Clear Secure, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
YOU$55.81-1.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001856314-25-000143
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001856314-25-000149
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 153 previous paragraphs and 154 current paragraphs.
110 unchanged; 40 reworded; 2 added; 1 removed; 2 previous and 2 current paragraphs rearranged.
Tables are not compared: 20 previous and 20 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
Sales and marketing expenses increased by $1.3 million, or 11%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The change was driven primarily by $0.8 million of higher employee compensation costs and $0.6 million of higher commissions primarily related to our B2B offering, partially offset by a $0.3 million decrease in discretionary marketing expense.
Current report
Other income, net increased by $1.2 million, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The change was driven primarily driven by the revaluation of the TRA liability at a lower income tax rate.
Removed paragraphs (1)
Previous report
Sales and marketing expenses increased by $5.3 million, or 23%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The change was driven primarily by $5.0 million of higher discretionary marketing expense and $0.5 million of higher employee compensation costs, partially offset by a $0.9 million decrease in commissions resulting from changes to our Ambassador compensation structure.
Reworded paragraphs (40)
Previous wording
Total Bookings increased by $25.9 million, or 13%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was primarily driven by growth in Active CLEAR+ Members as well as price increases.
Current wording
Total Bookings increased by $32.6 million, or 14%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was primarily driven by growth in Active CLEAR+ Members as well as price increases.
Previous wording
Total Bookings increased by $52.5 million, or 14%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was primarily driven by growth in Active CLEAR+ Members as well as price increases.
Current wording
Total Bookings increased by $85.2 million, or 14%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was primarily driven by growth in Active CLEAR+ Members as well as price increases.
Previous wording
Total Cumulative Enrollments were 33,472 as of June 30, 2025 and 24,221 as of June 30, 2024, which represented a 38% increase. The year-over-year increase was driven by CLEAR1 and CLEAR+ Member enrollments.
Current wording
Total Cumulative Enrollments were 35,751 as of September 30, 2025 and 26,453 as of September 30, 2024, which represented a 35% increase. The year-over-year increase was driven by CLEAR1 and CLEAR+ Member enrollments.
Previous wording
Total Cumulative Platform Uses was 264,830 as of June 30, 2025 and 206,673 as of June 30, 2024, which represented a 28% increase, driven by CLEAR+ verifications combined with increased contributions from CLEAR1 uses.
Current wording
Total Cumulative Platform Uses was 280,329 as of September 30, 2025 and 220,413 as of September 30, 2024, which represented a 27% increase, driven by CLEAR+ verifications combined with increased contributions from CLEAR1 uses.
Previous wording
Active CLEAR+ Members was 7,626 as of June 30, 2025 and 7,095 as of June 30, 2024, which represented a 7% increase, driven by new Members added through new and existing airports as well as partner and organic channels.
Current wording
Active CLEAR+ Members was 7,683 as of September 30, 2025 and 7,150 as of September 30, 2024, which represented a 7% increase, driven by new Members added through airports and digital channels including Members added through partnerships.
Previous wording
Annual CLEAR+ Gross Dollar Retention was 87.3% as of June 30, 2025 and 89.3% as of June 30, 2024, a year-over-year decrease of 2.0%. The year-over-year change was driven primarily by a lower increase in pricing as compared to the prior period.
Current wording
Annual CLEAR+ Gross Dollar Retention was 86.9% as of September 30, 2025 and 89.0% as of September 30, 2024, a year-over-year decrease of 2.1%. The year-over-year change was driven primarily by a lower increase in pricing as compared to the prior period.
Previous wording
Annual Usage was 7.0x as of June 30, 2025 and 7.4x as of June 30, 2024, which represented a 5% decrease. The decrease was driven by both lower utilization for newer Members and a decrease in utilization for existing Members.
Current wording
Annual Usage was 7.0x as of September 30, 2025 and 7.1x as of September 30, 2024, which represented a 1% decrease. The decrease was driven by both lower utilization for newer Members and a decrease in utilization for existing Members.
Previous wording
In addition to our results as determined in accordance with GAAP, we disclose Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow as non-GAAP financial measures that management believes provide useful information to investors. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for net income, net cash provided by (used in) operating activities or any other operating performance measure calculated in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Our Non-GAAP financial measures are expressed in thousands.
Current wording
In addition to our results as determined in accordance with GAAP, we disclose Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow as non-GAAP financial measures that management believes provide useful information to investors. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for net income, net income margin, net cash provided by (used in) operating activities or any other operating performance measure calculated in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Our Non-GAAP financial measures are expressed in thousands.
Previous wording
We define Adjusted EBITDA as net income adjusted for income taxes, interest income, net, depreciation and amortization, impairment and losses on asset disposals, equity-based compensation expense, net other income (expense) excluding sublease rental income, acquisition-related costs and changes in fair value of contingent consideration. Adjusted EBITDA is an important financial measure used by management and our board of directors (“Board”) to evaluate business performance. We believe Adjusted EBITDA assists investors in evaluating the performance of the Company’s core operations by excluding certain items that impact the comparability of results from period to period.
Current wording
We define Adjusted EBITDA as net income adjusted for income taxes, interest income, net, depreciation and amortization, impairment and losses on asset disposals, equity-based compensation expense, net other income (expense) excluding sublease rental income, acquisition-related costs and changes in fair value of contingent consideration. We define Adjusted EBITDA Margin as Adjusted EBITDA expressed as percentage of revenue. Adjusted EBITDA and Adjusted EBITDA Margin are important financial measures used by management and our board of directors (“Board”) to evaluate business performance. We believe Adjusted EBITDA and Adjusted EBITDA Margin assist investors in evaluating the performance of the Company’s core operations by excluding certain items that impact the comparability of results from period to period.
Previous wording
We define Free Cash Flow as net cash provided by operating activities adjusted for purchases of property. With regards to our CLEAR+ subscription service, we generally collect cash from our Members upfront for annual subscriptions. As a result, when the business is growing Free Cash Flow can be a real time indicator of the current trajectory of the business.
Current wording
We define Free Cash Flow as net cash (used in) provided by operating activities adjusted for purchases of property. With regards to our CLEAR+ subscription service, we generally collect cash from our Members upfront for annual subscriptions. As a result, when the business is growing Free Cash Flow can be a real time indicator of the current trajectory of the business.
Previous wording
Reconciliation of Net Income to Adjusted EBITDA:
Current wording
Reconciliation of Net Income to Adjusted EBITDA and Net Income Margin to Adjusted EBITDA Margin:
Previous wording
Cost of direct salaries and benefits includes employee-related expenses and allocated overhead associated with our field Ambassadors and field managers directly assisting Members and their corresponding travel related costs. Employee-related costs recorded in direct salaries and benefits consist of salaries, taxes, benefits and equity-based compensation and expenses under arrangements related to the use of certain space at airports.
Current wording
Cost of direct salaries and benefits includes employee-related expenses and allocated overhead associated with our field Ambassadors, field managers directly assisting Members, their corresponding travel related costs, and costs incurred in Member support.. Employee-related costs recorded in direct salaries and benefits consist of salaries, taxes, benefits and equity-based compensation and expenses under arrangements related to the use of certain space at airports.
Previous wording
Comparison of the three and six months ended June 30, 2025 and 2024 (in millions):
Current wording
Comparison of the three and nine months ended September 30, 2025 and 2024 (in millions):
Previous wording
Information about our operating results for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 is set forth below:
Current wording
Information about our operating results for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 is set forth below:
Previous wording
Revenue increased by $65.0 million, or 18%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The change was primarily due to a 7% increase in the number of CLEAR+ Members as of June 30, 2025 compared to June 30, 2024 and increases to the price of a CLEAR+ membership compared to the price as of June 30, 2024. Approximately 27% and 29%, respectively, of paying CLEAR+ Members were on a family plan as of June 30, 2025 and 2024, respectively.
Current wording
Revenue increased by $30.8 million, or 16%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The change was primarily due to a 7% increase in the number of CLEAR+ Members as of September 30, 2025 compared to September 30, 2024 and increases to the price of CLEAR+ membership compared to the price as of September 30, 2024. Approximately 26% and 28%, respectively, of paying CLEAR+ Members were on a family plan as of September 30, 2025 and 2024, respectively.
Previous wording
Revenue increased by $32.7 million, or 18%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The change was primarily due to a 7% increase in the number of CLEAR+ Members as of June 30, 2025 compared to June 30, 2024 and increases to the price of CLEAR+ membership compared to the price as of June 30, 2024.
Current wording
Revenue increased by $95.8 million, or 17%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The change was primarily due to a 7% increase in the number of CLEAR+ Members as of September 30, 2025 compared to September 30, 2024 and increases to the price of CLEAR+ membership compared to the price as of September 30, 2024. Approximately 26% and 28%, respectively, of paying CLEAR+ Members were on a family plan as of September 30, 2025 and 2024, respectively.
Previous wording
Cost of revenue share fee increased by $5.1 million, or 20%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The change was driven primarily by an increase of $2.0 million, or a 23% increase, in fixed airport fees and $3.1 million, or a 18% increase, in per Member fees. COVID-related concessions reduced Cost of revenue share fee by none and $0.6 million in the three months ended June 30, 2025 and 2024, respectively.
Current wording
Cost of revenue share fee increased by $3.1 million, or 11%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The change was driven primarily by an increase of $1.4 million, or a 16% increase, in fixed airport fees and $1.7 million, or an 8% increase, in per Member fees.
Previous wording
Cost of revenue share fee increased by $10.3 million, or 20%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The change was driven primarily by an increase of $3.8 million, or a 24% increase, in fixed airport fees and $6.5 million, or a 19% increase, in per Member fees. COVID-related concessions reduced Cost of revenue share fee by none and $2.4 million in the six months ended June 30, 2025 and 2024, respectively.
Current wording
Cost of revenue share fee increased by $13.4 million, or 17%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The change was driven primarily by an increase of $5.2 million, or a 21% increase, in fixed airport fees and $8.2 million, or a 15% increase, in per Member fees. COVID-related concessions reduced Cost of revenue share fee by none and $2.4 million in the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
Cost of direct salaries and benefits expenses increased by $7.6 million, or 19%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The change was primarily due to increased employee compensation costs of $7.1 million caused by wage increases, a change to our Ambassador compensation structure, and higher average employee count.
Current wording
Cost of direct salaries and benefits expenses increased by $2.9 million, or 6%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The change was primarily due to increased employee compensation costs of $2.4 million caused by wage increases and a change to our Ambassador compensation structure.
Previous wording
Cost of direct salaries and benefits expenses increased by $18.0 million, or 22%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The change was primarily due to increased employee compensation costs of $16.5 million caused by wage increases, a change to our compensation structure and higher average employee count.
Current wording
Cost of direct salaries and benefits expenses increased by $20.9 million, or 17%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The change was primarily due to increased employee compensation costs of $18.9 million caused by wage increases, a change to our compensation structure, and higher average employee count.
Previous wording
Research and development expenses increased by $0.8 million, or 5%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The change was primarily due to $0.9 million of increased employee compensation costs.
Current wording
Research and development expenses increased by $0.6 million, or 3%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The change was primarily due to $1.0 million of increased employee compensation costs, partially offset by a $0.6 million decrease in technology costs.
Previous wording
Research and development expenses decreased by $0.3 million, or 1%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The change was primarily due to a decrease in employee compensation costs of $0.7 million, inclusive of $1.3 million in severance related to the closure of our Israel office during the six months ended June 30, 2024. The decrease was partially offset by a $0.2 million increase in technology costs and $0.2 million higher professional fees.
Current wording
Research and development expenses increased by $0.3 million, or 1%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The change was primarily due to a $0.4 million increase in employee compensation costs, inclusive of a $1.3 million decrease in severance related to the closure of our Israel office during the nine months ended September 30, 2024 and an increase in professional fees for $0.3 million. The increase was partially offset by a $0.4 million decrease in technology costs.
Previous wording
Sales and marketing expenses increased by $3.5 million, or 32%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The change was driven primarily by $2.3 million of higher discretionary marketing expense, $0.2 million of higher professional fees, and $0.1 million of higher employee compensations costs.
Current wording
Sales and marketing expenses increased by $6.7 million, or 19%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The change was driven primarily by $4.7 million of higher discretionary marketing expense and a $1.3 million increase in employee compensation costs.
Previous wording
General and administrative expenses increased by $3.2 million, or 6%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The change was primarily driven by a $1.7 million increase in credit card fees due to higher bookings, $0.8 million of higher employee compensation costs and $0.4 million of higher professional fees.
Current wording
General and administrative expenses increased by $4.9 million, or 9%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The change was primarily driven by a $2.4 million increase in credit card fees due to higher bookings, $1.8 million of higher employee compensation costs, and $0.9 million of higher professional fees.
Previous wording
General and administrative expenses increased by $5.0 million, or 5%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The change was primarily driven by a $3.3 million increase in credit card fees due to higher bookings and $1.9 million of higher professional fees, partially offset by a $0.9 million decrease in employee compensation costs.
Current wording
General and administrative expenses increased by $9.9 million, or 6%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The change was primarily driven by a $5.7 million increase in credit card fees due to higher bookings, $2.8 million of higher professional fees, and $0.9 million of higher employee compensation costs, partially offset by a $1.3 million decrease in technology costs.
Previous wording
Interest income, net decreased by $2.4 million, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This decrease was primarily driven by lower average interest rates and a lower average cash balances for the three months ended June 30, 2025.
Current wording
Interest income, net decreased by $0.6 million, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. This decrease was primarily driven by lower average interest rates and a lower average cash balances for the three months ended September 30, 2025.
Previous wording
Interest income, net decreased by $6.2 million, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This decrease was primarily driven by lower average interest rates and a lower average cash balances for the six months ended June 30, 2025.
Current wording
Interest income, net decreased by $6.8 million, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This decrease was primarily driven by lower average interest rates and a lower average cash balances for the nine months ended September 30, 2025.
Previous wording
Other income, net decreased by $4.5 million, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The change was driven primarily by the impairment of $4.7 million to the Company’s strategic investment due to a fair value adjustment.
Current wording
Other income, net decreased by $3.3 million, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The change was driven primarily driven by the revaluation of the TRA liability at a lower income tax rate, offset by the impairment of $4.7 million to the Company’s strategic investment due to a fair value adjustment.
Previous wording
Income tax expense increased by $6.0 million, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The change was primarily due to the realization of U.S. deferred tax expense because of valuation allowance release as of December 31, 2024 and increased book income.
Current wording
Income tax expense increased by $11.0 million, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The change was primarily due to the realization of U.S. deferred tax expense because of valuation allowance release as of December 31, 2024 and increased income.
Previous wording
Income tax expense increased by $9.5 million, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The change was primarily due to the realization of U.S. deferred tax expense because of valuation allowance release as of December 31, 2024 and increased book income.
Current wording
Income tax expense increased by $20.5 million, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The change was primarily due to the realization of U.S. deferred tax expense because of valuation allowance release as of December 31, 2024 and increased income.
Previous wording
Our operations have been financed primarily through cash flow from operating activities. As of June 30, 2025, we had cash and cash equivalents of $89.3 million and marketable securities of $516.4 million.
Current wording
Our operations have been financed primarily through cash flow from operating activities. As of September 30, 2025, we had cash and cash equivalents of $75.8 million and marketable securities of $454.9 million.
Previous wording
On May 13, 2022, the Company's Board authorized a share repurchase program pursuant to which the Company may purchase up to $100 million of its Class A Common Stock. On each of November 8, 2023, March 21, 2024 and August 5, 2024, the Company announced that its Board authorized a $100 million increase to its existing Class A Common Stock share repurchase program, and in February 2025, the Company announced that its Board authorized an additional $200 million increase. Under the repurchase program, the Company may purchase shares of its Class A Common Stock on a discretionary basis from time to time through open market repurchases, privately negotiated transactions, or other means, including through Rule 10b5-1 trading plans. The timing and actual number of shares repurchased will be determined by management depending on a variety of factors, including stock price, trading volume, market conditions, and other general business considerations. The repurchase program has no expiration date and may be modified, suspended, or terminated at any time. During the six months ended June 30, 2025, the Company repurchased 5,294,598 shares for $126.3 million. The repurchased shares were retired. As of June 30, 2025, $126.5 million remained available under the repurchase authorization.
Current wording
On May 13, 2022, the Company's Board authorized a share repurchase program pursuant to which the Company may purchase up to $100 million of its Class A Common Stock. On each of November 8, 2023, March 21, 2024 and August 5, 2024, the Company announced that its Board authorized a $100 million increase to its existing Class A Common Stock share repurchase program, and in February 2025, the Company announced that its Board authorized an additional $200 million increase. Under the repurchase program, the Company may purchase shares of its Class A Common Stock on a discretionary basis from time to time through open market repurchases, privately negotiated transactions, or other means, including through Rule 10b5-1 trading plans. The timing and actual number of shares repurchased will be determined by management depending on a variety of factors, including stock price, trading volume, market conditions, and other general business considerations. The repurchase program has no expiration date and may be modified, suspended, or terminated at any time. During the nine months ended September 30, 2025, the Company repurchased 5,294,598 shares for $126.3 million. The repurchased shares were retired. As of September 30, 2025, $126.5 million remained available under the repurchase authorization.
Previous wording
As of June 30, 2025, the Company had a remaining borrowing capacity of $66.4 million, net of standby letters of credit, and had no outstanding debt obligations. As of June 30, 2025, the Company was in compliance with all of the financial and non-financial covenants of the Credit Agreement. Refer to Note 19 within the condensed consolidated financial statements for further details.
Current wording
As of September 30, 2025, the Company had a remaining borrowing capacity of $68.3 million, net of standby letters of credit, and had no outstanding debt obligations. As of September 30, 2025, the Company was in compliance with all of the financial and non-financial covenants of the Credit Agreement. Refer to Note 19 within the condensed consolidated financial statements for further details.
Previous wording
The following summarizes our cash flows for the six months ended June 30, 2025 and 2024 (in millions):
Current wording
The following summarizes our cash flows for the nine months ended September 30, 2025 and 2024 (in millions):
Previous wording
For the six months ended June 30, 2025, net cash provided by operating activities was $221.3 million compared to net cash provided by operating activities of $194.9 million for the six months ended June 30, 2024, an increase of $26.4 million primarily due to higher net income, year-over-year favorable changes in working capital of $13.3 million driven by higher partnership liabilities, and an increase in non-cash adjustments to net income of $7.3 million driven by an impairment of the Company’s strategic investment and lower discount accretion on marketable securities.
Current wording
For the nine months ended September 30, 2025, net cash provided by operating activities was $174.0 million compared to net cash provided by operating activities of $159.1 million for the nine months ended September 30, 2024, an increase of $15.0 million primarily due to higher net income, an increase in favorable non-cash adjustments to net income of $28.4 million driven by reduction to the deferred tax asset as a result of a rate change and an increase in the valuation allowance and an impairment of the Company’s strategic investment, partially offset by year-over-year unfavorable changes in working capital of $28.0 million driven settlement of partnership liabilities and timing of working capital activity.
Previous wording
For the six months ended June 30, 2025 net cash provided by investing activities was $16.6 compared to net cash used in investing activities of $26.4 for the six months ended June 30, 2024, a decrease of $9.8 million. The change was primarily due to a decrease in the net sales of marketable securities of $8.5 million, an increase in capital expenditures of $4.9 million, offset by proceeds from a divestiture of $2.7 million.
Current wording
For the nine months ended September 30, 2025 net cash provided by investing activities was $73.0 compared to net cash provided by investing activities of $148.0 for the nine months ended September 30, 2024, a decrease of $75.0 million. The change was primarily due to a decrease in the net sales of marketable securities of $70.0 million, an increase in capital expenditures of $9.0 million, partially offset by proceeds from a divestiture of $2.7 million.
Previous wording
For the six months ended June 30, 2025, net cash used in financing activities was $216.3 million compared to net cash used in financing activities of $241.1 million for the six months ended June 30, 2024, an increase of $24.8 million. The change was primarily due to a decrease in the amounts used to repurchase Class A Common Stock of $23.7 million and a decrease in payments of dividends and distributions of $1.7 million.
Current wording
For the nine months ended September 30, 2025, net cash used in financing activities was $238.9 million compared to net cash used in financing activities of $333.2 million for the nine months ended September 30, 2024, a decrease of $94.3 million. The change was primarily due to a decrease in the amounts used to repurchase Class A Common Stock of $98.8 million, partially offset by an increase in taxes on net settled stock-based awards of $4.2 million.
Previous wording
We have and continue to enter into agreements with airports for access to floor and office space. As of June 30, 2025, we had future minimum payments of $67.6 million.
Current wording
We have and continue to enter into agreements with airports for access to floor and office space. As of September 30, 2025, we had future minimum payments of $56.3 million.
Previous wording
We have commitments for future marketing expenditures to sports stadiums of $3.9 million as of June 30, 2025.
Current wording
We have commitments for future marketing expenditures to sports stadiums of $2.0 million as of September 30, 2025.
Previous wording
We are subject to certain minimum spend commitments of approximately $9.2 million over the next three years under service arrangements.
Current wording
We are subject to certain minimum spend commitments of approximately $5.4 million over the next three years under service arrangements.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
On August 2, 2024, the Company announced that its Board declared a quarterly dividend of $0.10 per share, payable on September 17, 2024 to holders of record of Class A Common Stock and Class B Common Stock as of the close of business on September 10, 2024. The Company funded the dividend from proportionate cash distributions by Alclear to all of its members as of September 10, 2024, including holders of non-controlling interests in Alclear and the Company.
Current report — wording carried from elsewhere
On August 5, 2025, the Company announced that its Board declared a quarterly dividend of $0.125 per share, payable on September 17, 2025 to holders of record of Class A Common Stock and Class B Common Stock as of the close of business on September 10, 2025. The Company funded the dividend from proportionate cash distributions by Alclear to all of its members, including the Company.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Approximately 27% and 29%, respectively, of paying CLEAR+ Members were on a family plan as of June 30, 2025 and 2024, respectively.
Previous report — wording carried elsewhere
Other income, net decreased by $4.5 million, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The change was driven primarily by the impairment of $4.7 million to the Company’s strategic investment due to a fair value adjustment.