through product and services innovation and ultimately driving strong member retention. On top of this, the investments we have made in our Identity platform position us as a leader in security and identity infrastructure. With Clear One scaling rapidly and further strengthening our growth profile, our second quarter results showcased the demand for our differentiated industry-leading secure identity offerings with compelling top line growth, meaningful margin expansion and strong free cash flow generation.

We delivered 33% bookings growth, 36% adjusted EBITDA margins and $189 million of free cash flow, up 60% year over year. Notably, our adjusted EBITDA margin exceeded the 35% target set at the time of our IPO and our quarterly free cash flow reached a record high. Our home to gate strategy enabled another quarter of strong growth. Revenue grew 26.6% year over year to $277.8 million and total bookings increased 32.8% to $295.9 million. We continue to meaningfully improve our member experience through E-gates, our relaunched mobile app and our expanding Concierge offering, which is reflected in record NPS scores, strong member retention and active Clear Plus member growth of 15.2% to 8.3 million. This momentum is carrying through into Q3. We expanded our network with Indianapolis and Bentonville representing the two newest Clear Plus airports and Concierge expanding to seven additional locations, now available in 39 airports. Concierge remains in its early innings with an opportunity to grow through footprint expansion, member awareness and adoption. ARPU is growing and effective July 1st we increased standard pricing by $10 from $209 to $219 with corresponding changes across many airline pricing tiers.

Family member pricing remained unchanged at $125. Our early retention rates have remained healthy following these price increases and we believe we have a range of additional pricing opportunities that could meaningfully contribute to the long term growth of our business. Clear One momentum continues to build. The growing demand for our B2B offerings drove 30% year over year growth in total Clear members, reaching 43.5 million in the second quarter.

We are seeing strength across every stage of the Clear One lifecycle, from pipeline generation and new partner signings to expansion within our existing customer base and net revenue retention. Our pipeline reflects channel partnerships and expanding opportunity within government and growth in our healthcare workforce and consumer verticals. This quarter we signed a significant number of new partners with average deal size continuing to increase.

Our focus on customer success is expanding relationships with existing partners through additional use cases, which is driving strong net revenue retention. These trends support our meaningful bookings growth and reinforce the large and significant long term opportunity for Clear One. We have maintained strong operational and cost discipline and in the second quarter we delivered approximately 70% adjusted EBITDA flow-through and meaningfully expanded free cash flow year over year.

We generated $83 million of operating income and $101.1 million of adjusted EBITDA, representing a 36.4% adjusted EBITDA margin and approximately 900 basis points of margin expansion year over year. Labor has been a meaningful lever in our profitability story. E-gates have driven significant labor efficiency, with Q2 direct salaries and benefits representing 17.3% of revenue, an improvement of approximately 450 basis points year over year, while also strengthening security and the member experience.

That efficiency has turned what was once a pure cost center into a driver of top line growth, enabling us to redeploy our ambassadors from lane operations toward hospitality and sales-generating initiatives such as Concierge. For the full year, we continue to expect meaningful year over year adjusted EBITDA margin expansion reflecting the leverage in our business model coupled with our team's operating discipline. Q2 net cash provided by operating activities was $201.2 million and free cash flow was $189 million, representing 60.3% year over year growth.

As a reminder and consistent with prior years, we will settle the accrued partnership liability with our credit card partner in the third quarter, resulting in negative Q3 free cash flow. This payout is reflected in our full year free cash flow guidance. We ended the quarter with $959 million and over $7 per share of cash and marketable securities on our balance sheet. Quarter to date in Q3 we have repurchased approximately $22 million of shares at an average price of $52.73.

Our liquidity position provides us strategic flexibility while simultaneously allowing us to invest behind the strong demand and operating fundamentals of our business. Turning to guidance for Q3, we expect revenue of $284 to $287 million and total bookings of $311 to $316 million, representing 24.6% and 20.5% year over year growth at the midpoint, respectively. We are also increasing our 2026 full year free cash flow guidance from at least $465 million to at least $480 million, which would represent an increase of at least 40% year over year.

We will now open the call for Q&A.

OPERATOR

Thank you. The floor is now open for questions. If you would like to ask a question, please press star one on your telephone keypad at this time. A confirmation tone will indicate that your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. We do ask that you please limit yourself to one question and one follow-up.

Again, that's star one to register a question at this time. Today's first question is coming from Eric Sheridan of Goldman Sachs. Please go ahead.

Eric Sheridan, Analyst at Goldman Sachs

Thanks so much for taking the question. I wanted to go a little bit deeper in some of the comments during the prepared remarks about the evolution of the home to gate strategy and how to think about Concierge membership broadly over the medium to long term, both in terms of what you've learned about the scope for adoption as well as the scope for monetization and how that might build in the years ahead. Thanks so much.

Caryn Seidman-Becker, Founder, Chair & Chief Executive Officer

Thanks, Eric. You know, home to gate has always been the vision, right, that we want to help travelers win the day of travel. And not just one point. When you look at the travel day, and we're all travelers, it's broken up into six different pieces. There's mobility, whether you're reserving a car or a parking spot or drop off. There's wayfinding. There's the line for bag drop. There's the wait for when your bags come off the plane. I always find it funny that smart people watch bags go around a carousel for a half hour.

There's the security experience and the unpredictability of it. Whether it be no line or a half hour line, you sort of have to solve for the worst part of it. And then there's the concessions. I'm a coffee drinker—it's 6:00 am—you know, I want my coffee ready. I don't want to wait for another line and then be locked on a plane for a few hours. So the home to gate experience, which really starts with mobile, and the ability to calendar sync, which gives us much more visibility into a traveler's day than just waiting for them to show up at the Clear lane, allows us to unlock all of these experiences and tie them together in a seamless way for members. And so that is really important and that is what we are executing on. And what you see now, and we talked about a million monthly average users, is really just the beginning. We see a higher NPS when you use the mobile app on your day of travel. And from a Concierge perspective, I would say that these are early days. Three important points. We're still not in cities like New York and LA, which are really important cities to the network. So we're working really hard to launch all of these cities so that we can have a much more holistic network and meet travelers where they are.

In addition to that, I would say early days in marketing and awareness. Part of this is partnership and partners making travelers aware of this, hence our announcement with Expedia. And you should see more behind that. Corporate, which is a channel that historically we haven't driven on—right? It's really been, you know, B2C. And so the ability to open up those channels with not just single purchases, but multipack purchases. And then it is driving awareness through our own channels, both digital marketing and with so many millions of members on the platform, that's another way to drive awareness.

And so I think one of the things we think about when spending money on the marketing front is you really want to get a more complete network before you start putting a lot of dollars behind it. So that is the plan for home to gate and it starts with partners. So you saw us announce concessions partnerships and pilots. And so the mobile app and the driving of it is really the glue that brings it all together. And then the E-gates are just magical.

And as we talked about, we're still only a little over two-thirds through that rollout, so a lot of growth there yet to come.

Eric Sheridan, Analyst at Goldman Sachs

Great, thank you.

OPERATOR

Thank you. The next question is coming from Joshua Riley of Needham and Company. Please go ahead.

Joshua Riley, Analyst at Needham & Company

Great, thanks for taking my questions. As we attended the Identity Summit in June in New York, it was pretty clear that there's significant momentum in growing corporate budgets for products and platforms like Clear One. How do you maintain your first mover advantage, because you clearly have a differentiated platform in the space, and manage the go to market effectively and further develop use cases for corporate customers there?

Caryn Seidman-Becker, Founder, Chair & Chief Executive Officer

Thanks, Josh, and thanks for coming. It was a really special day and the first of many. It's great to be a convener of hundreds. I think well over 100 people in the industry came because everybody is seeing identity as critical infrastructure and identity as security. And so to bring people together from both the public and the private sectors to talk about the problem statement and how Clear is a great solution, but also just broader industry trends.

Look in terms of market leadership. And I think the Identity Summit started to show that market leadership is about innovation and always raising the bar. And the launch of products this quarter reflect that. So Vertex, Apex and Helix really reflects our leadership from the front and raising the bar on industry standards because what people are using today does not fight or really reflect yesterday, does not fight the problems of today and tomorrow with synthetic identities, with deep fakes, with injection attacks.

And so really our products reflecting multi-factor authentication at every level and the higher risk level you go to, the more that we can do. And so whether that be, you know, in workforce where we have a lot of very strong relationships and a very well known brand, because with workforce, AgentIQ is multiplying the number of employees and so there is an increasing need to get that foundational employee right, which is what we are known for and right who they are and what they should have access to.

So this critical connection between the human and the agent to authorize the agent to act on our behalf. Clear is in a unique position to provide human assurance to facilitate agentic authorization. We are known for that. We have done that hundreds of millions of times over 16 years. And the bigger going back to leadership, the bigger our embedded network of identities is, the more powerful the customer experience is. And so that just that really feeds on itself or what you're seeing in government where look, we've been partners with the Department of Homeland Security for 16 years.

We are a qualified anti-terrorism technology. We are FISMA High, we surpass the NIST standards. And so there's a significant opportunity in government, hence really our focus on GovTech to fight fraud, waste and abuse across federal and state programs. And so I think the more evidence, the more white papers, the more outcomes you have of driving efficiency for our partners. Driving an unbelievable customer experience. Being able to tie together the physical and the digital and a large embedded network with a trusted brand and a team here that is so partner centric and solution centric that all of this just keeps, you know, the momentum building at Clear One. But the best form of competition is innovation and we are innovating the living daylights out of identity and security.

Michael Barkin, President & Board Director

Josh, we shared some context around the performance of Clear One earlier on the call. We continue to scale the business very nicely and momentum is strong. We increased the number of our net new customer signings in Q2 by over 50% sequentially Q1 into Q2. And we also grew our pipeline by over 50% quarter on quarter. So that sets us up quite nicely for Clear One performance in the back half of the year.

UNKNOWN Analyst

Awesome. And then in terms of the Amex partnership, we're now entering the first quarter of the new agreement. Is there anything we should be considering in terms of the accrual structure for the fiscal year end of the contract over the next 12 months and any changes to the statement credit or repaying Amex that we should be considering as we model that part of the business going forward? Thank you, guys.

Jen Hsu (Chief Financial Officer)

Sure. So you saw in our filing, we have about a $315 million accrued partnership liability that will get paid out next quarter in Q3. There are no other implications to this year from a free cash flow perspective and we can share more at the appropriate time.

OPERATOR

Thank you. The next question is coming from Dana Telsey of Telsey Advisory Group, please go ahead.

Dana Telsey, Analyst at Telsey Advisory Group

Hi, good morning. Nice to see the progress, everyone. Congratulations on exceeding the adjusted EBITDA margin target of 35% coming in at 36.4%. How do you think about that going forward and beyond travel? Any updates on the other sectors and segments that you've been partnering with as you look forward to the next stage of growth? Thank you.

Jen Hsu (Chief Financial Officer)

Sure. Dana, maybe I'll start and Caryn will take the second question. But we are not introducing a specific new target today, but we do see, I would say, meaningful upside opportunity to our margin levels relative to where we are today. You have seen us grow top line quite significantly above the growth of our cost base even as we've been investing and scaling several newer businesses and also making just general important investments into our identity platform.

I think we've been very intentional about where we can extract leverage. eGates is a great example of that. And overall we have made quite a bit of investment across our identity infrastructure, inclusive of Travel and Clear One. But we have a strong business model to support that, both recurring and subscription in nature on the B2C and the B2B side.

Caryn Seidman-Becker, Founder, Chair & Chief Executive Officer

And Dana, I'll take the second part because I think that there's opportunities on both the travel side and Clear One. So again when you look at Clear Travel, a little over 75% network growth. We have network growth opportunity. So I think of that as stores. Right? We still only cover 75% of the US and we are not in other countries yet. I see subscriber growth, I see win back opportunities which adds to subscriber growth because I think we can all acknowledge, as I've said, that this customer experience degraded in '23 and '24 and there's many a Clear member who left and we still had good growth through that period.

But I see the opportunity to reintroduce Clear. We see the opportunity to reintroduce Clear to those people as a lot of fuel to the fire in Clear Travel as we drive this home-to-gate experience. And then there's ARPU growth, both because as Jen talked about, we've raised prices 4% on average since we IPO'd five years ago. And the customer experience and the network has been transformed since then. And I believe that when you offer consumers compelling value, they will pay for it.

We are seeing that. We're really thoughtful about ARPU and making sure that we deliver the customer experience first and foremost, but as you both improve the customer experience, add to the network and add new services, that drives ARPU. So I think there's a lot of levers in that model, but it starts with the customer experience and the network growth and the partners. On Clear One, we talked a little bit about workforce and you're continuing to see every day in the newspaper there's a different call center challenge, there's different breaches, there's different exfiltration of data.

Workforce and securing the workforce, securing the employees, making sure they are who they say they are, from interviewing to onboarding to network access management to agentic, is more important today than ever. In addition to that, when you do right by the workforce, we're seeing cross-sell and upsell opportunities to consumers. And so that's really exciting. In health care, there's two pieces to healthcare. Data interoperability is massively important and we've talked about that before, but you're seeing that be a two-sided market, which is whether it be hospital systems or whether it be pharmacies.

You want data interoperability, or whether it be digital health, you want data interoperability flowing between all of those types. And the key to that data interoperability is identity. And then you see healthcare and fraud, waste and abuse from a Medicare and a Medicaid opportunity. So that's a federal, state and local opportunity on the GovTech side. So workforce, healthcare, GovTech and then obviously there's consumer and online opportunities because fraud is more prevalent than ever.

And at the end of the day, fraud is rooted in identity.

Dana Telsey, Analyst at Telsey Advisory Group

Thank you.

OPERATOR

Thank you. The next question is coming from Michael Turin of Wells Fargo. Please go ahead.

Michael Turin, Analyst at Wells Fargo

Hey, good morning. Thanks for taking the question. Just on bookings growth rate strong above 30% this quarter. You're guiding for low 20s next quarter. Maybe speak to the drivers of bookings upside this quarter as well as how you're thinking about normalized bookings growth rates over a longer period of time and some of the drivers you'd expect. And if there's any way to help us, just ballpark-size the Clear One contribution you're seeing at this stage, that's also helpful.

Thanks very much.

Jen Hsu (Chief Financial Officer)

I'll take that. So I guess I would say overall, our fundamental business drivers are quite positive at the moment. The Q3 rate of growth that's implied by our guidance is significantly higher than the approximately 14% growth that we delivered in Q3 of 2025. And we also increased our full year free cash flow guidance for the second time this year. And so you heard us talk about Clear Travel. We are seeing strong customer acquisition trends, we are seeing positive retention trends.

Both of those metrics have maintained and the momentum is continuing into Q3. And Caryn has talked a lot about the ways by which we believe we can continue growing both our member base and our pricing opportunities. So on the member base side, I would say that includes growth of our existing markets. We look at that on a market-by-market basis. We think we have significant opportunity there. Network expansion, which we talked about, that's airports, that could include additional lanes, growing new products and services like eGates and Concierge.

And then we have international opportunities and partnerships on top of that. So overall, we believe we have significant room to run on the member side. And from a pricing perspective, we just increased price, as you saw July 1st. We did not see any impact to retention. We think we can take measured price increases over time on a relative annual basis. We believe we have additional opportunities to adjust our discounted price points for certain member segments.

And we also think that there are new pricing structures and packages, particularly as we grow our product and services innovation broadly. Concierge is a great example of that.

Michael Turin, Analyst at Wells Fargo

Thank you.

OPERATOR

Thank you. The next question is coming from Wyatt Swanson of D.A. Davidson. Please go ahead.

Wyatt Swanson, Analyst at D.A. Davidson

Yeah, thanks. Thanks for the question. I appreciate it. I kind of want to follow up to that last question. Hopefully get some more color as to the 3Q bookings guide and some of the moving pieces sort of as it relates to adding Clear Plus members, Clear One contribution and whether we should be modeling any meaningful changes in average bookings per member in the back half. Thanks.

Jen Hsu (Chief Financial Officer)

Sure. I guess I would reiterate a bit of what I just shared, which is that we continue to see strength in our customer acquisition and our retention trends remain healthy. So I think together that supports a growing active Clear Plus member base in Q3 and the balance of the year. From a bookings-to-member metric, effectively kind of a back-end to on ARPU, there are various ways to look into that, but given the price increases and our new credit card partnership, I think you can expect us to continue growing ARPU as we have kind of over the years.

Wyatt Swanson, Analyst at D.A. Davidson

Got it. Okay, that's helpful. And then a follow up. I believe you guys mentioned that you're not international yet, but that sort of indicates that perhaps you're thinking about that expansion. Could you maybe just give some color on like where you could potentially see international expansion and what that timeline might look like over the medium to long term. Thanks.

Caryn Seidman-Becker, Founder, Chair & Chief Executive Officer

Yeah, this is Karen. I think first of all, you look at North America, you look at Canada and Mexico and specifically North. I think that there's a lot of opportunities there. And so that's something that we're very interested in. I'm not going to give a timeline, but to say that that's something we're very interested in. And then I think, you know, you look at and those are the most obvious to us. And then you look at Western Europe and South America, those are the places that we are most interested in.

And I think there's different ways to go after those markets. I think if I look back over the past few years, I would have hoped we were further along on the domestic market network. We are getting there and so that's very exciting to us. We didn't think it was appropriate to go and be half coverage in the U.S. and then offer you other markets. So we're very focused on having a holistic customer experience and I think we're excited about our network growth.

Indianapolis has been a great, great add this quarter and again, there is plenty of markets where CLEAR is not currently at and those customers are clamoring for CLEAR. People see the experience. You know, you go through an E-gate, a triple at Newark or a double at JFK, you're flying through. It is the experience that you have in so many other parts of your life and you want it there. And I think our airport partners or potential partners are hearing that, are seeing how we've delivered over the last few years on innovation and the customer experience.

And that's incredibly important. So we see continued growth in the U.S. and then I would specifically point you to North American markets in the near term if I can just make one point on CLEAR1. Sure.

Michael Barkin, President & Board Director

Just one additional thing on international is, you know, in partnership with TSA, last year we got approval, as we've talked about, to enroll international members from the 42 visa waiver countries. And so we are seeing actually good pickup in organic growth from international members using our product across our U.S. network. And so, you know, that's certainly an encouraging start to the international expansion.

Brett Romanoff, Executive Vice President, CLEAR1

And then if I can just wrap up with your question on CLEAR1, as Jen mentioned, the contract sizes are growing. We're focused on growing them aggressively, which could add to chunkiness, right, and timing. And so we understand that and we're excited for these opportunities. But that could add to chunkiness of timing to your question. But we will go after these huge contracts all day long.

UNKNOWN Analyst

Great. Thank you guys. Appreciate it.

OPERATOR

Thank you. At this time, I would like to turn the floor back over to Karen for closing comments.

Caryn Seidman-Becker, Founder, Chair & Chief Executive Officer

Thanks for joining our second quarter earnings call. Identity is security and I want to thank the CLEAR team for working tirelessly to help strengthen security for all of our CLEAR members and partners. Thanks.

OPERATOR

Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.