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10-Q Filing

CLEAR SECURE, INC. CIK: 1856314 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001856314-22-000015
Period End Date 20220331
Filing Date 20220516
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance you-20220331_htm.xml
Balance Sheet 58 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $175.73M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $280.11M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $299.13M USD Point-in-time
Accounts receivable AccountsReceivableNetCurrent $5.33M USD Point-in-time
Accounts receivable AccountsReceivableNetCurrent $7.53M USD Point-in-time
Marketable securities AvailableForSaleSecuritiesDebtSecuritiesCurrent $335.23M USD Point-in-time
Treasury stock (in shares) TreasuryStockShares 283,418.00 shares Point-in-time
Marketable securities AvailableForSaleSecuritiesDebtSecuritiesCurrent $334.35M USD Point-in-time
Prepaid revenue share fee PrepaidRevenueShareFeeCurrent $11.57M USD Point-in-time
Prepaid revenue share fee PrepaidRevenueShareFeeCurrent $10.27M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $22.14M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $15.76M USD Point-in-time
Total current assets AssetsCurrent $653.08M USD Point-in-time
Total current assets AssetsCurrent $668.35M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $46.12M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $44.52M USD Point-in-time
Right of use asset, net OperatingLeaseRightOfUseAsset $24.62M USD Point-in-time
Right of use asset, net OperatingLeaseRightOfUseAsset - USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $24.24M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $22.93M USD Point-in-time
Goodwill Goodwill $59.79M USD Point-in-time
Goodwill Goodwill $58.38M USD Point-in-time
Restricted cash RestrictedCashNoncurrent $29.24M USD Point-in-time
Restricted cash RestrictedCashNoncurrent $29.02M USD Point-in-time
Other assets OtherAssetsNoncurrent $3.41M USD Point-in-time
Other assets OtherAssetsNoncurrent $3.10M USD Point-in-time
Total assets Assets $812.75M USD Point-in-time
Total assets Assets $854.05M USD Point-in-time
Accounts payable AccountsPayableCurrent $6.70M USD Point-in-time
Accounts payable AccountsPayableCurrent $8.81M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $67.22M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $77.91M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $205.79M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $188.56M USD Point-in-time
Total current liabilities LiabilitiesCurrent $290.40M USD Point-in-time
Total current liabilities LiabilitiesCurrent $264.59M USD Point-in-time
Other long term liabilities OtherLiabilitiesNoncurrent $31.23M USD Point-in-time
Other long term liabilities OtherLiabilitiesNoncurrent $8.69M USD Point-in-time
Total liabilities Liabilities $273.28M USD Point-in-time
Total liabilities Liabilities $321.64M USD Point-in-time
Commitments and contingencies (Note 19) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 19) CommitmentsAndContingencies - USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-103.00K USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-673.00K USD Point-in-time
Treasury stock at cost, 283,418 shares as of March 31, 2022 TreasuryStockValue - USD Point-in-time
Treasury stock at cost, 283,418 shares as of March 31, 2022 TreasuryStockValue - USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-36.13M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-46.46M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $326.77M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $313.85M USD Point-in-time
Total stockholders equity attributable to Clear Secure, Inc. StockholdersEquity $277.61M USD Point-in-time
Total stockholders equity attributable to Clear Secure, Inc. StockholdersEquity $279.64M USD Point-in-time
Non-controlling interest MinorityInterest $252.78M USD Point-in-time
Non-controlling interest MinorityInterest $261.86M USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $532.42M USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $539.47M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $812.75M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $854.05M USD Point-in-time
Income Statement 30 line items
Line Item Tag Value Unit Period
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $50.56M USD 1 Quarter
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $90.54M USD 1 Quarter
Cost of revenue share fee CostOfRevenueRevenueShareFee $12.14M USD 1 Quarter
Cost of revenue share fee CostOfRevenueRevenueShareFee $7.77M USD 1 Quarter
Cost of direct salaries and benefits CostDirectLabor $12.15M USD 1 Quarter
Cost of direct salaries and benefits CostDirectLabor $22.98M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $15.51M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $9.01M USD 1 Quarter
Sales and marketing SellingAndMarketingExpense $4.96M USD 1 Quarter
Sales and marketing SellingAndMarketingExpense $7.83M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $27.19M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $45.93M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $2.54M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $4.38M USD 1 Quarter
Operating loss OperatingIncomeLoss $-18.23M USD 1 Quarter
Operating loss OperatingIncomeLoss $-13.05M USD 1 Quarter
Interest income (expense), net InvestmentIncomeNet $-71.00K USD 1 Quarter
Interest income (expense), net InvestmentIncomeNet $7.00K USD 1 Quarter
Other income (expense), net OtherNonoperatingIncomeExpense - USD 1 Quarter
Other income (expense), net OtherNonoperatingIncomeExpense $-268.00K USD 1 Quarter
Income (loss) before tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-13.12M USD 1 Quarter
Income (loss) before tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-18.49M USD 1 Quarter
Income tax benefit (expense) IncomeTaxExpenseBenefit $302.00K USD 1 Quarter
Income tax benefit (expense) IncomeTaxExpenseBenefit $6.00K USD 1 Quarter
Net loss ProfitLoss $-18.79M USD 1 Quarter
Net loss ProfitLoss $-13.13M USD 1 Quarter
Less: net loss attributable to non-controlling interests NetIncomeLossAttributableToNoncontrollingInterest $-8.47M USD 1 Quarter
Less: net loss attributable to non-controlling interests NetIncomeLossAttributableToNoncontrollingInterest - USD 1 Quarter
Net loss attributable to Clear Secure, Inc. NetIncomeLoss $-10.33M USD 1 Quarter
Net loss attributable to Clear Secure, Inc. NetIncomeLoss - USD 1 Quarter
Cash Flow Statement 77 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $175.73M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $280.11M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $299.13M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalents $29.24M USD Point-in-time
Net loss ProfitLoss $-18.79M USD 1 Quarter
Net loss ProfitLoss $-13.13M USD 1 Quarter
Restricted cash RestrictedCashAndCashEquivalents $22.93M USD Point-in-time
Total cash, cash equivalents, and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $198.66M USD Point-in-time
Total cash, cash equivalents, and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $309.13M USD Point-in-time
Total cash, cash equivalents, and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $328.38M USD Point-in-time
Total cash, cash equivalents, and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $139.08M USD Point-in-time
Depreciation on property and equipment Depreciation $2.53M USD 1 Quarter
Depreciation on property and equipment Depreciation $3.49M USD 1 Quarter
Amortization on intangible assets AmortizationOfIntangibleAssets $4.00K USD 1 Quarter
Amortization on intangible assets AmortizationOfIntangibleAssets $895.00K USD 1 Quarter
Noncash lease expense OperatingLeaseRightOfUseAssetAmortizationExpense - USD 1 Quarter
Noncash lease expense OperatingLeaseRightOfUseAssetAmortizationExpense $721.00K USD 1 Quarter
Impairment of long-lived assets ImpairmentOfLongLivedAssetsHeldForUse - USD 1 Quarter
Impairment of long-lived assets ImpairmentOfLongLivedAssetsHeldForUse $313.00K USD 1 Quarter
Equity-based compensation ShareBasedCompensation $13.13M USD 1 Quarter
Equity-based compensation ShareBasedCompensation $608.00K USD 1 Quarter
Warrant liabilities FairValueAdjustmentOfWarrants - USD 1 Quarter
Warrant liabilities FairValueAdjustmentOfWarrants $1.89M USD 1 Quarter
Deferred income tax expense DeferredIncomeTaxExpenseBenefit - USD 1 Quarter
Deferred income tax expense DeferredIncomeTaxExpenseBenefit $206.00K USD 1 Quarter
Amortization of revolver loan costs AmortizationOfFinancingCosts - USD 1 Quarter
Amortization of revolver loan costs AmortizationOfFinancingCosts $198.00K USD 1 Quarter
Amortization, net on marketable securities AmortizationOfMarketableSecurities - USD 1 Quarter
Amortization, net on marketable securities AmortizationOfMarketableSecurities $287.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $2.19M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $165.00K USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-6.47M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $2.88M USD 1 Quarter
Prepaid revenue share fee IncreaseDecreaseInPrepaidRevenueShareFeeCurrent $798.00K USD 1 Quarter
Prepaid revenue share fee IncreaseDecreaseInPrepaidRevenueShareFeeCurrent $1.30M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-2.14M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-1.15M USD 1 Quarter
Accrued liabilities IncreaseDecreaseInAccruedLiabilities $7.26M USD 1 Quarter
Accrued liabilities IncreaseDecreaseInAccruedLiabilities $1.37M USD 1 Quarter
Deferred revenue IncreaseDecreaseInContractWithCustomerLiability $11.53M USD 1 Quarter
Deferred revenue IncreaseDecreaseInContractWithCustomerLiability $17.23M USD 1 Quarter
Operating lease liabilities IncreaseDecreaseInOperatingLeaseLiability $-846.00K USD 1 Quarter
Operating lease liabilities IncreaseDecreaseInOperatingLeaseLiability - USD 1 Quarter
Deferred rent IncreaseDecreaseInDeferredRent - USD 1 Quarter
Deferred rent IncreaseDecreaseInDeferredRent $-142.00K USD 1 Quarter
Net cash used provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-335.00K USD 1 Quarter
Net cash used provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $24.93M USD 1 Quarter
Purchases of marketable securities PaymentsToAcquireAvailableForSaleSecuritiesDebt $47.00M USD 1 Quarter
Purchases of marketable securities PaymentsToAcquireAvailableForSaleSecuritiesDebt $149.07M USD 1 Quarter
Sales of marketable securities ProceedsFromSaleOfAvailableForSaleSecuritiesDebt $149.07M USD 1 Quarter
Sales of marketable securities ProceedsFromSaleOfAvailableForSaleSecuritiesDebt $47.09M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $8.79M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $5.53M USD 1 Quarter
Capitalized intangible assets PaymentsToAcquireIntangibleAssets $100.00K USD 1 Quarter
Capitalized intangible assets PaymentsToAcquireIntangibleAssets $204.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-5.63M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-8.91M USD 1 Quarter
Repurchase of members equity PaymentsForRepurchaseOfEquity $11.74M USD 1 Quarter
Repurchase of members equity PaymentsForRepurchaseOfEquity - USD 1 Quarter
Proceeds from issuance of members equity, net of cost ProceedsFromOtherEquity - USD 1 Quarter
Proceeds from issuance of members equity, net of cost ProceedsFromOtherEquity $80.28M USD 1 Quarter
Issuance of warrants ProceedsFromIssuanceOfWarrants $289.00K USD 1 Quarter
Issuance of warrants ProceedsFromIssuanceOfWarrants - USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities - USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $68.82M USD 1 Quarter
Net increase in cash, cash equivalents, and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $19.30M USD 1 Quarter
Net increase in cash, cash equivalents, and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $59.58M USD 1 Quarter
Cash, cash equivalents, and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $198.66M USD Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $309.13M USD Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $328.38M USD Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $139.08M USD Point-in-time
Exchange rate effect on cash and cash equivalents, and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-50.00K USD 1 Quarter
Exchange rate effect on cash and cash equivalents, and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD 1 Quarter
Cash, cash equivalents, and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $198.66M USD Point-in-time
Cash, cash equivalents, and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $309.13M USD Point-in-time
Cash, cash equivalents, and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $328.38M USD Point-in-time
Cash, cash equivalents, and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $139.08M USD Point-in-time
Stockholders Equity 28 line items
Line Item Tag Value Unit Period
Beginning balance TemporaryEquityCarryingAmountAttributableToParent $650.66M USD Point-in-time
Beginning balance TemporaryEquityCarryingAmountAttributableToParent - USD Point-in-time
Beginning balance TemporaryEquityCarryingAmountAttributableToParent - USD Point-in-time
Beginning balance TemporaryEquityCarryingAmountAttributableToParent $569.25M USD Point-in-time
Temporary equity issuance TemporaryEquityStockIssuedDuringPeriodValueNewIssues $81.57M USD 1 Quarter
Warrant expense TemporaryEquityWarrantExpenseValue $281.00K USD 1 Quarter
Ending balance TemporaryEquityCarryingAmountAttributableToParent $650.66M USD Point-in-time
Ending balance TemporaryEquityCarryingAmountAttributableToParent - USD Point-in-time
Ending balance TemporaryEquityCarryingAmountAttributableToParent - USD Point-in-time
Ending balance TemporaryEquityCarryingAmountAttributableToParent $569.25M USD Point-in-time
Beginning balance MembersEquity $-510.98M USD Point-in-time
Beginning balance MembersEquity $-486.90M USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $532.42M USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $539.47M USD Point-in-time
Net loss ProfitLoss $-18.79M USD 1 Quarter
Net loss ProfitLoss $-13.13M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $25.00K USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $-1.09M USD 1 Quarter
Equity-based compensation expense, net of forfeitures AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $327.00K USD 1 Quarter
Equity-based compensation expense, net of forfeitures AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $13.06M USD 1 Quarter
Warrant expense AdjustmentsToAdditionalPaidInCapitalWarrantIssued $70.00K USD 1 Quarter
Redemption of Alclear units SharesExchangeDuringPeriodValue - USD 1 Quarter
Exercise of warrants AdjustmentsToAdditionalPaidInCapitalWarrantIssued1 - USD 1 Quarter
IPO expenses AdjustmentsToAdditionalPaidInCapitalIPOExpense $297.00K USD 1 Quarter
Ending balance MembersEquity $-510.98M USD Point-in-time
Ending balance MembersEquity $-486.90M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $532.42M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $539.47M USD Point-in-time
Comprehensive Income 14 line items
Line Item Tag Value Unit Period
Net loss ProfitLoss $-18.79M USD 1 Quarter
Net loss ProfitLoss $-13.13M USD 1 Quarter
Foreign currency translation OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax - USD 1 Quarter
Foreign currency translation OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-50.00K USD 1 Quarter
Unrealized loss on fair value of marketable securities OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $-1.04M USD 1 Quarter
Unrealized loss on fair value of marketable securities OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $25.00K USD 1 Quarter
Total other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $25.00K USD 1 Quarter
Total other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $-1.09M USD 1 Quarter
Comprehensive loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-13.10M USD 1 Quarter
Comprehensive loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-19.89M USD 1 Quarter
Less: comprehensive loss attributable to non-controlling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest - USD 1 Quarter
Less: comprehensive loss attributable to non-controlling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-8.99M USD 1 Quarter
Net loss attributable to Clear Secure, Inc. ComprehensiveIncomeNetOfTax - USD 1 Quarter
Net loss attributable to Clear Secure, Inc. ComprehensiveIncomeNetOfTax $-10.90M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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