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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, 2022
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, every Interactive Data File required to be submitted and 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 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, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”“smaller
reporting company” and “emerging growth 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 9, 2022:
Class A Common Stock par value $0.00001 per share
85,622,383 
Class B Common Stock par value $0.00001 per share942,234 
Class C Common Stock par value $0.00001 per share39,527,216 
Class D Common Stock par value $0.00001 per share26,337,514 

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                  Signatures



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CLEAR SECURE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(dollars in thousands, except per share data)
September 30,
2022		December 31,
2021
Assets
Current assets:
Cash and cash equivalents$329,077 $280,107 
Accounts receivable2,102 5,331 
Marketable securities342,310 335,228 
Prepaid revenue share fee16,010 10,272 
Prepaid expenses and other current assets16,985 22,140 
Total current assets706,484 653,078 
Property and equipment, net56,053 44,522 
Right of use asset, net18,006 — 
Intangible assets, net23,048 22,933 
Goodwill58,807 59,792 
Restricted cash29,333 29,019 
Other assets3,060 3,406 
Total assets$894,791 $812,750 
Liabilities and stockholders' equity
Current liabilities:
Accounts payable$8,793 $8,808 
Accrued liabilities76,062 67,220 
Deferred revenue255,729 188,563 
Total current liabilities340,584 264,591 
Other long term liabilities23,887 8,691 
Total liabilities364,471 273,282 
Commitments and contingencies (Note 19)
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 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
— — 
Accumulated other comprehensive loss(1,836)(103)
Treasury stock at cost, 189,375 shares as of September 30, 2022
— — 
Accumulated deficit(90,471)(36,130)
Additional paid-in capital383,974 313,845 
Total stockholders’ equity attributable to Clear Secure, Inc.291,668 277,613 
Non-controlling interest238,652 261,855 
Total stockholders’ equity530,320 539,468 
Total liabilities and stockholders’ equity$894,791 $812,750 


See notes to condensed consolidated financial statements

1
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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,
2022		September 30,
2021		September 30,
2022		September 30,
2021
Revenue$115,919 $67,558 $309,181 $173,294 
Operating expenses:
Cost of revenue share fee14,743 9,926 39,198 25,995 
Cost of direct salaries and benefits26,918 18,128 75,211 46,113 
Research and development16,508 13,347 46,353 33,293 
Sales and marketing10,530 9,949 29,721 25,806 
General and administrative108,389 44,816 202,508 116,290 
Depreciation and amortization4,531 3,988 13,243 9,190 
Operating loss(65,700)(32,596)(97,053)(83,393)
Other income (expense):
Interest income (expense), net1,636 (120)1,830 (333)
Other income (expense), net(2,031)(11)(1,834)(11)
Loss before tax(66,095)(32,727)(97,057)(83,737)
Income tax benefit (expense)536 (60)381 (277)
Net loss(65,559)(32,787)(96,676)(84,014)
Less: net loss attributable to non-controlling interests(28,795)(15,872)(42,430)(65,095)
Net loss attributable to Clear Secure, Inc. $(36,764)$(16,915)$(54,246)$(18,919)
Net loss per share of Class A Common Stock and Class B Common Stock (Note 17)
Net loss per common share basic and diluted, Class A$(0.44)$(0.23)$(0.67)$(0.26)
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 82,426,486 72,285,100 79,527,484 72,124,741 
Weighted-average shares of Class B Common Stock outstanding1,022,669 1,042,234 1,035,641 1,042,234 








See notes to condensed consolidated financial statements

2
Table of Contents
CLEAR SECURE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
(dollars in thousands)
Three Months EndedNine 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)

















See notes to condensed consolidated financial statements

3
Table of Contents
CLEAR SECURE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
(dollars in thousands, except per share data)
Class AClass BClass CClass DAccumulated other comprehensive lossTreasury StockAccumulated deficitTotal stockholders’ equity attributable to Clear Secure, Inc.Non-Controlling InterestTotal stockholders’ equity
Number of sharesAmountNumber of SharesAmountNumber of SharesAmountNumber of SharesAmountAdditional paid in capitalNumber of SharesAmount
Balance, January 1, 202276,393,256 $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 shares1,025,318 — — — (1,020,812)— (4,506)— 2,606 — — — — 2,606 (2,606)— 
Exercise of warrants1,207,931 — — — — — — — 3,070 — — — — 3,070 (3,070)— 
IPO expenses— — — — — — — — (156)— — — — (156)(141)(297)
Balance, March 31, 202278,566,156 $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 units7,528 — — — — — — — 27 — — — — 27 (27)— 
Tax distribution to members— — — — — — — — — — — — (27)(27)(22)(49)
Warrant expense— — — — — — — — 28 — — — — 28 23 51 
Exchange of shares3,146,673 — — — (3,146,673)— — — 10,995 — — — — 10,995 (10,995)— 
Balance, June 30, 202281,618,747 $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 awards207,970 — — — — — — — (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 warrants534,655 — — — — — — — 1,237 — — — — 1,237 (1,237)— 
Conversion of shares100,000 — (100,000)— — — — — — — — — — — — — 
Exchange of shares922,801 — — — (555,000)— (367,801)— 2,135 — — — — 2,135 (2,135)— 
Balance, September 30, 202283,158,756 $1 942,234 $— 39,875,682 $— 26,337,514 $— $383,974 $(1,836)189,375 $— $(90,471)$291,668 $238,652 $530,320 
See notes to condensed consolidated financial statements
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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 — — — —