Clear Secure Inc

For the period ended Dec 31, 2023. Filed Feb 28, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 28, 2024

YOU$55.74+1.2%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CHANGES IN CASH FLOWS

(dollars in thousands)

	For the year ended December 31,
	2023	2022	2021
Cash flows provided by (used in) operating activities:
Net income (loss)	$49,888	$(115,436)	$(115,171)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation on property and equipment	18,215	15,524	12,358
Amortization on intangible assets	3,434	3,268	—
Noncash lease expense	6,468	3,769	—
Impairment of assets	4,975	3,068	4,567
Equity-based compensation	37,293	138,495	36,511
Warrant liabilities	—	—	12,796
Deferred income tax expense (benefit)	(722)	(2,471)	—
Amortization of revolver loan costs	339	440	358
Premium amortization (discount accretion) on marketable securities	(13,804)	(2,958)	675
Changes in operating assets and liabilities:
Accounts receivable	643	4,162	(4,208)
Prepaid expenses and other assets	(3,192)	991	(11,422)
Prepaid revenue share fee	(6,817)	(7,313)	(4,798)
Accounts payable	4,525	(752)	1,451
Accrued and other long term liabilities	33,714	34,979	50,045
Deferred revenue	92,801	94,889	87,021
Operating lease liabilities	(2,727)	(2,345)	—
Deferred rent	—	—	(476)
Net cash used provided by operating activities	225,033	168,310	69,707
Cash flows provided by (used in) investing activities:
Business combinations, net of cash acquired	(3,750)	—	(75,834)
Purchases of marketable securities	(952,655)	(1,462,550)	(987,966)
Proceeds from sales and maturities of marketable securities	973,032	1,134,864	689,572
Purchase of strategic investment	(6,000)	—	—
Purchases of property and equipment	(25,555)	(31,362)	(28,148)
Purchases of intangible assets	(580)	(545)	(822)
Net cash used in investing activities	(15,508)	(359,593)	(403,198)
Cash flows provided by (used in) financing activities:
IPO proceeds, net of underwriter fees and issuance costs	—	(297)	436,837
Repurchase of Class A Common Stock	(69,673)	(4,902)	(11,744)
Proceeds from issuance of members’ equity, net of issuance costs	—	—	80,277
Issuance of warrants	—	—	289
Proceeds from the exercise of warrants	—	—	2,575
Payment of dividend	(14,483)	—	—
Payment of special dividend	(68,038)	(21,843)	—
Distributions to members	(42,674)	(16,250)	—
Tax distribution to members	(13,929)	(171)	(4,114)
Debt issuance costs	(396)	—	(718)
Payment of taxes on net settled stock-based awards	(6,814)	(5,411)	—
Net cash provided by (used in) financing activities	(216,007)	(48,874)	503,402
Net increase (decrease) in cash, cash equivalents, and restricted cash	(6,482)	(240,157)	169,911
Cash, cash equivalents, and restricted cash, beginning of period	68,884	309,126	139,082
Exchange rate effect on cash and cash equivalents, and restricted cash	(1)	(85)	133
Cash, cash equivalents, and restricted cash, end of period	$62,401	$68,884	$309,126

	For the year ended December 31,
	2023	2022	2021
Cash and cash equivalents	$57,900	$38,939	$280,107
Restricted cash	4,501	29,945	29,019
Total cash, cash equivalents, and restricted cash	$62,401	$68,884	$309,126

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.