Clear Secure Inc-2025年季度报告

FORM10-Q (Mark One) If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o PART I - FINANCIAL INFORMATION Item 1.Condensed Consolidated Financial Statements (Unaudited)Condensed Consolidated Balance SheetsCondensed Consolidated Statements of OperationsCondensed Consolidated Statements of Comprehensive IncomeCondensed Consolidated Statements of Changes in Stockholders' EquityCondensed Consolidated Statements ofCash FlowsNotes to Condensed Consolidated Financial Statements Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations Item 3.Quantitative and Qualitative Disclosures About Market Risk PART II - OTHER INFORMATION Item 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.ExhibitsSignatures CLEAR SECURE, INC. CLEAR SECURE, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(UNAUDITED) (dollars in thousands, except for share and per share data, unless otherwise noted) 1.Description of Business and Recent Accounting Developments Description and Organization Clear Secure, Inc. (the “Company” and together with its consolidated subsidiaries, “CLEAR,” “we,” “us,” “our”) is a holdingcompany and its principal asset is the controlling equity interest in Alclear Holdings, LLC (“Alclear”). In connection with theCompany’s reorganization (the “Reorganization”) completed prior to its initial public offering (“IPO”), Alclear was formed as aDelaware limited liability company on January 21, 2010 and operates under the terms of the Second Amended and Restated Operating The Company operates a secure identity network under the brand name CLEAR primarily in the United States. CLEAR'scurrent offerings include: CLEAR+, a consumer aviation subscription service, which enables access to predictable and fastexperiences through dedicated entry lanes in airport security checkpoints within our nationwide network of59airports (as of the dateof this filing); TSA PreCheck® Enrollment Provided by CLEAR at58airports and107retail locations (as of the date of this filing),which offers consumers increased choice in how and where to sign up for this popular trusted traveler program; our free flagshipCLEAR app, which offers consumer products like Home-to-Gate, a feature to help travelers plan and time their trip to the airport;CLEAR Mobile at4domestic airports (as of the date of this filing), which delivers predictable airport security for travelers byaccessing a dedicated lane at airport security, simply by showing a QR code, that is free to CLEAR+ Members and available to alltravelers by purchasing a day pass—valid for 24 hours; CLEAR Concierge, our curb-to-gate service where our Ambassadors guide 2.Basis of Presentation and Summary of Significant Accounting Policies These condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generallyaccepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 ofRegulation S-X. In the opinion of management, all adjustments consisting only of normal recurring adjustments necessary for a fair The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to makeestimates and assumptions that affect the amounts that are reported in the condensed consolidated financial statements and These condensed consolidated financial statements and notes thereto should be read in conjunction with the auditedconsolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended Recently Adopted Accounting Pronouncements The Company adopted all applicable standards effective as of December31, 2024, within these condensed consolidatedfinancial statements. There was no material impact as a result. There are no newly issued standards since December31, 2024 that are CLEAR SECURE, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)(dollars in thousands, except for share and per share data, unless otherwise noted) 3.Revenue The Company derives substantially all of its revenue from subscriptions to its consumer aviation service, CLEAR+. For thethree months ended March 31, 2025 and 2024, no individual airport accounted for more than 10% of membership revenue. Revenue by Geography For the three months ended March 31, 2025 and 2024, substantially all of the Company’s revenue was generated in theUnitedStates. Contract liabilities and assets The Company’s deferred revenue balance primarily relates to amounts received from customers for subscriptions paid inadvance of the services being