AndyCHLim
2021-07-01
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Clear Secure spikes 34% on its first day of trading
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":151803666,"tweetId":"151803666","gmtCreate":1625069501755,"gmtModify":1633945148225,"author":{"id":3584660223518204,"idStr":"3584660223518204","authorId":3584660223518204,"authorIdStr":"3584660223518204","name":"AndyCHLim","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":4,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Like</p></body></html>","htmlText":"<html><head></head><body><p>Like</p></body></html>","text":"Like","highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/151803666","repostId":1153116027,"repostType":4,"repost":{"id":"1153116027","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625065414,"share":"https://www.laohu8.com/m/news/1153116027?lang=&edition=full","pubTime":"2021-06-30 23:03","market":"us","language":"en","title":"Clear Secure spikes 34% on its first day of trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1153116027","media":"Tiger Newspress","summary":"Coupang shares opened at $38.66 each on Wednesday, about 34% higher than the company’s IPO price.\n\nQ","content":"<p>Coupang shares opened at $38.66 each on Wednesday, about 34% higher than the company’s IPO price.</p>\n<p><img src=\"https://static.tigerbbs.com/7f9504efc022356069cbe31bc7d9fd4c\" tg-width=\"840\" tg-height=\"470\"></p>\n<p><b>Quick Take</b></p>\n<p>Clear Secure (YOU) as filed to raise $376 million in an IPO of its Class A common stock, according to an S-1/Aregistration statement.</p>\n<p>The firm provides membership-based security enrollment services for access to various public and private venues.</p>\n<p>YOU produced contracting topline revenue and related metrics in Q1 2021 and the IPO appears pricey, so I'll pass on the IPO.</p>\n<p><b>Company & Technology</b></p>\n<p>New York, New York-based Clear Secure was founded to create a security platform enabling subscribers to demonstrate their identity and receive faster or more convenient access to venues and transportation systems in the U.S.</p>\n<p>Management is headed by Chair and CEO Ms. Caryn Seidman-Becker, who has been with the firm since 2010 and was previously founder of Arience Capital and managing director at Iridian Asset Management.</p>\n<p>The company’s primary offerings include:</p>\n<ul>\n <li>CLEAR - venue access subscription service</li>\n <li>CLEAR Plus - CLEAR plus aviation system access subscription service</li>\n <li>Health Pass - health identity connected to digital health credential</li>\n</ul>\n<p>Clear Secure has received at least $651 million in equity investment from investors including Alclear Investments, T. Rowe Price & Associates Funds, General Atlantic, William Miller III, Delta Air Lines and Durable Capital.</p>\n<p><b>Customer/User Acquisition</b></p>\n<p>The firm has focused its direct sales & marketing efforts on U.S. airports, stadiums and major venues.</p>\n<p>As of May 31, 2021, it counted 38 airports, 26 sports and entertainment venues and 67 Health Pass-enabled partners and events for 100 unique locations as well as numerous offices, theaters, casinos, theme parks and restaurants.</p>\n<p>Sales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have varied, as the figures below indicate:</p>\n<p></p>\n<p><img src=\"https://static.tigerbbs.com/b771264433e9ae9822f0c8f3ff09e491\" tg-width=\"552\" tg-height=\"274\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n<p></p>\n<p>The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, swung to a negative 2.2x in the most recent reporting period, as shown in the table below:</p>\n<p></p>\n<p><img src=\"https://static.tigerbbs.com/3579f0c3282e320968d830529b1e5ecc\" tg-width=\"553\" tg-height=\"223\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n<p></p>\n<p>The firm’s CLEAR Plus member retention rate for 2020 was 78.8%. Management said it expects the negative effects of the COVID-19 pandemic to affect its airport enrollments and business in 2021 and beyond.</p>\n<p><b>Market & Competition</b></p>\n<p>According to a 2018 marketresearch reportby Fortune Business Insights, the global stadium security market was an estimated $6.2 billion in 2017 and is forecast to reach $16 billion by 2025.</p>\n<p>This represents a forecast CAGR of 12.8% from 2018 to 2025.</p>\n<p>The main drivers for this expected growth are a rise in terrorist threat scenarios as well as a need to handle large crowds in a safe manner.</p>\n<p>Also, stadium and venue owners are seeking advanced security measures as more options become available.</p>\n<p>Below is a chart showing the stadium security market historical and forecast growth trajectory:</p>\n<p></p>\n<p><img src=\"https://static.tigerbbs.com/6156ca7be4be93d813c09e0d9e25f4fd\" tg-width=\"1280\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n<p></p>\n<p>(Source)</p>\n<p>Notably, the software & services segment was expected to grow at the fastest rate through 2025.</p>\n<p>Major competitive or other industry participants include:</p>\n<ul>\n <li>Telos Identity</li>\n <li>Idemia Identity & Security</li>\n <li>PricewaterhouseCoopers</li>\n <li>Salesforce</li>\n <li>IBM</li>\n <li>Amazon</li>\n <li>Apple</li>\n <li>Facebook</li>\n <li>Google</li>\n</ul>\n<p><b>Financial Performance</b></p>\n<p>Clear Secure’s recent financial results can be summarized as follows:</p>\n<ul>\n <li>Contracting topline revenue in Q1 2021</li>\n <li>Reduced gross profit and fluctuating gross margin</li>\n <li>Increased operating losses</li>\n <li>Uneven cash flow from operations</li>\n</ul>\n<p>Below are relevant financial results derived from the firm’s registration statement:</p>\n<p></p>\n<p><img src=\"https://static.tigerbbs.com/9fd36b19e2a8c0722e8f5234e3d89e93\" tg-width=\"554\" tg-height=\"559\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n<p><img src=\"https://static.tigerbbs.com/830d7c058bba120b50f65f4569a16e85\" tg-width=\"551\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n<p><img src=\"https://static.tigerbbs.com/14b46d1fd8cd4d7cf5dbbec6b9e03797\" tg-width=\"556\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n<p></p>\n<p>As of March 31, 2021, Clear Secure had $176 million in cash and $161.8 million in total liabilities.</p>\n<p>Free cash flow during the twelve months ended March 31, 2021, was $8.2 million.</p>\n<p><b>IPO Details</b></p>\n<p>Clear Secure intends to raise $376 million in gross proceeds from an IPO of its Class A common stock, offering 13.2 million shares at a proposed midpoint price of $28.50 per share.</p>\n<p>Class A and Class C common stockholders will be entitled to receive one vote per share and Class B and Class D shareholders will have 20 votes per share.</p>\n<p>The S&P 500 Index no longer admits firms with multiple classes of stock into its index.</p>\n<p>No existing shareholders have indicated an interest to purchase shares at the IPO price.</p>\n<p>Assuming a successful IPO, the company’s enterprise value at IPO would approximate $3.7 billion, excluding the effects of underwriter over-allotment options.</p>\n<p>Excluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 8.93%. A figure under 10% is generally considered a ‘low float’ stock which can be subject to significant price volatility.</p>\n<p>Management says it will use the net proceeds from the IPO as follows:</p>\n<blockquote>\n We intend to contribute the net proceeds from this offering to Alclear in exchange for a number of Alclear Units equal to the contribution amount divided by the price paid by the underwriters for shares of our Class A common stock in this offering (13,200,000 Alclear Units at the midpoint of the estimated public offering price range set forth on the cover page of this prospectus or, if the underwriters exercise their option to purchase additional shares in full, 15,180,000 Alclear Units), and to cause Alclear to use such contributed amount to pay offering expenses and for general corporate purposes. (Source)\n</blockquote>\n<p>Management’s presentation of the company roadshow isavailable here.</p>\n<p>Listed bookrunners of the IPO are Goldman Sachs, J.P. Morgan, Allen & Company, Wells Fargo Securities, LionTree, Stifel, Telsey Advisory Group, Centerview Partners, Loop Capital Markets and Roberts & Ryan.</p>\n<p><b>Valuation Metrics</b></p>\n<p>Below is a table of relevant capitalization and valuation figures for the company:</p>\n<p></p>\n<p><img src=\"https://static.tigerbbs.com/0bee8c66f2a51c304ca1719144766210\" tg-width=\"553\" tg-height=\"641\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n<p></p>\n<p><b>Commentary</b></p>\n<p>Clear Secure is seeking public investment capital for unspecified future corporate expansion plans.</p>\n<p>The company’s financials showed resilience in 2020 but a significant drop in topline revenue in Q1 2021 and continued operating losses with a lack of path to operating breakeven.</p>\n<p>Free cash flow for the twelve months ended March 31, 2021, was $8.2 million.</p>\n<p>Sales and Marketing expenses as a percentage of total revenue have varied as revenue has fluctuated; its Sales and Marketing efficiency rate swung to a negative 2.2x in the most recent reporting period.</p>\n<p>The market opportunity for providing preferred venue and travel access services is significant but has been affected negatively by the COVID-19 pandemic, at least in the short term.</p>\n<p>Management responded by developing its Health Pass service during 2020.</p>\n<p>Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 46.6% since their IPO. This is a top-tier performance for all major underwriters during the period.</p>\n<p>The primary risk to the company’s outlook is the ongoing uncertainties brought about by the COVID-19 pandemic and changing consumer habits.</p>\n<p>As for valuation, YOU is primarily a subscription-based business and is asking investors at IPO to pay an Enterprise Value / Revenue multiple of 16.8x, which is well above the typical software-based SaaS public stock median, as shown below:</p>\n<p></p>\n<p><img src=\"https://static.tigerbbs.com/e400ff06b7afa10def8dee92ad2826f0\" tg-width=\"1093\" tg-height=\"744\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n<p>I’m also concerned by the contraction in topline revenue and related metrics in Q1 2021...not a good result leading into the IPO.</p>\n<p>I'll watch the IPO from the sidelines.</p>\n<p>Expected IPO Pricing Date: June 29, 2021</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Clear Secure spikes 34% on its first day of trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nClear Secure spikes 34% on its first day of trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-06-30 23:03</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Coupang shares opened at $38.66 each on Wednesday, about 34% higher than the company’s IPO price.</p>\n<p><img src=\"https://static.tigerbbs.com/7f9504efc022356069cbe31bc7d9fd4c\" tg-width=\"840\" tg-height=\"470\"></p>\n<p><b>Quick Take</b></p>\n<p>Clear Secure (YOU) as filed to raise $376 million in an IPO of its Class A common stock, according to an S-1/Aregistration statement.</p>\n<p>The firm provides membership-based security enrollment services for access to various public and private venues.</p>\n<p>YOU produced contracting topline revenue and related metrics in Q1 2021 and the IPO appears pricey, so I'll pass on the IPO.</p>\n<p><b>Company & Technology</b></p>\n<p>New York, New York-based Clear Secure was founded to create a security platform enabling subscribers to demonstrate their identity and receive faster or more convenient access to venues and transportation systems in the U.S.</p>\n<p>Management is headed by Chair and CEO Ms. Caryn Seidman-Becker, who has been with the firm since 2010 and was previously founder of Arience Capital and managing director at Iridian Asset Management.</p>\n<p>The company’s primary offerings include:</p>\n<ul>\n <li>CLEAR - venue access subscription service</li>\n <li>CLEAR Plus - CLEAR plus aviation system access subscription service</li>\n <li>Health Pass - health identity connected to digital health credential</li>\n</ul>\n<p>Clear Secure has received at least $651 million in equity investment from investors including Alclear Investments, T. Rowe Price & Associates Funds, General Atlantic, William Miller III, Delta Air Lines and Durable Capital.</p>\n<p><b>Customer/User Acquisition</b></p>\n<p>The firm has focused its direct sales & marketing efforts on U.S. airports, stadiums and major venues.</p>\n<p>As of May 31, 2021, it counted 38 airports, 26 sports and entertainment venues and 67 Health Pass-enabled partners and events for 100 unique locations as well as numerous offices, theaters, casinos, theme parks and restaurants.</p>\n<p>Sales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have varied, as the figures below indicate:</p>\n<p></p>\n<p><img src=\"https://static.tigerbbs.com/b771264433e9ae9822f0c8f3ff09e491\" tg-width=\"552\" tg-height=\"274\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n<p></p>\n<p>The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, swung to a negative 2.2x in the most recent reporting period, as shown in the table below:</p>\n<p></p>\n<p><img src=\"https://static.tigerbbs.com/3579f0c3282e320968d830529b1e5ecc\" tg-width=\"553\" tg-height=\"223\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n<p></p>\n<p>The firm’s CLEAR Plus member retention rate for 2020 was 78.8%. Management said it expects the negative effects of the COVID-19 pandemic to affect its airport enrollments and business in 2021 and beyond.</p>\n<p><b>Market & Competition</b></p>\n<p>According to a 2018 marketresearch reportby Fortune Business Insights, the global stadium security market was an estimated $6.2 billion in 2017 and is forecast to reach $16 billion by 2025.</p>\n<p>This represents a forecast CAGR of 12.8% from 2018 to 2025.</p>\n<p>The main drivers for this expected growth are a rise in terrorist threat scenarios as well as a need to handle large crowds in a safe manner.</p>\n<p>Also, stadium and venue owners are seeking advanced security measures as more options become available.</p>\n<p>Below is a chart showing the stadium security market historical and forecast growth trajectory:</p>\n<p></p>\n<p><img src=\"https://static.tigerbbs.com/6156ca7be4be93d813c09e0d9e25f4fd\" tg-width=\"1280\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n<p></p>\n<p>(Source)</p>\n<p>Notably, the software & services segment was expected to grow at the fastest rate through 2025.</p>\n<p>Major competitive or other industry participants include:</p>\n<ul>\n <li>Telos Identity</li>\n <li>Idemia Identity & Security</li>\n <li>PricewaterhouseCoopers</li>\n <li>Salesforce</li>\n <li>IBM</li>\n <li>Amazon</li>\n <li>Apple</li>\n <li>Facebook</li>\n <li>Google</li>\n</ul>\n<p><b>Financial Performance</b></p>\n<p>Clear Secure’s recent financial results can be summarized as follows:</p>\n<ul>\n <li>Contracting topline revenue in Q1 2021</li>\n <li>Reduced gross profit and fluctuating gross margin</li>\n <li>Increased operating losses</li>\n <li>Uneven cash flow from operations</li>\n</ul>\n<p>Below are relevant financial results derived from the firm’s registration statement:</p>\n<p></p>\n<p><img src=\"https://static.tigerbbs.com/9fd36b19e2a8c0722e8f5234e3d89e93\" tg-width=\"554\" tg-height=\"559\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n<p><img src=\"https://static.tigerbbs.com/830d7c058bba120b50f65f4569a16e85\" tg-width=\"551\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n<p><img src=\"https://static.tigerbbs.com/14b46d1fd8cd4d7cf5dbbec6b9e03797\" tg-width=\"556\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n<p></p>\n<p>As of March 31, 2021, Clear Secure had $176 million in cash and $161.8 million in total liabilities.</p>\n<p>Free cash flow during the twelve months ended March 31, 2021, was $8.2 million.</p>\n<p><b>IPO Details</b></p>\n<p>Clear Secure intends to raise $376 million in gross proceeds from an IPO of its Class A common stock, offering 13.2 million shares at a proposed midpoint price of $28.50 per share.</p>\n<p>Class A and Class C common stockholders will be entitled to receive one vote per share and Class B and Class D shareholders will have 20 votes per share.</p>\n<p>The S&P 500 Index no longer admits firms with multiple classes of stock into its index.</p>\n<p>No existing shareholders have indicated an interest to purchase shares at the IPO price.</p>\n<p>Assuming a successful IPO, the company’s enterprise value at IPO would approximate $3.7 billion, excluding the effects of underwriter over-allotment options.</p>\n<p>Excluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 8.93%. A figure under 10% is generally considered a ‘low float’ stock which can be subject to significant price volatility.</p>\n<p>Management says it will use the net proceeds from the IPO as follows:</p>\n<blockquote>\n We intend to contribute the net proceeds from this offering to Alclear in exchange for a number of Alclear Units equal to the contribution amount divided by the price paid by the underwriters for shares of our Class A common stock in this offering (13,200,000 Alclear Units at the midpoint of the estimated public offering price range set forth on the cover page of this prospectus or, if the underwriters exercise their option to purchase additional shares in full, 15,180,000 Alclear Units), and to cause Alclear to use such contributed amount to pay offering expenses and for general corporate purposes. (Source)\n</blockquote>\n<p>Management’s presentation of the company roadshow isavailable here.</p>\n<p>Listed bookrunners of the IPO are Goldman Sachs, J.P. Morgan, Allen & Company, Wells Fargo Securities, LionTree, Stifel, Telsey Advisory Group, Centerview Partners, Loop Capital Markets and Roberts & Ryan.</p>\n<p><b>Valuation Metrics</b></p>\n<p>Below is a table of relevant capitalization and valuation figures for the company:</p>\n<p></p>\n<p><img src=\"https://static.tigerbbs.com/0bee8c66f2a51c304ca1719144766210\" tg-width=\"553\" tg-height=\"641\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n<p></p>\n<p><b>Commentary</b></p>\n<p>Clear Secure is seeking public investment capital for unspecified future corporate expansion plans.</p>\n<p>The company’s financials showed resilience in 2020 but a significant drop in topline revenue in Q1 2021 and continued operating losses with a lack of path to operating breakeven.</p>\n<p>Free cash flow for the twelve months ended March 31, 2021, was $8.2 million.</p>\n<p>Sales and Marketing expenses as a percentage of total revenue have varied as revenue has fluctuated; its Sales and Marketing efficiency rate swung to a negative 2.2x in the most recent reporting period.</p>\n<p>The market opportunity for providing preferred venue and travel access services is significant but has been affected negatively by the COVID-19 pandemic, at least in the short term.</p>\n<p>Management responded by developing its Health Pass service during 2020.</p>\n<p>Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 46.6% since their IPO. This is a top-tier performance for all major underwriters during the period.</p>\n<p>The primary risk to the company’s outlook is the ongoing uncertainties brought about by the COVID-19 pandemic and changing consumer habits.</p>\n<p>As for valuation, YOU is primarily a subscription-based business and is asking investors at IPO to pay an Enterprise Value / Revenue multiple of 16.8x, which is well above the typical software-based SaaS public stock median, as shown below:</p>\n<p></p>\n<p><img src=\"https://static.tigerbbs.com/e400ff06b7afa10def8dee92ad2826f0\" tg-width=\"1093\" tg-height=\"744\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n<p>I’m also concerned by the contraction in topline revenue and related metrics in Q1 2021...not a good result leading into the IPO.</p>\n<p>I'll watch the IPO from the sidelines.</p>\n<p>Expected IPO Pricing Date: June 29, 2021</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"YOU":"Clear Secure, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153116027","content_text":"Coupang shares opened at $38.66 each on Wednesday, about 34% higher than the company’s IPO price.\n\nQuick Take\nClear Secure (YOU) as filed to raise $376 million in an IPO of its Class A common stock, according to an S-1/Aregistration statement.\nThe firm provides membership-based security enrollment services for access to various public and private venues.\nYOU produced contracting topline revenue and related metrics in Q1 2021 and the IPO appears pricey, so I'll pass on the IPO.\nCompany & Technology\nNew York, New York-based Clear Secure was founded to create a security platform enabling subscribers to demonstrate their identity and receive faster or more convenient access to venues and transportation systems in the U.S.\nManagement is headed by Chair and CEO Ms. Caryn Seidman-Becker, who has been with the firm since 2010 and was previously founder of Arience Capital and managing director at Iridian Asset Management.\nThe company’s primary offerings include:\n\nCLEAR - venue access subscription service\nCLEAR Plus - CLEAR plus aviation system access subscription service\nHealth Pass - health identity connected to digital health credential\n\nClear Secure has received at least $651 million in equity investment from investors including Alclear Investments, T. Rowe Price & Associates Funds, General Atlantic, William Miller III, Delta Air Lines and Durable Capital.\nCustomer/User Acquisition\nThe firm has focused its direct sales & marketing efforts on U.S. airports, stadiums and major venues.\nAs of May 31, 2021, it counted 38 airports, 26 sports and entertainment venues and 67 Health Pass-enabled partners and events for 100 unique locations as well as numerous offices, theaters, casinos, theme parks and restaurants.\nSales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have varied, as the figures below indicate:\n\n\n\n\nThe Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, swung to a negative 2.2x in the most recent reporting period, as shown in the table below:\n\n\n\n\nThe firm’s CLEAR Plus member retention rate for 2020 was 78.8%. Management said it expects the negative effects of the COVID-19 pandemic to affect its airport enrollments and business in 2021 and beyond.\nMarket & Competition\nAccording to a 2018 marketresearch reportby Fortune Business Insights, the global stadium security market was an estimated $6.2 billion in 2017 and is forecast to reach $16 billion by 2025.\nThis represents a forecast CAGR of 12.8% from 2018 to 2025.\nThe main drivers for this expected growth are a rise in terrorist threat scenarios as well as a need to handle large crowds in a safe manner.\nAlso, stadium and venue owners are seeking advanced security measures as more options become available.\nBelow is a chart showing the stadium security market historical and forecast growth trajectory:\n\n\n\n\n(Source)\nNotably, the software & services segment was expected to grow at the fastest rate through 2025.\nMajor competitive or other industry participants include:\n\nTelos Identity\nIdemia Identity & Security\nPricewaterhouseCoopers\nSalesforce\nIBM\nAmazon\nApple\nFacebook\nGoogle\n\nFinancial Performance\nClear Secure’s recent financial results can be summarized as follows:\n\nContracting topline revenue in Q1 2021\nReduced gross profit and fluctuating gross margin\nIncreased operating losses\nUneven cash flow from operations\n\nBelow are relevant financial results derived from the firm’s registration statement:\n\n\n\n\n\n\n\n\nAs of March 31, 2021, Clear Secure had $176 million in cash and $161.8 million in total liabilities.\nFree cash flow during the twelve months ended March 31, 2021, was $8.2 million.\nIPO Details\nClear Secure intends to raise $376 million in gross proceeds from an IPO of its Class A common stock, offering 13.2 million shares at a proposed midpoint price of $28.50 per share.\nClass A and Class C common stockholders will be entitled to receive one vote per share and Class B and Class D shareholders will have 20 votes per share.\nThe S&P 500 Index no longer admits firms with multiple classes of stock into its index.\nNo existing shareholders have indicated an interest to purchase shares at the IPO price.\nAssuming a successful IPO, the company’s enterprise value at IPO would approximate $3.7 billion, excluding the effects of underwriter over-allotment options.\nExcluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 8.93%. A figure under 10% is generally considered a ‘low float’ stock which can be subject to significant price volatility.\nManagement says it will use the net proceeds from the IPO as follows:\n\n We intend to contribute the net proceeds from this offering to Alclear in exchange for a number of Alclear Units equal to the contribution amount divided by the price paid by the underwriters for shares of our Class A common stock in this offering (13,200,000 Alclear Units at the midpoint of the estimated public offering price range set forth on the cover page of this prospectus or, if the underwriters exercise their option to purchase additional shares in full, 15,180,000 Alclear Units), and to cause Alclear to use such contributed amount to pay offering expenses and for general corporate purposes. (Source)\n\nManagement’s presentation of the company roadshow isavailable here.\nListed bookrunners of the IPO are Goldman Sachs, J.P. Morgan, Allen & Company, Wells Fargo Securities, LionTree, Stifel, Telsey Advisory Group, Centerview Partners, Loop Capital Markets and Roberts & Ryan.\nValuation Metrics\nBelow is a table of relevant capitalization and valuation figures for the company:\n\n\n\n\nCommentary\nClear Secure is seeking public investment capital for unspecified future corporate expansion plans.\nThe company’s financials showed resilience in 2020 but a significant drop in topline revenue in Q1 2021 and continued operating losses with a lack of path to operating breakeven.\nFree cash flow for the twelve months ended March 31, 2021, was $8.2 million.\nSales and Marketing expenses as a percentage of total revenue have varied as revenue has fluctuated; its Sales and Marketing efficiency rate swung to a negative 2.2x in the most recent reporting period.\nThe market opportunity for providing preferred venue and travel access services is significant but has been affected negatively by the COVID-19 pandemic, at least in the short term.\nManagement responded by developing its Health Pass service during 2020.\nGoldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 46.6% since their IPO. This is a top-tier performance for all major underwriters during the period.\nThe primary risk to the company’s outlook is the ongoing uncertainties brought about by the COVID-19 pandemic and changing consumer habits.\nAs for valuation, YOU is primarily a subscription-based business and is asking investors at IPO to pay an Enterprise Value / Revenue multiple of 16.8x, which is well above the typical software-based SaaS public stock median, as shown below:\n\n\n\nI’m also concerned by the contraction in topline revenue and related metrics in Q1 2021...not a good result leading into the IPO.\nI'll watch the IPO from the sidelines.\nExpected IPO Pricing Date: June 29, 2021","news_type":1},"isVote":1,"tweetType":1,"viewCount":228,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/151803666"}
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