Clear Secure Inc-A 2025年季度报告

For the quarterly period endedMarch31, 2025ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto (Exact name of registrant as specified in its charter)Delaware (State or other jurisdiction ofincorporation or organization) Restricted cash See notes to condensed consolidated financial statements (dollars in thousands, except for share and per share data, unless otherwise noted) 1.Description of Business and Recent Accounting DevelopmentsDescription and OrganizationClear 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 OperatingAgreement dated June 7, 2023 (the “Operating Agreement”). As the sole managing member of Alclear, the Company operates andcontrols all of the business and affairs of Alclear, and through Alclear and its subsidiaries, conducts the Company’s business. 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 guideMembers through the airport; CLEAR Perks, our suite of benefits to help CLEAR+ Members win every step of their travel journey;and CLEAR1, our B2B offering, which enables our partners to leverage our digital identity technology and embedded Member base to 2.Basis of Presentation and Summary of Significant Accounting PoliciesThese condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally presentation have been reflected in these condensed consolidated financial statements. Operating results for the interim periodspresented are not necessarily indicative of the results that may be expected for the fiscal year ending December31, 2025.The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that theCompany may undertake in the future, actual results may differ from those estimates. These condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated 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 applicable to the Company. The Company derives substantially all of its revenue from subscriptions to its consumer aviation service, CLEAR+. For the three months ended March 31, 2025 and 2024, no individual airport accounted for more than 10% of membership revenue. For the three months ended March 31, 2025 and 2024, substantially all of the Company’s revenue was generated in the UnitedStates.Contract liabilities and assets Recognition of deferred revenueBalance as of March 31 The Company has obligations for refunds and other similar items of $3,743as of March 31, 2025 recorded within accrued During the three months ended March 31, 2025 and 2024, the Company recognized $180,235and $154,830, respectively, ofrevenue which was included in the opening deferred revenue balances. 4.Prepaid Expenses and Other Current Assets 5.Fair Value MeasurementsThe Company values its available-for-sale securities and certain liabilities based on the price that would be received to sell anasset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets orliabilities. The fair value hierarchy gives the highest priority to Level1 inputs. Observable inputs other than Level1 prices, such as quoted prices for similar assets or liabilities; quoted prices ininactive markets or model-derived valuations in