CLEAR Announces Increased Quarterly Dividend, Special Dividend and an Increase to its Share Repurchase Authorization
NEW YORK, Nov. 8, 2023 /PRNewswire/ -- Clear Secure, Inc. (NYSE: YOU) ("CLEAR" or the "Company") today announced that its Board of Directors (the "Board") declared a quarterly dividend of $0.09 per share, up from $0.07 last quarter, and a special cash dividend of $0.55 per share, each payable on November 22, 2023 to holders of record of Class A Common Stock and Class B Common Stock as of the close of business on November 16, 2023.
The Company will fund the payment of the dividends from proportionate cash distributions by its subsidiary.
In addition, the Company announced that its Board authorized a $100 million increase to its existing Class A Common Stock share repurchase program, resulting in an aggregate remaining authorization of approximately $128 million.
"Capital allocation remains a key priority. With today's dividend announcement and year-to-date repurchases, we will have returned over $200 million to shareholders in 2023 so far," said Kenneth Cornick, CLEAR's President and Chief Financial Officer.
The declaration, timing and amount of any future dividends will be subject to the discretion and approval of the Board and will depend on a number of factors, including CLEAR's results of operations, cash flows, financial position and capital requirements, as well as general business conditions, legal, tax and regulatory restrictions and other factors the Board deems relevant at the time it determines to declare such dividends. The timing and actual number of shares repurchased pursuant the Company's repurchase program will be determined by management depending on a variety of factors, including stock price, trading volume, market conditions, and other general business considerations.
CLEAR's mission is to create frictionless experiences. With nearly 19 million members and a growing network of partners across the world, CLEAR's identity platform is transforming the way people live, work, and travel. Whether you are traveling, at the stadium, or on your phone, CLEAR connects you to the things that make you, you – making everyday experiences easier, more secure, and friction-free. CLEAR is committed to privacy done right. Members are always in control of their own information, and we never sell member data. For more information, visit clearme.com.
This release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any and such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including those described in the Company's filings within the Securities and Exchange Commission, including the sections titled "Risk Factors" in our Annual Report on Form 10- K and Quarterly Report on Form 10-Q for the quarter ended June 30, 2023. The Company disclaims any obligation to update any forward-looking statements contained herein.
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Released November 8, 2023