x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the quarterly period ended June 30, |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the transition period from to |
Delaware | 86-2643981 | |||||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||
65 East 55th Street, 17th Floor, New York, NY | 10022 | |||||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Class A common stock, par value $0.00001 per share | YOU | New York Stock Exchange |
Large accelerated filer | o | Accelerated filer | o | ||||||||
Non-accelerated filer | x | Smaller reporting company | o | ||||||||
Emerging growth company | x |
Class A | ||||||||
Class B | 1,042,234 | |||||||
Class C | ||||||||
Class D |
Page | ||||||||
June 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Current assets: | Current assets: | Current assets: | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 168,302 | $ | 116,226 | Cash and cash equivalents | $ | 339,736 | $ | 280,107 | ||||||||||||
Accounts receivable | Accounts receivable | 1,440 | 912 | Accounts receivable | 3,016 | 5,331 | ||||||||||||||||
Marketable debt securities | 37,826 | 37,813 | ||||||||||||||||||||
Marketable securities | Marketable securities | 333,933 | 335,228 | |||||||||||||||||||
Prepaid revenue share fee | Prepaid revenue share fee | 6,918 | 5,475 | Prepaid revenue share fee | 13,031 | 10,272 | ||||||||||||||||
Prepaid expenses and other current assets | Prepaid expenses and other current assets | 19,073 | 11,210 | Prepaid expenses and other current assets | 12,869 | 22,140 | ||||||||||||||||
Total current assets | Total current assets | 233,559 | 171,636 | Total current assets | 702,585 | 653,078 | ||||||||||||||||
Property and equipment, net | Property and equipment, net | 43,570 | 35,241 | Property and equipment, net | 52,837 | 44,522 | ||||||||||||||||
Right of use asset, net | Right of use asset, net | 23,890 | — | |||||||||||||||||||
Intangible assets, net | Intangible assets, net | 1,817 | 1,564 | Intangible assets, net | 23,655 | 22,933 | ||||||||||||||||
Goodwill | Goodwill | 58,381 | 59,792 | |||||||||||||||||||
Restricted cash | Restricted cash | 22,932 | 22,856 | Restricted cash | 29,307 | 29,019 | ||||||||||||||||
Other assets | Other assets | 1,917 | 971 | Other assets | 3,221 | 3,406 | ||||||||||||||||
Total assets | Total assets | $ | 303,795 | $ | 232,268 | Total assets | $ | 893,876 | $ | 812,750 | ||||||||||||
Liabilities, redeemable capital units and stockholders' equity | ||||||||||||||||||||||
Liabilities and stockholders' equity | Liabilities and stockholders' equity | |||||||||||||||||||||
Current liabilities: | Current liabilities: | Current liabilities: | ||||||||||||||||||||
Accounts payable | Accounts payable | $ | 7,024 | $ | 8,518 | Accounts payable | $ | 10,556 | $ | 8,808 | ||||||||||||
Accrued liabilities | Accrued liabilities | 28,510 | 18,304 | Accrued liabilities | 95,438 | 67,220 | ||||||||||||||||
Warrant liabilities | 0 | 17,740 | ||||||||||||||||||||
Deferred revenue | Deferred revenue | 127,847 | 101,542 | Deferred revenue | 225,986 | 188,563 | ||||||||||||||||
Total current liabilities | Total current liabilities | 163,381 | 146,104 | Total current liabilities | 331,980 | 264,591 | ||||||||||||||||
Deferred rent | 3,548 | 3,809 | ||||||||||||||||||||
Other long term liabilities | Other long term liabilities | 30,328 | 8,691 | |||||||||||||||||||
Total liabilities | Total liabilities | 166,929 | 149,913 | Total liabilities | 362,308 | 273,282 | ||||||||||||||||
Commitments and contingencies (Note 17) | 0 | 0 | ||||||||||||||||||||
Commitments and contingencies (Note 19) | Commitments and contingencies (Note 19) | 0 | 0 | |||||||||||||||||||
Redeemable capital units (Note 12) | 0 | 569,251 | ||||||||||||||||||||
Class A common stock, $0.00001 par value- 1,000,000,000 shares authorized; 59,240,306 shares issued and outstanding as of June 30, 2021 | 1 | — | ||||||||||||||||||||
Class B common stock, $0.00001 par value—100,000,000 shares authorized; 1,042,234 shares issued and outstanding as of June 30, 2021 | 0 | — | ||||||||||||||||||||
Class C common stock, $0.00001 par value—200,000,000 shares authorized; 44,598,167 shares issued and outstanding as of June 30, 2021 | 0 | — | ||||||||||||||||||||
Class D common stock, $0.00001 par value—100,000,000 shares authorized; 26,709,821 shares issued and outstanding as of June 30, 2021 | 0 | — | ||||||||||||||||||||
Profit Units | — | 7,846 | ||||||||||||||||||||
Accumulated other comprehensive income | 0 | 27 | ||||||||||||||||||||
Class A common stock, $0.00001 par value- 1,000,000,000 shares authorized; 81,618,747 shares issued and 81,233,719 shares outstanding as of June 30, 2022 | Class A common stock, $0.00001 par value- 1,000,000,000 shares authorized; 81,618,747 shares issued and 81,233,719 shares outstanding as of June 30, 2022 | 1 | 1 | |||||||||||||||||||
Class B common stock, $0.00001 par value—100,000,000 shares authorized; 1,042,234 shares issued and outstanding as of June 30, 2022 | Class B common stock, $0.00001 par value—100,000,000 shares authorized; 1,042,234 shares issued and outstanding as of June 30, 2022 | — | — | |||||||||||||||||||
Class C common stock, $0.00001 par value—200,000,000 shares authorized; 40,430,682 shares issued and outstanding as of June 30, 2022 | Class C common stock, $0.00001 par value—200,000,000 shares authorized; 40,430,682 shares issued and outstanding as of June 30, 2022 | — | — | |||||||||||||||||||
Class D common stock, $0.00001 par value—100,000,000 shares authorized; 26,705,315 shares issued and outstanding as of June 30, 2022 | Class D common stock, $0.00001 par value—100,000,000 shares authorized; 26,705,315 shares issued and outstanding as of June 30, 2022 | — | — | |||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (1,095) | (103) | |||||||||||||||||||
Treasury stock at cost, 385,028 shares as of June 30, 2022 | Treasury stock at cost, 385,028 shares as of June 30, 2022 | — | — | |||||||||||||||||||
Accumulated deficit | Accumulated deficit | (2,004) | (494,769) | Accumulated deficit | (53,638) | (36,130) | ||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 64,644 | — | Additional paid-in capital | 344,922 | 313,845 | ||||||||||||||||
Total stockholders’ equity attributable to Clear Secure, Inc. | Total stockholders’ equity attributable to Clear Secure, Inc. | 62,641 | — | Total stockholders’ equity attributable to Clear Secure, Inc. | 290,190 | 277,613 | ||||||||||||||||
Non-controlling interest | Non-controlling interest | 74,225 | — | Non-controlling interest | 241,378 | 261,855 | ||||||||||||||||
Total stockholders’ equity | Total stockholders’ equity | 136,866 | (486,896) | Total stockholders’ equity | 531,568 | 539,468 | ||||||||||||||||
Total liabilities, redeemable capital units and stockholders’ equity | $ | 303,795 | $ | 232,268 | ||||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 893,876 | $ | 812,750 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||||
Revenue | $ | 102,723 | $ | 55,178 | $ | 193,262 | $ | 105,736 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of revenue share fee | 12,313 | 8,300 | 24,455 | 16,069 | |||||||||||||||||||
Cost of direct salaries and benefits | 25,313 | 15,836 | 48,293 | 27,985 | |||||||||||||||||||
Research and development | 14,333 | 10,941 | 29,845 | 19,946 | |||||||||||||||||||
Sales and marketing | 11,365 | 10,901 | 19,191 | 15,857 | |||||||||||||||||||
General and administrative | 48,193 | 44,282 | 94,119 | 71,474 | |||||||||||||||||||
Depreciation and amortization | 4,328 | 2,664 | 8,712 | 5,202 | |||||||||||||||||||
Operating loss | (13,122) | (37,746) | (31,353) | (50,797) | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest income (expense), net | 187 | (142) | 194 | (213) | |||||||||||||||||||
Other income (expense), net | 465 | — | 197 | — | |||||||||||||||||||
Loss before tax | (12,470) | (37,888) | (30,962) | (51,010) | |||||||||||||||||||
Income tax benefit (expense) | 147 | (211) | (155) | (217) | |||||||||||||||||||
Net loss | (12,323) | (38,099) | (31,117) | (51,227) | |||||||||||||||||||
Less: net loss attributable to non-controlling interests | (5,168) | (36,095) | (13,635) | (49,223) | |||||||||||||||||||
Net loss attributable to Clear Secure, Inc. | $ | (7,155) | $ | (2,004) | $ | (17,482) | $ | (2,004) | |||||||||||||||
Net loss per share of Class A Common Stock and Class B Common Stock (Note 17) | |||||||||||||||||||||||
Net loss per common share basic and diluted, Class A | $ | (0.09) | $ | (0.03) | $ | (0.23) | $ | (0.03) | |||||||||||||||
Net loss per common share basic and diluted, Class B | $ | (0.09) | $ | (0.03) | $ | (0.23) | $ | (0.03) | |||||||||||||||
Weighted-average shares of Class A Common Stock outstanding | 79,420,204 | 57,371,788 | 78,053,957 | 57,371,788 | |||||||||||||||||||
Weighted-average shares of Class B Common Stock outstanding | 1,042,234 | 1,042,234 | 1,042,234 | 1,042,234 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||
Net loss | $ | (12,323) | $ | (38,099) | $ | (31,117) | $ | (51,227) | ||||||||||||||||||
Other comprehensive loss | ||||||||||||||||||||||||||
Foreign currency translation | $ | (74) | $ | 3 | $ | (124) | $ | 3 | ||||||||||||||||||
Unrealized loss on fair value of marketable securities | $ | (709) | $ | 3 | $ | (1,751) | $ | 28 | ||||||||||||||||||
Total other comprehensive loss | $ | (783) | $ | 6 | $ | (1,875) | $ | 31 | ||||||||||||||||||
Comprehensive loss | $ | (13,106) | $ | (38,093) | $ | (32,992) | $ | (51,196) | ||||||||||||||||||
Less: comprehensive loss attributable to non-controlling interests | $ | (5,529) | $ | (36,089) | $ | (14,517) | $ | (49,192) | ||||||||||||||||||
Comprehensive loss attributable to Clear Secure, Inc. | $ | (7,577) | $ | (2,004) | $ | (18,475) | $ | (2,004) |
Class A | Class B | Class C | Class D | Accumulated other comprehensive loss | Treasury Stock | Accumulated deficit | Total stockholders’ equity attributable to Clear Secure, Inc. | Non-Controlling Interest | Total stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares | Amount | Number of Shares | Amount | Number of Shares | Amount | Number of Shares | Amount | Additional paid in capital | Number of Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2022 | 76,393,256 | $ | 1 | 1,042,234 | $ | — | 44,598,167 | $ | — | 26,709,821 | $ | — | $ | 313,845 | $ | (103) | 223,069 | $ | — | $ | (36,130) | $ | 277,613 | $ | 261,855 | 539,468 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | — | — | (10,327) | (10,327) | (8,467) | (18,794) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | — | — | (570) | — | — | — | (570) | (521) | (1,091) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based compensation expense, net of forfeitures | (60,349) | — | — | — | — | — | — | — | 7,365 | — | 60,349 | — | — | 7,365 | 5,694 | 13,059 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant expense | — | — | — | — | — | — | — | — | 37 | — | — | — | — | 37 | 34 | 71 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange of shares | 1,025,318 | — | — | — | (1,020,812) | — | (4,506) | — | 2,606 | — | — | — | — | 2,606 | (2,606) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants | 1,207,931 | — | — | — | — | — | — | — | 3,070 | — | — | — | — | 3,070 | (3,070) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IPO expenses | — | — | — | — | — | — | — | — | (156) | — | — | — | — | (156) | (141) | (297) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | 78,566,156 | $ | 1 | 1,042,234 | $ | — | 43,577,355 | $ | — | 26,705,315 | $ | — | $ | 326,767 | $ | (673) | 283,418 | $ | — | $ | (46,457) | $ | 279,638 | $ | 252,778 | $ | 532,416 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | — | — | (7,155) | (7,155) | (5,168) | (12,323) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | — | — | (422) | — | — | — | (422) | (361) | (783) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based compensation expense, net of forfeitures | (101,610) | — | — | — | — | — | — | — | 7,105 | — | 101,610 | — | — | 7,105 | 5,150 | 12,255 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock units | 7,528 | — | — | — | — | — | — | — | 27 | — | — | — | — | 27 | (27) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax distribution to members | — | — | — | — | — | — | — | — | — | — | — | — | (26) | (26) | (22) | (48) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant expense | — | — | — | — | — | — | — | — | 28 | — | — | — | — | 28 | 23 | 51 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange of shares | 3,146,673 | — | — | — | (3,146,673) | — | — | — | 10,995 | — | — | — | — | 10,995 | (10,995) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | 81,618,747 | $ | 1 | 1,042,234 | $ | — | 40,430,682 | $ | — | 26,705,315 | $ | — | $ | 344,922 | $ | (1,095) | 385,028 | $ | — | $ | (53,638) | $ | 290,190 | $ | 241,378 | $ | 531,568 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||||
Revenue | $ | 55,178 | $ | 59,978 | $ | 105,736 | $ | 121,266 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of revenue share fee | 8,300 | 7,273 | 16,069 | 17,409 | |||||||||||||||||||
Cost of direct salaries and benefits | 15,836 | 6,234 | 27,985 | 23,753 | |||||||||||||||||||
Research and development | 10,941 | 5,445 | 19,946 | 17,061 | |||||||||||||||||||
Sales and marketing | 10,901 | 1,492 | 15,857 | 8,188 | |||||||||||||||||||
General and administrative | 44,282 | 14,928 | 71,474 | 79,798 | |||||||||||||||||||
Depreciation and amortization | 2,664 | 2,329 | 5,202 | 4,623 | |||||||||||||||||||
Operating income (loss) | (37,746) | 22,277 | (50,797) | (29,566) | |||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest income, net | (142) | 79 | (213) | 669 | |||||||||||||||||||
Income (loss) before tax | (37,888) | 22,356 | (51,010) | (28,897) | |||||||||||||||||||
Income tax expense | (211) | (10) | (217) | (10) | |||||||||||||||||||
Net income (loss) | (38,099) | 22,346 | (51,227) | (28,907) | |||||||||||||||||||
Less: net loss attributable to non-controlling interests | (36,095) | (49,223) | |||||||||||||||||||||
Net loss attributable to Clear Secure, Inc. | $ | (2,004) | $ | (2,004) | |||||||||||||||||||
Net loss per common share of Class A and B common stock (Note 15) | |||||||||||||||||||||||
Basic and Diluted | $ | (0.03) | $ | (0.03) | |||||||||||||||||||
Weighted-average shares of Common A stock outstanding | 57,371,788 | 57,371,788 | |||||||||||||||||||||
Weighted-average shares of Common B stock outstanding | 1,042,234 | 1,042,234 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||||
Net income (loss) | $ | (38,099) | $ | 22,346 | $ | (51,227) | $ | (28,907) | |||||||||||||||
Other comprehensive income | |||||||||||||||||||||||
Currency translation | 3 | 0 | 3 | 0 | |||||||||||||||||||
Unrealized gain on fair value of marketable debt securities | 3 | 128 | 28 | 64 | |||||||||||||||||||
Total other comprehensive income | 6 | 128 | 31 | 64 | |||||||||||||||||||
Comprehensive income (loss) | (38,093) | 22,474 | (51,196) | (28,843) | |||||||||||||||||||
Less: comprehensive loss attributable to non-controlling interests | (36,089) | (49,192) | |||||||||||||||||||||
Comprehensive loss attributable to Clear Secure, Inc. | $ | (2,004) | $ | (2,004) |
Class A | Class B | Class C | Class D | Profit Units | Accumulated other comprehensive income | Accumulated deficit | Total stockholders’ equity attributable to Clear Secure, Inc. | Non-Controlling Interest | Total stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total redeemable capital units | Number of shares | Amount | Number of Shares | Amount | Number of Shares | Amount | Number of Shares | Amount | Additional paid in capital | Number of Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2021 | $ | 569,251 | — | $ | — | — | $ | — | — | $ | — | — | $ | — | — | 1,868,322 | $ | 7,846 | $ | 27 | $ | (494,769) | $ | (486,896) | — | $ | (486,896) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | —�� | — | — | — | — | — | — | — | — | — | — | (13,128) | (13,128) | — | (13,128) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | — | — | — | — | — | 25 | — | 25 | — | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of member units, net of costs | 81,567 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase and retirement of capital units | (439) | — | — | — | — | — | — | — | — | — | — | — | — | (3,005) | (3,005) | — | (3,005) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase, forfeitures and retirement of profit units | — | — | — | — | — | — | — | — | — | — | (71,247) | (56) | — | (8,246) | (8,302) | — | (8,302) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant expense | 281 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based compensation expense, net of forfeitures | — | — | — | — | — | — | — | — | — | — | — | 327 | — | — | 327 | — | 327 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | 650,660 | — | $ | — | — | $ | — | — | $ | — | — | $ | — | $ | — | 1,797,075 | $ | 8,117 | $ | 52 | $ | (519,148) | $ | (510,979) | $ | — | $ | (510,979) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss prior to reorganization transaction | — | — | — | — | — | — | — | — | — | — | — | — | (33,720) | (33,720) | — | (33,720) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 6 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based compensation expense, net of forfeitures | — | — | — | — | — | — | — | — | — | 1,786 | (26,925) | 353 | — | — | 2,139 | 2,114 | 4,253 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant expense | 819 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants prior to the reorganization transaction | 34,224 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax distribution to members | — | — | — | — | — | — | — | — | — | — | — | — | — | (4,018) | (4,018) | — | (4,018) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of reorganization transaction | (685,703) | 59,240,306 | 1 | 1,042,234 | — | — | — | — | — | 62,858 | (1,770,150) | (8,470) | (52) | 556,886 | 611,223 | 74,480 | 685,703 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon reorganization | — | — | — | — | — | 44,598,167 | — | 26,709,821 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss post reorganization transaction | — | — | — | — | — | — | — | — | — | — | — | — | — | (2,004) | (2,004) | (2,375) | (4,379) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | — | 59,240,306 | $ | 1 | 1,042,234 | $ | — | 44,598,167 | $ | — | 26,709,821 | $ | — | $ | 64,644 | — | $ | — | $ | — | $ | (2,004) | $ | 62,641 | $ | 74,225 | $ | 136,866 |
Redeemable Capital Units | Members’ Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Units | Class B Units | Class C Units | Profit Units | Accumulated other comprehensive income (loss) | Accumulated deficit | Members' deficit total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Units | Amount | Number of Units | Amount | Number of Units | Amount | Number of Profit Units | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2020 | 316,785 | $ | 3,168 | 4,759,569 | $ | 432,062 | — | $ | — | 2,113,008 | $ | 8,022 | $ | 3 | $ | (291,354) | $ | (283,329) | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | (51,253) | (51,253) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | — | (64) | — | (64) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of member units, net of costs | — | — | 422,039 | 113,944 | — | — | 37,700 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase and retirement of capital units | (54,843) | (548) | (677,387) | (14,053) | — | — | — | — | — | (183,102) | (183,102) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase, forfeitures and retirement of profit units | — | — | — | — | — | — | (328,834) | (1,630) | — | (10,829) | (12,459) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant expense | — | — | — | 1,441 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based compensation expense | — | — | — | — | — | — | — | 351 | — | — | 351 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | 261,942 | $ | 2,620 | 4,504,221 | $ | 533,394 | — | $ | — | 1,821,874 | $ | 6,743 | $ | (61) | $ | (536,538) | $ | (529,856) | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | 22,346 | 22,346 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | — | 128 | — | 128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of member units, net of costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase and retirement of capital units | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase, forfeitures and retirement of profit units | — | — | — | — | — | — | (57,050) | (3) | — | (123) | (126) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant expense | — | — | — | 141 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based compensation expense | — | — | — | — | — | — | — | 328 | — | — | 328 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | 261,942 | $ | 2,620 | 4,504,221 | $ | 533,535 | — | $ | — | 1,764,824 | $ | 7,068 | $ | 67 | $ | (514,315) | $ | (507,180) |
Class A | Class B | Class C | Class D | Profit Units | Accumulated other comprehensive income | Accumulated deficit | Total stockholders’ equity attributable to Clear Secure, Inc. | Non-Controlling Interest | Total stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total redeemable capital units | Number of shares | Amount | Number of Shares | Amount | Number of Shares | Amount | Number of Shares | Amount | Additional paid in capital | Number of Units | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2021 | $ | 569,251 | — | $ | — | — | $ | — | — | $ | — | — | $ | — | — | 1,868,322 | $ | 7,846 | $ | 27 | $ | (494,769) | $ | (486,896) | — | $ | (486,896) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | — | — | — | (13,128) | (13,128) | — | (13,128) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | — | — | — | — | — | 25 | — | 25 | — | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of member units, net of costs | 81,567 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase and retirement of capital units | (439) | — | — | — | — | — | — | — | — | — | — | — | — | (3,005) | (3,005) | — | (3,005) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase, forfeitures and retirement of profit units | — | — | — | — | — | — | — | — | — | — | (71,247) | (56) | — | (8,246) | (8,302) | — | (8,302) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant expense | 281 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based compensation expense, net of forfeitures | — | — | — | — | — | — | — | — | — | — | — | 327 | — | — | 327 | — | 327 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | 650,660 | — | $ | — | — | $ | — | — | $ | — | — | $ | — | $ | — | 1,797,075 | $ | 8,117 | $ | 52 | $ | (519,148) | $ | (510,979) | $ | — | $ | (510,979) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss prior to reorganization transaction | — | — | — | — | — | — | — | — | — | — | — | — | (33,720) | (33,720) | — | (33,720) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 6 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based compensation expense, net of forfeitures | — | — | — | — | — | — | — | — | — | 1,786 | (26,925) | 353 | — | — | 2,139 | 2,114 | 4,253 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant expense | 819 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants prior to the reorganization transaction | 34,224 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax distribution to members | — | — | — | — | — | — | — | — | — | — | — | — | — | (4,018) | (4,018) | — | (4,018) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of reorganization transaction | (685,703) | 59,240,306 | 1 | 1,042,234 | — | — | — | — | — | 62,858 | (1,770,150) | (8,470) | (52) | 556,886 | 611,223 | 74,480 | 685,703 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon reorganization | — | — | — | — | — | 44,598,167 | — | 26,709,821 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss post reorganization transaction | — | — | — | — | — | — | — | — | — | — | — | — | — | (2,004) | (2,004) | (2,375) | (4,379) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | 0 | 59,240,306 | $ | 1 | 1,042,234 | $ | — | 44,598,167 | $ | — | 26,709,821 | $ | — | $ | 64,644 | 0 | $ | 0 | $ | 0 | $ | (2,004) | $ | 62,641 | $ | 74,225 | $ | 136,866 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||
Cash flows provided by (used in) operating activities: | ||||||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | |||||||||||||||||||||
Net loss | Net loss | $ | (51,227) | $ | (28,907) | Net loss | $ | (31,117) | $ | (51,227) | ||||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||||||||
Depreciation and amortization | 5,202 | 4,623 | ||||||||||||||||||||
Adjustments to reconcile net loss to net cash provided from operating activities: | Adjustments to reconcile net loss to net cash provided from operating activities: | |||||||||||||||||||||
Depreciation on property and equipment | Depreciation on property and equipment | 7,079 | 5,191 | |||||||||||||||||||
Amortization on intangible assets | Amortization on intangible assets | 1,634 | 11 | |||||||||||||||||||
Noncash lease expense | Noncash lease expense | 1,457 | — | |||||||||||||||||||
Impairment of long-lived assets | Impairment of long-lived assets | 313 | — | |||||||||||||||||||
Equity-based compensation | Equity-based compensation | 6,504 | 2,261 | Equity-based compensation | 25,436 | 6,504 | ||||||||||||||||
Warrant liabilities | Warrant liabilities | 12,796 | 0 | Warrant liabilities | — | 12,796 | ||||||||||||||||
Deferred income tax expense (benefit) | Deferred income tax expense (benefit) | (21) | — | |||||||||||||||||||
Amortization of revolver loan costs | Amortization of revolver loan costs | 397 | — | |||||||||||||||||||
Amortization, net on marketable securities | Amortization, net on marketable securities | 359 | — | |||||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||
Accounts receivable | Accounts receivable | (528) | 2 | Accounts receivable | 2,315 | (528) | ||||||||||||||||
Prepaid expenses and other current assets | 2,313 | 3,191 | ||||||||||||||||||||
Prepaid expenses and other assets | Prepaid expenses and other assets | 8,444 | 2,313 | |||||||||||||||||||
Prepaid revenue share fee | Prepaid revenue share fee | (1,443) | 1,844 | Prepaid revenue share fee | (2,759) | (1,443) | ||||||||||||||||
Accounts payable | Accounts payable | (1,296) | (3,124) | Accounts payable | 1,533 | (1,296) | ||||||||||||||||
Accrued liabilities | 4,719 | (7,938) | ||||||||||||||||||||
Accrued and other long term liabilities | Accrued and other long term liabilities | 25,057 | 4,719 | |||||||||||||||||||
Deferred revenue | Deferred revenue | 26,305 | (17,731) | Deferred revenue | 37,423 | 26,305 | ||||||||||||||||
Operating lease liabilities | Operating lease liabilities | (1,695) | — | |||||||||||||||||||
Deferred rent | Deferred rent | (261) | 501 | Deferred rent | — | (261) | ||||||||||||||||
Net cash used provided by (used in) operating activities | 3,084 | (45,278) | ||||||||||||||||||||
Cash flows used in investing activities: | ||||||||||||||||||||||
Purchases of marketable debt securities | (63,973) | (52,471) | ||||||||||||||||||||
Sales of marketable debt securities | 63,988 | 48,162 | ||||||||||||||||||||
Issuance of loan | 0 | (250) | ||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 75,855 | 3,084 | |||||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | |||||||||||||||||||||
Purchases of marketable securities | Purchases of marketable securities | (341,072) | (63,973) | |||||||||||||||||||
Sales of marketable securities | Sales of marketable securities | 341,072 | 63,988 | |||||||||||||||||||
Purchases of property and equipment | Purchases of property and equipment | (15,210) | (6,438) | Purchases of property and equipment | (15,214) | (15,210) | ||||||||||||||||
Capitalized intangible assets | (263) | (267) | ||||||||||||||||||||
Purchase of intangible assets | Purchase of intangible assets | (257) | (263) | |||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (15,458) | (11,264) | Net cash used in investing activities | (15,471) | (15,458) | ||||||||||||||||
Cash flows provided by (used in) financing activities: | ||||||||||||||||||||||
Repurchase of members’ equity | (11,744) | (210,288) | ||||||||||||||||||||
Proceeds from issuance of members’ equity, net of cost | 80,277 | 113,944 | ||||||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | |||||||||||||||||||||
Repurchase of members’ deficit | Repurchase of members’ deficit | — | (11,744) | |||||||||||||||||||
Distribution to members | Distribution to members | (4,018) | 0 | Distribution to members | (36) | (4,018) | ||||||||||||||||
Proceeds from issuance of members’ deficit, net of cost | Proceeds from issuance of members’ deficit, net of cost | — | 80,277 | |||||||||||||||||||
Issuance of warrants | Issuance of warrants | 289 | 0 | Issuance of warrants | — | 289 | ||||||||||||||||
Proceeds from the exercise of warrants | Proceeds from the exercise of warrants | 2,575 | 0 | Proceeds from the exercise of warrants | — | 2,575 | ||||||||||||||||
Payment of deferred issuance costs | (2,135) | 0 | ||||||||||||||||||||
Payment of issuance costs | Payment of issuance costs | (297) | (2,135) | |||||||||||||||||||
Payment of revolver loan costs | Payment of revolver loan costs | (718) | (652) | Payment of revolver loan costs | — | (718) | ||||||||||||||||
Net cash provided by (used in) financing activities | 64,526 | (96,996) | ||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 52,152 | (153,538) | ||||||||||||||||||||
Net cash (used in) provided by financing activities | Net cash (used in) provided by financing activities | (333) | 64,526 | |||||||||||||||||||
Net increase in cash, cash equivalents, and restricted cash | Net increase in cash, cash equivalents, and restricted cash | 60,051 | 52,152 | |||||||||||||||||||
Cash, cash equivalents, and restricted cash, beginning of period | Cash, cash equivalents, and restricted cash, beginning of period | 139,082 | 236,051 | Cash, cash equivalents, and restricted cash, beginning of period | 309,126 | 139,082 | ||||||||||||||||
Exchange rate effect on cash and cash equivalents, and restricted cash | Exchange rate effect on cash and cash equivalents, and restricted cash | (134) | — | |||||||||||||||||||
Cash, cash equivalents, and restricted cash, end of period | Cash, cash equivalents, and restricted cash, end of period | $ | 191,234 | $ | 82,513 | Cash, cash equivalents, and restricted cash, end of period | $ | 369,043 | $ | 191,234 |
June 30, 2021 | June 30, 2020 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 168,302 | $ | 60,294 | Cash and cash equivalents | $ | 339,736 | $ | 168,302 | ||||||||||||
Restricted cash | Restricted cash | 22,932 | 22,219 | Restricted cash | 29,307 | 22,932 | ||||||||||||||||
Total cash, cash equivalents, and restricted cash | Total cash, cash equivalents, and restricted cash | $ | 191,234 | $ | 82,513 | Total cash, cash equivalents, and restricted cash | $ | 369,043 | $ | 191,234 |
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Balance as of January 1 | Balance as of January 1 | $ | 101,542 | $ | 121,339 | Balance as of January 1 | $ | 188,563 | $ | 101,542 | ||||||||||||
Deferral of revenue | Deferral of revenue | 131,895 | 103,542 | Deferral of revenue | 227,462 | 131,895 | ||||||||||||||||
Recognition of deferred revenue | Recognition of deferred revenue | (105,590) | (121,273) | Recognition of deferred revenue | (190,039) | (105,590) | ||||||||||||||||
Balance as of June 30 | Balance as of June 30 | $ | 127,847 | $ | 103,608 | Balance as of June 30 | $ | 225,986 | $ | 127,847 |
June 30, 2021 | December 31, 2020 | ||||||||||
Prepaid software licenses | $ | 5,027 | $ | 5,504 | |||||||
Coronavirus aid, relief, and economic security act retention credit | 2,036 | 2,036 | |||||||||
Deferred issuance costs | 8,722 | 0 | |||||||||
Other current assets | 3,288 | 3,670 | |||||||||
Total | $ | 19,073 | $ | 11,210 |
June 30, 2022 | December 31, 2021 | ||||||||||
Prepaid software licenses | $ | 6,087 | $ | 4,347 | |||||||
Coronavirus aid, relief, and economic security act retention credit | 1,734 | 2,036 | |||||||||
Prepaid insurance costs | 182 | 2,845 | |||||||||
Other current assets | 4,866 | 12,912 | |||||||||
Total | $ | 12,869 | $ | 22,140 |
June 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||
Due within 1 year | Due within 1 year | $ | 37,826 | $ | 37,813 | Due within 1 year | $ | 292,095 | $ | 288,036 | ||||||||||||
Total marketable debt securities | $ | 37,826 | $ | 37,813 | ||||||||||||||||||
Total marketable securities | Total marketable securities | $ | 292,095 | $ | 288,036 |
Fair Value as of June 30, 2021 | Fair Value as of June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||
Commercial paper | Commercial paper | $ | 0 | $ | 16,691 | $ | 0 | $ | 16,691 | Commercial paper | $ | — | $ | 105,044 | $ | — | $ | 105,044 | ||||||||||||||||||||||||||||
U.S. Treasuries | U.S. Treasuries | 15,969 | 0 | 0 | 15,969 | U.S. Treasuries | 82,121 | — | — | 82,121 | ||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 0 | 1,752 | 0 | 1,752 | Corporate bonds | — | 140,914 | — | 140,914 | ||||||||||||||||||||||||||||||||||||
Total assets in the fair value hierarchy | Total assets in the fair value hierarchy | 15,969 | 18,443 | 0 | 34,412 | Total assets in the fair value hierarchy | 82,121 | 245,958 | — | 328,079 | ||||||||||||||||||||||||||||||||||||
Money market funds measured at NAV(a) | Money market funds measured at NAV(a) | — | — | — | 3,414 | Money market funds measured at NAV(a) | — | — | — | 5,854 | ||||||||||||||||||||||||||||||||||||
Total investments at fair value | $ | 15,969 | $ | 18,443 | $ | 0 | $ | 37,826 | ||||||||||||||||||||||||||||||||||||||
Total assets at fair value | Total assets at fair value | $ | 82,121 | $ | 245,958 | $ | — | $ | 333,933 | |||||||||||||||||||||||||||||||||||||
Warrant liabilities | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Total warrant liabilities at fair value | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||||||||||||||||||
Contingent consideration | Contingent consideration | — | — | (100) | (100) | |||||||||||||||||||||||||||||||||||||||||
Total liabilities at fair value | Total liabilities at fair value | $ | — | $ | — | $ | (100) | $ | (100) |
Fair Value as of December 31, 2020 | Fair Value as of December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||
Commercial paper | Commercial paper | $ | 0 | $ | 11,932 | $ | 0 | $ | 11,932 | Commercial paper | $ | — | $ | 128,867 | $ | — | $ | 128,867 | ||||||||||||||||||||||||||||
U.S. Treasuries | U.S. Treasuries | 5,380 | 0 | 0 | 5,380 | U.S. Treasuries | 82,472 | — | — | 82,472 | ||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | 0 | 20,444 | 0 | 20,444 | Corporate bonds | — | 114,965 | — | 114,965 | ||||||||||||||||||||||||||||||||||||
Total assets in the fair value hierarchy | Total assets in the fair value hierarchy | 5,380 | 32,376 | 0 | 37,756 | Total assets in the fair value hierarchy | 82,472 | 243,832 | — | 326,304 | ||||||||||||||||||||||||||||||||||||
Money market funds measured at NAV(a) | Money market funds measured at NAV(a) | — | — | — | 57 | Money market funds measured at NAV(a) | — | — | — | 8,924 | ||||||||||||||||||||||||||||||||||||
Total investments at fair value | $ | 5,380 | $ | 32,376 | $ | 0 | $ | 37,813 | ||||||||||||||||||||||||||||||||||||||
Total assets at fair value | Total assets at fair value | $ | 82,472 | $ | 243,832 | $ | — | $ | 335,228 | |||||||||||||||||||||||||||||||||||||
Warrant liabilities | $ | 0 | $ | 0 | $ | (17,740) | $ | (17,740) | ||||||||||||||||||||||||||||||||||||||
Total warrant liabilities at fair value | $ | 0 | $ | 0 | $ | (17,740) | $ | (17,740) | ||||||||||||||||||||||||||||||||||||||
Contingent consideration | Contingent consideration | — | — | $ | (100) | (100) | ||||||||||||||||||||||||||||||||||||||||
Total liabilities at fair value | Total liabilities at fair value | $ | — | $ | — | $ | (100) | $ | (100) |
2021 | 2020 | ||||||||||
Balance as of January 1 | $ | (17,740) | $ | (16,853) | |||||||
Warrants issued | (289) | 0 | |||||||||
Issuance of equity upon exercise of certain warrants | 30,206 | 0 | |||||||||
Issuance of equity upon settlement of certain warrants | 619 | 0 | |||||||||
Fair value adjustments | (12,796) | 0 | |||||||||
Balance as of June 30 | $ | 0 | $ | (16,853) |
Balance as of January 1, 2021 | $ | (17,740) | |||
Warrants issued | (289) | ||||
Issuance of equity upon exercise of certain warrants | 30,206 | ||||
Reclassification of certain warrant liabilities to equity | 619 | ||||
Fair value adjustments | (12,796) | ||||
Balance prior to Reorganization | $ | — |
Balance as of January 1, 2022 | $ | (100) | |||
Fair value adjustments | — | ||||
Balance as of June 30, 2022 | $ | (100) |
Depreciation Period in Years | June 30, 2021 | December 31, 2020 | Depreciation period in years | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||
Internally developed software | Internally developed software | 5 | $ | 32,108 | $ | 23,545 | Internally developed software | 3 - 5 | $ | 47,827 | $ | 40,788 | ||||||||||||||||||||||
Acquired software | Acquired software | 3 | 7,538 | 7,538 | Acquired software | 3 | 6,441 | 6,396 | ||||||||||||||||||||||||||
Equipment | Equipment | 5 | 19,368 | 18,210 | Equipment | 5 | 27,261 | 26,322 | ||||||||||||||||||||||||||
Leasehold improvements | Leasehold improvements | 1-10 | 6,893 | 6,548 | Leasehold improvements | 1-10 | 7,752 | 7,671 | ||||||||||||||||||||||||||
Furniture and fixtures | Furniture and fixtures | 5 | 2,213 | 2,181 | Furniture and fixtures | 5 | 2,299 | 2,281 | ||||||||||||||||||||||||||
Construction in progress | Construction in progress | 10,677 | 7,255 | Construction in progress | 9,511 | 2,239 | ||||||||||||||||||||||||||||
Total property and equipment, cost | Total property and equipment, cost | 78,797 | 65,277 | Total property and equipment, cost | 101,091 | 85,697 | ||||||||||||||||||||||||||||
Less: accumulated depreciation | Less: accumulated depreciation | (35,227) | (30,036) | Less: accumulated depreciation | (48,254) | (41,175) | ||||||||||||||||||||||||||||
Total property and equipment, net | Total property and equipment, net | $ | 43,570 | $ | 35,241 | Total property and equipment, net | $ | 52,837 | $ | 44,522 |
June 30, 2022 | |||||
2022 | $ | 2,299 | |||
2023 | 3,729 | ||||
2024 | 4,402 | ||||
2025 | 4,478 | ||||
2026 | 4,478 | ||||
Thereafter | 12,868 | ||||
Total future operating lease payments | 32,254 | ||||
Less: imputed interest | (4,815) | ||||
Lease liabilities, current | 3,162 | ||||
Lease liabilities, non-current | 24,277 | ||||
Total lease liabilities | $ | 27,439 |
Amortization Period in Years | June 30, 2022 | December 31, 2021 | |||||||||||||||
Patents | 20 | $ | 2,372 | $ | 2,115 | ||||||||||||
Acquired intangibles | 1-10 | 22,700 | 20,601 | ||||||||||||||
Other indefinite lived intangible assets | 310 | 310 | |||||||||||||||
Total intangible assets, cost | 25,382 | 23,026 | |||||||||||||||
Less: accumulated amortization | (1,727) | (93) | |||||||||||||||
Intangible assets, net | $ | 23,655 | $ | 22,933 | |||||||||||||
Goodwill | $ | 58,381 | $ | 59,792 |
Amortization Period in Years | June 30, 2022 | December 31, 2021 | |||||||||||||||
Technology | 3 | $ | 4,300 | $ | 4,300 | ||||||||||||
Customer relationships | 11 | $ | 17,900 | $ | 15,801 | ||||||||||||
Brand names | 5 | $ | 500 | $ | 500 | ||||||||||||
Total intangible assets, cost | $ | 22,700 | $ | 20,601 | |||||||||||||
Less: accumulated amortization | $ | (1,580) | $ | — | |||||||||||||
Total acquired intangibles, net | $ | 21,120 | $ | 20,601 |
Amortization Period in Years | June 30, 2021 | December 31, 2020 | |||||||||||||||
Patents | 20 | $ | 1,557 | $ | 1,293 | ||||||||||||
Other indefinite lived intangible assets | 310 | 310 | |||||||||||||||
Total intangible assets, cost | 1,867 | 1,603 | |||||||||||||||
Less: accumulated amortization | (50) | (39) | |||||||||||||||
Intangible assets, net | $ | 1,817 | $ | 1,564 |
June 30, 2022 | December 31, 2021 | ||||||||||
Security deposits | $ | 257 | $ | 242 | |||||||
Loan fees | 178 | 376 | |||||||||
Certificates of deposit | 459 | 459 | |||||||||
Other long-term assets | 2,327 | 2,329 | |||||||||
Total | $ | 3,221 | $ | 3,406 |
June 30, 2022 | December 31, 2021 | ||||||||||
Accrued compensation and benefits | $ | 13,383 | $ | 18,133 | |||||||
Accrued partnership liabilities | 67,166 | 33,442 | |||||||||
Lease liability | 3,162 | — | |||||||||
Other accrued liabilities | 11,727 | 15,645 | |||||||||
Total | $ | 95,438 | $ | 67,220 |
June 30, 2021 | December 31, 2020 | ||||||||||
Security deposits | $ | 242 | $ | 171 | |||||||
Loan fees | 1,108 | 279 | |||||||||
Certificates of deposit | 459 | 459 | |||||||||
Other long-term assets | 108 | 62 | |||||||||
Total | $ | 1,917 | $ | 971 |
June 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||
Accrued compensation and benefits | $ | 10,449 | $ | 9,626 | ||||||||||||||||||
Accrued issuance costs | 5,697 | 0 | ||||||||||||||||||||
Deferred tax liability | Deferred tax liability | $ | 4,459 | $ | 3,792 | |||||||||||||||||
Lease liability | Lease liability | 24,277 | — | |||||||||||||||||||
Other accrued liabilities | Other accrued liabilities | 12,364 | 8,678 | Other accrued liabilities | 1,592 | 4,899 | ||||||||||||||||
Total | Total | $ | 28,510 | $ | 18,304 | Total | $ | 30,328 | $ | 8,691 |
Number of Units | Weighted-average exercise price | ||||||||||
Liability awards | 1,000 | $ | 1.00 | ||||||||
Equity awards | 114,797 | $ | 194.85 |
2021 | |||||
Risk-free interest rate | 0.36% - 0.92% | ||||
Exercise price | $1.00-$290.00 | ||||
Expected term | 3-5 years | ||||
Expected volatility | 45.0% - 50.8% |
Number of Warrants | Weighted-average exercise price | ||||||||||
Liability awards | 70,000 | $ | 36.74 | ||||||||
Equity awards | 3,400 | $ | 1.00 |
Risk-free interest rate | 0.16% -0.19% | ||||
Exercise price | $1.00- $36.74 | ||||
Expected term | 2-3 years | ||||
Expected volatility | 35.1% - 45.0% |
Classification | Number of Warrants | Weighted-Average Exercise Price | Weighted average Remaining Contractual Term (years) | Classification | Number of Warrants | Weighted-Average Exercise Price | Weighted average Remaining Contractual Term (years) | |||||||||||||||||||||||||||||||||||||||
Exercisable for Class A common stock | Equity awards | 7,674,502 | $ | 0.01 | 1.3 | |||||||||||||||||||||||||||||||||||||||||
Exercisable for Class A Common Stock | Exercisable for Class A Common Stock | Equity awards | 4,357,959 | $ | 0.01 | 0.49 | ||||||||||||||||||||||||||||||||||||||||
Exercisable for Alclear Units | Exercisable for Alclear Units | Equity awards | 968,043 | $ | 0.01 | 3.2 | Exercisable for Alclear Units | Equity awards | 968,043 | $ | 0.01 | 2.21 |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||||||||||||||||
Liability awards | Liability awards | $ | 10,903 | $ | 0 | $ | 12,796 | $ | 0 | Liability awards | $ | — | $ | 10,903 | $ | — | $ | 12,796 | ||||||||||||||||||||||||||||
Equity awards | Equity awards | 1,643 | 132 | 1,922 | 1,564 | Equity awards | $ | 51 | $ | 1,643 | $ | 122 | $ | 1,922 | ||||||||||||||||||||||||||||||||
Total | Total | $ | 12,546 | $ | 132 | $ | 14,718 | $ | 1,564 | Total | $ | 51 | $ | 12,546 | $ | 122 | $ | 14,718 |
June 30, 2021 | December 31, 2020 | ||||||||||
Class A redeemable capital units | $ | 0 | $ | 2,620 | |||||||
Class B redeemable capital units | 0 | 566,631 | |||||||||
Total | $ | 0 | $ | 569,251 |
Alclear Units | Ownership Percentage | ||||||||||
Alclear Holding Units held by post-reorganization members | 44,407,609 | 34.81 | % | ||||||||
Alclear Holding Units held by Alclear Investments, LLC and Alclear Investments II, LLC | 24,756,018 | 19.40 | % | ||||||||
Total | 69,163,627 | 54.21 | % |
Alclear Units | Ownership Percentage | ||||||||||
Alclear Units held by post-reorganization members | 40,240,124 | 27.06 | % | ||||||||
Alclear Units held by Alclear Investments, LLC and Alclear Investments II, LLC | 26,705,315 | 17.96 | % | ||||||||
Total | 66,945,439 | 45.02 | % |
Alclear RSU’s | Weighted- Average Grant-Date Fair Value | Profit Units | Weighted- Average Grant-Date Fair Value | Alclear RSU’s | Weighted- Average Grant-Date Fair Value | Profit Units | Weighted- Average Grant-Date Fair Value | |||||||||||||||||||||||||||||||||||||||
Unvested balance, January 1, 2021 | Unvested balance, January 1, 2021 | 453,350 | $ | 14.51 | 9,085,704 | $ | 1.12 | Unvested balance, January 1, 2021 | 453,350 | $ | 14.51 | 9,085,704 | $ | 1.12 | ||||||||||||||||||||||||||||||||
Granted | Granted | 860,357 | 15.33 | 0 | 0 | Granted | 860,357 | 15.33 | — | 0.64 | ||||||||||||||||||||||||||||||||||||
Vested | Vested | 0 | 0 | (345,703) | (0.40) | Vested | — | — | (345,703) | (0.40) | ||||||||||||||||||||||||||||||||||||
Forfeited | Forfeited | (25,479) | (15.36) | (881,227) | (0.90) | Forfeited | (25,479) | (15.36) | (881,227) | (0.90) | ||||||||||||||||||||||||||||||||||||
Effect of reorganization | Effect of reorganization | (1,288,228) | (15.04) | (7,858,774) | (1.17) | Effect of reorganization | (1,288,228) | (15.04) | (7,858,774) | (1.17) | ||||||||||||||||||||||||||||||||||||
Unvested balance, June 30, 2021 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Unvested balance upon IPO | Unvested balance upon IPO | — | — | — | — |
RSA - Class A Common Stock | Weighted- Average Grant-Date Fair Value | RSA - Alclear Units | Weighted- Average Grant-Date Fair Value | ||||||||||||||||||||
Balance upon effect of reorganization* | 1,878,986 | $ | 1.03 | 2,144,361 | $ | 1.29 | |||||||||||||||||
Granted | 0 | 0 | 0 | 0 | |||||||||||||||||||
Vested | 0 | 0 | 0 | 0 | |||||||||||||||||||
Forfeited | 0 | 0 | 0 | 0 | |||||||||||||||||||
Balance, June 30, 2021 | 1,878,986 | $ | 1.03 | 2,144,361 | $ | 1.29 |
RSA - Class A Common Stock | Weighted- Average Grant-Date Fair Value | RSA - Alclear Units | Weighted- Average Grant-Date Fair Value | ||||||||||||||||||||
Unvested balance as of January 1, 2022 | 1,429,883 | $ | 1.04 | 190,558 | $ | 1.29 | |||||||||||||||||
Granted | — | — | — | — | |||||||||||||||||||
Vested | (356,768) | (1.29) | — | — | |||||||||||||||||||
Forfeited | (161,959) | (0.87) | — | — | |||||||||||||||||||
Unvested balance as of June 30, 2022 | 911,156 | $ | 0.97 | 190,558 | $ | 1.29 |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||
Cost of direct salaries and benefits | Cost of direct salaries and benefits | $ | 2 | $ | — | $ | 4 | $ | — | ||||||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | $ | 299 | $ | 249 | $ | 600 | $ | 526 | General and administrative | 8 | 299 | 71 | 600 | |||||||||||||||||||||||||||||||||||
Research and development | Research and development | 61 | 74 | 108 | 138 | Research and development | 38 | 61 | 81 | 108 | |||||||||||||||||||||||||||||||||||||||
Sales and marketing | Sales and marketing | (7) | 5 | (28) | 13 | Sales and marketing | — | (7) | 1 | (28) | |||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 353 | $ | 328 | $ | 680 | $ | 677 | Total | $ | 48 | $ | 353 | $ | 157 | $ | 680 |
RSU’s | Weighted- Average Grant-Date Fair Value | RSU Units - Class B Common Stock | Weighted- Average Grant-Date Fair Value | ||||||||||||||||||||
Balance upon effect of reorganization* | 3,009,982 | $ | 7.23 | 2,113,672 | $ | 2.29 | |||||||||||||||||
Granted | 0 | 0 | 0 | 0 | |||||||||||||||||||
Vested | 0 | 0 | 0 | 0 | |||||||||||||||||||
Forfeited | 0 | 0 | 0 | 0 | |||||||||||||||||||
Unvested balance, June 30, 2021 | 3,009,982 | $ | 7.23 | 2,113,672 | $ | 2.29 |
RSU’s | Weighted- Average Grant-Date Fair Value | ||||||||||
Unvested balance as of January 1, 2022 | 3,418,124 | $ | 23.56 | ||||||||
Granted | 1,645,587 | 25.36 | |||||||||
Vested | (7,528) | (31.00) | |||||||||
Forfeited | (614,963) | (13.40) | |||||||||
Unvested balance as of June 30, 2022 | 4,441,220 | $ | 25.62 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||
Cost of direct salaries and benefits | $ | 41 | $ | — | $ | 133 | $ | — | ||||||||||||||||||
General and administrative | 2,856 | 2,969 | 5,483 | 2,969 | ||||||||||||||||||||||
Research and development | 2,653 | 707 | 6,351 | 707 | ||||||||||||||||||||||
Sales and marketing | 99 | 85 | 147 | 85 | ||||||||||||||||||||||
Total | $ | 5,649 | $ | 3,761 | $ | 12,114 | $ | 3,761 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||
RSAs | $ | 48 | $ | 353 | $ | 157 | $ | 680 | ||||||||||||||||||
RSUs | 5,649 | 3,761 | 12,114 | 3,761 | ||||||||||||||||||||||
Founder PSUs | 6,558 | 139 | 13,043 | 139 | ||||||||||||||||||||||
Total | $ | 12,255 | $ | 4,253 | $ | 25,314 | $ | 4,580 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | ||||||||||||||||||||
RSAs | $ | 353 | $ | 328 | $ | 680 | $ | 677 | |||||||||||||||
RSUs | 3,761 | 0 | 3,761 | 0 | |||||||||||||||||||
Founder PSUs | 139 | 0 | 139 | 0 | |||||||||||||||||||
Total | $ | 4,253 | $ | 328 | $ | 4,580 | $ | 677 |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||
Cost of direct salaries and benefits | Cost of direct salaries and benefits | $ | 43 | $ | — | $ | 137 | 0 | |||||||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | $ | 3,407 | $ | 249 | $ | 3,708 | $ | 526 | General and administrative | 9,422 | 3,407 | 18,597 | 3,708 | |||||||||||||||||||||||||||||||||||
Research and development | Research and development | 768 | 74 | 815 | 138 | Research and development | 2,691 | 768 | 6,432 | 815 | |||||||||||||||||||||||||||||||||||||||
Sales and marketing | Sales and marketing | 78 | 5 | 57 | 13 | Sales and marketing | 99 | 78 | 148 | 57 | |||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 4,253 | $ | 328 | $ | 4,580 | $ | 677 | Total | $ | 12,255 | $ | 4,253 | $ | 25,314 | $ | 4,580 |
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | ||||||||||||||||||||||
Class A | Class B | Class A | Class B | ||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Net loss attributable to Clear Secure, Inc. | $ | (7,061) | $ | (94) | $ | (1,969) | $ | (35) | |||||||||||||||
Add: reallocation of net loss attributable to non-controlling interests from the assumed exercise of certain warrants | (9) | — | — | — | |||||||||||||||||||
Net loss attributable to Clear Secure, Inc. used to calculate net loss per common share, basic | (7,070) | (94) | (1,969) | (35) | |||||||||||||||||||
Weighted-average number of shares outstanding, basic | 78,985,429 | 1,042,234 | 57,371,788 | 1,042,234 | |||||||||||||||||||
Add: weighted-average number of shares from the assumed exercise of certain warrants | 434,775 | — | — | — | |||||||||||||||||||
Weighted-average number of shares outstanding used to calculate net loss per common share, basic | 79,420,204 | 1,042,234 | 57,371,788 | 1,042,234 | |||||||||||||||||||
Net loss per common share, basic: | $ | (0.09) | $ | (0.09) | $ | (0.03) | $ | (0.03) | |||||||||||||||
Diluted: | |||||||||||||||||||||||
Net loss attributable to Clear Secure, Inc. used to calculate net loss per common share, basic | $ | (7,070) | $ | (94) | $ | (1,969) | $ | (35) | |||||||||||||||
Weighted-average number of shares outstanding used to calculate net loss per common share, basic | 79,420,204 | 1,042,234 | 57,371,788 | 1,042,234 | |||||||||||||||||||
Effect of dilutive shares | — | — | — | — | |||||||||||||||||||
Weighted-average number of shares outstanding, diluted | 79,420,204 | 1,042,234 | 57,371,788 | 1,042,234 | |||||||||||||||||||
Net loss per common share, diluted: | $ | (0.09) | $ | (0.09) | $ | (0.03) | $ | (0.03) |
Three and Six Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||||||||||
Basic: | Basic: | Basic: | ||||||||||||||||||||||||||||||||
Net loss attributable to Clear Secure, Inc. | Net loss attributable to Clear Secure, Inc. | $ | (1,969) | $ | (35) | Net loss attributable to Clear Secure, Inc. | $ | (17,251) | $ | (231) | $ | (1,969) | $ | (35) | ||||||||||||||||||||
Add: reallocation of net loss attributable to non-controlling interests from the assumed exercise of certain warrants | Add: reallocation of net loss attributable to non-controlling interests from the assumed exercise of certain warrants | (314) | (4) | — | — | |||||||||||||||||||||||||||||
Net loss attributable to Clear Secure, Inc. used to calculate net loss per common share, basic | Net loss attributable to Clear Secure, Inc. used to calculate net loss per common share, basic | (17,565) | (235) | (1,969) | (35) | |||||||||||||||||||||||||||||
Weighted-average number of shares outstanding, basic | Weighted-average number of shares outstanding, basic | 57,371,788 | 1,042,234 | Weighted-average number of shares outstanding, basic | 77,815,348 | 1,042,234 | 57,371,788 | 1,042,234 | ||||||||||||||||||||||||||
Net loss per common stock, basic: | $ | (0.03) | $ | (0.03) | ||||||||||||||||||||||||||||||
Add: weighted-average number of shares from the assumed exercise of certain warrants | Add: weighted-average number of shares from the assumed exercise of certain warrants | 238,609 | — | — | — | |||||||||||||||||||||||||||||
Weighted-average number of shares outstanding used to calculate net loss per common share, basic | Weighted-average number of shares outstanding used to calculate net loss per common share, basic | 78,053,957 | 1,042,234 | 57,371,788 | 1,042,234 | |||||||||||||||||||||||||||||
Net loss per common share, basic: | Net loss per common share, basic: | $ | (0.23) | $ | (0.23) | $ | (0.03) | $ | (0.03) | |||||||||||||||||||||||||
Diluted: | Diluted: | Diluted: | ||||||||||||||||||||||||||||||||
Net loss attributable to Clear Secure, Inc. | $ | (1,969) | $ | (35) | ||||||||||||||||||||||||||||||
Weighted-average number of shares outstanding, basic | 57,371,788 | 1,042,234 | ||||||||||||||||||||||||||||||||
Potentially dilutive shares | 0 | 0 | ||||||||||||||||||||||||||||||||
Net loss attributable to Clear Secure, Inc. used to calculate net loss per common share, basic | Net loss attributable to Clear Secure, Inc. used to calculate net loss per common share, basic | $ | (17,565) | $ | (235) | $ | (1,969) | $ | (35) | |||||||||||||||||||||||||
Weighted-average number of shares outstanding used to calculate net loss per common share, basic | Weighted-average number of shares outstanding used to calculate net loss per common share, basic | 78,053,957 | 1,042,234 | 57,371,788 | 1,042,234 | |||||||||||||||||||||||||||||
Effect of dilutive shares | Effect of dilutive shares | 0 | 0 | — | — | |||||||||||||||||||||||||||||
Weighted-average number of shares outstanding, diluted | Weighted-average number of shares outstanding, diluted | 57,371,788 | 1,042,234 | Weighted-average number of shares outstanding, diluted | 78,053,957 | 1,042,234 | 57,371,788 | 1,042,234 | ||||||||||||||||||||||||||
Net loss per common stock, diluted: | $ | (0.03) | $ | (0.03) | ||||||||||||||||||||||||||||||
Net loss per common share, diluted: | Net loss per common share, diluted: | $ | (0.23) | $ | (0.23) | $ | (0.03) | $ | (0.03) |
Three and Six Months Ended June 30, 2022 | Three and Six Months Ended June 30, 2021 | |||||||||||||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||||||||||||
Exchangeable Alclear Units | 40,434,232 | 26,705,315 | 47,029,364 | 26,709,821 | ||||||||||||||||||||||
Dilutive RSA’s | 1,101,714 | — | 2,069,544 | 1,953,803 | ||||||||||||||||||||||
Dilutive RSU’s | 3,047,895 | — | 1,128,358 | 159,869 | ||||||||||||||||||||||
Total | 44,583,841 | 26,705,315 | 50,227,266 | 28,823,493 |
Three and Six Months Ended June 30, 2021 | |||||||||||
Class A | Class B | ||||||||||
Potentially dilutive warrants | 2,431,197 | 0 | |||||||||
Potentially dilutive exchangeable Alclear Units | 44,598,167 | 26,709,821 | |||||||||
Potentially dilutive RSA’s | 2,069,544 | 1,953,803 | |||||||||
Potentially dilutive RSU’s | 1,128,358 | 159,869 | |||||||||
Potentially dilutive shares | 50,227,266 | 28,823,493 |
2022 | $ | 9,421 | |||
2023 | 15,370 | ||||
2024 | 8,150 | ||||
2025 | 3,408 | ||||
2026 | 457 | ||||
Thereafter | — | ||||
Total | $ | 36,806 |
2021 | $ | 8,503 | |||
2022 | 15,848 | ||||
2023 | 14,821 | ||||
2024 | 11,164 | ||||
2025 | 9,653 | ||||
Thereafter | 21,703 | ||||
Total | $ | 81,692 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(In thousands) | June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||||||||
Net income (loss) | $ | (38,099) | $ | 22,346 | $ | (51,227) | $ | (28,907) | |||||||||||||||
Income taxes | 211 | 10 | 217 | 10 | |||||||||||||||||||
Interest income, net | 142 | (79) | 213 | (669) | |||||||||||||||||||
Depreciation and amortization | 2,664 | 2,329 | 5,202 | 4,623 | |||||||||||||||||||
Equity-based compensation expense | 5,897 | 932 | 7,216 | 52,657 | |||||||||||||||||||
Warrant liabilities | 10,903 | — | 12,796 | — | |||||||||||||||||||
Adjusted EBITDA | $ | (18,282) | $ | 25,538 | $ | (25,583) | $ | 27,714 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(In thousands) | June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 3,419 | $ | (3,432) | $ | 3,084 | $ | (45,278) | |||||||||||||||
Purchases of property and equipment | (6,416) | (2,088) | (15,210) | (6,438) | |||||||||||||||||||
Share repurchases over fair value | — | 463 | 712 | 50,398 | |||||||||||||||||||
Free Cash Flow | $ | (2,997) | $ | (5,057) | $ | (11,414) | $ | (1,318) |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | $ Change | % Change | June 30, 2021 | June 30, 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Total Bookings (in millions) | $ | 70.0 | $ | 34.6 | $ | 35.4 | 102 | % | $ | 132.0 | $ | 103.5 | $ | 28.5 | 28 | % |
As of | |||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | Change | % Change | ||||||||||||||||||||
Total Cumulative Enrollments (in thousands) | 6,322 | 5,037 | 1,285 | 26 | % |
As of | |||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | Change | % Change | ||||||||||||||||||||
Total Cumulative Platform Uses (in thousands) | 65,503 | 55,276 | 10,227 | 19 | % |
As of | ||||||||||||||||||||
June 30, 2021 | June 30, 2020 | Change | ||||||||||||||||||
Annual CLEAR Plus Net Member Retention | 80.6 | % | 83.5 | % | (2.9 | %) |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | $ Change | % Change | June 30, 2022 | June 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Total Bookings (in millions) | $ | 122.9 | $ | 70.0 | $ | 52.9 | 76 | % | $ | 230.7 | $ | 132.0 | $ | 98.7 | 75 | % |
As of | |||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | Change | % Change | ||||||||||||||||||||
Total Cumulative Enrollments (in thousands) | 13,097 | 6,322 | 6,775 | 107% |
As of | |||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | Change | % Change | ||||||||||||||||||||
Total Cumulative Platform Uses (in thousands) | 106,631 | 65,503 | 41,128 | 63% |
As of | ||||||||||||||||||||
June 30, 2022 | June 30, 2021 | Change | ||||||||||||||||||
Annual CLEAR Plus Net Member Retention | 94.3% | 80.6% | 13.7% |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(In thousands) | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||
Net loss | $ | (12,323) | $ | (38,099) | $ | (31,117) | $ | (51,227) | |||||||||||||||
Income tax expense (benefit) | (147) | 211 | 155 | 217 | |||||||||||||||||||
Interest (income) expense, net | (187) | 142 | (194) | 213 | |||||||||||||||||||
Other (income) expense, net | (465) | — | (197) | — | |||||||||||||||||||
Depreciation and amortization | 4,328 | 2,664 | 8,712 | 5,202 | |||||||||||||||||||
Equity-based compensation expense | 12,307 | 5,897 | 25,436 | 7,216 | |||||||||||||||||||
Warrant liabilities | — | 10,903 | — | 12,796 | |||||||||||||||||||
Adjusted EBITDA (Loss) | $ | 3,513 | $ | (18,282) | $ | 2,795 | $ | (25,583) |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(In thousands) | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||
Net loss attributable to Clear Secure, Inc. | $ | (7,155) | $ | (2,004) | $ | (17,482) | $ | (2,004) | |||||||||||||||
Reallocation of net loss attributable to non-controlling interests | (5,168) | (2,375) | (13,635) | (2,375) | |||||||||||||||||||
Net loss per above | (12,323) | (4,379) | (31,117) | (4,379) | |||||||||||||||||||
Equity-based compensation expense | 12,307 | 3,913 | 25,436 | 3,913 | |||||||||||||||||||
Amortization of acquired intangibles | 711 | — | 1,580 | — | |||||||||||||||||||
Income tax effect | (203) | — | (405) | — | |||||||||||||||||||
Adjusted Net Income (Loss) | $ | 492 | $ | (466) | $ | (4,506) | $ | (466) |
Three Months Ended | |||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||
Weighted-average number of shares outstanding, basic for Class A Common Stock | 79,420,204 | 57,371,788 | |||||||||
Adjustments | |||||||||||
Assumed weighted-average conversion of issued and outstanding Class B Common Stock | 1,042,234 | 1,042,234 | |||||||||
Assumed weighted-average conversion of issued and outstanding Class C Common Stock | 41,892,237 | 44,407,609 | |||||||||
Assumed weighted-average conversion of issued and outstanding Class D Common Stock | 26,705,315 | 24,756,018 | |||||||||
Assumed weighted-average conversion of vested and outstanding warrants | 194,108 | 2,431,206 | |||||||||
Adjusted Weighted-Average Number of Shares Outstanding, Basic | 149,254,098 | 130,008,855 |
Six Months Ended | |||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||
Weighted-average number of shares outstanding, basic for Class A Common Stock | 78,053,957 | 57,371,788 | |||||||||
Adjustments | |||||||||||
Assumed weighted-average conversion of issued and outstanding Class B Common Stock | 1,042,234 | 1,042,234 | |||||||||
Assumed weighted-average conversion of issued and outstanding Class C Common Stock | 42,940,757 | 44,407,609 | |||||||||
Assumed weighted-average conversion of issued and outstanding Class D Common Stock | 26,705,365 | 24,756,018 | |||||||||
Assumed weighted-average conversion of vested and outstanding warrants | 178,619 | 2,431,206 | |||||||||
Adjusted Weighted-Average Number of Shares Outstanding, Basic | 148,920,932 | 130,008,855 |
Three Months Ended | Six Months Ended | |||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||
Adjusted net income (loss) | 492 | (466) | (4,506) | (466) | ||||||||||
Adjusted weighted-average number of shares outstanding, basic | 149,254,098 | 130,008,855 | 148,920,932 | 130,008,855 | ||||||||||
Adjusted Net Income (Loss) per Common Share, Basic | $0.00 | $0.00 | $(0.03) | $0.00 |
Three Months Ended | |||||
June 30, 2022 | |||||
Adjusted net income | 492 | ||||
Adjusted weighted-average number of shares outstanding, basic | 149,254,098 | ||||
Weighted-average impact of unvested RSA’s | 1,213,374 | ||||
Weighted-average impact of unvested RSU’s | 642,547 | ||||
Total | 151,110,019 | ||||
Adjusted Net Income per Common Share, Diluted: | $0.00 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||||
Adjusted net loss per common share, basic | $0.00 | $0.00 | $(0.03) | $0.00 | |||||||||||||||||||
Adjusted net income (loss) per common share, diluted | $0.00 | $0.00 | $(0.03) | $0.00 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(In thousands) | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||
Net cash provided by operating activities | $ | 50,923 | $ | 3,419 | $ | 75,855 | $ | 3,084 | |||||||||||||||
Purchases of property and equipment | (9,681) | (6,416) | (15,214) | (15,210) | |||||||||||||||||||
Share repurchases over fair value | — | — | — | 712 | |||||||||||||||||||
Free Cash Flow | $ | 41,242 | $ | (2,997) | $ | 60,641 | $ | (11,414) |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | $ Change | % Change | June 30, 2022 | June 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||
Revenue | Revenue | $ | 55.2 | $ | 60.0 | $ | (4.8) | (8) | % | Revenue | $ | 102.7 | $ | 55.2 | $ | 47.5 | 86 | % | ||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue share fee | Cost of revenue share fee | $ | 8.3 | $ | 7.3 | $ | 1.0 | 14 | % | Cost of revenue share fee | $ | 12.3 | $ | 8.3 | $ | 4.0 | 48 | % | ||||||||||||||||||||||||||||
Cost of direct salaries and benefits | Cost of direct salaries and benefits | $ | 15.8 | $ | 6.2 | $ | 9.6 | 155 | % | Cost of direct salaries and benefits | $ | 25.3 | $ | 15.8 | $ | 9.5 | 60 | % | ||||||||||||||||||||||||||||
Research and development | Research and development | $ | 10.9 | $ | 5.4 | $ | 5.5 | 102 | % | Research and development | $ | 14.3 | $ | 10.9 | $ | 3.4 | 31 | % | ||||||||||||||||||||||||||||
Sales and marketing | Sales and marketing | $ | 10.9 | $ | 1.5 | $ | 9.4 | 627 | % | Sales and marketing | $ | 11.4 | $ | 10.9 | $ | 0.5 | 5 | % | ||||||||||||||||||||||||||||
General and administrative | General and administrative | $ | 44.3 | $ | 14.9 | $ | 29.4 | 197 | % | General and administrative | $ | 48.2 | $ | 44.3 | $ | 3.9 | 9 | % | ||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | $ | 2.7 | $ | 2.3 | $ | 0.4 | 17 | % | Depreciation and amortization | $ | 4.3 | $ | 2.7 | $ | 1.6 | 59 | % | ||||||||||||||||||||||||||||
Operating income (loss) | $ | (37.7) | $ | 22.4 | $ | (60.1) | (268) | % | ||||||||||||||||||||||||||||||||||||||
Operating loss | Operating loss | $ | (13.1) | $ | (37.7) | $ | 24.6 | (65) | % | |||||||||||||||||||||||||||||||||||||
Other income (expense) | Other income (expense) | Other income (expense) | ||||||||||||||||||||||||||||||||||||||||||||
Interest income, net | $ | (0.1) | $ | 0.1 | $ | (0.2) | (200) | % | ||||||||||||||||||||||||||||||||||||||
Interest income (expense), net | Interest income (expense), net | $ | 0.2 | $ | (0.1) | $ | 0.3 | N/A | ||||||||||||||||||||||||||||||||||||||
Other income (expense), net | Other income (expense), net | $ | 0.5 | $ | — | $ | 0.5 | N/A | ||||||||||||||||||||||||||||||||||||||
Income (loss) before tax | Income (loss) before tax | $ | (37.8) | $ | 22.5 | $ | (60.3) | (268) | % | Income (loss) before tax | $ | (12.4) | $ | (37.8) | $ | 25.4 | (67) | % | ||||||||||||||||||||||||||||
Income tax expense | $ | (0.2) | $ | — | $ | (0.2) | N/A | |||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | Income tax benefit (expense) | $ | 0.1 | $ | (0.2) | $ | 0.3 | N/A | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (38.0) | $ | 22.5 | $ | (60.5) | (269) | % | Net income (loss) | $ | (12.3) | $ | (38.0) | $ | 25.7 | (68) | % |
Six Months Ended | |||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | $ Change | % Change | ||||||||||||||||||||
Revenue | $ | 105.7 | $ | 121.3 | $ | (15.6) | (13) | % | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of revenue share fee | $ | 16.1 | $ | 17.4 | $ | (1.3) | (7) | % | |||||||||||||||
Cost of direct salaries and benefits | $ | 28.0 | $ | 23.8 | $ | 4.2 | 18 | % | |||||||||||||||
Research and development | $ | 19.9 | $ | 17.1 | $ | 2.8 | 16 | % | |||||||||||||||
Sales and marketing | $ | 15.9 | $ | 8.2 | $ | 7.7 | 94 | % | |||||||||||||||
General and administrative | $ | 71.5 | $ | 79.8 | $ | (8.3) | (10) | % | |||||||||||||||
Depreciation and amortization | $ | 5.2 | $ | 4.6 | $ | 0.6 | 13 | % | |||||||||||||||
Operating loss | $ | (50.9) | $ | (29.6) | $ | (21.3) | 72 | % | |||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest income, net | $ | (0.2) | $ | 0.7 | $ | (0.9) | (129) | % | |||||||||||||||
Income (loss) before tax | $ | (51.1) | $ | (28.9) | $ | (22.2) | 77 | % | |||||||||||||||
Income tax expense | $ | (0.2) | $ | — | $ | (0.2) | N/A | ||||||||||||||||
Net income (loss) | $ | (51.3) | $ | (28.9) | $ | (22.4) | 78 | % |
Six Months Ended | |||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | $ Change | % Change | ||||||||||||||||||||
Revenue | $ | 193.3 | $ | 105.7 | $ | 87.6 | 83 | % | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of revenue share fee | $ | 24.5 | $ | 16.1 | $ | 8.4 | 52 | % | |||||||||||||||
Cost of direct salaries and benefits | $ | 48.3 | $ | 28.0 | $ | 20.3 | 73 | % | |||||||||||||||
Research and development | $ | 29.8 | $ | 19.9 | $ | 9.9 | 50 | % | |||||||||||||||
Sales and marketing | $ | 19.2 | $ | 15.9 | $ | 3.3 | 21 | % | |||||||||||||||
General and administrative | $ | 94.1 | $ | 71.5 | $ | 22.6 | 32 | % | |||||||||||||||
Depreciation and amortization | $ | 8.7 | $ | 5.2 | $ | 3.5 | 67 | % | |||||||||||||||
Operating loss | $ | (31.4) | $ | (50.9) | $ | 19.5 | (38) | % | |||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest income (expense), net | $ | 0.2 | $ | (0.2) | $ | 0.4 | N/A | ||||||||||||||||
Other income (expense), net | $ | 0.2 | $ | — | $ | 0.2 | N/A | ||||||||||||||||
Income (loss) before tax | $ | (31.0) | $ | (51.1) | $ | 20.1 | (39) | % | |||||||||||||||
Income tax benefit (expense) | $ | (0.2) | $ | (0.2) | $ | — | N/A | ||||||||||||||||
Net income (loss) | $ | (31.2) | $ | (51.3) | $ | 20.1 | (39) | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | $ Change | % Change | June 30, 2020 | June 30, 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Revenue | $ | 55.2 | $ | 60.0 | $ | (4.8) | (8) | % | $ | 105.7 | $ | 121.3 | $ | (15.6) | (13) | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | $ Change | % Change | June 30, 2022 | June 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Revenue | $ | 102.7 | $ | 55.2 | $ | 47.5 | 86 | % | $ | 193.3 | $ | 105.7 | $ | 87.6 | 83 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | $ Change | % Change | June 30, 2021 | June 30, 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Cost of revenue share fee | $ | 8.3 | $ | 7.3 | $ | 1.0 | 14 | % | $ | 16.1 | $ | 17.4 | $ | (1.3) | (7) | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | $ Change | % Change | June 30, 2022 | June 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Cost of revenue share fee | $ | 12.3 | $ | 8.3 | $ | 4.0 | 48 | % | $ | 24.5 | $ | 16.1 | $ | 8.4 | 52 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | $ Change | % Change | June 30, 2021 | June 30, 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Cost of direct salaries and benefits | $ | 15.8 | $ | 6.2 | $ | 9.6 | 155 | % | $ | 28.0 | $ | 23.8 | $ | 4.2 | 18 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | $ Change | % Change | June 30, 2022 | June 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Cost of direct salaries and benefits | $ | 25.3 | $ | 15.8 | $ | 9.5 | 60.1 | % | $ | 48.3 | $ | 28.0 | $ | 20.3 | 73 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | $ Change | % Change | June 30, 2021 | June 30, 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Research and development | $ | 10.9 | $ | 5.4 | $ | 5.5 | 102 | % | $ | 19.9 | $ | 17.1 | $ | 2.8 | 16 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | $ Change | % Change | June 30, 2022 | June 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Research and development | $ | 14.3 | $ | 10.9 | $ | 3.4 | 31 | % | $ | 29.8 | $ | 19.9 | $ | 9.9 | 50 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | $ Change | % Change | June 30, 2021 | June 30, 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Sales and marketing | $ | 10.9 | $ | 1.5 | $ | 9.4 | 627 | % | $ | 15.9 | $ | 8.2 | $ | 7.7 | 94 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | $ Change | % Change | June 30, 2022 | June 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Sales and marketing | $ | 11.4 | $ | 10.9 | $ | 0.5 | 5 | % | $ | 19.2 | $ | 15.9 | $ | 3.3 | 21 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | $ Change | % Change | June 30, 2021 | June 30, 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
General and administrative | $ | 44.3 | $ | 14.9 | $ | 29.4 | 197 | % | $ | 71.5 | $ | 79.8 | $ | (8.3) | (10) | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | $ Change | % Change | June 30, 2022 | June 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
General and administrative | $ | 48.2 | $ | 44.3 | $ | 3.9 | 9 | % | $ | 94.1 | $ | 71.5 | $ | 22.6 | 32 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | $ Change | % Change | June 30, 2022 | June 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Interest Income, net | $ | 0.2 | $ | (0.1) | $ | 0.3 | N/A | $ | 0.2 | $ | (0.2) | $ | 0.4 | N/A |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | $ Change | % Change | June 30, 2021 | June 30, 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Interest Income, net | $ | (0.1) | $ | 0.1 | $ | (0.2) | (200) | % | $ | (0.2) | $ | 0.7 | $ | (0.9) | (129) | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | $ Change | % Change | June 30, 2022 | June 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Other income | $ | 0.5 | $ | — | $ | 0.5 | N/A | $ | 0.5 | $ | — | $ | 0.5 | N/A | ||||||||||||||||||||||||||||||
Other expense | $ | — | $ | — | $ | — | N/A | $ | (0.3) | $ | — | $ | (0.3) | N/A | ||||||||||||||||||||||||||||||
Other income (expense), net | $ | 0.5 | $ | — | $ | 0.5 | N/A | $ | 0.2 | $ | — | $ | 0.2 | N/A |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | $ Change | % Change | June 30, 2022 | June 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | $ | 0.1 | $ | (0.2) | $ | 0.3 | N/A | $ | (0.2) | $ | (0.2) | $ | — | N/A |
Six Months Ended June 30, | Six Months Ended | |||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | June 30, 2022 | June 30, 2021 | $ Change | ||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $3.1 | ($45.3) | $48.4 | (107 | %) | |||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | $75.8 | $3.1 | $72.7 | ||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | ($15.5) | ($11.3) | ($4.2) | 37 | % | Net cash used in investing activities | ($15.5) | ($15.5) | $— | ||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | $64.6 | ($97.0) | $161.6 | (167 | %) | |||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | $52.2 | ($153.6) | $205.8 | (134 | %) | |||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | Net cash (used in) provided by financing activities | ($0.3) | $64.6 | ($64.9) | ||||||||||||||||||||||||||||||||||||
Net increase in cash, cash equivalents, and restricted cash | Net increase in cash, cash equivalents, and restricted cash | $60.0 | $52.2 | $7.8 | ||||||||||||||||||||||||||||||||||||
Cash, cash equivalents, and restricted cash, beginning of year | Cash, cash equivalents, and restricted cash, beginning of year | $139.1 | $236.1 | ($97.0) | (41 | %) | Cash, cash equivalents, and restricted cash, beginning of year | $309.1 | $139.1 | $170.0 | ||||||||||||||||||||||||||||||
Net exchange differences on cash, cash equivalents, and restricted cash | Net exchange differences on cash, cash equivalents, and restricted cash | ($0.1) | $— | ($0.1) | ||||||||||||||||||||||||||||||||||||
Cash, cash equivalents, and restricted cash, end of period | Cash, cash equivalents, and restricted cash, end of period | $191.2 | $82.5 | $108.7 | 132 | % | Cash, cash equivalents, and restricted cash, end of period | $369.0 | $191.3 | $177.7 |
Operating Lease Payments | |||||
2021 | $ | 8.5 | |||
2022 | $ | 15.8 | |||
2023 | $ | 14.8 | |||
2024 | $ | 11.2 | |||
2025 | $ | 9.7 | |||
Thereafter | $ | 21.7 | |||
Total | $ | 81.7 |
Exhibit Number | Description | |||||||
Investments, LLC, Alclear Investments II, LLC, Alclear Management Pooling Vehicle, LLC, Kenneth Cornick and the other parties thereto (incorporated by reference to the Company’s Current Report Form 8-K (File No. 001- 40568), filed on July 2, 2021). | ||||||||
Holdings, LLC, Clear Secure, Inc., and the other parties thereto (incorporated by reference to the Company’s Current Report Form 8-K (File No. 001-40568), filed on July 2, 2021). | ||||||||
(incorporated by reference to the Company’s Current Report Form 8-K (File No. 001-40568), filed on July 2, 2021). | ||||||||
(incorporated by reference to the Company’s Current Report Form 8-K (File No. 001-40568), filed on July 2, 2021). | ||||||||
(incorporated by reference to the Company’s Current Report Form 8-K (File No. 001-40568), filed on July 2, 2021). | ||||||||
Form of Form S-1 (File No. 333-256851), filed on June 7, 2021). | ||||||||
Clear the Registration Statement on Form S-1 (File No. 333-256851), filed on June 23, 2021). | ||||||||
(incorporated by reference to the Company’s to the Registration Statement on Form S-1 (File No. 333-256851), filed on June 7, 2021). | ||||||||
(incorporated by reference to the Company’s to the Registration Statement on Form S-1 (File No. 333-256851), filed on June 7, 2021). | ||||||||
parties thereto, the lenders party thereto and JPMorgan Chase Bank, N.A. (incorporated by reference to the Company’s to the Registration Statement on Form S-1 (File No. 333-256851), filed on June 7, 2021). | ||||||||
101.INS | Inline 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.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
Date: | August | By: | /s/ Caryn Seidman-Becker | ||||||||||||||
Caryn Seidman-Becker | |||||||||||||||||
Chief Executive Officer | |||||||||||||||||
Date: | August | By: | /s/ Kenneth Cornick | ||||||||||||||
Kenneth Cornick | |||||||||||||||||
President and Chief Financial Officer | |||||||||||||||||