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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  to
Commission file number 001-40568
CLEAR SECURE, INC.
(Exact name of registrant as specified in its charter)
Delaware86-2643981
(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)
(646) 723-1404
Registrant's telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.00001 per shareYOUNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes  x   No  o 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated fileroAccelerated filero
Non-accelerated filerxSmaller reporting companyo
Emerging growth companyx
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes   o     No  x
The registrant had the following outstanding shares of common stock as of November 11, 2021:
Class A common stock par value $0.00001 per share
74,268,466 
Class B common stock par value $0.00001 per share1,042,234 
Class C common stock par value $0.00001 per share44,598,167 
Class D common stock par value $0.00001 per share26,709,821 







Table of Contents
Page
47


2







CLEAR SECURE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(dollars in thousands, except per share data)
September 30,
2021
December 31,
2020
Assets
Current assets:
Cash and cash equivalents$337,791 $116,226 
Accounts receivable3,921 912 
Marketable debt securities335,457 37,813 
Prepaid revenue share fee8,921 5,475 
Prepaid expenses and other current assets14,465 11,210 
Total current assets700,555 171,636 
Property and equipment, net45,875 35,241 
Intangible assets, net2,267 1,564 
Restricted cash22,835 22,856 
Other assets1,694 971 
Total assets$773,226 $232,268 
Liabilities, redeemable capital units and stockholders' equity
Current liabilities:
Accounts payable$10,034 $8,518 
Accrued liabilities45,194 18,304 
Warrant liabilities 17,740 
Deferred revenue159,589 101,542 
Total current liabilities214,817 146,104 
Deferred rent3,428 3,809 
Total liabilities218,245 149,913 
Commitments and contingencies (Note 17)
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
 — 
Accumulated deficit(18,976)(494,769)
Additional paid-in capital305,307 — 
Total stockholders’ equity attributable to Clear Secure, Inc.286,284 — 
Non-controlling interest268,697 — 
Total stockholders’ equity554,981 (486,896)
Total liabilities, redeemable capital units and stockholders’ equity$773,226 $232,268 
See notes to condensed consolidated financial statements
3

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CLEAR SECURE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(dollars in thousands, except per share data)
Three Months EndedNine Months Ended
September 30,
2021
September 30,
2020
September 30,
2021
September 30,
2020
Revenue$67,558 $56,375 $173,294 $177,641 
Operating expenses:
Cost of revenue share fee9,926 8,298 25,995 25,707 
Cost of direct salaries and benefits18,128 7,751 46,113 31,504 
Research and development13,347 6,297 33,293 23,358 
Sales and marketing9,949 3,291 25,806 11,479 
General and administrative44,816 17,734 116,290 97,532 
Depreciation and amortization3,988 2,322 9,190 6,945 
Operating income (loss)(32,596)10,682 (83,393)(18,884)
Other income (expense)
Interest income (expense), net(120)(12)(333)657 
Other income (expense), net(11)477 (11)477 
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)
Net loss attributable to Clear Secure, Inc. $(16,915)$(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 
See notes to condensed consolidated financial statements
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CLEAR SECURE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(UNAUDITED)
(dollars in thousands)
Three Months EndedNine 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 translation15  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)
See notes to condensed consolidated financial statements
5

Table of Contents
CLEAR SECURE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CAPITAL UNITS AND STOCKHOLDERS’ EQUITY
(UNAUDITED)
(dollars in thousands, except per share data)
Class AClass BClass CClass DProfit UnitsAccumulated other comprehensive incomeTreasury StockAccumulated deficitTotal stockholders’ equity attributable to Clear Secure, Inc.Non-Controlling InterestTotal stockholders’ equity
Total redeemable capital unitsNumber of sharesAmountNumber of SharesAmountNumber of SharesAmountNumber of SharesAmountAdditional paid in capitalNumber of UnitsAmount
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 costs81,567 — — — — — — — — — — — — — — — — — 
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 expense281 — — — — — — — — — — — — — — — — — 
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 expense819 — — — — — — — — — — — — — — — — — 
Exercise of warrants prior to the reorganization transaction34,224 — — — — — — — — — — — — — — — — — 
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 
See notes to condensed consolidated financial statements
6

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CLEAR SECURE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CAPITAL UNITS AND MEMBERS’ DEFICIT
(UNAUDITED)
(dollars in thousands, except per share data)
Redeemable Capital UnitsMembers’ Deficit
Class A UnitsClass B UnitsClass C UnitsProfit UnitsAccumulated other comprehensive income (loss)Accumulated deficitMembers' deficit total
Number of UnitsAmountNumber of UnitsAmountNumber of UnitsAmountNumber of Profit UnitsAmount
Balance, January 1, 2020316,785 $3,168 4,759,569 $432,062— — 2,113,008 $8,022 $3 $(291,354)$(283,329)
Net loss— — — — — — — — — (51,253)(51,253)
Other comprehensive loss— — — — — — — — (64)— (64)
Issuance of member units, net of costs— — 422,039 113,944 — — 37,700 — — — — 
Repurchase and retirement of capital units(54,843)(548)(677,387)(14,053)— — — — — (183,102)(183,102)
Repurchase, forfeitures and retirement of profit units— — — — — — (328,834)(1,630)— (10,829)(12,459)
Warrant expense— — — 1,441 — — — — — — — 
Equity-based compensation expense— — — — — — — 351 — — 351 
Balance, March 31, 2020261,942 $2,620 4,504,221 $533,394  $ 1,821,874 $6,743 $(61)$(536,538)(529,856)
Net income— — — — — — — — — 22,346 22,346 
Other comprehensive income— — — — — — — — 128 — 128 
Repurchase, forfeitures and retirement of profit units— — — — — — (57,050)(3)— (123)(126)
Warrant expense— — — 141 — — — — — — — 
Equity-based compensation expense— — — — — — — 328 — — 328 
Balance, June 30, 2020261,942 $2,620 4,504,221 $533,535  $ 1,764,824 $7,068 $67 $(514,315)(507,180)
Net income— — — — — — — — — 11,143 11,143 
Other comprehensive loss— — — — — — — — (32)— (32)
Issuance of member units, net of costs— — — — — — 130,628 — — — — 
Repurchase, forfeitures and retirement of profit units— — — — — — (19,125)— — (23)(23)
Warrant expense— — — 143 — — — — — — — 
Equity-based compensation expense— — — — — — — 385 — — 385 
Balance, September 30, 2020261,942 $2,620 4,504,221 $533,678  $ 1,876,327 $7,453 $35 $(503,195)(495,707)
See notes to condensed consolidated financial statements
7

Table of Contents
CLEAR SECURE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CASH FLOWS
(UNAUDITED)
(dollars in thousands)
Nine Months Ended
September 30,
2021
September 30,
2020
Cash flows provided by (used in) operating activities:
Net loss$(84,014)$(17,764)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization9,190 6,945 
Loss on asset disposal 2 
Equity-based compensation20,642 2,789 
Warrant liabilities12,796 444 
Amortization of revolver loan costs558  
Changes in operating assets and liabilities:
Accounts receivable(3,009)733 
Prepaid expenses and other assets(3,818)3,323 
Prepaid revenue share fee(3,445)2,595 
Accounts payable2,796 (1,572)
Accrued liabilities28,615 (4,998)
Deferred revenue58,047 (21,653)
Deferred rent(381)685 
Net cash used provided by (used in) operating activities37,977 (28,471)
Cash flows used in investing activities:
Purchases of marketable debt securities(689,789)(104,249)
Sales of marketable debt securities392,066 99,898 
Issuance of loan (250)
Purchases of property and equipment(22,042)(9,181)
Capitalized intangible assets(713)(425)
Net cash used in investing activities(320,478)(14,207)
Cash flows provided by (used in) financing activities:
IPO proceeds, net of underwriter fees and issuance costs437,494  
Repurchase of members’ equity(11,744)(210,310)
Proceeds from issuance of members’ equity, net of cost80,277 113,944 
Distribution to post-reorganization members(4,128) 
Issuance of warrants289  
Proceeds from the exercise of warrants2,575  
Payment of revolver loan costs(718)(652)
Net cash provided by (used in) financing activities504,045 (97,018)