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10-Q Filing

CLEAR SECURE, INC. CIK: 1856314 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001856314-23-000010
Period End Date 20230331
Filing Date 20230509
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance you-20230331_htm.xml
Balance Sheet 61 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $299.13M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $38.94M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $39.09M USD Point-in-time
Marketable securities AvailableForSaleSecuritiesDebtSecuritiesCurrent $708.92M USD Point-in-time
Marketable securities AvailableForSaleSecuritiesDebtSecuritiesCurrent $665.81M USD Point-in-time
Accounts receivable AccountsReceivableNetCurrent $962.00K USD Point-in-time
Treasury stock (in shares) TreasuryStockCommonShares 0.00 shares Point-in-time
Accounts receivable AccountsReceivableNetCurrent $1.17M USD Point-in-time
Treasury stock (in shares) TreasuryStockCommonShares 80,505.00 shares Point-in-time
Prepaid revenue share fee PrepaidRevenueShareFeeCurrent $17.59M USD Point-in-time
Prepaid revenue share fee PrepaidRevenueShareFeeCurrent $17.77M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $17.86M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $18.10M USD Point-in-time
Total current assets AssetsCurrent $741.60M USD Point-in-time
Total current assets AssetsCurrent $784.60M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $57.92M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $68.04M USD Point-in-time
Right of use asset, net OperatingLeaseRightOfUseAsset $120.59M USD Point-in-time
Right of use asset, net OperatingLeaseRightOfUseAsset $123.88M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $22.29M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $21.48M USD Point-in-time
Goodwill Goodwill $58.81M USD Point-in-time
Goodwill Goodwill $58.81M USD Point-in-time
Restricted cash RestrictedCashNoncurrent $29.95M USD Point-in-time
Restricted cash RestrictedCashNoncurrent $30.88M USD Point-in-time
Other assets OtherAssetsNoncurrent $9.19M USD Point-in-time
Other assets OtherAssetsNoncurrent $3.07M USD Point-in-time
Total assets Assets $1.04B USD Point-in-time
Total assets Assets $1.09B USD Point-in-time
Accounts payable AccountsPayableCurrent $7.95M USD Point-in-time
Accounts payable AccountsPayableCurrent $11.17M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $155.60M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $106.07M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $283.45M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $297.82M USD Point-in-time
Total current liabilities LiabilitiesCurrent $464.60M USD Point-in-time
Total current liabilities LiabilitiesCurrent $397.47M USD Point-in-time
Other long term liabilities OtherLiabilitiesNoncurrent $129.12M USD Point-in-time
Other long term liabilities OtherLiabilitiesNoncurrent $130.48M USD Point-in-time
Total liabilities Liabilities $526.60M USD Point-in-time
Total liabilities Liabilities $595.08M 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 $-1.53M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-591.00K USD Point-in-time
Treasury stock at cost, 0 shares as of March 31, 2023 and 80,505 shares as of December 31, 2022 TreasuryStockCommonValue - USD Point-in-time
Treasury stock at cost, 0 shares as of March 31, 2023 and 80,505 shares as of December 31, 2022 TreasuryStockCommonValue - USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-107.02M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-101.80M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $394.39M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $404.38M USD Point-in-time
Total stockholders equity attributable to Clear Secure, Inc. StockholdersEquity $291.06M USD Point-in-time
Total stockholders equity attributable to Clear Secure, Inc. StockholdersEquity $296.77M USD Point-in-time
Non-controlling interest MinorityInterest $201.74M USD Point-in-time
Non-controlling interest MinorityInterest $219.86M USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $498.51M 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 stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $510.92M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $1.09B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $1.04B USD Point-in-time
Income Statement 30 line items
Line Item Tag Value Unit Period
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $132.36M USD 1 Quarter
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $90.54M USD 1 Quarter
Cost of revenue share fee CostOfRevenueRevenueShareFee $19.57M USD 1 Quarter
Cost of revenue share fee CostOfRevenueRevenueShareFee $12.14M USD 1 Quarter
Cost of direct salaries and benefits CostDirectLabor $33.15M 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 $21.94M USD 1 Quarter
Sales and marketing SellingAndMarketingExpense $7.83M USD 1 Quarter
Sales and marketing SellingAndMarketingExpense $9.51M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $45.93M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $58.08M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $5.17M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $4.38M USD 1 Quarter
Operating loss OperatingIncomeLoss $-18.23M USD 1 Quarter
Operating loss OperatingIncomeLoss $-15.06M USD 1 Quarter
Interest income (expense), net InvestmentIncomeNet $6.39M USD 1 Quarter
Interest income (expense), net InvestmentIncomeNet $7.00K USD 1 Quarter
Other income (expense), net OtherNonoperatingIncomeExpense $274.00K USD 1 Quarter
Other income (expense), net OtherNonoperatingIncomeExpense $-268.00K USD 1 Quarter
Loss before tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-18.49M USD 1 Quarter
Loss before tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-8.39M USD 1 Quarter
Income tax benefit (expense) IncomeTaxExpenseBenefit $-119.00K USD 1 Quarter
Income tax benefit (expense) IncomeTaxExpenseBenefit $302.00K USD 1 Quarter
Net loss ProfitLoss $-8.27M USD 1 Quarter
Net loss ProfitLoss $-18.79M 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 $-3.05M USD 1 Quarter
Net loss attributable to Clear Secure, Inc. NetIncomeLoss $-10.33M USD 1 Quarter
Net loss attributable to Clear Secure, Inc. NetIncomeLoss $-5.22M USD 1 Quarter
Cash Flow Statement 77 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $299.13M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $38.94M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $39.09M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalents $30.88M USD Point-in-time
Net loss ProfitLoss $-8.27M USD 1 Quarter
Net loss ProfitLoss $-18.79M USD 1 Quarter
Restricted cash RestrictedCashAndCashEquivalents $29.24M USD Point-in-time
Total cash, cash equivalents, and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $68.88M 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 $69.97M USD Point-in-time
Total cash, cash equivalents, and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $328.38M USD Point-in-time
Depreciation of property and equipment Depreciation $4.34M USD 1 Quarter
Depreciation of property and equipment Depreciation $3.49M USD 1 Quarter
Amortization of intangible assets AmortizationOfIntangibleAssets $895.00K USD 1 Quarter
Amortization of intangible assets AmortizationOfIntangibleAssets $822.00K USD 1 Quarter
Noncash lease expense OperatingLeaseRightOfUseAssetAmortizationExpense $721.00K USD 1 Quarter
Noncash lease expense OperatingLeaseRightOfUseAssetAmortizationExpense $1.75M USD 1 Quarter
Impairment of assets AssetImpairmentCharges $3.63M USD 1 Quarter
Impairment of assets AssetImpairmentCharges $313.00K USD 1 Quarter
Equity-based compensation ShareBasedCompensation $13.13M USD 1 Quarter
Equity-based compensation ShareBasedCompensation $16.65M USD 1 Quarter
Deferred income tax DeferredIncomeTaxExpenseBenefit $206.00K USD 1 Quarter
Deferred income tax DeferredIncomeTaxExpenseBenefit $84.00K USD 1 Quarter
Amortization of revolver loan costs AmortizationOfFinancingCosts $198.00K USD 1 Quarter
Amortization of revolver loan costs AmortizationOfFinancingCosts $110.00K USD 1 Quarter
Premium amortization and (discount accretion), net on marketable securities AccretionAmortizationOfDiscountsAndPremiumsInvestments $-287.00K USD 1 Quarter
Premium amortization and (discount accretion), net on marketable securities AccretionAmortizationOfDiscountsAndPremiumsInvestments $4.07M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-207.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $2.19M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $2.25M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-6.47M USD 1 Quarter
Prepaid revenue share fee IncreaseDecreaseInPrepaidRevenueShareFeeCurrent $1.30M USD 1 Quarter
Prepaid revenue share fee IncreaseDecreaseInPrepaidRevenueShareFeeCurrent $189.00K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-2.14M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $2.55M USD 1 Quarter
Accrued and other long term liabilities IncreaseDecreaseInAccruedLiabilities $29.70M USD 1 Quarter
Accrued and other long term liabilities IncreaseDecreaseInAccruedLiabilities $7.26M USD 1 Quarter
Deferred revenue IncreaseDecreaseInContractWithCustomerLiability $14.37M USD 1 Quarter
Deferred revenue IncreaseDecreaseInContractWithCustomerLiability $17.23M USD 1 Quarter
Operating lease liabilities IncreaseDecreaseInOperatingLeaseLiability $1.33M USD 1 Quarter
Operating lease liabilities IncreaseDecreaseInOperatingLeaseLiability $-846.00K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $60.76M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $24.93M USD 1 Quarter
Purchases of marketable securities PaymentsToAcquireAvailableForSaleSecuritiesDebt $258.23M 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 $223.05M USD 1 Quarter
Purchase of strategic investment PaymentsToAcquireOtherInvestments - USD 1 Quarter
Purchase of strategic investment PaymentsToAcquireOtherInvestments $6.00M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $5.53M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $9.41M USD 1 Quarter
Purchase of intangible assets PaymentsToAcquireIntangibleAssets $100.00K USD 1 Quarter
Purchase of intangible assets PaymentsToAcquireIntangibleAssets $14.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-5.63M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-50.60M USD 1 Quarter
Repurchase of Class A Common Stock PaymentsForRepurchaseOfEquity - USD 1 Quarter
Repurchase of Class A Common Stock PaymentsForRepurchaseOfEquity $6.47M USD 1 Quarter
Payment of special dividend PaymentOfSpecialDividendToCommonShareHolders - USD 1 Quarter
Payment of special dividend PaymentOfSpecialDividendToCommonShareHolders $34.00K USD 1 Quarter
Tax distribution to members TaxDistributionToMembers $187.00K USD 1 Quarter
Tax distribution to members TaxDistributionToMembers - USD 1 Quarter
Payment of taxes on net settled stock-based awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation - USD 1 Quarter
Payment of taxes on net settled stock-based awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $2.41M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-9.10M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities - 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 $1.05M USD 1 Quarter
Cash, cash equivalents, and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $68.88M 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 $69.97M USD Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $328.38M 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 $35.00K USD 1 Quarter
Cash, cash equivalents, and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $68.88M 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 $69.97M USD Point-in-time
Cash, cash equivalents, and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $328.38M USD Point-in-time
Stockholders Equity 28 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $498.51M USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $532.42M USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $539.47M USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $510.92M USD Point-in-time
Beginning balance (in shares) TreasuryStockCommonShares 0.00 shares Point-in-time
Beginning balance (in shares) TreasuryStockCommonShares 80,505.00 shares Point-in-time
Net loss ProfitLoss $-8.27M USD 1 Quarter
Net loss ProfitLoss $-18.79M USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTax $1.60M USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTax $-1.09M USD 1 Quarter
Equity-based compensation expense, net of forfeitures AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $13.06M USD 1 Quarter
Equity-based compensation expense, net of forfeitures AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $16.41M USD 1 Quarter
Net share settlements of stock-based awards StockIssuedDuringPeriodValueShareBasedCompensation $-2.41M USD 1 Quarter
Warrant expense AdjustmentsToAdditionalPaidInCapitalWarrantIssued $70.00K USD 1 Quarter
Warrant expense AdjustmentsToAdditionalPaidInCapitalWarrantIssued $623.00K USD 1 Quarter
Exchange of shares SharesExchangeDuringPeriodValue - USD 1 Quarter
Exchange of shares SharesExchangeDuringPeriodValue - USD 1 Quarter
Exercise of warrants AdjustmentsToAdditionalPaidInCapitalWarrantIssued1 - USD 1 Quarter
Exercise of warrants AdjustmentsToAdditionalPaidInCapitalWarrantIssued1 - USD 1 Quarter
Tax distribution to members MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $13.89M USD 1 Quarter
IPO Expenses AdjustmentsToAdditionalPaidInCapitalIPOExpense $297.00K USD 1 Quarter
Repurchase and retirement of Class A Common Stock StockRepurchasedAndRetiredDuringPeriodValue $-6.47M USD 1 Quarter
Ending balance (in shares) TreasuryStockCommonShares 0.00 shares Point-in-time
Ending balance (in shares) TreasuryStockCommonShares 80,505.00 shares Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $498.51M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $532.42M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $539.47M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $510.92M USD Point-in-time
Comprehensive Income 14 line items
Line Item Tag Value Unit Period
Net loss ProfitLoss $-8.27M USD 1 Quarter
Net loss ProfitLoss $-18.79M USD 1 Quarter
Foreign currency translation OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-50.00K USD 1 Quarter
Foreign currency translation OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $8.00K USD 1 Quarter
Unrealized gain (loss) on fair value of marketable securities OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $-1.04M USD 1 Quarter
Unrealized gain (loss) on fair value of marketable securities OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $1.59M USD 1 Quarter
Total other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $1.60M USD 1 Quarter
Total other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $-1.09M USD 1 Quarter
Comprehensive loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-19.89M USD 1 Quarter
Comprehensive loss ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-6.68M USD 1 Quarter
Less: comprehensive loss attributable to non-controlling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-2.39M USD 1 Quarter
Less: comprehensive loss attributable to non-controlling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-8.99M USD 1 Quarter
Comprehensive loss attributable to Clear Secure, Inc. ComprehensiveIncomeNetOfTax $-10.90M USD 1 Quarter
Comprehensive loss attributable to Clear Secure, Inc. ComprehensiveIncomeNetOfTax $-4.29M USD 1 Quarter

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

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