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目錄




美國證券交易委員會
華盛頓特區20549
表格 10-Q
（標記一）
x根據1934年證券交易法第13或15(d)節的季度報告
截至季度結束日期的財務報告2024年9月30日
或者
o根據1934年證券交易法第13或15(d)條款的過渡報告
從 過渡期至
佣金文件號 001-40568
清除安全公司。
(根據其章程規定的註冊人準確名稱)
特拉華州86-2643981
（註冊或組織的）州或其他司法轄區
公司成立或組織）		（納稅人識別號碼）
85 10th Avenue, 9樓, 紐約, NY。
 10011
(主要領導機構的地址)(郵政編碼)
(646) 723-1404
公司電話號碼，包括區號
根據法案第12（b）條註冊的證券：
每一類的名稱交易標誌在其上註冊的交易所的名稱
普通A股，每股面值0.00001美元YOU請使用moomoo賬號登錄查看New York Stock Exchange
請以勾選方式表明公司已依據1934年證券交易所法第13條或第15(d)條的規定在過去12個月內（或在公司被要求提交該等報告的較短期間內）提交了所有的報告，並在過去90天內受到該等提交要求的約束。是 x 不好
請用勾選標記表示，申報人是否在過去12個月內向根據S-t法規第232.405條所規定應提交的每一個互動式數據文件進行了電子提交（或對於申報人需要提交此類文件的時間較短的期間）。是　　✓　否　○
請勾選該公司是否為大型加速彙繳申報人、加速申報人、非加速申報人、較小的報告公司或新興成長公司。請參見交易所法案規則120億2中「大型加速彙繳申報人」、「加速申報人」、「較小的報告公司」和「新興成長公司」的定義。
大型加速歸檔人x加速歸檔人o
非加速歸檔人o小型報告公司o
新興成長型企業o
如果一家新興成長型公司，請勾選表明公司是否選擇不使用根據《交易法》第13(a)條提供的任何新或修訂財務會計準則的延長過渡期來符合要求。 o
請勾選表示，登記申報人是否為空殼公司（如法案第120億2條所定義）。 是 o 否x
截至2024年11月4日，登記人持有以下優先股份：
普通A類股票，每股面值$0.00001。 （指“普通A類股票”）
94,015,104 
普通B類股票，每股面值$0.00001。 （指“普通B類股票”）
877,234 
普通C類股票，每股面值$0.00001。 （指“普通C類股票”）
19,615,578 
普通D類股票，每股面值$0.00001。 （指“普通D類股票”）
24,896,690 

目錄




目錄
                  簽名



目錄




CLEAR SECURE, INC.
縮表合併資產負債表
(未經查證的)
(以千美元計，除每股和每股數據外)
九月三十日，
2024		12月31日，
2023
資產
流動資產:
現金及現金等價物$32,885 $57,900 
有價證券511,812 665,197 
應收帳款639 526 
預付營業收入分潤費25,179 24,402 
預付費用及其他流動資產25,222 22,009 
全部流動資產595,737 770,034 
物業及設備，扣除折舊後淨值57,760 62,611 
使用權資產，淨值111,046 115,874 
無形資產，扣除累計攤銷16,875 20,825 
商譽62,757 62,757 
限制性現金3,410 4,501 
其他資產10,992 8,407 
資產總額$858,577 $1,045,009 
負債及股東權益
流動負債：
應付賬款$10,876 $11,781 
應付負債129,731 164,015 
逐步認列的收入417,078 376,253 
流動負債合計557,685 552,049 
其他長期負債119,854 123,736 
總負債677,539 675,785 
承諾與條件款( 附註18)
A類普通股，$0.00001 面值 - 1,000,000,000 授權股份為 93,679,673 和 91,786,941 自2024年9月30日及2023年12月31日期間，已發行並流通的股份分別如下
1 1 
B類普通股，$0.00001 面值 - 100,000,000 授權股份為 877,234 和 907,234 自2024年9月30日及2023年12月31日期間，已發行並流通的股份分別如下
— — 
普通C類股，$0.00001 面值 - 200,000,000 授權股份為 19,750,578 和 32,234,914 自2024年9月30日及2023年12月31日期間，已發行並流通的股份分別如下
— — 
D級普通股，$0.00001 面值 - 100,000,000 授權股份為 25,046,690 和 25,796,690 自2024年9月30日及2023年12月31日期間，已發行並流通的股份分別如下
— — 
其他綜合收益累計額1,472 2,050 
按成本核算的庫藏股。 0 2024年9月30日和2023年12月31日的流通股數
— — 
累積虧損(7,324)(73,714)
資本公積額額外增資134,821 304,992 
歸屬於Clear Secure, Inc.的股東權益總計128,970 233,329 
非控制權益52,068 135,895 
股東權益總額181,038 369,224 
負債和股東權益總額$858,577 $1,045,009 


參閱總括財務報表的附註

1
目錄
CLEAR SECURE, INC.
綜合營業損益匯縮陳述
(未經查核)
(以千美元計，除每股和每股數據外)
截至9月30日的三個月截至9月30日的九個月
2024202320242023
營業收入$198,424 $160,387 $564,218 $442,614 
營業費用：
營業收入分成費用28,592 22,885 79,049 63,674 
直接工資和福利成本44,825 35,337 125,198 102,687 
研發17,424 11,790 54,939 56,044 
銷售及營銷費用11,607 9,735 34,236 30,032 
一般行政53,919 56,101 162,180 170,323 
折舊和攤銷6,970 5,260 19,503 15,416 
營業利潤35,087 19,279 89,113 4,438 
其他收入（支出）：
利息收入，淨額7,252 7,677 25,424 21,463 
其他收入，淨額436 661 1,291 1,569 
稅前收入42,775 27,617 115,828 27,470 
所得稅費用(4,751)(754)(7,125)(846)
淨利潤38,024 26,863 108,703 26,624 
淨利潤歸屬於非控股利益14,559 11,517 42,313 12,491 
淨利潤歸屬於Clear Secure，Inc。$23,465 $15,346 $66,390 $14,133 
每股A類普通股和B類普通股的淨利潤 （注16）
每股基本普通股的淨利潤，A類$0.25 $0.17 $0.71 $0.16 
每股基本普通股的淨利潤，B類$0.25 $0.17 $0.71 $0.16 
每股稀釋後基本普通股的淨利潤，A類$0.25 $0.17 $0.71 $0.15 
普通股稀釋後每份淨利潤，B類$0.25 $0.17 $0.71 $0.15 
基本已發行A類普通股的加權平均份額92,702,778 89,189,192 92,174,755 89,436,795 
基本已發行B類普通股的加權平均份額891,582 907,234 901,979 907,234 
稀釋後已發行A類普通股的加權平均份額94,279,071 89,968,555 93,263,943 90,503,162 
稀釋後已發行B類普通股的加權平均份額891,582 907,234 901,979 907,234 






請參見簡要合併財務報表附註

2
目錄
清除安全公司。
綜合收益簡明合併報表
（未經審計)
（以千美元爲單位）
截至9月30日的三個月截至9月30日的九個月
2024202320242023
淨利潤$38,024 $26,863 $108,703 $26,624 
其他綜合收益（損失）
貨幣翻譯14 8 14 16 
未實現的股票市場可變證券公允價值的盈虧3,046 1,390 (1,164)1,738 
其他綜合收益（損失）總額3,060 1,398 (1,150)1,754 
綜合收益41,084 28,261 107,553 28,378 
減：歸屬於非控股權益的綜合收益15,586 12,082 41,741 13,210 
清晰安全公司可歸屬的綜合收益$25,498 $16,179 $65,812 $15,168 




















請參見簡要合併財務報表附註

3
目錄
清除安全公司。
股東權益變動簡明合併財務報表
(未經審計)
(千美元，除股份數據外)
4
目錄
A級B類C類D類股票認購應收款項。累計其他綜合收益(虧損)庫存股累積赤字Clear Secure, Inc.應占股東權益總計非控制權益股東權益總額
股數金額股數金額股數金額股數金額股數金額
2024年1月1日餘額91,786,941 $1 907,234 $— 32,234,914 $— 25,796,690 $— $304,992 $2,050 — $— $(73,714)$233,329 $135,895 $369,224 
淨利潤— — — — — — — — — — — — 18,806 18,806 13,282 32,088 
其他綜合損失— — — — — — — — — (1,835)— — — (1,835)(1,148)(2,983)
淨利潤考慮折舊後的股權補償費用— — — — — — — — 6,684 — — — — 6,684 4,185 10,869 
股權獎勵的淨份額結算183,167 — — — — — — — (1,298)— — — — (1,298)(812)(2,110)
期末合計固有價值（以百萬爲單位）— — — — — — — — — — — — — — (10,564)(10,564)
向成員的稅收分配— — — — — — — — — — — — — — (4,558)(4,558)
股份交易1,625,803 — — — (1,625,803)— — — 3 — — — — 3 (3)— 
股息— — — — — — — — (8,481)— — — — (8,481)— (8,481)
特別股息— — — — — — — — (28,828)— — — — (28,828)(28,828)
回購和養老A類普通股(4,416,759)— — — — — — — (52,514)— — — — (52,514)(32,868)(85,382)
2024 年 3 月 31 日餘額89,179,152 $1 907,234 $— 30,609,111 $— 25,796,690 $— $220,558 $215 — $— $(54,908)$165,866 $103,409 $269,275 
淨利潤— — — — — — — — — — — — 24,119 24,119 14,472 38,591 
其他綜合損失— — — — — — — — — (776)— — — (776)(451)(1,227)
股權激勵支出，扣除放棄部分— — — — — — — — 6,624 — — — — 6,624 3,847 10,471 
股份獎勵淨結算287,541 — — — — — — — (685)— — — — (685)(1,819)(2,504)
分配給成員— — — — — — — — — — — — — — (5,018)(5,018)
分配給成員的稅款— — — — — — — — — — — — — — (7,367)(7,367)
股份交易所6,316,858 — — — (6,316,858)— — — 19,763 — — — — 19,763 (19,763)— 
股息— — — — — — — — (9,339)— — — — (9,339)— (9,339)
回購和養老A類普通股(3,566,853)— — — — — — (52,036)— — — — (52,036)(12,582)(64,618)
2024年6月30日結餘92,216,698 $1 907,234 $— 24,292,253 $— 25,796,690 $— $184,885 $(561)— $— $(30,789)$153,536 $74,728 $228,264 
淨利潤— — — — — — — — — — — — 23,465 23,465 14,559 38,024 
其他綜合收益— — — — — — — — — 2,033 — — — 2,033 1,027 3,060 
股權激勵費用，扣除棄權部分— — — — — — — — 4,218 — — — — 4,218 2,130 6,348 
按股票激勵計劃結算的淨股份141,300 — — — — — — — (782)— — — — (782)(1,333)(2,115)
分配給成員— — — — — — — — — — — — — — (4,532)(4,532)
向成員分配稅款— — — — — — — — — — — — — — (3,453)(3,453)
股份交易5,321,675 — (30,000)— (4,541,675)— (750,000)— 23,489 — — — — 23,489 (23,489)— 
股息— — — — — — — — (9,398)— — — — (9,398)— (9,398)
回購和養老A類普通股(4,000,000)— — — — — — (67,591)— — — — (67,591)(7,569)(75,160)
2024年9月30日餘額93,679,673 $1 877,234 $— 19,750,578 $— 25,046,690 $— $134,821 $1,472 — $— $(7,324)$128,970 $52,068 $181,038 

請參見簡要合併財務報表附註

5
目錄
A級B類C類D類股票認購應收款項。累計其他綜合損失庫存股累積赤字Clear Secure, Inc.應占股東權益總計非控制權益股東權益總額
股數金額股數金額股數金額股數金額股數金額
2023年1月1日的餘額87,760,831 $1 907,234 $— 38,290,964 $— 25,796,690 $— $394,390 $(1,529)80,505 $— $(101,797)$291,065 $219,856 $510,921 
淨損失— — — — — — — — — — — — (5,224)(5,224)(3,049)(8,273)
其他綜合收益— — — — — — — — — 938 — — — 938 658 1,596 
股權激勵費用，扣除棄權部分(3,079)— — — — — — — 10,151 — 3,079 — — 10,151 6,257 16,408 
按股票激勵計劃結算的淨股份155,049 — — — — — — — (946)— (83,584)— — (946)(1,462)(2,408)
認股權費用— — — — — — — — 366 — — — — 366 257 623 
認證股證權行權534,655 — — — — — — — 1,615 — — — — 1,615 (1,615)— 
向成員分配稅款— — — — — — — — — — — — — — (13,886)(13,886)
股票交易所 2,048,773 — — — (2,048,773)— — — 6,189 — — — — 6,189 (6,189)— 
回購和養老A類普通股(281,838)— — — — — — — (7,380)— — — — (7,380)911 (6,469)
2023年3月31日的結存90,214,391 $1 907,234 $— 36,242,191 $— 25,796,690 $— $404,385 $(591)— $— $(107,021)$296,774 $201,738 $498,512 
淨利潤— — — — — — — — — — — — 4,011 4,011 4,023 8,034 
其他綜合損失— — — — — — — — — (736)— — — (736)(504)(1,240)
股權激勵費用，扣除棄權部分— — — — — — — — 8,415 — — — — 8,415 6,244 14,659 
按股票激勵計劃結算的淨股份144,341 — — — — — — — (655)— — — — (655)(740)(1,395)
向成員分配稅款— — — — — — — — — — — — (26)(26)(17)(43)
股份交易150,000 — — — (150,000)— — — 165 — — — — 165 (165)— 
特別股息— — — — — — — — (18,089)— — — — (18,089)— (18,089)
回購和養老A類普通股(1,533,357)— — — — — — (22,928)— — — — (22,928)(15,700)(38,628)
2023年6月30日，餘額88,975,375 $1 907,234 $— 36,092,191 $— 25,796,690 $— $371,293 $(1,327)— $— $(103,036)$266,931 $194,879 $461,810 
淨利潤— — — — — — — — — — — — 15,346 15,346 11,517 26,863 
其他綜合收益— — — — — — — — — 833 — — — 833 565 1,398 
股權激勵費用，扣除棄權部分— — — — — — — — 2,721 — — — — 2,721 1,845 4,566 
按股票激勵計劃結算的淨股份73,374 — — — — — — — (218)— — — — (218)(673)(891)
分配給成員— — — — — — — — — — — — — — (4,322)(4,322)
向成員分配稅款— — — — — — — — — — — — — — (13,718)(13,718)
股份交易1,315,502 — — — (1,315,502)— — — 5,171 — — — — 5,171 (5,171)— 
股息— — — — — — — — (6,304)— — — — (6,304)— (6,304)
回購和養老類A普通股(510,000)— — — — — — (8,576)— — — — (8,576)(2,451)(11,027)
2023年9月30日餘額89,854,251 $1 907,234 $— 34,776,689 $— 25,796,690 $— $364,087 $(494)— $— $(87,690)$275,904 $182,471 $458,375 
參閱總括財務報表的附註

6
目錄
CLEAR SECURE, INC.
現金流量變動總表
(未經查核)
（以千美元計）
截至9月30日的九個月
20242023
營業活動提供的(使用的)現金流量:
凈利潤$108,703 $26,624 
調整凈利潤以使其與經營活動提供的凈現金相符:
固定資產及設備折舊16,347 12,933 
營業無形資產攤銷3,156 2,483 
租約不現金化費用4,804 4,896 
資產減值— 3,707 
股權報酬27,038 35,102 
递延所得税701 (549)
循環貸款成本攤銷169 252 
有價證券的普通攤銷和（折價單位）淨額(6,330)(9,835)
營運資產和負債的變化：
應收帳款(113)433 
預付費用及其他資產(4,379)(4,098)
預付營業收入分潤費(777)(2,954)
應付賬款(475)5,899 
應計及其他長期負債(26,304)(10,990)
逐步認列的收入40,825 68,439 
營業租賃負債(4,300)(1,440)
經營活動產生的淨現金流量$159,065 $130,902 
投資活動提供的現金流量（使用）：
可銷售證券的購入(703,132)(634,751)
出售可交易證券861,683 639,090 
業務組合— (3,750)
購買戰略性投資(1,000)(6,000)
購買不動產和設備(9,259)(21,825)
購買無形資產(318)(129)
投資活動提供的（使用的）淨現金$147,974 $(27,365)
用於融資活動的現金流量：
回購A類普通股(225,160)(56,124)
支付股息(27,218)(6,320)
支付特別股息(28,828)(18,129)
分配給會員的款項(20,114)(4,322)
向會員分配稅款(24,979)(13,929)
債務發行成本— (396)
支付淨結算股票獎勵稅款 (6,729)(4,694)
50,000(154)— 
籌集資金的淨現金流量$(333,182)$(103,914)
現金、現金等價物和限制性現金的淨（減少）增加(26,143)(377)
現金、現金等值物及受限制現金之期初餘額62,401 68,884 
匯率對現金及現金等價物，以及受限現金的影響37 80 
期末現金、現金等價物和受限制現金$36,295 $68,587 

7
目錄
九月三十日，
2024		九月三十日，
2023
現金及現金等價物$32,885 $63,522 
限制性現金3,410 5,065 
現金、現金等價物和限制性現金總額$36,295 $68,587 

請查看簡明綜合財務報表附註

8
目錄
清晰安全股份有限公司。
基本報表附註
(未經查核)
(以千美元表示，除非另有說明，股份和每股數據除外)

1. 業務描述及最新會計發展
描述與組織

Clear Secure, Inc.（以下簡稱為「公司」及與其合並子公司合稱為「CLEAR」、「我們」、「我們的」）是一家控股公司，其主要資產是對Alclear Holdings, LLC（「Alclear」）的控股股權。在公司首次公開募股（「IPO」）完成之前進行的重組（「重組」）中，Alclear於2010年1月21日成立為特拉華州有限責任公司，並根據2023年6月7日訂定的第二修訂及重訂營運協議（「營運協議」）運營。作為Alclear的唯一管理成員，公司管理並控制Alclear的所有業務和事務，並通過Alclear及其子公司進行公司業務。

該公司主要在美國營運一個以 CLEAR 品牌名稱的安全身分平台。CLEAR 目前的產品包括：CLEAR Plus，一種消費性航空訂閱服務，可通過我們全國網絡內機場安全檢查站的專用入口通道來訪問可預測和快速的體驗 58 機場（截至本申報日期）；TSA 預檢查® 註冊由 CLEAR 提供在 52 機場和 10 Staples 地點（截至此申報日期），為消費者提供了更多選擇，可以在如何和地點註冊此受歡迎的旅行者計劃；CLEAR Mobile at 3 機場（截至此申報日期），只需顯示 QR 碼，只需顯示 QR 碼，即可為旅客提供機場安全可預測的機場安全性，而 CLEAR Plus 會員可以免費購買日票（有效期為 24 小時）；CLEAR Verified 是我們的 B20億產品服務，讓我們的合作夥伴利用我們的數字身份技術和可重複使用的會員網絡，以數位和實體方式實現安全無阻的體驗開發套件和應用程序編程接口；以及我們免費的旗艦 CLEAR 應用程序，該應用程序提供 Home-to-Gate 等消費性產品，並包括 RESERVE 支持： CLEAR 是我們的虛擬佇列技術，可讓客戶在機場安全線預訂位置，因此他們不必等待。
2. 報告基礎和重要會計政策摘要

這些綜合總表是根據美國（“美國”）通用會計原則（“GAAP”）為中期財務資訊準備的，並參照Form 10-Q和S-X法規第10條的指示。在管理層的意見中，這些總表反映了僅包含為公平呈現所必需的常規調整的所有調整。呈現的中期期間的營運結果不一定反映可能預期的截至2024年12月31日的財政年度結果。

按照GAAP的要求準備簡明綜合基本報表需要管理層進行估計和假設，這些估計和假設對簡明綜合基本報表及相關披露的金額會產生影響。儘管這些估計是基於管理層對目前事件和公司未來可能採取的行動的最佳了解，但實際結果可能與這些估計有所不同。

這些簡明綜合基本報表及相關附註，應與本公司截至2023年12月31日結束的財政年度年度報告中包含的經審計的綜合基本報表和相關附註一同閱讀（“2023年10-K表格”）。
簡明綜合的基本報表以美元列示，這是公司的報告貨幣。
最近採納的會計準則
公司在2023年12月31日生效的所有適用標準均納入了這些簡明合併基本報表中。這並未對結果產生重大影響。自2023年12月31日以來，尚無適用於公司的新發布標準。

9
目錄
CLEAR SECURE, INC.
總部簡明合併基本報表附註（續）
(以千美元表示，除非另有說明，股份和每股數據除外)

3. 業務組合
於2023年9月5日，CLEAR收購了Sora ID, Inc.的部分資產，這是一個一鍵了解您客戶（“KYC”）解決方案，提供符合KYC的科技，可在金融機構間轉移 - 創造出一個獨特且可重複使用的驗證產品。

收購考慮的公平價值為$5,250 （包括推遲支付的考慮$1,500 支付在 兩個 多個月後的分期付款。該收購被視為業務組合。總收購考慮中，$ 15 和 30 被錄為商譽，$3,950 被記錄為商譽，$1,300 作為資產負債表上的無形資產購買。所取得的無形資產涉及具有分別年限的客戶關係和開發科技。 3 和 5 公司使用多期超額收益法和免版稅法，兩者皆採用收入法估計無形資產價值。認列的商譽可用於稅務用途。

公司對購買價格的分配是基於進行的估值來判斷收購日期資產的公平價值，並且可能因最多調整至購併後的某個時間點。 一年 收購關閉後，可能會進行最終估值的調整。這在2024年第三季度確定。

公司也達成協議提供$4,000 保留獎金$9,000 和結合後的報酬，以現金支付和RSUs形式，當特定結束後財務指標和持續服務要求滿足時。

獎金保留額為 $4,000 包括 (i) 現金支付，從交割日期之後的六個月開始每月支付, 和 (ii) 於2024年6月30日、2024年12月31日、2025年和2026年分段發放的 RSUs。截至2024年9月30日, $813 未發放的保留獎金金額為 $9,000 ，為後合併報酬，由 $ 兩個 等份RSUs組成，將於截至2024年12月31日和2025年12月31日的十二個月期間內實現特定營運指標時開始發放。截至2024年9月30日，後合併報酬的 $3,000 未發放的金額為 $296 該公司已於2024年9月30日結束的九個月中將 $ 作為與後合併報酬相關的補償支出記錄。其餘的補償支出將納入總務和行政費用中。
4. 營業收入
本公司的業務收入幾乎完全來自於消費者航空服務CLEAR Plus的訂閱。截至2024年和2023年9月30日的三個月和九個月，沒有任何個別機場貢獻超過會員收入的10%。
按地區計算營業收入
截至2024年和2023年9月30日止三個和九個月內，該公司的營業收入主要來自美國。
合同負債和資產
公司的透過收入餘額主要涉及客戶提前支付的訂閱費用，這些費用將在未來十二個月內獲得，也就是提供服務之前。 以下表格呈現2024年9月30日結束的九個月內，透過收入餘額的變化。

10
目錄
CLEAR SECURE, INC.
總部簡明合併基本報表附註（續）
(以千美元表示，除非另有說明，股份和每股數據除外)
2024
1月1日的餘額$376,253 
營業收入之延遲596,774 
認列递延營業收入(555,949)
截至9月30日之餘額
$417,078 
公司對退款和其他類似項目有義務，金額為$3,772 截至2024年9月30日，在應計負債中記錄了相應數額。

截至2024年和2023年9月30日的九個月，公司認列了營業收入$350,175 15.1257,669，分別包含在期初透支收入餘額中。
5. 預付費用和其他流動資產
2024年9月30日和2023年12月31日的預付費用及其他流動資產如下：
九月三十日，
2024		12月31日，
2023
預付軟體許可證$12,334 $10,306 
冠狀病毒援助、救濟和經濟安全法案保留信用額— 1,002 
預付保險成本2,891 1,946 
其他流動資產9,997 8,755 
總計$25,222 $22,009 
《冠狀病毒援助、救濟和經濟安全法案》旨在提供因COVID-19大流行而導致的經濟救濟，其中包括但不限於與就業相關的成本。截至2024年3月31日，公司不再預期在接下來的十二個月內收到餘額的其餘部分。因此，公司將此餘額重新分類為其他資產。詳情請參見 附註11 重新分類後餘額。
6. 公允價值衡量
公司根據衡量日期在市場參與者之間進行有序交易時將收到的價格或支出的價格，評估可供出售的證券和某些負債。爲了提高公平價值衡量的一致性和可比性，使用將可觀察和不可觀察輸入列為優先順序的公平價值層次結構來將公平價值衡量成三個大類水準，下面將進行描述：
一級-在計量日期可訪問的活躍市場中對於相同資產或負債的報價價格（未調整）。公平值層次給予最高優先級別給一級輸入。
第二級──觀察值為其他於第一級價格以外的價值，例如類似資產或負債的報價價格；不活躍市場的報價價格或模型推導的估值，在其中所有重要輸入數據是可觀察的，或者主要可由可觀察市場數據推導或證實。
三級 - 當市場數據很少或沒有時，使用不可觀察到的輸入。 公平價值階層將最低優先級賦予三級輸入。
在確定公平價值時，公司利用估值技術最大化使用可觀察的輸入。此外，公司在評估公平價值時考慮交易對方信用風險。
資產或負債的公平值衡量水準在公平值層次結構中，是基於對公平值衡量具有重要意義的任何輸入的最低水準。所使用的估值技術需要最大程度地利用可觀察輸入，並最小化使用不可觀察輸入。

11
目錄
CLEAR SECURE, INC.
總部簡明合併基本報表附註（續）
(以千美元表示，除非另有說明，股份和每股數據除外)
以下是用於評估某些資產和負債的估值方法的描述，這些資產和負債的公平值未被視為第1級項目。
公司債券在個別證券所交易的活躍市場報告的收盤價值，這些證券均具有高信用評級的對應證券。
商業本票價值是基於目前可比信用評級類似發行人證券的收益。
貨幣市場基金 - 以共同基金單位淨資產價值（NAV）為基準。NAV被用作估計公允價值的一種便利方法。當確定基金賣出投資而其金額與報告的NAV不同的情況下，不使用此便利方法。

上述所描述的方法可能產生一個公允價值估算，這可能並非是淨可實現價值的指標，也不代表未來公允價值的反映。此外，儘管公司認為其估值方法是合適的且與其他市場參與者一致，但使用不同的方法或假設來判斷特定金融工具的公平價值，可能導致在報告日期的公平價值測量有所不同。
投資分類為有市場價格的有價證券的合約到期情況如下：
九月三十日，
2024		12月31日，
2023
一年內到期$323,513 $439,155 
一年後到兩年後到期188,299 226,042 
可銷售證券總額
$511,812 $665,197 
下表反映了公司按重要投資類別別列的摊销成本、未实现的总盈利和損失，以及2024年9月30日和2023年12月31日的每個投資類別的市場证券的公允市场價值水平。
截至2024年9月30日
攤銷後成本毛未實現收益未實現虧損總額公平價值階層
商業本票$12,534 $14 $— $12,548 2 
美國國債182,070 314 (51)182,333 1 
公司債券297,144 1,670 (77)298,737 2 
按淨資產值衡量的貨幣市場基金（a）18,194 — — 18,194 無可奉告
可銷售證券總額$509,942 $1,998 $(128)$511,812 
截至2023年12月31日
攤銷後成本毛未實現收益未實現虧損總額公平價值階層
商業本票$42,903 $16 $(24)$42,895 2 
美國國債324,274 2,896 (257)326,913 1 
公司債券294,540 969 (564)294,945 2 
按淨值計量的貨幣市場所有基金類型（a）444 — — 444 無可奉告
可銷售證券總額$662,161 $3,881 $(845)$665,197 
(a)NAV（或等同的）計算的貨幣市場基金並未分類在公平價值等級中。本表格中呈現的公平價值金額旨在讓公平價值等級與簡明綜合資產負債表中的項目進行對賬。

12
目錄
CLEAR SECURE, INC.
總部簡明合併基本報表附註（續）
(以千美元表示，除非另有說明，股份和每股數據除外)
截至2024年9月30日，所有可供出售的證券的公允價值中，$86,168 處於連續未實現虧損位置12個月或更長時間。公司 無 於2024年9月30日或2013年12月31日關於可供出售證券的連續未實現虧損位置，是由於信貸惡化所致。在提出的期間內，公司無意也無需賣出任何證券，直到償還其攤銷成本基礎之前。

對於特定其他金融工具，包括應收帳款、應付帳款、應計負債以及其他流動負債，由於這些餘額的短期到期，其攜帶金額接近這些工具的公允價值。
7. 資產和設備淨值
2024年9月30日和2023年12月31日的固定資產和設備如下：
折舊年限為幾年九月三十日，
2024		12月31日，
2023
內部開發軟體
3 - 5
$68,553 $62,306 
已取得軟體36,441 6,539 
設備536,863 33,624 
租賃改良
1 - 15
9,085 9,113 
傢具和裝置514,100 12,709 
在建工程9,200 8,672 
固定資產和設備總成本144,242 132,963 
減：累積折舊(86,482)(70,352)
總固定資產淨值$57,760 $62,611 
到2024年9月30日和2023年結束三個月的財產和設備相關折舊和攤銷費用為$5,619 15.14,417的三個月內實現，分別在結束於16,347 15.112,933 分別是截至2024年9月30日和2023年結束的九個月。
截至2024年9月30日的三個月和九個月期間，$1,659 15.15,241 在內部開發的軟體方面進行了資本化，其中包括$的股權報酬。205 15.1650 內部開發的軟體攤銷費用為$。3,496 15.12,612 ，分别为2024年和2023年9月30日结束的三个月，以及$9,912 15.16,764 分別為2024年和2023年截至9月30日的九個月結束之租約。
截至2024年和2023年9月30日止三個月內，公司承認了重大減值損失。 無截至2024年和2023年9月30日止九個月內，公司承認了重大減值損失。 無 15.12,201，分別為。
截至2024年9月30日，以應付帳款和應計負債未支付成本購買的固定資產為$320 15.12,088的三個月內實現，分別在結束於1,272 15.1188 分別是截至2023年9月30日的情況。
8. 租賃
2024年9月30日和2023年分別支付用於計算營運租賃負債的金額為$3,740 15.13,758的三個月內實現，分別在結束於11,212 15.18,598 分別為2024年9月30日和2023年9月30日結束的九個月結算期間。
2023年9月30日結束的九個月內，公司簽署了一份次租賃協議，在原始營運租賃下繼續充當承租方但將作為次承租人。因此，在2023年9月30日結束的九個月內，公司記錄了$1,506 按照總務及行政費用，在精簡合併營業概況表中，公司為其使用權資產記錄了$的損耗。次租金收入則在精簡合併營業概況表中的其他收入（費用）網羅內記錄。公司有$445 15.1444 截至3個月

13
目錄
清晰安全，包括
簡明綜合財務報表附註 (續)
（除非另有註明，除非股份數據以千計，除非另有說明）
截至2024年和2023年9月底的各月份，分别为$1,333 15.11,123 2024年9月30日和2023年9月30日結束的九個月份分別為租賃收入。
9. 無形資產，淨值
請參閱2024年9月30日和2023年12月31日的無形資產淨額如下：
期權
平均有用
有效年限		九月三十日，
2024		2023年12月31日
專利年限20.0$2,518 $3,312 
已取得無形資產 - 科技3.05,130 5,130 
已取得無形資產 - 客戶關係6.418,370 18,370 
取得的無形資產 - 品牌名稱3.4500 500 
無限期無形資產311 310 
無形資產總額，成本26,829 27,622 
減：累計攤銷(9,954)(6,797)
無形資產，扣除累計攤銷$16,875 $20,825 
截至2024年9月30日，無形資產的攤銷費用分別為2024年和2023年3個月，為$。1,351 15.1843，分別為$和$。3,156 15.12,483 截至2024年9月30日，分別為2024年和2023年9個月。公司沒有認列任何無形資產淨值的減損費用，緊接著。 無未就任何時期的無形資產淨值認列任何減損費用。
10. 受限現金
截至2024年9月30日和2023年12月31日，公司持有的銀行存款分別為$3,410 15.14,501，主要被抵押作為長期信用證發放的抵押品，以配合公司根據營業收入分享協議履行的義務。
11. 其他資產
其他資產截至2024年9月30日和2023年12月31日如下：
九月三十日，
2024		12月31日，
2023
保證金$280 $273 
貸款費用99 198 
存款證明— 459 
冠狀病毒援助、救濟和經濟安全法案保留信用額1,002 —
戰略投資7,000 6,000
其他長期資產2,611 1,477 
總計$10,992 $8,407 

在2024年3月31日結束之三個月內，公司對一家私人公司的股權進行了增量戰略性投資，該公司在2023年3月31日結束的三個月內先前進行了投資。由於該投資沒有易於確定的公平價值，公司選擇了選擇以初始成本減去損耗（如有）的測量替代方法，同時調整為同一發行人的相同或相似投資的公平價值的觀察變化。由於這些波動帶來了的調整，記錄在公司的綜合營業報表中的其他收入（費用）之內。

在截至2024年9月30日的三個月和九個月內，公司沒有就其戰略投資進行任何公平價值調整。

14
目錄
CLEAR SECURE, INC.
總部簡明合併基本報表附註（續）
(以千美元表示，除非另有說明，股份和每股數據除外)
12. 應計負債和其他長期負債
截至2024年9月30日和2023年12月31日，應計負債包括以下項目：
九月三十日，
2024		12月31日，
2023
應計的薪資和福利費用$19,374 $18,690 
增加的合作夥伴負債64,868 96,284 
租賃負債6,010 5,727 
其他應計負債39,479 43,314 
總計$129,731 $164,015 
公司估計已累計合作夥伴負債，涉及一部分商戶信用卡福利，預計在當年下半年解決。
其他長期負債 截至2024年9月30日和2023年12月31日止，包括以下內容：
九月三十日，
2024		12月31日，
2023
递延所得税负债$1,438 $1,711 
租賃負債117,071 121,655 
其他長期負債1,345 370 
總計$119,854 $123,736 
13. 認股證

2023年1月，公司承認了剩餘費用中的$1,038 完全授權的聯合大陸航空股票選擇權剩餘費用中的$ 534,655 。這些選擇權以無現金方式行使，轉換為A類普通股，其內在價值為$16,136。與聯合大陸航空的現有選擇權協議於2023年第一季度到期。 2024年9月，公司的剩餘選擇權協議，授予可行使以非表決普通股單位（“ Alclear單位”）的選擇權，也到期了。

根據授予機會的可能性，公司記錄了 無 分別為截至2024年和2023年9月30日的三個月，以及 無 15.1623 分別為截至2024年和2023年9月30日的九個月，在綜合費用及支出的總表之費用與行政支出中。

14. 股東權益
普通股
公司已經並將發行其普通股股份，這是與交易相關以及限制性股票單位（"RSUs"）的交換和解凍有關。
庫藏股
歷史上，公司的庫藏股票由被沒收的限制性股票獎勵（"RSAs"）組成，這些是公司持有的已發行股份，按面值記錄，以及根據公司的股份回購計劃回購但未被公司董事會（"董事會"）注銷的股份。截至2024年9月30日，所有RSAs都已經授予或被沒收。公司的庫藏股票可以用於解決公司發行的基於股權的報酬獎勵，並且不包括在對子公司所有權百分比的計算中。


15
目錄
CLEAR SECURE, INC.
總部簡明合併基本報表附註（續）
(以千美元表示，除非另有說明，股份和每股數據除外)
股份回購
在2024年9月30日結束的九個月內，公司回購並注銷了 11,983,612 其A類普通股的股份，價值為$225,160 平均價格為$18.78。截至2024年9月30日，仍有$100,490 可用於回購授權。
通脹減少法案於2022年12月31日後進行的淨股票回購公平市值，新增1%的消費稅。 在2024年9月30日結束的九個月期間，該公司記錄了一筆計提。 無 與這項稅款有關的基本財務報表中的資訊。 第17條注釋 有關通脹減少法案的進一步資訊，請參考。
特別及季度分紅派息
2023年8月2日，公司宣布其董事會採納了一項分紅政策（“分紅政策”），向A類普通股和B類普通股持有人支付季度現金分紅。此類季度分紅金額須由董事會在分紅宣告時刻實際確認金額時核準。預計將透過Alclear向所有成員按比例現金分配，包括Alclear和公司非控製權益持有人在適用記錄日期當日的持有人，來資助這些分紅。未來的現金分紅宣告將根據公司營運結果、現金流量、財務狀況和資本需求等多項因素，以及一般公司業務情況、法律、稅務和監管限制等董事會當時認為有關的其他因素最終確定。

2024年2月15日，公司宣布董事會宣布向每股支付季度股息$0.09 ，將於2024年3月5日支付給於2024年2月26日業務結束時持有A類普通股和B類普通股的股東。公司透過Alclear向截至2024年2月26日的所有成員進行按比例現金分配，其中包括Alclear和該公司的非控股股東。

在2024年3月21日，公司宣布支付特別現金股息，金額為$。0.32 每股股息將於2024年4月8日支付給記錄日期為2024年4月1日業務收盤後持有A類普通股和B類普通股的股東。公司通過其從Alclear收到的按比例現金分配以及其從Alclear收到的稅收分配，使用公司持有的現金來支付特別現金股息。

2024年5月7日，公司宣布其董事會宣布每股的季度股息為$0.10 每股，2024年6月18日支付給截至2024年6月10日業務收盤的A類普通股股東和B類普通股股東。公司從Alclear按比例現金分配中資助了此股息，截至2024年6月10日，包括Alclear和公司中所有成員的非控制利益持有人。

於2024年8月2日，公司宣布其董事會宣布每股股息為$。0.10 每股股息為$，將於2024年9月17日支付予2024年9月10日業務結束時持有A類普通股和B類普通股的股東。該公司從Alclear向截至2024年9月10日為止的所有成員進行現金按比例分配來資助股息，包括Alclear的非控股利益持有人和公司。

在季度或特別派息超過公司當前和累積盈利的範圍內，此類派息的部分可能被視爲給我們A類普通股或B類普通股持有人的資本收益。

非控制利益
非控股權益餘額代表我們的聯合創始人Caryn Seidman Becker和Kenneth Cornick（「聯合創始人」）以及Alclear成員持有的對Alclear的經濟利益。 以下表格總結了2024年9月30日Alclear Units的所有權情況：

16
目錄
清除安全公司。
基本報表附註（續）
(以千美元計，除非另有說明，不包括份額和每股數據)
Alclear單位持股比例
由重組成員持有的Alclear單位（除聯合創始人和Clear Secure, Inc.之外的其他人）19,750,578 14.17 %
由聯合創始人持有的Alclear單位25,046,690 17.97 %
總計44,797,268 32.15 %
非控制權益持有人有權將Alclear Units與相應數量的C類普通股交換爲A類普通股或D類普通股交換爲B類普通股。因此，非控制權益持有人的交易將導致所有權變更，減少已記錄的非控制權益金額，並增加公司的A類普通股或B類普通股和額外的資本金。發行A類普通股或B類普通股後，公司根據重組條款發行相應數量的Alclear Units。
在2024年9月30日結束的九個月內，某些非控股權益持有人交換了他們的Alclear單位和相應的C類普通股或D類普通股，以換取公司的A類普通股或B類普通股，公司因此發行了 13,264,336 A類普通股，包括在與B類普通股交易中發行的股票。
非控股利益所有權比例從 38.5123年12月31日的百分比下降到 32.1524年9月30日的百分比。該比例下降主要是由於上述交易所持有的A類普通股數量的增加。
15. 激勵計劃
2021股權激勵計劃
Clear Secure, Inc. 2021全員激勵計劃（「2021全員激勵計劃」）於2021年6月29日生效，旨在向公司及其關聯公司的員工、顧問和董事提供股權獎勵。
2021年綜合激勵計劃授權最多發行 20,000,000 截至重組之日的A類普通股股份。2021年綜合激勵計劃授權根據RSU、RSA、股票期權和其他股票獎勵的授予、結算或行使發行股票。從2022年到2031年開始的每個日曆年的第一個工作日開始，可用股票數量將增加至 5截至上一年最後一天已發行普通股總數（假設將所有類別的普通股交換和/或轉換爲A類普通股）的百分比，或董事會或其薪酬委員會批准的較小金額，前提是當時可用於未來獎勵的總股份儲備金不超過 12已發行普通股的百分比（假設所有類別的普通股交換和/或轉換爲A類普通股）。對於2023財年，董事會薪酬委員會批准不增加2021年綜合激勵計劃，該計劃將在2023年的第一個工作日生效。

受限股票單位
RSU受制於基於服務的和在某些情況下基於業績的歸屬條件。RSU將於指定日期歸屬，前提是適用的服務（通常， 三年）並且在適用的情況下，當某些業績條件具有實現概率時。具有長期營業收入和現金結算盈利業績障礙的RSU受基於業績的歸屬條件約束。公司根據授予日期確定每個RSU的公允價值，並在歸屬期內或基本服務期內以直線方式記錄費用，並針對基於業績的歸屬獎勵，無論是否具有可能性。

17
Table of Contents
CLEAR SECURE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(dollars in thousands, except for share and per share data, unless otherwise noted)
The following is a summary of activity related to the RSUs associated with compensation arrangements during the nine months ended September 30, 2024:
RSU’sWeighted-
Average
Grant-Date
Fair Value
Unvested balance as of January 1, 20243,897,957 $24.85 
Granted2,287,155 18.67 
Vested(943,353)29.13 
Forfeited(1,341,245)22.81 
Unvested balance as of September 30, 2024
3,900,514 $21.13 
The following is a vesting schedule of the expected vesting period related to the unvested RSUs as of September 30, 2024:
Unvested RSU’s
Expected to vest within 1 year1,541,630 
Expected to vest between 1 to 2 years1,378,685 
Expected to vest between 2 to 3 years980,199 
Unvested balance as of September 30, 2024
3,900,514 
Below is the compensation expense recognized related to the RSUs within the condensed consolidated statements of operations:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Cost of direct salaries and benefits$97 $229 $377 $445 
Research and development2,467 (3,584)8,431 6,808 
Sales and marketing(594)435 (106)466 
General and administrative3,142 3,368 11,281 9,991 
Total$5,112 $448 $19,983 $17,710 
As of September 30, 2024, estimated unrecognized expense for RSUs that are probable of vesting was $57,230 with such expense to be recognized over a weighted-average period of approximately 2.18 years.

Founder PSUs
During June 2021, the Company established a long-term incentive compensation plan for the Co-Founders, which consists of performance restricted stock-unit awards (the “Founder PSUs”), that will be settled in shares of Class A Common Stock pursuant to the 2021 Omnibus Incentive Plan, subject to the satisfaction of both service and market based vesting conditions.
The grant date fair value for the Founder PSUs was determined by a Monte Carlo simulation and discounted by the risk-free rate on the grant date and an expected volatility of 45%. The Founder PSUs are estimated to vest over a five year period, based on the achievement of specified price hurdles of the Company’s Class A Common Stock. The specified price hurdles of the Company’s Class A Common Stock will be measured on the volume-weighted average price per share for the trailing days during any 180 day period that ends within the applicable measurement period. In June 2021, the Company granted 4,208,617 Founder PSUs at a weighted average grant date fair value of $16.54. The Company records the expense related to these awards within general and administrative in the condensed consolidated statements of operations.
As of September 30, 2024, estimated unrecognized expense for Founder PSUs was $3,046 with such expense to be recognized over a weighted-average period of approximately 0.41 years.

18
Table of Contents
CLEAR SECURE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(dollars in thousands, except for share and per share data, unless otherwise noted)
Below is a summary of total compensation expense recorded in relation to the Company’s incentive plans within the condensed consolidated statements of operations:

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
RSAs$— $1 $— $10 
RSUs5,112 448 19,983 17,710 
Founder PSUs1,031 3,716 7,055 16,759 
Total$6,143 $4,165 $27,038 $34,479 

截至9月30日的三個月截至9月30日的九個月
2024202320242023
直接工資和福利成本$97 $229 $377 $445 
研究和開發2,467 (3,583)8,431 $6,813 
銷售和營銷(594)435 (106)466 
一般和行政4,173 7,084 18,336 26,755 
總計$6,143 $4,165 $27,038 $34,479 

16. 每股普通股淨利潤
以下是基本和攤薄每股普通股淨利潤的計算：
2024年9月30日止三個月
2023年9月30日結束的九個月中，我們的業務收入爲605.39億美元，比2022年9月30日結束的九個月的577.94億美元增加了2.745億美元，增長了4.8%。按恒定匯率計算，營業收入增長了4.8%。2023年9月30日結束的九個月中，我們約有41.7%，47.5%和10.8%的營業收入來自於美國，歐洲和其他地區。在2023年9月30日結束的九個月中，我們的營業收入中有26.7%或527.3億美元來自於前五大客戶。不斷有新的客戶帳戶加入我們的大型製藥客戶、中型製藥客戶和生物技術客戶組合中。
A班B類A班B類
基本的：
淨利潤歸屬於Clear Secure，Inc。$23,243 $224 $15,192 $154 
基本每股席捲股份加權平均數92,702,778 891,582 89,189,192 907,234 
基本每股普通股淨利潤：$0.25 $0.25 $0.17 $0.17 
稀釋的：
用於計算基本每股普通股淨利潤的歸屬於Clear Secure, Inc.的淨利潤$23,243 $224 $15,192 $154 
添加：重新分配的淨利潤至Clear Secure, Inc.以反映攤薄影響68 (3)29 (1)
用於計算攤薄每股普通股淨利潤的歸屬於Clear Secure, Inc.的淨利潤23,311 220 15,221 153 
用於計算基本每股普通股淨利潤的加權平均股數92,702,778 891,582 89,189,192 907,234 
攤薄股份的影響1,576,293 — 779,363 — 
攤薄後的加權平均股本 94,279,071 891,582 89,968,555 907,234 
每普通股淨利潤，攤薄後：$0.25 $0.25 $0.17 $0.17 



19
目錄
清除安全公司。
基本報表附註（續）
(以千美元計，除非另有說明，不包括份額和每股數據)
2024年9月30日止九個月2023年9月30日止九個月
A班B類A班B類
基本的：
淨利潤歸屬於Clear Secure，Inc。$65,748 $643 $13,991 $142 
基本稀釋後每股普通 股的加權平均股份數量92,174,755 901,979 89,436,795 907,234 
每股普通股的淨利潤，基本:$0.71 $0.71 $0.16 $0.16 
稀釋的：
用於計算每股普通股淨利潤的Clear Secure, Inc.歸屬淨利潤，基本$65,748 $643 $13,991 $142 
添加：重新分配給Clear Secure, Inc.的淨利潤以反映增強影響132 (6)(21)(2)
用於計算每股普通股淨利潤的Clear Secure, Inc.歸屬淨利潤，稀釋65,880 637 13,970 140 
用於計算每股普通股淨利潤的加權平均股份數量，基本92,174,755 901,979 89,436,795 907,234 
攤薄股份的影響1,089,188 — 1,066,367 — 
稀釋後加權平均股本 93,263,943 901,979 90,503,162 907,234 
每股普通股淨利潤，攤薄：$0.71 $0.71 $0.15 $0.15 

在評估如何轉換方法下的潛在攤薄效應後，根據假定交易所的非控制權益被確定爲不具攤薄性，因此被排除在稀釋每股收益的計算之外。

以下表格顯示了截至2024年9月30日和2023年9月30日三個月和九個月的A類普通股和B類普通股稀釋每股收益計算中排除的潛在稀釋證券：
2024年9月30日止的三個月和九個月
A班B類
可交換的 Alclear 單位19,750,578 25,046,690 
限制性股票單位460,559 — 
總計20,211,137 25,046,690 

2023年9月30日結束的三個月和九個月
A班B類
可交換的Alclear單位34,776,689 25,796,690 
限制性股票單位592,397 — 
總計35,369,086 25,796,690 

截至2024年9月30日的三個月和九個月，公司已從上述表格中排除了潛在稀釋股。 4,504,834 因爲它們具有尚未在上述期間結束時實現的業績條件，所以上述表格中排除了潛在稀釋股。
17. 所得稅
由於首次公開募股和重組，該公司成爲Alclear的唯一管理成員，按照美國聯邦稅法和大多數適用的州和地方所得稅目的，Alclear被視爲合夥企業。作爲合夥企業，Alclear通常不需要繳納美國聯邦和大多數州和地方所得稅。Alclear產生的任何應稅所得或損失都會按比例分配給其成員，包括我們在內，並計入其應稅所得或損失中。該公司除了需要繳納美國及其領土的聯邦所得稅外，還需要繳納相關州和地方所得稅。

20
目錄
清除安全公司。
基本報表附註（續）
(以千美元計，除非另有說明，不包括份額和每股數據)
Alclear的可分配份額涵蓋任何應稅收益或損失，以及公司產生的任何獨立收入或損失。該公司還受以色列、阿根廷和墨西哥的所得稅約束。

公司報告了稅費支出 $4,751 在2024年9月30日結束的三個月的稅前收入爲 $42,775 相比之下，2024年9月30日結束的三個月的稅費爲$754 在稅前收入爲$2024年9月30日結束的三個月的稅費支出爲27,617 f，因此導致有效稅率爲 11.1% 在2024年9月30日結束的三個月的稅費支出爲相比之下 2.7% 在2023年9月30日結束的三個月的稅費支出爲公司報告了 $7,125 在2024年9月30日結束的九個月中，稅前收入爲$115,828 相比於2023年9月30日結束的九個月的稅收支出 $846 在2023年9月30日結束的九個月中，稅前收入爲$27,470 f導致有效稅率爲% 6.2，用於2024年9月30日結束的九個月相比於2023年9月30日結束的九個月，該公司的有效稅率爲% 3.1，用於2023年9月30日結束的九個月。公司支付了$1,788 和 $4,538, 分別爲2024年9月30日結束的三個月和九個月分別預估所得稅。

公司在美國及其領地、以色列、阿根廷和墨西哥都需繳納所得稅。我們歷史性稅務義務的調整訴諸的訴訟時效將因司法管轄區而異。美國聯邦和州所得稅目的開放審查的稅務年度爲截至2018年12月31日及以後的各年度。外國司法管轄區開放審查的稅務年度爲截至2019年12月31日及以後的各年度。

最近的美國稅法立法

2022年8月16日，拜登總統簽署了《通貨膨脹降低法》，使之成爲法律。《減少通貨膨脹法》對納稅年度之前任何連續三個納稅年度的平均年度調整後財務報表收入超過10億美元的公司的利潤徵收15％的企業替代性最低稅，並對2022年12月31日之後的納稅年度生效。這項規定沒有對壓縮文件產生實質性影響 截至2024年9月30日的九個月的合併財務報表。此外，《通貨膨脹減少法》對2022年12月31日之後進行的股票淨回購的公允市場價值徵收1％的消費稅。在截至2024年9月30日的九個月中，公司回購了 11,983,612 其A類普通股的股份。 但是，截至2024年9月30日，該公司沒有記錄消費稅，因爲股票發行量超過了回購量。
稅收補償協議
正如註釋1所述，在IPO方面，公司簽署了TRA，基本上規定公司向Alclear的其餘成員支付資產淨現金節省的%。 85公司將保留其餘資產淨現金節省的%作爲美國聯邦、州和地方所得稅和特許稅，Clean Secure，Inc.實際上實現或被視爲實現的稅收增加。 這是由於以下原因：(i) Alclear資產的稅基增加如Alclear成員（或其受讓人或其他受讓方）出售Alclear單位（以及相應的我們的C類普通股或D類普通股，視情況而定）換購公司的A類普通股或B類普通股以及向Alclear成員（或其受讓人或其他受讓方）購買Alclear單位和相應的C類普通股或D類普通股，或因TRA而支付的款項，(ii) 與根據TRA支付款項產生的假定利息相關的稅收補貼。 公司將保留其餘的利益。 15%的這些淨現金節省。
TRA責任的計算是通過確定適用於TRA的稅基（"稅基"），並將混合稅率應用於基礎差異，並計算迭代影響來實現的。混合稅率包括美國聯邦所得稅率和由適用於每個州的分攤因素驅動的假定聯邦和地方所得稅稅率。對TRA責任的計量後續變化被確認爲其他收入（費用）淨額的一個組成部分，體現在簡明的綜合利潤表中。
公司預計，在Alclear單位被Alclear成員贖回、交換及其他合格交易時，公司的稅基分配份額可能增加。稅基的增加可能會導致公司在未來向各種稅務機構支付的金額減少。

21
目錄
清除安全公司。
基本報表附註（續）
(以千美元計，除非另有說明，不包括份額和每股數據)
稅基礎的增加也可能會降低未來處置某些資本資產的收益（或增加損失），在稅基礎被分配給這些資本資產的情況下。

在2024年9月30日結束的九個月裏，公司發行了 13,234,336 將A類普通股的部分股份出售給交換其Alclear Units的某些非控制利益持有人。請參考 註釋14 以獲取進一步詳情。這些交換導致稅基增加，受TRA規定約束。根據稅收可收回協議的承認，公司負債的承認與遞延稅資產相關。截至2024年9月30日，公司尚未確認稅基上調所致的遞廩稅資產，因爲該資產很可能無法實現。此外，截至2024年9月30日，公司已確定TRA負債不太可能實現，因此尚未記錄可能約爲的遞延稅款負債。 $162,125.

稅收分配

Alclear的成員，包括Clear Secure, Inc.，對Alclear的任何應稅收入承擔美國聯邦、州和地方所得稅。經營協議規定，以按比例現金分配（「稅收分配」）方式向Alclear單位持有人分配Alclear Units，通常計算出金額，足以爲Alclear的每位成員提供足夠的現金以支付其應繳納的由他們分配到的Alclear應稅收入的稅負。一般來說，這些稅費分配是根據Alclear的估計應稅收入計算出來的，乘以經營協議中規定的假定稅率。

截至2024年9月30日，Alclear向除了公司以外的Alclear單位持有人支付了總計$的稅務分配。24,979 ，併爲除了公司以外的Alclear單位持有人錄得了$的負債。15,379 ，爲除了公司以外的Alclear單位持有人登記了$的負債。

18. 承諾和事後約定
訴訟
公司不時涉及各種業務常規訴訟事項。在公司認爲很可能會發生損失且損失金額或區間可合理估計時，公司記錄負債。根據目前可獲得的信息，公司認爲沒有索賠或法律訴訟會對業務或公司的簡明合併基本報表產生重大不利影響。
租賃以外的承諾
公司有必須最低支出承諾爲 $16,225 在接下來的 三年 在某些服務安排下。
與公司與機場的營業收入分享協議相結合，某些協議包含最低年度合同費用。 2024年9月30日的未來最低支付額如下：
2024$8,309 
202528,705 
202614,169 
202710,507 
20288,103 
此後1,230 
總計$71,023 
公司承諾未來向體育場館的體育營銷支出爲$5,301 截至2024年和2023年9月30日三個月結束時，與體育場館相關的營銷支出爲$1,123 和 $1,310,

22
目錄
清除安全公司。
基本報表附註（續）
(以千美元計，除非另有說明，不包括份額和每股數據)
分別是截至2024年9月30日和2023年9月30日的九個月，與體育場相關的營銷費用爲$3,539 和 $3,970，分別爲。
19. 關聯交易
截至2024年9月30日和2023年12月31日，公司對某些關聯方的總應付款項爲$3,974 和 $3,508分別爲。
關於某些關聯方，截至2024年和2023年9月30日三個月，公司在綜合損益表中記錄了$3,785 和 $3,523，分別在營業收入成本中的份額費用。截至2024年和2023年9月30日九個月，公司在綜合損益表中記錄了$9,738 和 $9,188，分別在綜合損益表中的費用。
In July 2024, a related party exchanged 4,000,000 of their Alclear Units and corresponding shares of Class C Common Stock for shares of the Company’s Class A Common Stock, and the Company repurchased and retired the shares of Class A Common Stock.

Refer to Note 17 for information regarding the TRA liability. Refer to Note 13 regarding transactions between certain related parties with regards to warrants.
20. Employee Benefit Plan
The Company has a 401(k) retirement, savings and investment plan (the “401(k) Plan”). Participants make contributions to the 401(k) Plan in varying amounts, up to the maximum limits allowable under the Internal Revenue Code. For the three months ended September 30, 2024 and 2023, the Company recorded expense of $317 and $422, respectively, within the condensed consolidated statements of operations. For the nine months ended September 30, 2024 and 2023, the Company recorded expense of $1,665 and $1,817, respectively, within the condensed consolidated statements of operations.
21. Debt
In March 2020, the Company entered into a credit agreement for a three-year $50,000 revolving credit facility, with a group of lenders. In April 2021, the Company entered into Amendment No. 1 to the Credit Agreement that increased the commitments under the revolving credit facility to $100,000, which extended the maturity date to March 31, 2024. The revolving credit facility includes a letter of credit sub-facility. In June 2023, the Company entered into Amendment No. 2 to the Credit Agreement to transition from London Interbank Offered Rate to the Secured Overnight Financing Rate ("SOFR") as our benchmark interest rate and to extend the maturity date to June 28, 2026. The line of credit has not been drawn against as of September 30, 2024. Prepaid loan fees related to this facility are capitalized and amortized over the remaining term of the credit agreement. The balance expected to be amortized within twelve months from the balance sheet date is presented within Prepaid and other current assets on the condensed consolidated balance sheets, while the long term portion is presented within Other assets in the condensed consolidated balance sheets.

The Company incurred $396 of debt issuance costs in connection to Amendment No.2 to the Credit Agreement. As of September 30, 2024 and December 31, 2023, the balance of these loan fees was $231 and $419, respectively.
The Credit Agreement contains customary terms and conditions, including limitations on consolidations, mergers, indebtedness, and certain payments, as well as a financial covenant relating to leverage. Borrowings under the Credit Agreement generally will bear a floating interest rate per year and will also include interest based on the greater of the prime rate, SOFR, or New York Federal Reserve Bank (NYFRB) rate, plus an applicable margin for specific interest periods.

As of September 30, 2024, the Company had a remaining borrowing capacity of $67,794, net of standby letters of credit, and had no outstanding debt obligations.

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CLEAR SECURE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(dollars in thousands, except for share and per share data, unless otherwise noted)
In addition, the Credit Agreement contains certain other covenants (none of which relate to financial condition), events of default and other customary provisions. As of September 30, 2024, the Company was in compliance with all of the financial and non-financial covenants of the Credit Agreement.
22. Subsequent Events

Quarterly Dividend

On October 31, 2024, the Company announced that its Board declared a quarterly dividend of $0.125 per share, payable on December 17, 2024 to holders of record of Class A Common Stock and Class B Common Stock as of the close of business on December 10, 2024 (the “Record Date”). The Company will fund the dividend from proportionate cash distributions by Alclear to all of its members as of the Record Date, including holders of non-controlling interests in Alclear and the Company.

To the extent the quarterly dividend exceeds the Company's current and accumulated earnings and profits, a portion of such dividend may be deemed a return of capital gain to the holders of our Class A Common Stock or Class B Common Stock, as applicable.


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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help readers understand our results of operations, financial condition and cash flows and should be read in conjunction with the audited consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“Annual Report on Form 10-K”). This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below.

For purposes of this MD&A, the term “we” and other forms thereof refer to Clear Secure, Inc. and its subsidiaries (collectively, the “Company”), which includes Alclear Holdings, LLC (“Alclear”).
Forward-Looking Statements

This quarterly report includes certain forward-looking statements within the meaning of the federal securities laws regarding, among other things, our or management’s intentions, plans, beliefs, expectations or predictions of future events, which are considered forward-looking statements. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Forward-looking statements include information concerning our possible or assumed future results of operations, including descriptions of our business strategy. These statements often include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or similar expressions. These statements are based upon assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors that we believe are appropriate under the circumstances. As you read this quarterly report, you should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions, including those described under the heading “Risk Factors” in our Annual Report on Form 10-K. Although we believe that these forward-looking statements are based upon reasonable assumptions, you should be aware that many factors, including those described under the heading “Risk Factors” in our Annual Report on Form 10-K, could affect our actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements.

Our forward-looking statements made herein are made only as of the date of this quarterly report. We expressly disclaim any intent, obligation or undertaking to update or revise any forward-looking statements made herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this quarterly report.

Overview

CLEAR is an identity company making experiences safer and easier digitally and physically. We make everyday experiences frictionless by connecting your identity to all the things that make you, YOU - transforming the way you live, work, and travel. CLEAR has been delivering secure, friction-free experiences in airports for over 14 years, achieving exceptional user delight and trust with CLEAR Plus, our consumer aviation subscription service. CLEAR Plus enables access to predictable and fast experiences through dedicated entry lanes in airport security checkpoints nationwide. As we continue to innovate on the travel experience, we are proud to offer TSA PreCheck® Enrollment Provided by CLEAR – offering consumers increased choice in how and where to sign up for this popular trusted traveler program. CLEAR Mobile, which delivers predictable airport security for travelers by accessing a dedicated lane at airport security, simply by showing a QR code, that is free to CLEAR Plus Members and available to all travelers by purchasing a day pass—valid for 24 hours. Our free flagship CLEAR app offers consumer products like Home-to-Gate, which includes RESERVE Powered by CLEAR, our virtual queuing technology that enables customers to prebook a spot in the airport security line so they don’t have to wait; CLEAR Verified, our B2B offering, enables our partners to leverage our digital identity technology and reusable member network to facilitate secure and frictionless experiences digitally and physically via our software development kits and application programming interfaces.
Key Factors Affecting Performance
We believe that our current and future financial growth are dependent upon many factors, including the key factors affecting performance described below.
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Ability to Grow Total Cumulative Enrollments
We are focused on growing Total Cumulative Enrollments and the number of Members that engage with our platform. Our operating results and growth opportunities depend, in part, on our ability to attract new Members, including paying Members (CLEAR Plus Members) as well as new platform Members. We rely on multiple channels to attract new CLEAR Plus Members, including in-airport (our largest channel) which in turn is dependent on the ongoing ability of our Ambassadors to successfully engage with the traveling public. We also rely on numerous digital channels such as paid search and partnerships. We also entered into strategic distribution partnerships with partners such as Delta Air Lines, United Airlines, Alaska Airlines, Hawaiian Airlines and American Express that promote our services to their customers on a discounted or subsidized basis which allows us to efficiently scale membership in CLEAR Plus. In March 2024 we renewed our partnership with American Express for the first of two one year renewal terms. In many cases, we offer limited time free trials to new Members who may convert to paying Members upon the completion of their trial. Our future success is dependent on those channels continuing to drive new Members and our ability to convert free trial Members into paying Members.
We believe we will see an acceleration of Total Cumulative Platform Uses relative to Total Cumulative Enrollments over time as our Members use our products across multiple locations and use cases. We believe this dynamic will grow the long-term economic value of our platform by increasing total engagement, expanding our margins and maximizing our revenue. Our future success is dependent upon maintaining and growing our partnerships as well as ensuring our platform remains compelling to Members.
Although we have historically grown the number of new Members over time and successfully converted some free trial Members to paying Members, our future success is dependent upon our ongoing ability to do so.
Ability to retain CLEAR Plus Members
Our ability to execute on our growth strategy is focused, in part, on our ability to retain our existing CLEAR Plus Members. Frequency and recency of usage are the leading indicators of retention, and we must continue to provide frictionless and predictable experiences that our Members will use in their daily lives. We are subject to various factors which may be out of our control and may impact our Member experience, such as checkpoint staffing generally, checkpoint queue configurations and Registered Traveler policies adopted by TSA. For example, the TSA employs varied randomization as part of their normal security processes. If the TSA materially increases randomized reverification rates for CLEAR Plus Members at the checkpoint or makes other adjustments to checkpoint processes, it may negatively impact the Lane experience and therefore may impact our ability to retain CLEAR Plus Members.
The value of the CLEAR platform to our Members increases as we add more use cases and partnerships, which in turn drives more frequent usage and increases retention. Historically, CLEAR Plus Members who used CLEAR in both aviation and non-aviation venues renewed at rates materially above those who used CLEAR only in aviation. We cannot be sure that we will be successful in retaining our Members due to any number of factors such as our inability to successfully implement a new product, adoption of our technology, harm to our brand or other factors.
Ability to add new partners, retain existing partners and generate new revenue streams
Our partners include local airport authorities, airlines and other businesses. Our future success depends on maintaining those relationships, adding new relationships and maintaining favorable business terms. In addition, our growth strategy relies on creating new revenue streams such as per partner, per Member or per use transaction fees. Although we believe our service provides significant value to our partners, our success depends on creating mutually beneficial partnership agreements. We are focused on innovating both our product and our platform to improve our Members’ experience, improve safety and security and introduce new use cases. We intend to accelerate our pace of innovation to add more features and use cases, to ultimately deliver greater value to our Members and partners. In the near term, we believe that growing our Member base facilitates our ability to add new partnerships and provide additional offerings, which we expect will lead to revenue generation opportunities in the long term.
Timing of new partner, product and location launches
Our financial performance is dependent in part on new partner, product and location launches. In many cases, we cannot predict the exact timing of those launches. Delays, resulting either from internal or external factors, may have a material effect on our financial results.

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Timing of expenses; Discretionary investments

Although many of our expenses occur in a predictable fashion, certain expenses may fluctuate from period to period due to timing.
In addition, management may make discretionary investments when it sees an opportunity to accelerate growth, add a new partner or acquire talent, among other reasons. This may lead to volatility or unpredictability in our expense base and in our profitability.
Maintaining strong unit economics
Our business model is powered by network effects and has historically been characterized by efficient Member acquisition and high Member retention rates. While we believe our unit economics will remain attractive, this is dependent on our ability to add new Members efficiently and maintain our historically strong retention rates. As we grow our market penetration, the cost to acquire new Members could increase and the experience we deliver to Members could degrade, causing lower retention rates. For our definitions of “Lifetime Value” and “Customer Acquisition Cost” and information about how we calculate these metrics, see the section titled “Business—Our Member Acquisition and Retention Strategy” in our Annual Report on Form 10-K.
Changes to the macro environment
Our business is dependent on macroeconomic and other events outside of our control, such as decreased levels of travel or attendance at events, terrorism, civil unrest, political instability, union and other transit related strikes and other general economic conditions. We are also subject to changes in discretionary consumer spending.
Taxation and Expenses
After the consummation of our IPO, we became subject to U.S. federal, state and local income taxes with respect to our allocable share of any taxable income of Alclear and will be taxed at the prevailing corporate tax rates. Alclear is treated as flow-through entity for U.S. federal income tax purposes, and as such, has generally not been subject to U.S. federal income tax at the entity level. Accordingly, the historical results of operations and other financial information set forth in the Annual Report on Form 10-K do not include any material provisions for U.S. federal income tax for the periods prior to our IPO.
In addition to tax expense, we incur expenses related to our operations, plus payments under the tax receivable agreement (“TRA”) described below, which we expect to be significant. We intend to cause Alclear to make distributions in an amount sufficient to allow us to pay our tax obligations and operating expenses, including distributions to fund any ordinary course payments under the TRA.
Following our IPO, we have and we expect to continue to incur increased amounts of compensation expense, including related to equity awards granted under the 2021 Omnibus Incentive Plan to both existing employees and newly-hired employees, and grants in connection with new hires could be significant. In addition, as a new public company, we are implementing additional procedures and processes for the purpose of addressing the standards and requirements applicable to public companies. We expect to incur additional expenses related to these steps and, among other things, additional directors’ and officers’ liability insurance, director fees, reporting requirements of the SEC, transfer agent fees, hiring additional accounting, legal and administrative personnel, increased auditing and legal fees and similar expenses.
Tax Receivable Agreement
In connection with the IPO we entered into the TRA with the Alclear Members that provides for the payment by us to the Alclear Members of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that we actually realize (computed using simplifying assumptions to address the impact of state and local taxes) as a result of (i) any increase in tax basis in Alclear’s assets resulting from (a) exchanges by the Alclear Members (or their transferees or other assignees) of Alclear Units (along with the corresponding shares of our Class C Common Stock or Class D Common Stock, as applicable) for shares of our Class A common stock, $0.00001 par value per share (“Class A Common Stock”) or Class B common stock, $0.00001 par value per share (“Class B Common Stock”) as applicable, and purchases of Alclear Units and corresponding shares of Class C common stock, par value $0.00001 per share (“Class C Common Stock”) or Class D common stock, $0.00001 par value per share (“Class D Common Stock” and, together with the Class A Common Stock, Class B Common Stock and Class C Common Stock, collectively, “Common Stock”), as the case may be, from Alclear Members (or
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their transferees or other assignees) or (b) payments under the TRA, and (ii) tax benefits related to imputed interest deemed arising as a result of payments made under the TRA.
The actual increase in tax basis, as well as the amount and timing of any payments under these agreements, varies depending upon a number of factors, including the timing of exchanges by or purchases from the Alclear Members, the price of our Class A Common Stock at the time of the exchange, the extent to which such exchanges are taxable, the amount and timing of the taxable income we generate in the future and the tax rate then applicable and the portion of our payments under the TRA constituting imputed interest.
During the three and nine months ended September 30, 2024, the Company recognized certain exchanges. As of September 30, 2024, the Company did not record a TRA liability as a result of these exchanges.
Key Performance Indicators
To evaluate performance of the business, we utilize a variety of other non-GAAP financial reporting and performance measures. These key measures include Total Bookings, Total Cumulative Enrollments, Total Cumulative Platform Uses, Annual CLEAR Plus Net Member Retention, Annual CLEAR Plus Gross Dollar Retention, Active CLEAR Plus Members, and Annual CLEAR Plus Member Usage.

Total Bookings
Total Bookings represent our total revenue plus the change in deferred revenue during the period. Total Bookings in any particular period reflect sales to new and renewing CLEAR Plus subscribers plus any accrued billings to partners. Management believes that Total Bookings is an important measure of the current health and growth of the business and views it as a leading indicator.

                                 Three Months Ended September 30,                             Nine Months Ended September 30,
20242023$ Change% Change20242023$ Change% Change
Total Bookings (in millions)$227.5 $191.7 $35.8 19 %$605.0 $516.5 $88.5 17 %
Total Bookings increased by $35.8 million, or 19%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The increase was primarily driven by new Member enrollments and pricing increases.
Total Bookings increased by $88.5 million, or 17%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The increase was primarily driven by new Member enrollments and pricing increases.
Total Cumulative Enrollments
We define Total Cumulative Enrollments as the number of enrollments since inception as of the end of the period. An Enrollment is defined as any Member who has registered for the CLEAR platform since inception and has a profile (including limited time free trials regardless of conversion to paid membership) net of duplicate and/or purged accounts. This includes CLEAR Plus Members who have completed enrollment with CLEAR and have ever activated a payment method, plus associated family accounts. Management views this metric as an important tool to analyze the efficacy of our growth and marketing initiatives as new Members are potentially a current and leading indicator of revenues.
As of September 30,
20242023Change% Change
Total Cumulative Enrollments (in thousands)26,45318,5947,85942%
Total Cumulative Enrollments were 26,453 as of September 30, 2024 and 18,594 as of September 30, 2023, which represented a 42% increase. The year-over-year increase was driven by CLEAR Verified and CLEAR Plus enrollments.
Total Cumulative Platform Uses
We define Total Cumulative Platform Uses as the number of individual engagements across CLEAR use cases, including CLEAR Plus, our flagship app and CLEAR Verified, since inception as of the end of the period. Management views this metric as an important tool to analyze the level of engagement of our Member base which can be a leading indicator of future growth, retention and revenue.
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As of September 30,
20242023Change% Change
Total Cumulative Platform Uses (in thousands)220,413167,41752,99632%
Total Cumulative Platform Uses was 220,413 as of September 30, 2024 and 167,417 as of September 30, 2023, which represented a 32% increase, driven by CLEAR Plus verifications combined with increased contributions from CLEAR Verified uses.

Active CLEAR Plus Members
We define Active CLEAR Plus Members as the number of members with an active CLEAR Plus subscription as of the end of the period. This includes CLEAR Plus members who have an activated payment method, plus associated family accounts and is inclusive of members who are in a limited time free trial or in a billing grace period after a billing failure during which time we attempt to collect payment; we exclude duplicate and/or purged accounts. Management views this as an important tool to measure the growth of its CLEAR Plus product.
As of September 30,
20242023% Change
Active CLEAR Plus Members7,150 6,374 12 %
Annual CLEAR Plus Gross Dollar Retention
We define Annual CLEAR Plus Gross Dollar Retention as the net bookings collected from a Fixed Cohort of Members during the Current Period as a percentage of the net bookings collected from the same Fixed Cohort during the Prior Period. The Current Period is the 12-month period ending on the reporting date, the Prior Period is the 12-month period ending on the reporting date one year earlier. The Fixed Cohort is defined as all Active CLEAR Plus Members as of the last day of the Prior Period who have activated a payment method for our in-airport CLEAR Plus service, including their registered family plan Members. Bookings received from a third party as part of a partnership agreement are excluded from both periods. Active CLEAR Plus Members, including those on a free or discounted plan, or who receive a full statement credit, only impact Annual CLEAR Plus Gross Dollar Retention to the extent that they are paying anything out-of-pocket on behalf of themselves or a registered family plan Member. Management views this metric to be reflective of our business objective of optimizing revenue and less dependent upon the underlying growth rate of the total membership base.
As of September 30,
20242023% Change
Annual CLEAR Plus Gross Dollar Retention89.0%88.0%1.0%
Annual CLEAR Plus Gross Dollar Retention was 89.0% as of September 30, 2024 and 88.0% as of September 30, 2023, a year-over-year increase of 100 basis points. The year-over-year change was driven by pricing increases offset in part by modest decreases in Member retention.
Annual CLEAR Plus Net Member Retention
We define Annual CLEAR Plus Net Member Retention as one minus the CLEAR Plus net Member churn on a rolling 12 month basis. We define “CLEAR Plus net Member churn” as total cancellations net of winbacks in the trailing 12 month period divided by the average Active CLEAR Plus Members as of the beginning of each month within the same 12 month period. Winbacks are defined as reactivated Members who have been cancelled for at least 60 days. Management views this metric as an important tool to analyze the level of engagement of our Member base, which can be a leading indicator of future growth and revenue, as well as an indicator of customer satisfaction and long term business economics.
As of September 30,
20242023% Change
Annual CLEAR Plus Net Member Retention81.5%88.5%(7.0%)
Annual CLEAR Plus Net Member Retention was 81.5% as of September 30, 2024 and 88.5% as of September 30, 2023, a year-over year decrease of 700 basis points. The decrease was primarily driven by a larger pool of Members up for renewal year-over-year, a normalization of winbacks and the modest impact of various pricing increases.

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Active CLEAR Plus Members was 7,150 as of September 30, 2024 and 6,374 as of September 30, 2023, which represented a 12% increase, driven by new Members added through new and existing airports as well as partner and organic channels.

Annual CLEAR Plus Member Usage
We define Annual CLEAR Plus Member Usage as the total number of unique CLEAR Plus airport verifications in the 365 days prior to the end of the period divided by active CLEAR Plus Members as of the end of the period who have been enrolled for at least 365 days. The numerator includes only verifications of the population in the denominator. Management views this as an important tool to analyze the level of engagement of our active CLEAR Plus Member base.
As of September 30,
20242023% Change
Annual CLEAR Plus Member Usage7.1xx8.5x(16 %)

Annual Usage was 7.1x as of September 30, 2024 and 8.5x as of September 30, 2023, which represented a 16% decrease.

Non-GAAP Financial Measures

In addition to our results as determined in accordance with GAAP, we disclose Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Adjusted Net Income and Adjusted Net Income per Common Share, Basic and Diluted as non-GAAP financial measures that management believes provide useful information to investors. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for net income, net cash provided by (used in) operating activities or any other operating performance measure calculated in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Our Non-GAAP financial measures are expressed in thousands.

We periodically reassess the components of our Non-GAAP adjustments for changes in how we evaluate our performance and changes in how we make financial and operational decisions to ensure the adjustments remain relevant and meaningful.

Adjusted EBITDA and Adjusted EBITDA Margin
We define Adjusted EBITDA as net income adjusted for income taxes, interest (income) expense net, depreciation and amortization, impairment and losses on asset disposals, equity-based compensation expense, mark to market of warrant liabilities, net other income (expense) excluding sublease rental income, acquisition-related costs and changes in fair value of contingent consideration. Adjusted EBITDA is an important financial measure used by management and our board of directors (“Board”) to evaluate business performance. We believe Adjusted EBITDA assists investors in evaluating the performance of the Company’s core operations by excluding certain items that impact the comparability of results from period to period. During the third quarter of fiscal year 2022, we revised our definition of Adjusted EBITDA to exclude sublease rental income from our other income (expense) adjustment. During the fourth quarter of fiscal year 2022, we revised our definition of Adjusted EBITDA to include impairment on assets as a separate component. We did not revise prior years' Adjusted EBITDA because there was no impact of a similar nature in the prior period that affects comparability. Adjusted EBITDA margin is adjusted EBITDA, divided by total revenues.

Adjusted Net Income

We define Adjusted Net Income as net income attributable to Clear Secure, Inc. adjusted for the net income attributable to non-controlling interests, equity-based compensation expense, amortization of acquired intangible assets, acquisition-related costs, changes in fair value of contingent consideration and the income tax effect of these adjustments, using an effective tax rate. We believe these adjustments assist investors in evaluating the performance of the Company’s core operations assuming the exchange of all vested and outstanding common units in Alclear. In addition, this measure, while not necessarily calculated in the same way as similarly titled measures used by other companies, facilitates comparisons with other companies that have different organizational and tax structures. Adjusted Net Income is used in the calculation of Adjusted Net Income per Common Share as defined below.
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Adjusted Net Income per Common Share

We compute Adjusted Net Income per Common Share, Basic as Adjusted Net Income divided by Adjusted Weighted-Average Shares Outstanding for our Class A Common Stock, Class B Common Stock, Class C Common Stock and Class D Common Stock assuming the exchange of all vested and outstanding common units in Alclear at the end of each period presented. We do not present Adjusted Net Income per Common Share for shares of our Class B Common Stock although they are participating securities based on the assumed conversion of those shares to our Class A Common Stock. We do not present Adjusted Net Income per Common Share on a dilutive basis for periods where we have Adjusted Net Income since we do not assume the conversion of any potentially dilutive equity instruments as the result would be anti-dilutive. In periods where we have Adjusted Net Income, the Company also calculates Adjusted Net Income per Common Share, Diluted based on the effect of potentially dilutive equity instruments for the periods presented using the treasury stock/if-converted method, as applicable.

Adjusted Net Income and Adjusted Net Income per Common Share exclude, to the extent applicable, the tax effected impact of non-cash expenses and other items that are not directly related to our core operations. These items are excluded because they are connected to the Company’s long term growth plan and not intended to increase short term revenue in a specific period. We believe these adjustments assist investors in evaluating the performance of the Company’s core operations assuming the exchange of all vested and outstanding common units in Alclear. Further, to the extent that other companies use similar methods in calculating non-GAAP measures, the provision of supplemental non-GAAP information can allow for a comparison of the Company’s relative performance against other companies that also report non-GAAP operating results.

Free Cash Flow

We define Free Cash Flow as net cash provided by operating activities adjusted for purchases of property and equipment. We believe Free Cash Flow provides useful information to management and investors about the Company’s liquidity and cash flow trends. With regards to our CLEAR Plus subscription service, we generally collect cash from our members upfront for annual subscriptions. As a result, when the business is growing Free Cash Flow can be a real time indicator of the current trajectory of the business.
See below for reconciliations of these non-GAAP financial measures to their most comparable GAAP measures.

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Reconciliation of Net Income to Adjusted EBITDA
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2024202320242023
Net income $38,024 $26,863 $108,703 $26,624 
Income tax expense4,751 754 7,125 846 
Interest income, net(7,252)(7,677)(25,424)(21,463)
Other income (expense), net9 (217)42 (444)
Depreciation and amortization6,970 5,260 19,503 15,416 
Impairment on assets— — — 3,707 
Equity-based compensation expense6,143 4,165 27,038 35,102 
Acquisition related costs— 457 — 457 
Adjusted EBITDA$48,645 $29,605 $136,987 $60,245 
Revenue$198,424 $160,387 $564,218 $442,614 
Net income Margin19 %17 %19 %6 %
Adjusted EBITDA Margin25 %18 %24 %14 %
Reconciliation of Net Income to Adjusted Net Income
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2024202320242023
Net income attributable to Clear Secure, Inc.$23,465 $15,346 $66,390 $14,133 
Reallocation of net income attributable to non-controlling interests14,559 11,517 42,313 12,491 
Net income38,024 26,863 108,703 26,624 
Equity-based compensation expense6,143 4,165 27,038 35,102 
Amortization of acquired intangibles1,319 790 3,061 2,370 
Acquisition related costs— 457 — 457 
Income tax effect(3,027)(806)(4,978)(1,456)
Adjusted Net Income$42,459 $31,469 $133,824 $63,097 

Calculation of Adjusted Weighted-Average Shares Outstanding Basic and Diluted
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Weighted-average number of shares outstanding, basic for Class A Common Stock92,702,778 89,189,192 92,174,755 89,436,795 
Adjustments
Assumed weighted-average conversion of issued and outstanding Class B Common Stock891,582 907,234 901,979 907,234 
Assumed weighted-average conversion of issued and outstanding Class C Common Stock21,028,029 35,733,766 25,940,516 36,255,012 
Assumed weighted-average conversion of issued and outstanding Class D Common Stock25,672,571 25,796,690 25,755,015 25,796,690 
Adjusted Weighted-Average Number of Shares Outstanding, Basic140,294,960 151,626,882 144,772,265 152,395,731 
Weighted-average impact of unvested RSAs— 9,489 — 50,372 
Weighted-average impact of unvested RSUs1,576,293 769,874 1,076,493 1,015,995 
Weighted-average impact of unvested performance based RSUs— — 12,695 — 
Total incremental shares1,576,293 779,363 1,089,188 1,066,367 
Adjusted Weighted-Average Number of Shares Outstanding, Diluted141,871,253 152,406,245 145,861,453 153,462,098 

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Calculation of Adjusted Net Income per Common Share, Basic
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Adjusted Net Income in thousands$42,459 $31,469 $133,824 $63,097 
Adjusted Weighted-Average Number of Shares Outstanding, Basic140,294,960 151,626,882 144,772,265 152,395,731 
Adjusted Net Income per Common Share, Basic$0.30 $0.21 $0.92 $0.41 

Calculation of Adjusted Net Income per Common Share, Diluted
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Adjusted Net Income in thousands$42,459 $31,469 $133,824 $63,097 
Adjusted Weighted-Average Number of Shares Outstanding, Diluted141,871,253 152,406,245 145,861,453 153,462,098 
Adjusted Net Income per Common Share, Diluted:$0.30 $0.21 $0.92 $0.41 

Summary of Adjusted Net Income per Common Share
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Adjusted Net Income per Common Share, Basic$0.30 $0.21 $0.92 $0.41 
Adjusted Net Income per Common Share, Diluted$0.30 $0.21 $0.92 $0.41 

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2024202320242023
Net cash provided by operating activities$(35,868)$(4,859)$159,065 $130,902 
Purchases of property and equipment(2,043)(4,035)(9,259)(21,825)
Free Cash Flow$(37,911)$(8,894)$149,806 $109,077 
Components of Results of Operations
Revenue
The Company derives substantially all of its revenue from subscriptions to its consumer aviation service, CLEAR Plus. The Company offers certain limited-time free trials, family pricing, and other beneficial pricing through several channels, including airline and credit card partnerships. Membership subscription revenue is presented net of taxes, refunds, credit card chargebacks, and estimated amounts due to a credit card partner. Membership subscription revenue is also reduced by the Company’s funded portion of credit card benefits issued to Members through a partnership with a credit card company at the end of the contract period. The Company’s funded portion varies based on total number of Members for the contract year.

The Company also generates revenue in relation to CLEAR Verified. While contract structure may vary by use case, these deals are typically multi-year, recurring contracts that drive revenue primarily through transaction fees charged either per use or per user over a predefined time period, which sometimes includes tiered pricing. In addition, they may also include one-time implementation fees, licensing fees or incremental transaction fees. Revenues from our partners, and the percentage of our total revenue from these partners, have historically been immaterial.

The Company generates additional revenue from TSA PreCheck® Enrollment Provided by CLEAR. The Company offers consumers increased choice in how and where to sign up for this popular trusted traveler program through both online and in person enrollments and renewals across multiple locations. The Company continues to launch additional locations on a rolling basis, subject to TSA approval. The Company recognizes the revenue from these services net of fees remitted to TSA and the Federal Bureau of Investigation within the Company’s condensed consolidated statements of operations. The Company recognizes these revenues on a per transaction basis upon completion of each enrollment or renewal.
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Operating Expenses

Cost of revenue share fee
The Company operates as a concessionaire in airports and shares a portion of the gross receipts generated from the Company’s Members with the host airports and airlines (“Revenue Share”). The Revenue Share fee is generally prepaid to the host airport in the period collected from the Member. The Revenue Share fee is capitalized and subsequently amortized to operating expense over each Member’s subscription period. Such prepayments are recorded in “Prepaid revenue share fee” in the Company’s consolidated balance sheets. Cost of revenue share fee also includes a fixed fee component which is expensed in the period incurred and certain overhead related expenses paid to the airports in relation to our Revenue Share arrangements.
Cost of direct salaries and benefits
Cost of direct salaries and benefits includes employee-related expenses and allocated overhead associated with our field Ambassadors and field managers directly assisting Members and their corresponding travel related costs. Employee-related costs recorded in direct salaries and benefits consist of salaries, taxes, benefits and equity-based compensation and expenses under arrangements related to the use of certain space at airports.
Research and development
Research and development expenses consist primarily of employee related expenses, allocated overhead costs and costs for contractors related to the Company’s development of new products and services and improving existing products and services. Research and development costs are generally expensed as incurred, except for costs incurred in connection with the development of internal-use software that qualify for capitalization as described in our internal-use software policy. Employee related compensation costs consist of salaries, taxes, benefits and equity-based compensation.
Sales and marketing
Sales and marketing expenses consist primarily of costs of general marketing and promotional activities, advertising fees used to drive subscriber acquisition, commissions, the production costs to create our advertisements, expenses related to employees who manage our sales and marketing efforts, as well as brand and allocated overhead costs.
General and administrative
General and administrative expenses consist primarily of employee-related expenses for the executive, finance, accounting, legal, and human resources functions. Employee-related expenses consist of salaries, taxes, benefits and equity-based compensation. In addition, general and administrative expenses include non-personnel costs, such as legal, accounting and other professional fees, warrant expense, variable credit card fees, variable mobile enrollment costs, and all other supporting corporate expenses not allocated to other departments including overhead and acquisition-related costs.
Interest income, net
Interest income, net primarily consists of interest income from our investment holdings and discount accretion on our marketable securities partially offset by issuance costs on our revolving credit facility.
Other income, net
Other income, net consists of certain non-recurring non-operating items including items such as sublease income, and changes in the fair value of contingent consideration.
Provision (benefit) for income taxes
As a result of the IPO and Reorganization, the Company became the sole managing member of Alclear, which is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, Alclear is not subject to U.S. federal and most state and local income taxes. Any taxable income or loss generated by Alclear is passed through to and included in the taxable income or loss of its members, including the Company, based on ownership interest. The Company is subject to federal income taxes in the U.S. and its territories, in addition to state and local income taxes with respect to its allocable share of any taxable income or loss of Alclear, as well as any stand-alone income or loss generated by the Company. The Company is also subject to income taxes in Israel, Argentina, and Mexico.
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Comparison of the three and nine months ended September 30, 2024 and 2023 (in millions):
Three Months Ended September 30,
20242023$ Change% Change
Revenue$198.4 $160.4 $38.0 24 %
Operating expenses:
Cost of revenue share fee28.6 22.9 5.7 25 %
Cost of direct salaries and benefits44.8 35.3 9.5 27 %
Research and development17.4 11.8 5.6 48 %
Sales and marketing11.6 9.7 1.9 19 %
General and administrative53.9 56.1 (2.2)(4)%
Depreciation and amortization7.0 5.3 1.7 33 %
Operating income35.1 19.3 15.8 — 
Other income (expense)
Interest income, net7.3 7.7 (0.4)(6)%
Other income, net0.4 0.7 (0.2)(34)%
Income before tax42.8 27.6 15.2 — 
Income tax expense(4.8)(0.8)(4.0)530 %
Net income $38.0 $26.9 $11.2 — 
Nine Months Ended September 30,
20242023$ Change% Change
Revenue$564.2 $442.6 $121.6 27 %
Operating expenses:
Cost of revenue share fee79.0 63.7 15.3 24 %
Cost of direct salaries and benefits125.2 102.7 22.5 22 %
Research and development54.9 56.0 (1.1)(2)%
Sales and marketing34.2 30.0 4.2 14 %
General and administrative162.2 170.3 (8.1)(5)%
Depreciation and amortization19.5 15.4 4.1 27 %
Operating income 89.1 4.4 84.7 — 
Other income (expense)
Interest income, net25.4 21.5 3.9 18 %
Other income, net1.3 1.6 (0.3)(18)%
Income before tax115.8 27.5 88.3 — 
Income tax expense(7.1)(0.8)(6.3)742 %
Net income$108.7 $26.6 $82.1 — 
Information about our operating results for the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023 is set forth below:

Revenue
Three Months Ended September 30,Nine Months Ended September 30,
20242023$ Change% Change20242023$ Change% Change
Revenue$198.4 $160.4 $38.0 24 %$564.2 $442.6 $121.6 27 %

Revenue increased by $38.0 million, or 24%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The change was primarily due to an increase in the number of CLEAR Plus Members as well as the benefit of pricing increases. Approximately 28% and 30%, respectively, of paying CLEAR Plus Members were on a family plan as of September 30, 2024 and 2023, respectively.

Revenue increased by $121.6 million, or 27%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The change was primarily due to an increase in the number of CLEAR Plus Members as
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well as the benefit of price increases. Approximately 28% and 30%, respectively, of paying CLEAR Plus Members were on a family plan as of September 30, 2024 and 2023, respectively.

Cost of revenue share fee
Three Months Ended September 30,Nine Months Ended September 30,
20242023$ Change% Change20242023$ Change% Change
Cost of revenue share fee$28.6 $22.9 $5.7 25 %$79.0 $63.7 $15.4 24 %
Cost of revenue share fee increased by $5.7 million, or 25%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The change was driven primarily by an increase of $2.3 million, or a 35% increase, in fixed airport fees and $3.4 million, or a 21% increase, in per Member fees. COVID-related concessions reduced Cost of revenue share fee by none and $1.1 million in the three months ended September 30, 2024 and 2023, respectively.

Cost of revenue share fee increased by $15.4 million, or 24%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The change was driven primarily by an increase of $7.2 million, or a 40% increase, in fixed airport fees and $8.2 million, or a 18% increase, in per Member fees. COVID-related concessions reduced Cost of revenue share fee by $2.4 million and $2.0 million in the nine months ended September 30, 2024 and 2023, respectively.
Cost of direct salaries and benefits
Three Months Ended September 30,Nine Months Ended September 30,
20242023$ Change% Change20242023$ Change% Change
Cost of direct salaries and benefits$44.8 $35.3 $9.5 27 %$125.2 $102.7 $22.5 22 %
Cost of direct salaries and benefits expenses increased by $9.5 million, or 27%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The change was primarily due to increased employee compensation costs of $8.8 million caused by wage increases, and higher average employee count.
Cost of direct salaries and benefits expenses increased by $22.5 million, or 22%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The change was primarily due to increased employee compensation costs of $21.2 million caused by wage increases and higher average employee count.

Research and development
Three Months Ended September 30,Nine Months Ended September 30,
20242023$ Change% Change20242023$ Change% Change
Research and development$17.4 $11.8 $5.6 48 %$54.9 $56.0 $(1.1)(2)%
Research and development expenses increased by $5.6 million, or 48%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The change was primarily driven by a $4.3 million increase in employee compensation costs and a $1.0 million increase in technology costs. Additionally, employee compensation costs during the three months ended September 30, 2023 included $7.7 million employee equity-based compensation forfeitures.
Research and development expenses decreased by $1.1 million, or 2%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The change was primarily due to (1) a $1.2 million decrease in employee compensation costs, net of a $0.9 million increase in severance related to the closure of our Israel office; and (2) a $1.2 million non-cash impairment of certain assets and $7.7 million employee equity-based compensation forfeitures during the nine months ended September 30, 2023 that did not occur in the current period. These decreases were offset in part by a $1.4 million increase in technology costs.

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Sales and marketing
Three Months Ended September 30,Nine Months Ended September 30,
20242023$ Change% Change20242023$ Change% Change
Sales and marketing$11.6 $9.7 $1.9 19 %$34.2 $30.0 $4.2 14 %
Sales and marketing expenses increased by $1.9 million, or 19%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The change was primarily driven by a $3.4 million increase in higher discretionary marketing expense, partially offset by a $1.4 million decrease in employee compensation costs and a $0.4 million decrease in Ambassador commission expense.
Sales and marketing expenses increased by $4.2 million, or 14%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The change was driven primarily by $6.9 million of higher discretionary marketing expense, partially offset by a $2.6 million decrease in Ambassador commission expense.
General and administrative
Three Months Ended September 30,Nine Months Ended September 30,
20242023$ Change% Change20242023$ Change% Change
General and administrative$53.9 $56.1 $(2.2)(4)%$162.2 $170.3 $(8.1)(5)%
General and administrative expenses decreased by $2.2 million, or 4%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The change is primarily driven by a decrease of $3.1 million in employee compensation costs and $3.0 million in professional service fees, partially offset by $1.9 million of higher credit card fees due to higher bookings and $1.8 million for technology costs.
General and administrative expenses decreased by $8.1 million, or 5%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The change was driven primarily by a decrease of $11.8 million in employee compensation cost and $5.5 million in professional service fees. In addition, during the nine months ended September 30, 2023, we incurred a $1.5 million lease impairment and $1.0 million write-off of certain assets that did not occur in the current period. The decrease was partially offset by a $7.8 million increase in technology costs and $5.5 million of increased credit card fees due to higher bookings during the nine months ended September 30, 2024.

Other income (expense)
Three Months Ended September 30,Nine Months Ended September 30,
20242023$ Change% Change20242023$ Change% Change
Interest income, net$7.3 $7.7 $(0.4)(6)%$25.4 $21.5 $4.0 18 %

Interest income, net decreased by $0.4 million, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The change was primarily driven by lower cash, cash equivalents, and marketable securities.

Interest income, net increased by $4.0 million, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The change was primarily driven by higher interest rates.

Three Months Ended September 30,Nine Months Ended September 30,
20242023$ Change% Change20242023$ Change% Change
Other income, net$0.4 $0.7 $(0.2)(34)%$1.3 $1.6 $(0.3)(18)%

Other income, net decreased by $0.2 million, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023.
Other income, net decreased by $0.3 million, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023.

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Income tax expense
Three Months Ended September 30,Nine Months Ended September 30,
20242023$ Change% Change20242023$ Change% Change
Income tax expense$(4.8)$(0.8)$(4.0)530 %$(7.1)$(0.8)$(6.3)530 %


Income tax expense increased by $4.0 million, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The change was primarily due to the U.S. federal and state current taxes not offset by tax attributes (e.g. net operating losses and general business tax credits).

Income tax expense increased by $6.3 million, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The change was primarily due to the U.S. federal and state current taxes not offset by tax attributes (e.g. net operating losses and general business tax credits).
Liquidity and Capital Resources
Our operations have been financed primarily through cash flows from operating activities. As of September 30, 2024, we had cash and cash equivalents of $32.9 million and marketable securities of $511.8 million.
Historically, our principal uses of cash and cash equivalents have included funding our operations, capital expenditures, repurchases of members’ equity and more recently, business combinations and investments that enhance our strategic positioning. We may also use our cash and cash equivalents to repurchase our Class A Common Stock, pay cash dividends and distribute to members for tax payments. We plan to finance our operations, future stock repurchases, cash dividends and capital expenditures largely through cash generated from operations. We believe our existing cash and cash equivalents, marketable securities, cash provided by operations and the availability of additional funds under our Credit Agreement (as defined below) will be sufficient to meet our working capital and capital expenditure needs for at least the next 12 months, including payment of dividends, potential stock repurchases, and known commitments and contingencies as discussed below. We expect that future capital expenditure will generally relate to building enhancements to the functionality of our current platform, equipment, leasehold improvements and furniture and fixtures related to office expansion and relocation, and general corporate infrastructure.
Share Repurchases
On May 13, 2022, the Company's Board authorized a share repurchase program pursuant to which the Company may purchase up to $100 million of its Class A Common Stock. On November 8, 2023, March 21, 2024 and August 5, 2024, the Company announced that its Board authorized three $100 million increases to its existing Class A Common Stock share repurchase program, resulting in an aggregate remaining authorization on August 5, 2024 of approximately $100.5 million. Under the repurchase program, the Company may purchase shares of its Class A Common Stock on a discretionary basis from time to time through open market repurchases, privately negotiated transactions, or other means, including through Rule 10b5-1 trading plans. The timing and actual number of shares repurchased will be determined by management depending on a variety of factors, including stock price, trading volume, market conditions, and other general business considerations. The repurchase program has no expiration date and may be modified, suspended, or terminated at any time. During the nine months ended September 30, 2024, the Company repurchased 11,983,612 shares for $225.2 million. The repurchased shares were retired. As of September 30, 2024, $100.5 million remained available under the repurchase authorization.
Dividends
On May 9, 2023, the Company announced that a special committee of its Board declared a special cash dividend in the amount of $0.20 per share payable on May 25, 2023 to holders of record of the Class A Common Stock and Class B Common Stock as of the close of business on May 18, 2023. The Company funded the payment of the special cash dividend from its pro rata share of tax distributions made by Alclear.
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On August 2, 2023, the Company announced that our Board adopted a dividend policy (the "Dividend Policy") of paying a quarterly cash dividend to holders of Class A Common Stock and Class B Common Stock. The amount of such quarterly dividends are subject to approval of the actual amount by the Board at the time of such dividend declaration. It is expected that the dividends will be funded by proportionate cash distributions by Alclear to all of its members as of the applicable record date, including holders of non-controlling interests in Alclear and the Company. The declaration of cash dividends in the future is subject to final determination each quarter by the Board based on a number of factors, including the Company’s results of operations, cash flows, financial position and capital requirements, as well as general business conditions, legal, tax and regulatory restrictions and other factors the Board deems relevant at the time it determines to declare such dividends.

On February 15, 2024, the Company announced that its Board declared a quarterly dividend of $0.09 per share, payable on March 5, 2024 to holders of record of Class A Common Stock and Class B Common Stock as of the close of business on February 26, 2024. The Company funded the dividend from proportionate cash distributions by Alclear to all of its members as of February 26, 2024, including holders of non-controlling interests in Alclear and the Company.
On March 21, 2024, the Company announced the declaration of a special cash dividend in the amount of $0.32 per share payable on April 8, 2024 to holders of record of the Class A Common Stock and Class B Common Stock as of the close of business on April 1, 2024. The Company funded the payment of the special cash dividend with cash held by the Company following its receipt of a pro rata cash distribution made by Alclear to all of its members, including the Company, together with cash held by the Company following its receipt of tax distributions made by Alclear. Tax distributions are required under Alclear’s Operating Agreement, generally at a tax rate higher than the Company's. As a result, together with the Company’s utilization of certain tax attributes, the Company has received cash from tax distributions in excess of what is required to fund its tax liabilities and obligations under its Tax Receivable Agreement.

On May 7, 2024, the Company announced that its Board declared a quarterly dividend of $0.10 per share, payable on June 18, 2024 to holders of record of Class A Common Stock and Class B Common Stock as of the close of business on June 10, 2024. The Company funded the dividend from proportionate cash distributions by Alclear to all of its members as of June 10, 2024, including holders of non-controlling interests in Alclear and the Company.

On August 2, 2024, the Company announced that its Board declared a quarterly dividend of 0.10 per share, payable on September 17, 2024 to holders of record of Class A Common Stock and Class B Common Stock as of the close of business on September 10, 2024. The Company funded the dividend from proportionate cash distributions by Alclear to all of its members as of September 10, 2024, including holders of non-controlling interests in Alclear and the Company.

On October 31, 2024, the Company announced that its Board declared a quarterly dividend of $0.125 per share, payable on December 17, 2024 to holders of record of Class A Common Stock and Class B Common Stock as of the close of business on December 10, 2024 (the “Record Date”). The Company will fund the dividends from proportionate cash distributions by Alclear to all of its members as of the Record Date, including holders of non-controlling interests in Alclear and the Company.

To the extent the quarterly or special dividends exceed the Company's current and accumulated earnings and profits, a portion of such dividends may be deemed a return of capital gain to the holders of our Class A Common Stock or Class B Common Stock, as applicable.

Refer to our risks and uncertainties discussed under the heading "Forward-Looking Statements" and in Part II. Item 1A. "Risk Factors."
Credit Agreement
On March 31, 2020, we entered into a credit agreement (as amended, restated or otherwise modified, the “Credit Agreement”) for a three-year $50 million revolving credit facility that expires on March 31, 2023. Borrowings under the Credit Agreement generally bear interest between 1.5% and 2.5% per year and also include interest based on the greater of the prime rate, London Interbank Offered Rate (“LIBOR”) or New York Federal Reserve Bank (“NYFRB”) rate, plus an applicable margin for specific interest periods. In April 2021, the Company increased the size of the revolving credit facility to $100 million, which matures three years from the date of the increase. The revolving credit facility includes a letter of credit sub-facility. In June 2023, the Company entered into a second amendment to the Credit Agreement to transition from LIBOR to the Secured Overnight Financing Rate ("SOFR") as our benchmark interest rate and to extend the maturity date to June 28, 2026.
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We have the option to repay any borrowings under the Credit Agreement without premium or penalty prior to maturity. In addition, the Credit Agreement contains certain other covenants (none of which relate to financial condition), events of default and other customary provisions. The Credit Agreement contains customary affirmative covenants, such as financial statement reporting requirements and delivery of borrowing base certificates, as well as customary covenants that restrict our ability to, among other things, incur additional indebtedness, sell certain assets, guarantee obligations of third parties, declare dividends or make certain distributions, and undergo a merger or consolidation or certain other transactions.

As of September 30, 2024, the Company had a remaining borrowing capacity of $67.8 million, net of standby letters of credit, and had no outstanding debt obligations. As of September 30, 2024, the Company was in compliance with all of the financial and non-financial covenants of the Credit Agreement. Refer to Note 21 within the condensed consolidated financial statements for further details.

Cash Flow
The following summarizes our cash flows for the nine months ended September 30, 2024 and 2023 (in millions):
Nine Months Ended September 30,
20242023$ Change
Net cash provided by operating activities$159.1 $130.9 $28.2 
Net cash provided by (used in) investing activities148.0 (27.4)175.3 
Net cash used in financing activities(333.2)(103.9)(229.3)
Net increase in cash, cash equivalents, and restricted cash(26.1)(0.4)(25.8)
Cash, cash equivalents, and restricted cash, beginning of year62.4 68.9 (6.5)
Net exchange differences on cash, cash equivalents, and restricted cash— 0.1 — 
Cash, cash equivalents, and restricted cash, end of period$36.3 $68.6 $(32.3)
Cash flows from operating activities
For the nine months ended September 30, 2024, net cash provided by operating activities was $159.1 million compared to net cash provided by operating activities of $130.9 million for the nine months ended September 30, 2023, an increase of $28.2 million primarily due to year-over-year increase of net income of $82.1 million offset by a decrease in non-cash adjustments to net income of $3.1 million and unfavorable changes to working capital of $50.8 million, driven by the settlement of accrued partnership liabilities.

Cash flows from investing activities

For the nine months ended September 30, 2024 net cash provided by investing activities was $148.0 compared to net cash used in investing activities of $27.4 for the nine months ended September 30, 2023, an increase of $175.3 million. The change was primarily due to an increase in the net sales of marketable securities of $154.2 million, a decrease in the purchase of a strategic investment of $5.0 million, decrease in business combinations of $3.8 million, and a decrease in capital expenditures of $12.5 million.

Cash flows from financing activities
For the nine months ended September 30, 2024, net cash used in financing activities was $333.2 million compared to net cash used in financing activities of $103.9 million for the nine months ended September 30, 2023, an increase of $229.3 million. The change was due to increases in the amounts used to repurchase Class A Common Stock of $169.0 million, payments of special and regular dividends of $31.6 million, $2.0 million in payments of taxes on net settled stock-based awards, and distributions to members of $26.8 million.
Commitments and Contingencies

We have non-cancelable operating lease arrangements for office space. As of September 30, 2024, we had future minimum payments of $196.4 million, with $15.0 million due within twelve months.

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We have and continue to enter into agreements with airports for access to floor and office space. As of September 30, 2024, we had future minimum payments of $71.0 million.
We have commitments for future marketing expenditures to sports stadiums of $5.3 million as of September 30, 2024.

We are subject to certain minimum spend commitments of approximately $16.2 million over the next three years under service arrangements.
Critical Accounting Policies and Estimates
The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported periods. The Securities and Exchange Commission (“SEC”) has defined a company’s critical accounting policies as the ones that are most important to the portrayal of a company’s financial condition and results of operations, and which require a company to make its most difficult and subjective judgments. Based on this definition, we have identified the critical accounting policies and judgments addressed below. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates. Refer to Note 2 within the condensed consolidated financial statements for further information.

Tax Receivable Agreement

The Company entered into a Tax Receivable Agreement (“TRA”) which generally provides for payment by the Company to the remaining members of Alclear, the “TRA Holders,” of 85% of the net cash savings, if any, in U.S. federal, state and local income tax and franchise tax that the Company actually realizes or is deemed to realize in certain circumstances. The Company will retain the benefit of the remaining 15% of these net cash savings. As of September 30, 2024, the Company did not record a liability from the TRA.
Recent Accounting Pronouncements
Refer to Note 2 within the condensed consolidated financial statements, for recently issued accounting pronouncements and their expected impact.
Item 3. Quantitative and Qualitative Disclosure about Market Risk
In the normal course of business, we are subject to a variety of risks which can affect our operations and profitability. We broadly define these areas of risk and interest rate risk.
Interest Rate Risk

We had cash and cash equivalents of $32.9 million as of September 30, 2024. Cash and cash equivalents includes highly liquid securities that have a maturity of three months or less at the date of purchase. The fair value of our cash and cash equivalents would not be significantly affected by either a 10% increase or decrease in interest rates due mainly to the short-term nature of these instruments.

We manage cash and cash equivalents in various institutions at levels beyond federally insured limits per institution, and we may purchase investments not guaranteed by the FDIC. Accordingly, there is a risk that we will not recover the full principal of our investments or that their liquidity may be diminished

Debt

Interest payable on our revolving credit facility is variable. Borrowings generally will bear interest based on the greater of the prime rate, SOFR or NYFRB rate, plus an applicable margin for specific interest periods. As of September 30, 2024, we had no outstanding borrowings under the revolving credit facility.

Investments in Marketable Securities

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We had marketable securities totaling $511.8 million as of September 30, 2024. This amount was invested primarily in money market funds, commercial paper, corporate notes and bonds, and government securities. Our investments are made for capital preservation purposes and we do not enter into investments for trading or speculative purposes. We are exposed to market risk related to changes in interest rates where a decline in interest rates would reduce our interest income, net and conversely, an increase in interest rates would have an adverse impact on the fair value of our investment portfolio. The effect of a hypothetical 100 basis points increase or decrease in overall interest rate would result in unrealized loss or gain to our “available for sale” investment fair value of approximately $3.3 million that would be recognized in accumulated other comprehensive loss within the condensed consolidated balance sheets.

Foreign Currency Transaction and Translation Risk

Fluctuations in foreign currencies impact the amount of total assets, liabilities, revenues, operating expenses and cash flows that we report for our foreign subsidiaries upon the translation of these amounts into U.S. dollars. Since the majority of our business is transacted in the U.S. dollar, foreign currency transaction and translation risk was insignificant for the three and nine months ended September 30, 2024.

Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the quarter ended September 30, 2024. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of the quarter ended September 30, 2024, our disclosure controls and procedures were effective in providing reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Securities Exchange Act of 1934, as amended, is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.
Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, with the Company have been detected.
Changes in Internal Control
There were no changes in our internal control over financial reporting identified in management's evaluation pursuant to Rules 13a-15(d) or 15d-15(d) of the Exchange Act during the quarter ended September 30, 2024 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II - OTHER INFORMATION
Item 1. Legal Proceedings
From time to time, the Company is subject to commercial litigation claims and various legal proceedings, as well as administrative and regulatory reviews arising in the ordinary course of business. We currently believe that the ultimate outcome of such lawsuits, proceedings and reviews will not, individually or in the aggregate, have a material adverse effect on our condensed consolidated financial statements.
Item 1A. Risk Factors
We have disclosed under the heading “Risk Factors” in our Annual Report on Form 10-K the risk factors which materially affect our business, financial condition or results of operations. There have been no material changes from the risk factors previously disclosed. You should carefully consider the risk factors set forth in the Annual Report on Form 10-K and the other information set forth elsewhere in this Quarterly Report on Form 10-Q. You should be aware that these risk factors and other information may not describe every risk facing our company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
During the nine months ended September 30, 2024, certain non-controlling interest holders exchanged their Alclear Units and corresponding shares of Class C Common Stock or Class D Common Stock for shares of the Company’s Class A Common Stock or Class B Common Stock, as applicable. As a result, the Company issued 13,264,336 shares of Class A Common Stock, inclusive of shares of Class B Common Stock exchanged for Class A Common Stock.
Use of IPO Proceeds

On July 2, 2021, we closed our IPO, in which the Company issued 15,180,000 shares of Class A Common Stock (which included 1,980,000 shares of Class A Common Stock as a result of the exercise of the underwriters’ over-allotment option, which was exercised on June 30, 2021). All shares in the IPO were registered under the Securities Act pursuant to a Registration Statement on Form S-1 (File No. 333-256851), which was declared effective by the SEC on June 29, 2021 (the “Registration Statement”).

Goldman Sachs & Co. was the representative of the underwriters, which comprised Goldman Sachs & Co., J.P. Morgan Securities LLC, Allen & Company LLC, Wells Fargo Securities, LLC, LionTree Advisors LLC, Stifel, Nicolaus & Company, Incorporated, Telsey Advisory Group LLC, Centerview Partners LLC, Loop Capital Markets LLC, and Roberts & Ryan Investments, Inc. The lead book-runners of our IPO were Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Allen & Company LLC and Wells Fargo Securities, LLC.

The initial offering price to the public in the IPO was $31.00 per share. We received $29.295 per share from the underwriters after deducting underwriting discounts and commissions of $1.705 per share. We incurred underwriting discounts and commissions of approximately $25.9 million, including the effect of the exercise of the over-allotment option. Thus, our net offering proceeds, after deducting underwriting discounts and commissions, net of the rebate on the over-allotment option, were approximately $445.9 million, which the Company contributed to Alclear in exchange for 15,180,000 Alclear Units. The Company has caused Alclear to use such contributed amount to pay offering expenses of approximately $9.0 million, and for general corporate purposes. There has been no material change in the planned use of the IPO net proceeds from what is described in the Company’s Registration Statement. No payments were made to our directors or officers or their associates, holders of 10% or more of any class of our equity securities or any affiliates.
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Issuer Purchases of Equity Securities
Below is a summary of the repurchases during the three months ended September 30, 2024 (in millions, except share and per share amounts):
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plan or ProgramApproximate Dollar Value of Shares that May Yet Be Purchased Under the Plan or Program
July 1, 2024 - July 31, 20244,000,000 $18.79 4,000,000 $101 
August 1, 2024 - August 31, 2024— $— — $101 
September 1, 2024 - September 30, 2024— $— — $101 
Total4,000,000 $18.79 4,000,000 
All purchases of Class A Common Stock reported in the above table were purchased by the Company pursuant to the Company’s share repurchase program, authorized by the Board on May 13, 2022 and publicly announced by the Company on May 16, 2022, and increased on November 8, 2023, March 21, 2024, and August 5, 2024. The share repurchase program provides for the purchase by the Company of up to $400 million of the Company’s Class A Common Stock on a discretionary basis from time to time through open market repurchases, privately negotiated transactions, or other means, including through Rule 10b5-1 trading plans. As of September 30, 2024, $100.5 million remained available under the repurchase authorization. The timing and actual number of shares repurchased will be determined by management depending on a variety of factors, including stock price, trading volume, market conditions, and other general business considerations. The repurchase program has no expiration date and may be modified, suspended, or terminated at any time. The above table excludes shares repurchased to settle employee tax withholding related to the vesting of stock awards.
Item 3. Defaults Upon Senior Securities.
None
Item 4. Mine Safety Disclosures.
Not applicable
Item 5. Other Information.
Rule 10b5-1 Trading Plans
The adoption or termination of contracts, instructions or written plans for the purchase or sale of our securities by our Section 16 officers and directors for the fiscal quarter ended September 30, 2024, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (“Rule 10b5-1 Plan”), were as follows:
NameTitleDate of Adoption of Rule 10b5-1 Trading PlanScheduled Expiration Date of Rule 10b5-1 Trading PlanNumber of Shares to be Sold under the Plan
Caryn Seidman BeckerChairman and Chief Executive OfficerSeptember 13, 2024December 16, 20251,000,000 
Michael BarkinDirectorSeptember 12, 2024December 16, 202540,000 

Second Amended and Restated By-Laws

On August 1, 2024 the Board amended and restated the Company’s First Amended and Restated By-Laws (as amended, the “Second A&R By-Laws”) to: (i) update the procedural and information requirements for director nominations and other proposals submitted by stockholders under the Company’s “advance notice” provisions; (ii) require that any stockholder directly or indirectly soliciting proxies from other stockholders use a proxy card color other than white; (iii) update provisions related to stockholder meeting adjournment procedures and lists of stockholders entitled to vote at stockholder meetings, in each case, to reflect recent amendments to the General Corporation Law of the State of Delaware; and (iv) make other modernizing and clarifying changes.

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The foregoing description of the Second A&R By-Laws does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text thereof. A copy of the Second A&R By-Laws is included as Exhibit 3.1 to this Quarterly Report on Form 10-Q and is incorporated by reference herein.
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Item 6. Exhibits
The documents listed in the Index to Exhibits of this quarterly report on Form 10-Q are incorporated by reference or are filed with this quarterly report on Form 10-Q, in each case as indicated therein.
Exhibit
Number		Description
101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its
XBRL tags are embedded within the Inline XBRL document
101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
101.LABInline XBRL Taxonomy Extension Label Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

CLEAR SECURE, INC.
Date:
November 7, 2024
By:
/s/ Caryn Seidman Becker
Caryn Seidman Becker
Chairman and Chief Executive Officer

Date:
November 7, 2024
By:
/s/ Kenneth Cornick
Kenneth Cornick
President and Chief Financial Officer

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