x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the quarterly period ended September 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 | ||||||||
Class C | ||||||||
Class D |
Page | ||||||||
September 30, 2021 | December 31, 2020 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Current assets: | Current assets: | Current assets: | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 337,791 | $ | 116,226 | Cash and cash equivalents | $ | 329,077 | $ | 280,107 | ||||||||||||
Accounts receivable | Accounts receivable | 3,921 | 912 | Accounts receivable | 2,102 | 5,331 | ||||||||||||||||
Marketable debt securities | 335,457 | 37,813 | ||||||||||||||||||||
Marketable securities | Marketable securities | 342,310 | 335,228 | |||||||||||||||||||
Prepaid revenue share fee | Prepaid revenue share fee | 8,921 | 5,475 | Prepaid revenue share fee | 16,010 | 10,272 | ||||||||||||||||
Prepaid expenses and other current assets | Prepaid expenses and other current assets | 14,465 | 11,210 | Prepaid expenses and other current assets | 16,985 | 22,140 | ||||||||||||||||
Total current assets | Total current assets | 700,555 | 171,636 | Total current assets | 706,484 | 653,078 | ||||||||||||||||
Property and equipment, net | Property and equipment, net | 45,875 | 35,241 | Property and equipment, net | 56,053 | 44,522 | ||||||||||||||||
Right of use asset, net | Right of use asset, net | 18,006 | — | |||||||||||||||||||
Intangible assets, net | Intangible assets, net | 2,267 | 1,564 | Intangible assets, net | 23,048 | 22,933 | ||||||||||||||||
Goodwill | Goodwill | 58,807 | 59,792 | |||||||||||||||||||
Restricted cash | Restricted cash | 22,835 | 22,856 | Restricted cash | 29,333 | 29,019 | ||||||||||||||||
Other assets | Other assets | 1,694 | 971 | Other assets | 3,060 | 3,406 | ||||||||||||||||
Total assets | Total assets | $ | 773,226 | $ | 232,268 | Total assets | $ | 894,791 | $ | 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 | $ | 10,034 | $ | 8,518 | Accounts payable | $ | 8,793 | $ | 8,808 | ||||||||||||
Accrued liabilities | Accrued liabilities | 45,194 | 18,304 | Accrued liabilities | 76,062 | 67,220 | ||||||||||||||||
Warrant liabilities | — | 17,740 | ||||||||||||||||||||
Deferred revenue | Deferred revenue | 159,589 | 101,542 | Deferred revenue | 255,729 | 188,563 | ||||||||||||||||
Total current liabilities | Total current liabilities | 214,817 | 146,104 | Total current liabilities | 340,584 | 264,591 | ||||||||||||||||
Deferred rent | 3,428 | 3,809 | ||||||||||||||||||||
Other long term liabilities | Other long term liabilities | 23,887 | 8,691 | |||||||||||||||||||
Total liabilities | Total liabilities | 218,245 | 149,913 | Total liabilities | 364,471 | 273,282 | ||||||||||||||||
Commitments and contingencies (Note 17) | 0 | 0 | ||||||||||||||||||||
Commitments and contingencies (Note 19) | Commitments and contingencies (Note 19) | |||||||||||||||||||||
Redeemable capital units | — | 569,251 | ||||||||||||||||||||
Class A common stock, $0.00001 par value- 1,000,000,000 shares authorized; 74,420,306 shares issued and 74,347,905 shares outstanding as of September 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 September 30, 2021 | — | — | ||||||||||||||||||||
Class C common stock, $0.00001 par value—200,000,000 shares authorized; 44,598,167 shares issued and outstanding as of September 30, 2021 | — | — | ||||||||||||||||||||
Class D common stock, $0.00001 par value—100,000,000 shares authorized; 26,709,821 shares issued and outstanding as of September 30, 2021 | — | — | ||||||||||||||||||||
Profit Units | — | 7,846 | ||||||||||||||||||||
Accumulated other comprehensive income | (48) | 27 | ||||||||||||||||||||
Treasury stock at cost, 72,401 shares as of September 30, 2021 | — | — | ||||||||||||||||||||
Class A common stock, $0.00001 par value - 1,000,000,000 shares authorized; 83,158,756 shares issued and 82,969,381 shares outstanding as of September 30, 2022 | Class A common stock, $0.00001 par value - 1,000,000,000 shares authorized; 83,158,756 shares issued and 82,969,381 shares outstanding as of September 30, 2022 | 1 | 1 | |||||||||||||||||||
Class B common stock, $0.00001 par value - 100,000,000 shares authorized; 942,234 shares issued and outstanding as of September 30, 2022 | Class B common stock, $0.00001 par value - 100,000,000 shares authorized; 942,234 shares issued and outstanding as of September 30, 2022 | — | — | |||||||||||||||||||
Class C common stock, $0.00001 par value - 200,000,000 shares authorized; 39,875,682 shares issued and outstanding as of September 30, 2022 | Class C common stock, $0.00001 par value - 200,000,000 shares authorized; 39,875,682 shares issued and outstanding as of September 30, 2022 | — | — | |||||||||||||||||||
Class D common stock, $0.00001 par value - 100,000,000 shares authorized; 26,337,514 shares issued and outstanding as of September 30, 2022 | Class D common stock, $0.00001 par value - 100,000,000 shares authorized; 26,337,514 shares issued and outstanding as of September 30, 2022 | — | — | |||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (1,836) | (103) | |||||||||||||||||||
Treasury stock at cost, 189,375 shares as of September 30, 2022 | Treasury stock at cost, 189,375 shares as of September 30, 2022 | — | — | |||||||||||||||||||
Accumulated deficit | Accumulated deficit | (18,976) | (494,769) | Accumulated deficit | (90,471) | (36,130) | ||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 305,307 | — | Additional paid-in capital | 383,974 | 313,845 | ||||||||||||||||
Total stockholders’ equity attributable to Clear Secure, Inc. | Total stockholders’ equity attributable to Clear Secure, Inc. | 286,284 | — | Total stockholders’ equity attributable to Clear Secure, Inc. | 291,668 | 277,613 | ||||||||||||||||
Non-controlling interest | Non-controlling interest | 268,697 | — | Non-controlling interest | 238,652 | 261,855 | ||||||||||||||||
Total stockholders’ equity | Total stockholders’ equity | 554,981 | (486,896) | Total stockholders’ equity | 530,320 | 539,468 | ||||||||||||||||
Total liabilities, redeemable capital units and stockholders’ equity | $ | 773,226 | $ | 232,268 | ||||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 894,791 | $ | 812,750 |
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||
Revenue | Revenue | $ | 67,558 | $ | 56,375 | $ | 173,294 | $ | 177,641 | Revenue | $ | 115,919 | $ | 67,558 | $ | 309,181 | $ | 173,294 | ||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue share fee | Cost of revenue share fee | 9,926 | 8,298 | 25,995 | 25,707 | Cost of revenue share fee | 14,743 | 9,926 | 39,198 | 25,995 | ||||||||||||||||||||||||||||||||||||
Cost of direct salaries and benefits | Cost of direct salaries and benefits | 18,128 | 7,751 | 46,113 | 31,504 | Cost of direct salaries and benefits | 26,918 | 18,128 | 75,211 | 46,113 | ||||||||||||||||||||||||||||||||||||
Research and development | Research and development | 13,347 | 6,297 | 33,293 | 23,358 | Research and development | 16,508 | 13,347 | 46,353 | 33,293 | ||||||||||||||||||||||||||||||||||||
Sales and marketing | Sales and marketing | 9,949 | 3,291 | 25,806 | 11,479 | Sales and marketing | 10,530 | 9,949 | 29,721 | 25,806 | ||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 44,816 | 17,734 | 116,290 | 97,532 | General and administrative | 108,389 | 44,816 | 202,508 | 116,290 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 3,988 | 2,322 | 9,190 | 6,945 | Depreciation and amortization | 4,531 | 3,988 | 13,243 | 9,190 | ||||||||||||||||||||||||||||||||||||
Operating income (loss) | (32,596) | 10,682 | (83,393) | (18,884) | ||||||||||||||||||||||||||||||||||||||||||
Operating loss | Operating loss | (65,700) | (32,596) | (97,053) | (83,393) | |||||||||||||||||||||||||||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense): | Other income (expense): | |||||||||||||||||||||||||||||||||||||||||||||
Interest income (expense), net | Interest income (expense), net | (120) | (12) | (333) | 657 | Interest income (expense), net | 1,636 | (120) | 1,830 | (333) | ||||||||||||||||||||||||||||||||||||
Other income (expense), net | Other income (expense), net | (11) | 477 | (11) | 477 | Other income (expense), net | (2,031) | (11) | (1,834) | (11) | ||||||||||||||||||||||||||||||||||||
Income (loss) before tax | (32,727) | 11,147 | (83,737) | (17,750) | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense | (60) | (4) | (277) | (14) | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | (32,787) | 11,143 | (84,014) | (17,764) | ||||||||||||||||||||||||||||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | (15,872) | (65,095) | ||||||||||||||||||||||||||||||||||||||||||||
Loss before tax | Loss before tax | (66,095) | (32,727) | (97,057) | (83,737) | |||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | Income tax benefit (expense) | 536 | (60) | 381 | (277) | |||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | (65,559) | (32,787) | (96,676) | (84,014) | |||||||||||||||||||||||||||||||||||||||||
Less: net loss attributable to non-controlling interests | Less: net loss attributable to non-controlling interests | (28,795) | (15,872) | (42,430) | (65,095) | |||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Clear Secure, Inc. | Net loss attributable to Clear Secure, Inc. | $ | (16,915) | $ | (18,919) | Net loss attributable to Clear Secure, Inc. | $ | (36,764) | $ | (16,915) | $ | (54,246) | $ | (18,919) | ||||||||||||||||||||||||||||||||
Net loss per common share of Class A and B common stock (Note 15) | ||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted | $ | (0.23) | $ | (0.26) | ||||||||||||||||||||||||||||||||||||||||||
Weighted-average shares of Common A stock outstanding | 72,285,100 | 72,124,741 | ||||||||||||||||||||||||||||||||||||||||||||
Weighted-average shares of Common B stock outstanding | 1,042,234 | 1,042,234 | ||||||||||||||||||||||||||||||||||||||||||||
Net loss per share of Class A Common Stock and Class B Common Stock (Note 17) | 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 | Net loss per common share basic and diluted, Class A | $ | (0.44) | $ | (0.23) | $ | (0.67) | $ | (0.26) | |||||||||||||||||||||||||||||||||||||
Net loss per common share basic and diluted, Class B | Net loss per common share basic and diluted, Class B | $ | (0.44) | $ | (0.23) | $ | (0.67) | $ | (0.26) | |||||||||||||||||||||||||||||||||||||
Weighted-average shares of Class A Common Stock outstanding | Weighted-average shares of Class A Common Stock outstanding | 82,426,486 | 72,285,100 | 79,527,484 | 72,124,741 | |||||||||||||||||||||||||||||||||||||||||
Weighted-average shares of Class B Common Stock outstanding | Weighted-average shares of Class B Common Stock outstanding | 1,022,669 | 1,042,234 | 1,035,641 | 1,042,234 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Net income (loss) | $ | (32,787) | $ | 11,143 | $ | (84,014) | $ | (17,764) | |||||||||||||||
Other comprehensive income | |||||||||||||||||||||||
Currency translation | 15 | — | 18 | — | |||||||||||||||||||
Unrealized gain (loss) on fair value of marketable debt securities | (108) | (32) | (80) | 32 | |||||||||||||||||||
Total other comprehensive income | (93) | (32) | (62) | 32 | |||||||||||||||||||
Comprehensive income (loss) | (32,880) | 11,111 | (84,076) | (17,732) | |||||||||||||||||||
Less: comprehensive loss attributable to non-controlling interests | (15,917) | (65,109) | |||||||||||||||||||||
Comprehensive loss attributable to Clear Secure, Inc. | $ | (16,963) | $ | (18,967) |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||
Net loss | $ | (65,559) | $ | (32,787) | $ | (96,676) | $ | (84,014) | ||||||||||||||||||
Other comprehensive loss | ||||||||||||||||||||||||||
Foreign currency translation | $ | 23 | $ | 15 | $ | (101) | $ | 18 | ||||||||||||||||||
Unrealized loss on fair value of marketable securities | $ | (1,359) | $ | (108) | $ | (3,110) | $ | (80) | ||||||||||||||||||
Total other comprehensive loss | $ | (1,336) | $ | (93) | $ | (3,211) | $ | (62) | ||||||||||||||||||
Comprehensive loss | $ | (66,895) | $ | (32,880) | $ | (99,887) | $ | (84,076) | ||||||||||||||||||
Less: comprehensive loss attributable to non-controlling interests | $ | (29,390) | $ | (15,917) | $ | (43,907) | $ | (65,109) | ||||||||||||||||||
Comprehensive loss attributable to Clear Secure, Inc. | $ | (37,505) | $ | (16,963) | $ | (55,980) | $ | (18,967) |
Class A | Class B | Class C | Class D | Profit Units | Accumulated other comprehensive income | Treasury Stock | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (16,915) | (16,915) | (15,872) | (32,787) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | — | — | — | — | — | (48) | — | — | (48) | (45) | (93) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based compensation expense, net of forfeitures | — | — | — | — | — | — | — | — | — | 6,569 | — | — | — | — | 6,569 | 6,060 | 12,629 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant expense | — | — | — | — | — | — | — | — | — | 778 | — | — | — | — | — | 778 | 731 | 1,509 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax distribution to members | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (57) | (57) | (54) | (111) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from IPO, net of costs | — | 15,180,000 | — | — | — | — | — | — | — | 233,316 | — | — | — | — | — | 233,316 | 203,652 | 436,968 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | — | 74,420,306 | $ | 1 | 1,042,234 | $ | — | 44,598,167 | $ | — | 26,709,821 | $ | — | $ | 305,307 | — | $ | — | $ | (48) | $ | — | $ | (18,976) | $ | 286,284 | $ | 268,697 | $ | 554,981 |
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 | — | — | — | — | — | — | — | — | — | — | — | — | (27) | (27) | (22) | (49) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | (53,639) | $ | 290,189 | $ | 241,378 | $ | 531,567 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | — | — | (36,764) | (36,764) | (28,795) | (65,559) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | — | — | (741) | — | — | — | (741) | (595) | (1,336) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based compensation expense, net of forfeitures | (12,317) | — | — | — | — | — | — | — | 9,310 | — | 12,317 | — | — | 9,310 | 4,923 | 14,233 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net share settlements of stock-based awards | 207,970 | — | — | — | — | — | — | — | (838) | — | (207,970) | — | — | (838) | (1,543) | (2,381) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax distribution to members | — | — | — | — | — | — | — | — | — | — | — | — | (68) | (68) | (54) | (122) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant expense | — | — | — | — | — | — | — | — | 32,603 | — | — | — | — | 32,603 | 26,217 | 58,820 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase and retirement of Class A Common Stock | (213,100) | — | — | — | — | — | — | — | (5,395) | — | — | — | — | (5,395) | 493 | (4,902) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants | 534,655 | — | — | — | — | — | — | — | 1,237 | — | — | — | — | 1,237 | (1,237) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of shares | 100,000 | — | (100,000) | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange of shares | 922,801 | — | — | — | (555,000) | — | (367,801) | — | 2,135 | — | — | — | — | 2,135 | (2,135) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | 83,158,756 | $ | 1 | 942,234 | $ | — | 39,875,682 | $ | — | 26,337,514 | $ | — | $ | 383,974 | $ | (1,836) | 189,375 | $ | — | $ | (90,471) | $ | 291,668 | $ | 238,652 | $ | 530,320 |
Redeemable Capital Units | Members’ Deficit | Class A | Class B | Class C | Class D | Profit Units | Accumulated other comprehensive income | Treasury Stock | Accumulated deficit | Total stockholders’ equity attributable to Clear Secure, Inc. | Non-Controlling Interest | Total stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Units | Class B Units | Class C Units | Profit Units | Accumulated other comprehensive income (loss) | Accumulated deficit | Members' deficit total | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2021 | Balance, January 1, 2021 | $ | 569,251 | — | $ | — | — | $ | — | — | — | — | $ | — | — | 1,868,322 | $ | 7,846 | $ | 27 | $ | — | $ | (494,769) | $ | (486,896) | — | $ | (486,896) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | — | — | — | — | — | — | — | — | — | (51,253) | (51,253) | Net loss | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (13,128) | (13,128) | — | (13,128) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | — | — | — | — | — | (64) | — | (64) | Other comprehensive loss | — | — | — | — | — | — | — | — | — | — | — | — | 25 | — | — | 25 | — | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of member units, net of costs | Issuance of member units, net of costs | — | — | 422,039 | 113,944 | — | — | 37,700 | — | — | — | — | Issuance of member units, net of costs | 81,567 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase and retirement of capital units | Repurchase and retirement of capital units | (54,843) | (548) | (677,387) | (14,053) | — | — | — | — | — | (183,102) | (183,102) | Repurchase and retirement of capital units | (439) | — | — | — | — | — | — | — | — | — | — | — | — | — | (3,005) | (3,005) | — | (3,005) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase, forfeitures and retirement of profit units | Repurchase, forfeitures and retirement of profit units | — | — | — | — | — | — | (328,834) | (1,630) | — | (10,829) | (12,459) | Repurchase, forfeitures and retirement of profit units | — | — | — | — | — | — | — | — | — | — | (71,247) | (56) | — | — | (8,246) | (8,302) | — | (8,302) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant expense | Warrant expense | — | — | — | 1,441 | — | — | — | — | — | — | — | Warrant expense | 281 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based compensation expense, net of forfeitures | Equity-based compensation expense, net of forfeitures | — | — | — | — | — | — | — | — | — | — | — | 327 | — | — | — | 327 | — | 327 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | Balance, March 31, 2021 | $ | 650,660 | — | $ | — | — | $ | — | — | $ | — | — | $ | — | $ | — | 1,797,075 | $ | 8,117 | $ | 52 | $ | — | $ | (519,148) | $ | (510,979) | $ | — | $ | (510,979) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss prior to reorganization transaction | Net loss prior to reorganization transaction | — | — | — | — | — | — | — | — | — | — | — | — | — | (33,720) | (33,720) | — | (33,720) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | — | — | — | — | — | — | 128 | — | 128 | Other comprehensive income | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 6 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase, forfeitures and retirement of profit units | — | — | — | — | — | — | (57,050) | (3) | — | (123) | (126) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based compensation expense, net of forfeitures | Equity-based compensation expense, net of forfeitures | — | — | — | — | — | — | — | — | — | 1,786 | (26,925) | 353 | — | — | — | 2,139 | 2,114 | 4,253 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant expense | Warrant expense | — | — | — | 141 | — | — | — | — | — | — | — | Warrant expense | 819 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | 11,143 | 11,143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants prior to the reorganization transaction | Exercise of warrants prior to the reorganization transaction | 34,224 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax distribution to members | Tax distribution to members | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (4,018) | (4,018) | — | (4,018) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of reorganization transaction | 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 | Issuance of common stock upon reorganization | — | — | — | — | — | 44,598,167 | — | 26,709,821 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss post reorganization transaction | Net loss post reorganization transaction | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (2,004) | (2,004) | (2,375) | (4,379) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (16,915) | (16,915) | (15,872) | (32,787) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | — | — | — | — | — | (32) | — | (32) | Other comprehensive loss | — | — | — | — | — | — | — | — | — | — | — | — | (48) | — | — | (48) | (45) | (93) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of member units, net of costs | — | — | — | — | — | — | 130,628 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase, forfeitures and retirement of profit units | — | — | — | — | — | — | (19,125) | — | — | (23) | (23) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based compensation expense, net of forfeitures | Equity-based compensation expense, net of forfeitures | — | — | — | — | — | — | — | — | — | 6,569 | — | — | — | — | 6,569 | 6,060 | 12,629 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant expense | Warrant expense | — | — | — | 143 | — | — | — | — | — | — | — | Warrant expense | — | — | — | — | — | — | — | — | — | 778 | — | — | — | — | — | 778 | 731 | 1,509 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based compensation expense | — | — | — | — | — | — | — | 385 | — | — | 385 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | 261,942 | $ | 2,620 | 4,504,221 | $ | 533,678 | — | $ | — | 1,876,327 | $ | 7,453 | $ | 35 | $ | (503,195) | (495,707) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax distribution to members | Tax distribution to members | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (57) | (57) | (54) | (111) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from IPO, net of costs | Proceeds from IPO, net of costs | — | 15,180,000 | — | — | — | — | — | — | — | 233,316 | — | — | — | — | — | 233,316 | 203,652 | 436,968 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | Balance, September 30, 2021 | — | 74,420,306 | $ | 1 | 1,042,234 | $ | — | 44,598,167 | $ | — | 26,709,821 | $ | — | $ | 305,307 | — | $ | — | $ | (48) | $ | — | $ | (18,976) | $ | 286,284 | $ | 268,697 | $ | 554,981 |
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||
Cash flows provided by (used in) operating activities: | ||||||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | |||||||||||||||||||||
Net loss | Net loss | $ | (84,014) | $ | (17,764) | Net loss | $ | (96,676) | $ | (84,014) | ||||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||||||||
Depreciation and amortization | 9,190 | 6,945 | ||||||||||||||||||||
Loss on asset disposal | — | 2 | ||||||||||||||||||||
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 | 10,792 | 9,179 | |||||||||||||||||||
Amortization on intangible assets | Amortization on intangible assets | 2,450 | 11 | |||||||||||||||||||
Noncash lease expense | Noncash lease expense | 2,245 | — | |||||||||||||||||||
Impairment of assets | Impairment of assets | 1,217 | — | |||||||||||||||||||
Equity-based compensation | Equity-based compensation | 20,642 | 2,789 | Equity-based compensation | 98,488 | 20,642 | ||||||||||||||||
Warrant liabilities | Warrant liabilities | 12,796 | 444 | Warrant liabilities | — | 12,796 | ||||||||||||||||
Deferred income tax expense (benefit) | Deferred income tax expense (benefit) | (593) | — | |||||||||||||||||||
Amortization of revolver loan costs | Amortization of revolver loan costs | 558 | — | Amortization of revolver loan costs | 598 | 558 | ||||||||||||||||
Premium amortization and (discount accretion), net on marketable securities | Premium amortization and (discount accretion), net on marketable securities | (104) | — | |||||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||
Accounts receivable | Accounts receivable | (3,009) | 733 | Accounts receivable | 3,229 | (3,009) | ||||||||||||||||
Prepaid expenses and other assets | Prepaid expenses and other assets | (3,818) | 3,323 | Prepaid expenses and other assets | 3,138 | (3,818) | ||||||||||||||||
Prepaid revenue share fee | Prepaid revenue share fee | (3,445) | 2,595 | Prepaid revenue share fee | (5,738) | (3,445) | ||||||||||||||||
Accounts payable | Accounts payable | 2,796 | (1,572) | Accounts payable | (771) | 2,796 | ||||||||||||||||
Accrued liabilities | 28,615 | (4,998) | ||||||||||||||||||||
Accrued and other long term liabilities | Accrued and other long term liabilities | 6,434 | 28,615 | |||||||||||||||||||
Deferred revenue | Deferred revenue | 58,047 | (21,653) | Deferred revenue | 67,166 | 58,047 | ||||||||||||||||
Operating lease liabilities | Operating lease liabilities | (2,845) | — | |||||||||||||||||||
Deferred rent | Deferred rent | (381) | 685 | Deferred rent | — | (381) | ||||||||||||||||
Net cash used provided by (used in) operating activities | 37,977 | (28,471) | ||||||||||||||||||||
Cash flows used in investing activities: | ||||||||||||||||||||||
Purchases of marketable debt securities | (689,789) | (104,249) | ||||||||||||||||||||
Sales of marketable debt securities | 392,066 | 99,898 | ||||||||||||||||||||
Issuance of loan | — | (250) | ||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 89,030 | 37,977 | |||||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | |||||||||||||||||||||
Purchases of marketable securities | Purchases of marketable securities | (581,263) | (689,789) | |||||||||||||||||||
Sales of marketable securities | Sales of marketable securities | 572,784 | 392,066 | |||||||||||||||||||
Purchases of property and equipment | Purchases of property and equipment | (22,042) | (9,181) | Purchases of property and equipment | (23,073) | (22,042) | ||||||||||||||||
Capitalized intangible assets | (713) | (425) | ||||||||||||||||||||
Purchase of intangible assets | Purchase of intangible assets | (336) | (713) | |||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (320,478) | (14,207) | Net cash used in investing activities | (31,888) | (320,478) | ||||||||||||||||
Cash flows provided by (used in) financing activities: | ||||||||||||||||||||||
IPO proceeds, net of underwriter fees and issuance costs | 437,494 | — | ||||||||||||||||||||
Repurchase of members’ equity | (11,744) | (210,310) | ||||||||||||||||||||
Proceeds from issuance of members’ equity, net of cost | 80,277 | 113,944 | ||||||||||||||||||||
Distribution to post-reorganization members | (4,128) | — | ||||||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | |||||||||||||||||||||
Repurchase of Class A Common Stock/members’ deficit | Repurchase of Class A Common Stock/members’ deficit | (4,902) | (11,744) | |||||||||||||||||||
Distribution to members | Distribution to members | (171) | (4,128) | |||||||||||||||||||
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 | — | Issuance of warrants | — | 289 | ||||||||||||||||
Payment of taxes on net settled stock-based awards | Payment of taxes on net settled stock-based awards | (2,381) | — | |||||||||||||||||||
Proceeds from the exercise of warrants | Proceeds from the exercise of warrants | 2,575 | — | Proceeds from the exercise of warrants | — | 2,575 | ||||||||||||||||
IPO Proceeds, net of underwriter fees and payment of issuance costs | IPO Proceeds, net of underwriter fees and payment of issuance costs | (297) | 437,494 | |||||||||||||||||||
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 | 504,045 | (97,018) | ||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 221,544 | (139,696) | ||||||||||||||||||||
Net cash (used in) provided by financing activities | Net cash (used in) provided by financing activities | (7,751) | 504,045 | |||||||||||||||||||
Net increase in cash, cash equivalents, and restricted cash | Net increase in cash, cash equivalents, and restricted cash | 49,391 | 221,544 | |||||||||||||||||||
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 | (107) | — | |||||||||||||||||||
Cash, cash equivalents, and restricted cash, end of period | Cash, cash equivalents, and restricted cash, end of period | $ | 360,626 | $ | 96,355 | Cash, cash equivalents, and restricted cash, end of period | $ | 358,410 | $ | 360,626 |
September 30, 2021 | September 30, 2020 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 337,791 | $ | 73,602 | Cash and cash equivalents | $ | 329,077 | $ | 337,791 | ||||||||||||
Restricted cash | Restricted cash | 22,835 | 22,753 | Restricted cash | 29,333 | 22,835 | ||||||||||||||||
Total cash, cash equivalents, and restricted cash | Total cash, cash equivalents, and restricted cash | $ | 360,626 | $ | 96,355 | Total cash, cash equivalents, and restricted cash | $ | 358,410 | $ | 360,626 |
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 | 230,458 | 155,992 | Deferral of revenue | 372,313 | 131,895 | ||||||||||||||||
Recognition of deferred revenue | Recognition of deferred revenue | (172,411) | (177,645) | Recognition of deferred revenue | (305,147) | (105,590) | ||||||||||||||||
Balance as of September 30 | Balance as of September 30 | $ | 159,589 | $ | 99,686 | Balance as of September 30 | $ | 255,729 | $ | 127,847 |
September 30, 2021 | December 31, 2020 | ||||||||||
Prepaid software licenses | $ | 5,701 | $ | 5,504 | |||||||
Coronavirus aid, relief, and economic security act retention credit | 2,036 | 2,036 | |||||||||
Prepaid insurance costs | 3,970 | 772 | |||||||||
Other current assets | 2,758 | 2,898 | |||||||||
Total | $ | 14,465 | $ | 11,210 |
September 30, 2022 | December 31, 2021 | ||||||||||
Prepaid software licenses | $ | 8,231 | $ | 4,347 | |||||||
Coronavirus aid, relief, and economic security act retention credit | 1,002 | 2,036 | |||||||||
Prepaid insurance costs | 3,594 | 2,845 | |||||||||
Other current assets | 4,158 | 12,912 | |||||||||
Total | $ | 16,985 | $ | 22,140 |
September 30, 2021 | December 31, 2020 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Due within 1 year | Due within 1 year | $ | 335,457 | $ | 37,813 | Due within 1 year | $ | 287,578 | $ | 288,036 | ||||||||||||
Total marketable debt securities | $ | 335,457 | $ | 37,813 | ||||||||||||||||||
Total marketable securities | Total marketable securities | $ | 287,578 | $ | 288,036 |
Fair Value as of September 30, 2021 | Fair Value as of September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||
Commercial paper | Commercial paper | $ | — | $ | 131,466 | $ | — | $ | 131,466 | Commercial paper | $ | — | $ | 74,006 | $ | — | $ | 74,006 | ||||||||||||||||||||||||||||
U.S. Treasuries | U.S. Treasuries | 77,804 | — | — | 77,804 | U.S. Treasuries | 100,390 | — | — | 100,390 | ||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | — | 109,972 | — | 109,972 | Corporate bonds | — | 165,586 | — | 165,586 | ||||||||||||||||||||||||||||||||||||
Total assets in the fair value hierarchy | Total assets in the fair value hierarchy | 77,804 | 241,438 | — | 319,242 | Total assets in the fair value hierarchy | 100,390 | 239,592 | — | 339,982 | ||||||||||||||||||||||||||||||||||||
Money market funds measured at NAV(a) | Money market funds measured at NAV(a) | — | — | — | 16,215 | Money market funds measured at NAV(a) | — | — | — | 2,328 | ||||||||||||||||||||||||||||||||||||
Total investments at fair value | $ | 77,804 | $ | 241,438 | $ | — | $ | 335,457 | ||||||||||||||||||||||||||||||||||||||
Total assets at fair value | Total assets at fair value | $ | 100,390 | $ | 239,592 | $ | — | $ | 342,310 | |||||||||||||||||||||||||||||||||||||
Warrant liabilities | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total warrant liabilities at fair value | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | 11,932 | $ | — | $ | 11,932 | Commercial paper | $ | — | $ | 128,867 | $ | — | $ | 128,867 | ||||||||||||||||||||||||||||
U.S. Treasuries | U.S. Treasuries | 5,380 | — | — | 5,380 | U.S. Treasuries | 82,472 | — | — | 82,472 | ||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | — | 20,444 | — | 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 | — | 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 | $ | — | $ | 37,813 | ||||||||||||||||||||||||||||||||||||||
Total assets at fair value | Total assets at fair value | $ | 82,472 | $ | 243,832 | $ | — | $ | 335,228 | |||||||||||||||||||||||||||||||||||||
Warrant liabilities | $ | — | $ | — | $ | (17,740) | $ | (17,740) | ||||||||||||||||||||||||||||||||||||||
Total warrant liabilities at fair value | $ | — | $ | — | $ | (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) | — | |||||||||
Issuance of equity upon exercise of certain warrants | 30,206 | — | |||||||||
Issuance of equity upon settlement of certain warrants | 619 | — | |||||||||
Fair value adjustments | (12,796) | (444) | |||||||||
Balance as of September 30 | $ | — | $ | (17,297) |
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 September 30, 2022 | $ | (100) |
Depreciation period in years | September 30, 2022 | December 31, 2021 | |||||||||||||||
Internally developed software | 3 - 5 | $ | 50,971 | $ | 40,788 | ||||||||||||
Acquired software | 3 | 6,441 | 6,396 | ||||||||||||||
Equipment | 5 | 26,786 | 26,322 | ||||||||||||||
Leasehold improvements | 1-10 | 7,813 | 7,671 | ||||||||||||||
Furniture and fixtures | 5 | 2,310 | 2,281 | ||||||||||||||
Construction in progress | 13,436 | 2,239 | |||||||||||||||
Total property and equipment, cost | 107,757 | 85,697 | |||||||||||||||
Less: accumulated depreciation | (51,704) | (41,175) | |||||||||||||||
Total property and equipment, net | $ | 56,053 | $ | 44,522 |
Depreciation Period in Years | September 30, 2021 | December 31, 2020 | |||||||||||||||
Internally developed software | 5 | $ | 36,746 | $ | 23,545 | ||||||||||||
Acquired software | 3 | 7,539 | 7,538 | ||||||||||||||
Equipment | 5 | 20,821 | 18,210 | ||||||||||||||
Leasehold improvements | 1-10 | 6,982 | 6,548 | ||||||||||||||
Furniture and fixtures | 5 | 2,259 | 2,181 | ||||||||||||||
Construction in progress | 10,754 | 7,255 | |||||||||||||||
Total property and equipment, cost | 85,101 | 65,277 | |||||||||||||||
Less: accumulated depreciation | (39,226) | (30,036) | |||||||||||||||
Total property and equipment, net | $ | 45,875 | $ | 35,241 |
September 30, 2022 | |||||
2022 | $ | 1,160 | |||
2023 | 3,759 | ||||
2024 | 3,527 | ||||
2025 | 3,535 | ||||
2026 | 3,535 | ||||
Thereafter | 9,048 | ||||
Total future operating lease payments | 24,564 | ||||
Less: imputed interest | (3,380) | ||||
Lease liabilities, current | 3,203 | ||||
Lease liabilities, non-current | 17,982 | ||||
Total lease liabilities | $ | 21,185 |
Amortization Period in Years | September 30, 2022 | December 31, 2021 | |||||||||||||||
Patents | 20 | $ | 2,581 | $ | 2,115 | ||||||||||||
Acquired intangibles | 1-10 | 22,700 | 20,601 | ||||||||||||||
Other indefinite lived intangible assets | 310 | 310 | |||||||||||||||
Total intangible assets, cost | 25,591 | 23,026 | |||||||||||||||
Less: accumulated amortization | (2,543) | (93) | |||||||||||||||
Intangible assets, net | $ | 23,048 | $ | 22,933 |
Amortization Period in Years | September 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 | $ | (2,370) | $ | — | |||||||||||||
Total acquired intangibles, net | $ | 20,330 | $ | 20,601 |
Amortization Period in Years | September 30, 2021 | December 31, 2020 | |||||||||||||||
Patents | 20 | $ | 2,007 | $ | 1,293 | ||||||||||||
Other indefinite lived intangible assets | 310 | 310 | |||||||||||||||
Total intangible assets, cost | 2,317 | 1,603 | |||||||||||||||
Less: accumulated amortization | (50) | (39) | |||||||||||||||
Intangible assets, net | $ | 2,267 | $ | 1,564 |
September 30, 2022 | December 31, 2021 | ||||||||||
Security deposits | $ | 257 | $ | 242 | |||||||
Loan fees | 124 | 376 | |||||||||
Certificates of deposit | 459 | 459 | |||||||||
Other long-term assets | 2,220 | 2,329 | |||||||||
Total | $ | 3,060 | $ | 3,406 |
September 30, 2021 | December 31, 2020 | ||||||||||
Security deposits | $ | 242 | $ | 171 | |||||||
Loan fees | 550 | 279 | |||||||||
Certificates of deposit | 459 | 459 | |||||||||
Other long-term assets | 443 | 62 | |||||||||
Total | $ | 1,694 | $ | 971 |
September 30, 2021 | December 31, 2020 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Accrued compensation and benefits | Accrued compensation and benefits | $ | 13,729�� | $ | 9,626 | Accrued compensation and benefits | $ | 17,496 | $ | 18,133 | ||||||||||||
Accrued partnership liabilities | Accrued partnership liabilities | 17,933 | — | Accrued partnership liabilities | 41,696 | 33,442 | ||||||||||||||||
Lease liability | Lease liability | 3,203 | — | |||||||||||||||||||
Other accrued liabilities | Other accrued liabilities | 13,532 | 8,678 | Other accrued liabilities | 13,667 | 15,645 | ||||||||||||||||
Total | Total | $ | 45,194 | $ | 18,304 | Total | $ | 76,062 | $ | 67,220 |
September 30, 2022 | December 31, 2021 | ||||||||||
Deferred tax liability | $ | 4,314 | $ | 3,792 | |||||||
Lease liability | 17,982 | — | |||||||||
Other accrued liabilities | 1,591 | 4,899 | |||||||||
Total | $ | 23,887 | $ | 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) | ||||||||||||||||||||
Exercisable for Class A common stock | Equity awards | 7,674,502 | $ | 0.01 | 1.04 | ||||||||||||||||||
Exercisable for Alclear Units | Equity awards | 968,043 | $ | 0.01 | 2.96 |
Classification | Number of Warrants | Weighted-Average Exercise Price | Weighted average Remaining Contractual Term (years) | ||||||||||||||||||||
Exercisable for Class A Common Stock | Equity awards | 2,881,286 | $ | 0.01 | 0.25 | ||||||||||||||||||
Exercisable for Alclear Units | Equity awards | 968,043 | $ | 0.01 | 1.96 |
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||
Liability awards | Liability awards | $ | — | $ | 444 | $ | 12,796 | $ | 444 | Liability awards | $ | — | $ | — | $ | — | $ | 12,796 | ||||||||||||||||||||||||||||
Equity awards | Equity awards | 1,509 | 1,698 | 3,431 | 1,698 | Equity awards | $ | 58,820 | $ | 1,509 | $ | 58,941 | $ | 3,431 | ||||||||||||||||||||||||||||||||
Total | Total | $ | 1,509 | $ | 2,142 | $ | 16,227 | $ | 2,142 | Total | $ | 58,820 | $ | 1,509 | $ | 58,941 | $ | 16,227 |
Alclear Units | Ownership Percentage | ||||||||||
Alclear Holding Units held by post-reorganization members | 44,407,609 | 31.08 | % | ||||||||
Alclear Holding Units held by Alclear Investments, LLC and Alclear Investments II, LLC | 24,756,018 | 17.33 | % | ||||||||
Total | 69,163,627 | 48.41 | % |
Alclear Units | Ownership Percentage | ||||||||||
Alclear Units held by post-reorganization members | 39,846,375 | 26.56 | % | ||||||||
Alclear Units held by the Alclear members | 26,337,514 | 17.56 | % | ||||||||
Total | 66,183,889 | 44.12 | % |
Alclear RSU’s | Weighted- Average Grant-Date Fair Value | Profit Units | Weighted- Average Grant-Date Fair Value | ||||||||||||||||||||
Unvested balance, January 1, 2021 | 453,350 | $ | 14.51 | 9,085,704 | $ | 1.12 | |||||||||||||||||
Granted | 860,357 | 15.33 | — | — | |||||||||||||||||||
Vested | — | — | (345,703) | (0.40) | |||||||||||||||||||
Forfeited | (25,479) | (15.36) | (881,227) | (0.90) | |||||||||||||||||||
Effect of reorganization | (1,288,228) | (15.04) | (7,858,774) | (1.17) | |||||||||||||||||||
Unvested balance, September 30, 2021 | — | — | — | — |
Alclear RSU’s | Weighted- Average Grant-Date Fair Value | Profit Units | Weighted- Average Grant-Date Fair Value | ||||||||||||||||||||
Unvested balance, January 1, 2021 | 453,350 | $ | 14.51 | 9,085,704 | $ | 1.12 | |||||||||||||||||
Granted | 860,357 | 15.33 | — | 0.64 | |||||||||||||||||||
Vested | — | — | (345,703) | (0.40) | |||||||||||||||||||
Forfeited | (25,479) | (15.36) | (881,227) | (0.90) | |||||||||||||||||||
Effect of reorganization | (1,288,228) | (15.04) | (7,858,774) | (1.17) | |||||||||||||||||||
Unvested balance upon IPO | — | — | — | — |
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 | (971,225) | 1.10 | (161,251) | 1.29 | |||||||||||||||||||
Forfeited | (174,276) | 0.87 | — | — | |||||||||||||||||||
Unvested balance as of September 30, 2022 | 284,382 | $ | 0.90 | 29,307 | $ | 1.29 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||
Cost of direct salaries and benefits | $ | 1 | $ | (7) | $ | 4 | $ | (7) | ||||||||||||||||||
General and administrative | 42 | 284 | 114 | 884 | ||||||||||||||||||||||
Research and development | 36 | 41 | 117 | 149 | ||||||||||||||||||||||
Sales and marketing | — | (3) | 1 | (31) | ||||||||||||||||||||||
Total | $ | 79 | $ | 315 | $ | 236 | $ | 995 |
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 | — | — | — | — | |||||||||||||||||||
Vested | (115,783) | (0.92) | — | — | |||||||||||||||||||
Forfeited | (72,401) | (1.97) | — | — | |||||||||||||||||||
Unvested balance, September 30, 2021 | 1,690,802 | $ | 1.00 | 2,144,361 | $ | 1.29 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Cost of direct salaries and benefits | $ | (7) | $ | — | $ | (7) | $ | — | |||||||||||||||
General and administrative | 284 | 279 | $ | 884 | $ | 805 | |||||||||||||||||
Research and development | 41 | 96 | 149 | 234 | |||||||||||||||||||
Sales and marketing | (3) | 10 | (31) | 23 | |||||||||||||||||||
Total | $ | 315 | $ | 385 | $ | 995 | $ | 1,062 |
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 | 1,240,853 | 42.10 | — | — | |||||||||||||||||||
Vested | — | — | — | — | |||||||||||||||||||
Forfeited | (292,213) | (3.27) | (1,953,803) | (1.29) | |||||||||||||||||||
Unvested balance, September 30, 2021 | 3,958,622 | $ | 18.45 | 159,869 | $ | 14.51 |
RSU’s | Weighted- Average Grant-Date Fair Value | ||||||||||
Unvested balance as of January 1, 2022 | 3,418,124 | $ | 23.56 | ||||||||
Granted | 2,271,493 | 24.78 | |||||||||
Vested | (327,643) | 25.40 | |||||||||
Forfeited | (864,337) | 17.98 | |||||||||
Unvested balance as of September 30, 2022 | 4,497,637 | $ | 25.11 |
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||
Cost of direct salaries and benefits | Cost of direct salaries and benefits | $ | 226 | $ | 226 | Cost of direct salaries and benefits | $ | 21 | $ | 226 | $ | 153 | $ | 226 | ||||||||||||||||||||||||||
General and administrative | General and administrative | 2,913 | 5,882 | General and administrative | 3,573 | 2,913 | 9,057 | 5,882 | ||||||||||||||||||||||||||||||||
Research and development | Research and development | 2,428 | 3,135 | Research and development | 3,891 | 2,428 | 10,242 | 3,135 | ||||||||||||||||||||||||||||||||
Sales and marketing | Sales and marketing | 118 | 203 | Sales and marketing | 40 | 118 | 186 | 203 | ||||||||||||||||||||||||||||||||
Total | Total | $ | 5,685 | $ | 9,446 | Total | $ | 7,525 | $ | 5,685 | $ | 19,638 | $ | 9,446 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
RSAs | $ | 315 | $ | 385 | $ | 995 | $ | 1,062 | |||||||||||||||
RSUs | 5,685 | — | 9,446 | — | |||||||||||||||||||
Founder PSUs | 6,629 | — | 6,768 | — | |||||||||||||||||||
Total | $ | 12,629 | $ | 385 | $ | 17,209 | $ | 1,062 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||
RSAs | $ | 79 | $ | 315 | $ | 236 | $ | 995 | ||||||||||||||||||
RSUs | 7,525 | 5,685 | 19,638 | 9,446 | ||||||||||||||||||||||
Founder PSUs | 6,630 | 6,629 | 19,673 | 6,768 | ||||||||||||||||||||||
Total | $ | 14,234 | $ | 12,629 | $ | 39,547 | $ | 17,209 |
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||
Cost of direct salaries and benefits | Cost of direct salaries and benefits | $ | 219 | $ | — | $ | 219 | $ | — | Cost of direct salaries and benefits | $ | 21 | $ | 219 | $ | 158 | $ | 219 | |||||||||||||||||||||||||||||||
General and administrative | General and administrative | 9,826 | 279 | 13,534 | 805 | General and administrative | 10,245 | 9,826 | 28,842 | 13,534 | |||||||||||||||||||||||||||||||||||||||
Research and development | Research and development | 2,469 | 96 | 3,284 | 234 | Research and development | 3,928 | 2,469 | 10,359 | 3,284 | |||||||||||||||||||||||||||||||||||||||
Sales and marketing | Sales and marketing | 115 | 10 | 172 | 23 | Sales and marketing | 40 | 115 | 188 | 172 | |||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 12,629 | $ | 385 | $ | 17,209 | $ | 1,062 | Total | $ | 14,234 | $ | 12,629 | $ | 39,547 | $ | 17,209 |
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2022 | Three Months Ended September 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. | $ | (16,675) | $ | (240) | Net loss attributable to Clear Secure, Inc. | $ | (36,315) | $ | (449) | $ | (16,675) | $ | (240) | ||||||||||||||||||||
Weighted-average number of shares outstanding, basic | Weighted-average number of shares outstanding, basic | 72,285,100 | 1,042,234 | Weighted-average number of shares outstanding, basic | 82,037,118 | 1,022,669 | 72,285,100 | 1,042,234 | ||||||||||||||||||||||||||
Weighted Average Vested Warrants | Weighted Average Vested Warrants | 389,368 | — | — | — | |||||||||||||||||||||||||||||
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 | 82,426,486 | 1,022,669 | 72,285,100 | 1,042,234 | |||||||||||||||||||||||||||||
Net loss per common share, basic: | Net loss per common share, basic: | $ | (0.23) | $ | (0.23) | Net loss per common share, basic: | $ | (0.44) | $ | (0.44) | $ | (0.23) | $ | (0.23) | ||||||||||||||||||||
Diluted: | Diluted: | Diluted: | ||||||||||||||||||||||||||||||||
Net loss attributable to Clear Secure, Inc. | $ | (16,675) | $ | (240) | ||||||||||||||||||||||||||||||
Weighted-average number of shares outstanding, basic | 72,285,100 | 1,042,234 | ||||||||||||||||||||||||||||||||
Potentially dilutive shares | — | — | ||||||||||||||||||||||||||||||||
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 | $ | (36,315) | $ | (449) | $ | (16,675) | $ | (240) | |||||||||||||||||||||||||
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 | 82,426,486 | 1,022,669 | 72,285,100 | 1,042,234 | |||||||||||||||||||||||||||||
Effect of dilutive shares | Effect of dilutive shares | — | — | — | — | |||||||||||||||||||||||||||||
Weighted-average number of shares outstanding, diluted | Weighted-average number of shares outstanding, diluted | 72,285,100 | 1,042,234 | Weighted-average number of shares outstanding, diluted | 82,426,486 | 1,022,669 | 72,285,100 | 1,042,234 | ||||||||||||||||||||||||||
Net loss per common share, diluted: | Net loss per common share, diluted: | $ | (0.23) | $ | (0.23) | Net loss per common share, diluted: | $ | (0.44) | $ | (0.44) | $ | (0.23) | $ | (0.23) |
Nine Months Ended September 30, 2021 | |||||||||||
Class A | Class B | ||||||||||
Basic: | |||||||||||
Net loss attributable to Clear Secure, Inc. | $ | (18,650) | $ | (269) | |||||||
Weighted-average number of shares outstanding, basic | 72,124,741 | 1,042,234 | |||||||||
Net loss per common share, basic: | $ | (0.26) | $ | (0.26) | |||||||
Diluted: | |||||||||||
Net loss attributable to Clear Secure, Inc. | $ | (18,650) | $ | (269) | |||||||
Weighted-average number of shares outstanding, basic | 72,124,741 | 1,042,234 | |||||||||
Potentially dilutive shares | — | — | |||||||||
Weighted-average number of shares outstanding, diluted | 72,124,741 | 1,042,234 | |||||||||
Net loss per common share, diluted: | $ | (0.26) | $ | (0.26) |
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | ||||||||||||||||||||||
Class A | Class B | Class A | Class B | ||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Net loss attributable to Clear Secure, Inc. | $ | (53,549) | $ | (697) | $ | (18,650) | $ | (269) | |||||||||||||||
Weighted-average number of shares outstanding, basic | 79,238,069 | 1,035,641 | 72,124,741 | 1,042,234 | |||||||||||||||||||
Weighted Average Vested Warrants | 289,415 | ||||||||||||||||||||||
Weighted-average number of shares outstanding used to calculate net loss per common share, basic | 79,527,484 | 1,035,641 | 72,124,741 | 1,042,234 | |||||||||||||||||||
Net loss per common share, basic: | $ | (0.67) | $ | (0.67) | $ | (0.26) | $ | (0.26) | |||||||||||||||
Diluted: | |||||||||||||||||||||||
Net loss attributable to Clear Secure, Inc. used to calculate net loss per common share, basic | $ | (53,549) | $ | (697) | $ | (18,650) | $ | (269) | |||||||||||||||
Weighted-average number of shares outstanding used to calculate net loss per common share, basic | 79,527,484 | 1,035,641 | 72,124,741 | 1,042,234 | |||||||||||||||||||
Effect of dilutive shares | — | — | — | — | |||||||||||||||||||
Weighted-average number of shares outstanding, diluted | 79,527,484 | 1,035,641 | 72,124,741 | 1,042,234 | |||||||||||||||||||
Net loss per common share, diluted: | $ | (0.67) | $ | (0.67) | $ | (0.26) | $ | (0.26) |
Three and Nine Months Ended September 30, 2022 | Three and Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||||||||||||
Exchangeable Alclear Units | 40,040,483 | 26,705,315 | 44,598,167 | 26,709,821 | ||||||||||||||||||||||
Warrants exercisable for Class A Common Stock | — | — | 3,279,705 | — | ||||||||||||||||||||||
Dilutive RSA’s | 313,689 | — | 2,347,002 | 1,953,803 | ||||||||||||||||||||||
Dilutive RSU’s | 3,169,222 | — | 1,325,851 | 159,869 | ||||||||||||||||||||||
Total | 43,523,394 | 26,705,315 | 51,550,725 | 28,823,493 |
Three and Nine Months Ended September 30, 2021 | |||||||||||
Class A | Class B | ||||||||||
Potentially dilutive warrants | 3,279,705 | — | |||||||||
Potentially dilutive exchangeable Alclear Units | 44,598,167 | 26,709,821 | |||||||||
Potentially dilutive RSA’s | 2,347,002 | 1,953,803 | |||||||||
Potentially dilutive RSU’s | 1,325,851 | 159,869 | |||||||||
Potentially dilutive shares | 51,550,725 | 28,823,493 |
2022 | $ | 5,052 | |||
2023 | 17,183 | ||||
2024 | 9,752 | ||||
2025 | 4,676 | ||||
2026 | 1,030 | ||||
Thereafter | 446 | ||||
Total | $ | 38,139 |
2021 | $ | 4,093 | |||
2022 | 16,104 | ||||
2023 | 14,941 | ||||
2024 | 11,284 | ||||
2025 | 9,773 | ||||
Thereafter | 21,803 | ||||
Total | $ | 77,998 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
(In thousands) | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||
Net income (loss) | $ | (32,787) | $ | 11,143 | $ | (84,014) | $ | (17,764) | |||||||||||||||
Income taxes | 60 | 4 | 277 | 14 | |||||||||||||||||||
Interest income (expense), net | 120 | 12 | 333 | (657) | |||||||||||||||||||
Other income (expense), net | 11 | (477) | 11 | (477) | |||||||||||||||||||
Depreciation and amortization | 3,988 | 2,322 | 9,190 | 6,945 | |||||||||||||||||||
Loss on asset disposal | — | 2 | — | 2 | |||||||||||||||||||
Equity-based compensation expense | 14,138 | 595 | 21,354 | 53,252 | |||||||||||||||||||
Warrant liabilities | — | 444 | 12,796 | 444 | |||||||||||||||||||
Adjusted EBITDA | $ | (14,470) | $ | 14,045 | $ | (40,053) | $ | 41,759 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
(In thousands) | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 34,893 | $ | 16,808 | $ | 37,977 | $ | (28,471) | |||||||||||||||
Purchases of property and equipment | (6,832) | (2,743) | (22,042) | (9,181) | |||||||||||||||||||
Share repurchases over fair value | — | 67 | 712 | 50,465 | |||||||||||||||||||
Free Cash Flow | $ | 28,061 | $ | 14,132 | $ | 16,647 | $ | 12,813 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | $ Change | % Change | September 30, 2021 | September 30, 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Total Bookings (in millions) | $99.3 | $52.5 | $46.8 | 89% | $231.4 | $156.1 | $75.3 | 48% |
As of | |||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | % Change | ||||||||||||||||||||
Total Cumulative Enrollments (in thousands) | 8,076 | 5,118 | 2,958 | 58% |
As of | |||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | % Change | ||||||||||||||||||||
Total Cumulative Platform Uses (in thousands) | 72,184 | 56,681 | 15,503 | 27% |
As of | ||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | ||||||||||||||||||
Annual CLEAR Plus Net Member Retention | 87.4% | 81.2% | 6.2% |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | $ Change | % Change | September 30, 2022 | September 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Total Bookings (in millions) | $ | 145.7 | $ | 99.3 | $ | 46.4 | 47 | % | $ | 376.4 | $ | 231.4 | $ | 145.0 | 63 | % |
As of | |||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | Change | % Change | ||||||||||||||||||||
Total Cumulative Enrollments (in thousands) | 14,236 | 8,076 | 6,160 | 76% |
As of | |||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | Change | % Change | ||||||||||||||||||||
Total Cumulative Platform Uses (in thousands) | 117,620 | 72,184 | 45,436 | 63% |
As of | |||||||||||||||||
September 30, 2022 | September 30, 2021 | Change | |||||||||||||||
Annual CLEAR Plus Net Member Retention | 92.2% | 87.4% | 4.8% |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
(In thousands) | September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||
Net loss | $ | (65,559) | $ | (32,787) | $ | (96,676) | $ | (84,014) | |||||||||||||||
Income tax expense (benefit) | (536) | 60 | (381) | 277 | |||||||||||||||||||
Interest (income) expense, net | (1,636) | 120 | (1,830) | 333 | |||||||||||||||||||
Other (income) expense, net | 2,031 | 11 | 1,834 | 11 | |||||||||||||||||||
Depreciation and amortization | 4,531 | 3,988 | 13,243 | 9,190 | |||||||||||||||||||
Equity-based compensation expense | 73,052 | 14,138 | 98,488 | 21,354 | |||||||||||||||||||
Warrant liabilities | — | — | — | 12,796 | |||||||||||||||||||
Adjusted EBITDA (Loss) | $ | 11,883 | $ | (14,470) | $ | 14,678 | $ | (40,053) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
(In thousands) | September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||
Net loss attributable to Clear Secure, Inc. | $ | (36,764) | $ | (16,915) | $ | (54,246) | $ | (18,919) | |||||||||||||||
Reallocation of net loss attributable to non-controlling interests | (28,795) | (15,872) | (42,430) | (18,247) | |||||||||||||||||||
Net loss | (65,559) | (32,787) | (96,676) | (37,166) | |||||||||||||||||||
Equity-based compensation expense | 73,052 | 14,138 | 98,488 | 18,051 | |||||||||||||||||||
Amortization of acquired intangibles | 790 | — | 2,370 | — | |||||||||||||||||||
Income tax effect | (203) | — | (608) | — | |||||||||||||||||||
Adjusted Net Income (Loss) | $ | 8,080 | $ | (18,649) | $ | 3,574 | $ | (19,115) |
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Weighted-average number of shares outstanding, basic for Class A Common Stock | 82,426,486 | 72,285,100 | |||||||||
Adjustments | |||||||||||
Assumed weighted-average conversion of issued and outstanding Class B Common Stock | 1,022,669 | 1,042,234 | |||||||||
Assumed weighted-average conversion of issued and outstanding Class C Common Stock | 40,017,569 | 44,407,609 | |||||||||
Assumed weighted-average conversion of issued and outstanding Class D Common Stock | 26,506,830 | 24,756,018 | |||||||||
Assumed weighted-average conversion of vested and outstanding warrants | 194,108 | 2,964,049 | |||||||||
Adjusted Weighted-Average Number of Shares Outstanding, Basic | 150,167,662 | 145,455,010 | |||||||||
Weighted-average impact of unvested RSAs | 482,379 | — | |||||||||
Weighted-average impact of unvested RSUs | 450,637 | — | |||||||||
Total incremental shares | 933,016 | — | |||||||||
Adjusted Weighted-Average Number of Shares Outstanding, Diluted | 151,100,678 | 145,455,010 |
Nine Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Weighted-average number of shares outstanding, basic for Class A Common Stock | 79,238,069 | 72,124,741 | |||||||||
Adjustments | |||||||||||
Assumed weighted-average conversion of issued and outstanding Class B Common Stock | 1,035,641 | 1,042,234 | |||||||||
Assumed weighted-average conversion of issued and outstanding Class C Common Stock | 41,955,653 | 44,407,609 | |||||||||
Assumed weighted-average conversion of issued and outstanding Class D Common Stock | 26,638,459 | 24,756,018 | |||||||||
Assumed weighted-average conversion of vested and outstanding warrants | 183,839 | 2,958,319 | |||||||||
Adjusted Weighted-Average Number of Shares Outstanding, Basic | 149,051,661 | 145,288,921 | |||||||||
Weighted-average impact of unvested RSAs | 1,061,772 | — | |||||||||
Weighted-average impact of unvested RSUs | 564,926 | — | |||||||||
Total incremental shares | 1,626,698 | — | |||||||||
Adjusted Weighted-Average Number of Shares Outstanding, Diluted | 150,678,359 | 145,288,921 |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||
Adjusted Net Income (Loss) | 8,080 | (18,649) | 3,574 | (19,115) | ||||||||||
Adjusted Weighted-Average Number of Shares Outstanding, Basic | 150,167,662 | 145,455,010 | 149,051,661 | 145,288,921 | ||||||||||
Adjusted Net Income (Loss) per Common Share, Basic | $ | 0.05 | $ | (0.13) | $ | 0.02 | $ | (0.13) |
Three Months Ended | Nine Months Ended | ||||||||||
September 30, 2022 | September 30, 2022 | ||||||||||
Adjusted Net Income | 8,080 | 3,574 | |||||||||
Adjusted Weighted-Average Number of Shares Outstanding, Diluted | 151,100,678 | 150,678,359 | |||||||||
Adjusted Net Income per Common Share, Diluted: | $ | 0.05 | $ | 0.02 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||
Adjusted Net Income (Loss) per Common Share, Basic | $ | 0.05 | $ | (0.13) | $ | 0.02 | $ | (0.13) | |||||||||||||||
Adjusted Net Income (Loss) per Common Share, Diluted | $ | 0.05 | $ | (0.13) | $ | 0.02 | $ | (0.13) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
(In thousands) | September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||
Net cash provided by operating activities | $ | 13,175 | $ | 34,893 | $ | 89,030 | $ | 37,977 | |||||||||||||||
Purchases of property and equipment | (7,859) | (6,832) | (23,073) | (22,042) | |||||||||||||||||||
Share repurchases over fair value | — | — | — | 712 | |||||||||||||||||||
Free Cash Flow | $ | 5,316 | $ | 28,061 | $ | 65,957 | $ | 16,647 |
Three Months Ended | |||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | $ Change | % Change | ||||||||||||||||||||
Revenue | $ | 67.6 | $ | 56.4 | $ | 11.2 | 20 | % | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of revenue share fee | $ | 10.0 | $ | 8.3 | $ | 1.7 | 20 | % | |||||||||||||||
Cost of direct salaries and benefits | $ | 18.1 | $ | 7.8 | $ | 10.3 | 132 | % | |||||||||||||||
Research and development | $ | 13.3 | $ | 6.3 | $ | 7.0 | 111 | % | |||||||||||||||
Sales and marketing | $ | 10.0 | $ | 3.3 | $ | 6.7 | 203 | % | |||||||||||||||
General and administrative | $ | 44.8 | $ | 17.7 | $ | 27.1 | 153 | % | |||||||||||||||
Depreciation and amortization | $ | 4.0 | $ | 2.3 | $ | 1.7 | 74 | % | |||||||||||||||
Operating income (loss) | $ | (32.6) | $ | 10.7 | $ | (43.3) | (405) | % | |||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest income (expense), net | $ | (0.1) | $ | — | $ | (0.1) | N/A | ||||||||||||||||
Other income (expense), net | $ | — | $ | 0.5 | $ | (0.5) | N/A | ||||||||||||||||
Income (loss) before tax | $ | (32.7) | $ | 11.2 | $ | (43.9) | (392) | % | |||||||||||||||
Income tax expense | $ | (0.1) | $ | — | $ | (0.1) | N/A | ||||||||||||||||
Net income (loss) | $ | (32.8) | $ | 11.2 | $ | (44.0) | (393) | % |
Nine Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | $ Change | % Change | September 30, 2022 | September 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||
Revenue | Revenue | $ | 173.3 | $ | 177.6 | $ | (4.3) | (2) | % | Revenue | $ | 115.9 | $ | 67.6 | $ | 48.3 | 71 | % | ||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue share fee | Cost of revenue share fee | $ | 26.0 | $ | 25.7 | $ | 0.3 | 1 | % | Cost of revenue share fee | $ | 14.7 | $ | 10.0 | $ | 4.7 | 47 | % | ||||||||||||||||||||||||||||
Cost of direct salaries and benefits | Cost of direct salaries and benefits | $ | 46.1 | $ | 31.5 | $ | 14.6 | 46 | % | Cost of direct salaries and benefits | $ | 26.9 | $ | 18.1 | $ | 8.8 | 49 | % | ||||||||||||||||||||||||||||
Research and development | Research and development | $ | 33.3 | $ | 23.4 | $ | 9.9 | 42 | % | Research and development | $ | 16.5 | $ | 13.3 | $ | 3.2 | 24 | % | ||||||||||||||||||||||||||||
Sales and marketing | Sales and marketing | $ | 25.8 | $ | 11.5 | $ | 14.3 | 124 | % | Sales and marketing | $ | 10.5 | $ | 10.0 | $ | 0.5 | 5 | % | ||||||||||||||||||||||||||||
General and administrative | General and administrative | $ | 116.3 | $ | 97.5 | $ | 18.8 | 19 | % | General and administrative | $ | 108.4 | $ | 44.8 | $ | 63.6 | 142 | % | ||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | $ | 9.2 | $ | 6.9 | $ | 2.3 | 33 | % | Depreciation and amortization | $ | 4.5 | $ | 4.0 | $ | 0.5 | 13 | % | ||||||||||||||||||||||||||||
Operating loss | Operating loss | $ | (83.4) | $ | (18.9) | $ | (64.5) | 341 | % | Operating loss | $ | (65.7) | $ | (32.6) | $ | (33.1) | 101 | % | ||||||||||||||||||||||||||||
Other income (expense) | Other income (expense) | Other income (expense) | ||||||||||||||||||||||||||||||||||||||||||||
Interest income (expense), net | Interest income (expense), net | $ | (0.3) | $ | 0.7 | $ | (1.0) | (143) | % | Interest income (expense), net | $ | 1.6 | $ | (0.1) | $ | 1.7 | N/A | |||||||||||||||||||||||||||||
Other income (expense), net | Other income (expense), net | $ | — | $ | 0.5 | $ | (0.5) | N/A | Other income (expense), net | $ | (2.0) | $ | — | $ | (2.0) | N/A | ||||||||||||||||||||||||||||||
Income (loss) before tax | Income (loss) before tax | $ | (83.7) | $ | (17.7) | $ | (66.0) | 373 | % | Income (loss) before tax | $ | (66.1) | $ | (32.7) | $ | (33.4) | 102 | % | ||||||||||||||||||||||||||||
Income tax expense | $ | (0.3) | $ | — | $ | (0.3) | N/A | |||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | Income tax benefit (expense) | $ | 0.5 | $ | (0.1) | $ | 0.6 | N/A | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (84.0) | $ | (17.7) | $ | (66.3) | 375 | % | Net income (loss) | $ | (65.5) | $ | (32.8) | $ | (32.7) | 100 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | $ Change | % Change | September 30, 2021 | September 30, 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Revenue | $67.6 | $56.4 | $11.2 | 20% | $173.3 | $177.6 | $(4.3) | (2)% |
Nine Months Ended | |||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | $ Change | % Change | ||||||||||||||||||||
Revenue | $ | 309.2 | $ | 173.3 | $ | 135.9 | 78 | % | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of revenue share fee | $ | 39.2 | $ | 26.0 | $ | 13.2 | 51 | % | |||||||||||||||
Cost of direct salaries and benefits | $ | 75.2 | $ | 46.1 | $ | 29.1 | 63 | % | |||||||||||||||
Research and development | $ | 46.4 | $ | 33.3 | $ | 13.1 | 39 | % | |||||||||||||||
Sales and marketing | $ | 29.7 | $ | 25.8 | $ | 3.9 | 15 | % | |||||||||||||||
General and administrative | $ | 202.5 | $ | 116.3 | $ | 86.2 | 74 | % | |||||||||||||||
Depreciation and amortization | $ | 13.3 | $ | 9.2 | $ | 4.1 | 45 | % | |||||||||||||||
Operating loss | $ | (97.1) | $ | (83.4) | $ | (13.7) | 16 | % | |||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest income (expense), net | $ | 1.8 | $ | (0.3) | $ | 2.1 | N/A | ||||||||||||||||
Other income (expense), net | $ | (1.8) | $ | (1.8) | N/A | ||||||||||||||||||
Income (loss) before tax | $ | (97.1) | $ | (83.7) | $ | (13.4) | 16 | % | |||||||||||||||
Income tax benefit (expense) | $ | 0.4 | $ | (0.3) | $ | 0.7 | N/A | ||||||||||||||||
Net income (loss) | $ | (96.7) | $ | (84.0) | $ | (12.7) | 15 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | $ Change | % Change | September 30, 2022 | September 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Revenue | $ | 115.9 | $ | 67.6 | $ | 48.3 | 71 | % | $ | 309.2 | $ | 173.3 | $ | 135.9 | 78 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | $ Change | % Change | September 30, 2022 | September 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Cost of revenue share fee | $ | 14.7 | $ | 10.0 | $ | 4.7 | 47 | % | $ | 39.2 | $ | 26.0 | $ | 13.2 | 51 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | $ Change | % Change | September 30, 2021 | September 30, 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Cost of Revenue Share Fee | $ | 10.0 | $8.3 | $1.7 | 20% | $26.0 | $25.7 | $0.3 | 1% |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | $ Change | % Change | September 30, 2021 | September 30, 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Cost of direct salaries and benefits | $18.1 | $7.8 | $10.3 | 132% | $46.1 | $31.5 | $14.6 | 46% |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | $ Change | % Change | September 30, 2022 | September 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Cost of direct salaries and benefits | $ | 26.9 | $ | 18.1 | $ | 8.8 | 49 | % | $ | 75.2 | $ | 46.1 | $ | 29.1 | 63 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | $ Change | % Change | September 30, 2021 | September 30, 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Research and development | $13.3 | $6.3 | $7.0 | 111% | $33.3 | $23.4 | $9.9 | 42% |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | $ Change | % Change | September 30, 2022 | September 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Research and development | $ | 16.5 | $ | 13.3 | $ | 3.2 | 24 | % | $ | 46.4 | $ | 33.3 | $ | 13.1 | 39 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | $ Change | % Change | September 30, 2022 | September 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Sales and marketing | $ | 10.5 | $ | 9.9 | $ | 0.5 | 5 | % | $ | 29.7 | $ | 25.8 | $ | 3.9 | 15 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | $ Change | % Change | September 30, 2021 | September 30, 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Sales and marketing | $ | 10.0 | $3.3 | $6.7 | 203% | $25.8 | $11.5 | $14.3 | 124% |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | $ Change | % Change | September 30, 2021 | September 30, 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
General and administrative | $44.8 | $17.7 | $27.1 | 153% | $116.3 | $97.5 | $18.8 | 19% |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | $ Change | % Change | September 30, 2022 | September 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
General and administrative | $ | 108.4 | $ | 44.8 | $ | 63.6 | 142 | % | $ | 202.5 | $ | 116.3 | $ | 86.2 | 74 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | $ Change | % Change | September 30, 2021 | September 30, 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Interest income (expense), net | $(0.1) | $— | $(0.1) | N/A | $(0.3) | $0.7 | $(1.0) | (143)% |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | $ Change | % Change | September 30, 2021 | September 30, 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Other income (expense) | $— | $0.5 | $(0.5) | N/A | $— | $0.5 | $(0.5) | N/A |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | $ Change | % Change | September 30, 2022 | September 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Interest Income, net | $ | 1.6 | $ | (0.1) | $ | 1.7 | N/A | $ | 1.8 | $ | (0.3) | $ | 2.1 | N/A |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | $ Change | % Change | September 30, 2021 | September 30, 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Income tax expense | $(0.1) | $— | $(0.1) | N/A | $(0.3) | $— | $(0.3) | N/A |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | $ Change | % Change | September 30, 2022 | September 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Other income | $ | — | $ | — | $ | — | N/A | $ | 0.5 | $ | — | $ | 0.5 | N/A | ||||||||||||||||||||||||||||||
Other (expense) | $ | (2.0) | $ | — | $ | (2.0) | N/A | $ | (2.3) | $ | — | $ | (0.3) | N/A | ||||||||||||||||||||||||||||||
Other income (expense), net | $ | (2.0) | $ | — | $ | (2.0) | N/A | $ | (1.8) | $ | — | $ | (1.8) | N/A |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | $ Change | % Change | September 30, 2022 | September 30, 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | $ | 0.5 | $ | (0.1) | $ | 0.6 | N/A | $ | 0.4 | $ | (0.3) | $ | 0.7 | N/A |
Nine Months Ended September 30, | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | September 30, 2022 | September 30, 2021 | $ Change | ||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $38.0 | ($28.5) | $66.5 | (233%) | ||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | $89.1 | $38.0 | $51.1 | ||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | ($320.5) | ($14.2) | ($306.3) | 2157% | Net cash used in investing activities | ($31.9) | ($320.5) | $288.6 | |||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | $504.0 | ($97.0) | $601.0 | (620%) | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | $221.5 | ($139.7) | $361.2 | (259%) | ||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | Net cash (used in) provided by financing activities | ($7.8) | $504.0 | ($511.8) | ||||||||||||||||||||||||||||||||||||
Net increase in cash, cash equivalents, and restricted cash | Net increase in cash, cash equivalents, and restricted cash | $49.4 | $221.5 | ($172.1) | ||||||||||||||||||||||||||||||||||||
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 | $360.6 | $96.4 | $264.2 | 274% | Cash, cash equivalents, and restricted cash, end of period | $358.4 | $360.6 | ($2.2) |
Operating Lease Payments | |||||
2021 | $ | 4.1 | |||
2022 | $ | 16.1 | |||
2023 | $ | 14.9 | |||
2024 | $ | 11.3 | |||
2025 | $ | 9.8 | |||
Thereafter | $ | 21.8 | |||
Total | $ | 78.0 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan or Program | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan or Program | ||||||||||
July 1, 2022-July 31, 2022 | — | — | — | — | ||||||||||
August 1, 2022-August 31, 2022 | 213,100 | $ | 22.98 | 213,100 | $ | 95,103,000 | ||||||||
September 1, 2022-September 30, 2022 | — | — | — | — | ||||||||||
Total | 213,100 | $ | 22.98 | 213,100 | $ | 95,103,000 |
Exhibit Number | Description | |||||||
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: | November | By: | /s/ Caryn Seidman-Becker | ||||||||||||||
Caryn Seidman-Becker | |||||||||||||||||
Chairman and Chief Executive Officer | |||||||||||||||||
Date: | November | By: | /s/ Kenneth Cornick | ||||||||||||||
Kenneth Cornick | |||||||||||||||||
President and Chief Financial Officer | |||||||||||||||||