Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 11, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-40568 | |
Entity Registrant Name | CLEAR SECURE, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 86-2643981 | |
Entity Address, Address Line One | 65 East 55th Street | |
Entity Address, Address Line Two | 17th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10022 | |
City Area Code | 646 | |
Local Phone Number | 723-1404 | |
Title of 12(b) Security | Class A common stock, par value $0.00001 per share | |
Trading Symbol | YOU | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001856314 | |
Amendment Flag | false | |
Class A common stock par value $0.00001 per share | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 74,268,466 | |
Class B common stock par value $0.00001 per share | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,042,234 | |
Class C common stock par value $0.00001 per share | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 44,598,167 | |
Class D common stock par value $0.00001 per share | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 26,709,821 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 337,791,000 | $ 116,226,000 |
Accounts receivable | 3,921,000 | 912,000 |
Marketable debt securities | 335,457,000 | 37,813,000 |
Prepaid revenue share fee | 8,921,000 | 5,475,000 |
Prepaid expenses and other current assets | 14,465,000 | 11,210,000 |
Total current assets | 700,555,000 | 171,636,000 |
Property and equipment, net | 45,875,000 | 35,241,000 |
Intangible assets, net | 2,267,000 | 1,564,000 |
Restricted cash | 22,835,000 | 22,856,000 |
Other assets | 1,694,000 | 971,000 |
Total assets | 773,226,000 | 232,268,000 |
Current liabilities: | ||
Accounts payable | 10,034,000 | 8,518,000 |
Accrued liabilities | 45,194,000 | 18,304,000 |
Warrant liabilities | 0 | 17,740,000 |
Deferred revenue | 159,589,000 | 101,542,000 |
Total current liabilities | 214,817,000 | 146,104,000 |
Deferred rent | 3,428,000 | 3,809,000 |
Total liabilities | 218,245,000 | 149,913,000 |
Commitments and contingencies (Note 17) | ||
Redeemable capital units | 0 | 569,251,000 |
Profit Units | 7,846,000 | |
Accumulated other comprehensive income | (48,000) | 27,000 |
Treasury stock at cost, 72,401 shares as of September 30, 2021 | 0 | |
Accumulated deficit | (18,976,000) | (494,769,000) |
Additional paid-in capital | 305,307,000 | |
Total stockholders’ equity attributable to Clear Secure, Inc. | 286,284,000 | |
Non-controlling interest | 268,697,000 | |
Total stockholders’ equity | 554,981,000 | |
Total stockholders’ equity | (486,896,000) | |
Total liabilities, redeemable capital units and stockholders’ equity | 773,226,000 | $ 232,268,000 |
Class A common stock par value $0.00001 per share | ||
Current liabilities: | ||
Common stock | $ 1,000 | |
Shares outstanding (in shares) | 74,347,905 | |
Class B common stock par value $0.00001 per share | ||
Current liabilities: | ||
Common stock | $ 0 | |
Shares outstanding (in shares) | 1,042,234 | |
Class C common stock par value $0.00001 per share | ||
Current liabilities: | ||
Common stock | $ 0 | |
Shares outstanding (in shares) | 44,598,167 | |
Class D common stock par value $0.00001 per share | ||
Current liabilities: | ||
Common stock | $ 0 | |
Shares outstanding (in shares) | 26,709,821 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) | Sep. 30, 2021$ / sharesshares |
Treasury stock (in shares) | 72,401 |
Class A common stock par value $0.00001 per share | |
Par value (in USD per share) | $ / shares | $ 0.00001 |
Shares authorized (in shares) | 1,000,000,000 |
Shares issued (in shares) | 74,420,306 |
Shares outstanding (in shares) | 74,347,905 |
Class B common stock par value $0.00001 per share | |
Par value (in USD per share) | $ / shares | $ 0.00001 |
Shares authorized (in shares) | 100,000,000 |
Shares issued (in shares) | 1,042,234 |
Shares outstanding (in shares) | 1,042,234 |
Class C common stock par value $0.00001 per share | |
Par value (in USD per share) | $ / shares | $ 0.00001 |
Shares authorized (in shares) | 200,000,000 |
Shares issued (in shares) | 44,598,167 |
Shares outstanding (in shares) | 44,598,167 |
Class D common stock par value $0.00001 per share | |
Par value (in USD per share) | $ / shares | $ 0.00001 |
Shares authorized (in shares) | 100,000,000 |
Shares issued (in shares) | 26,709,821 |
Shares outstanding (in shares) | 26,709,821 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | $ 67,558 | $ 56,375 | $ 173,294 | $ 177,641 |
Operating expenses: | ||||
Cost of revenue share fee | 9,926 | 8,298 | 25,995 | 25,707 |
Cost of direct salaries and benefits | 18,128 | 7,751 | 46,113 | 31,504 |
Research and development | 13,347 | 6,297 | 33,293 | 23,358 |
Sales and marketing | 9,949 | 3,291 | 25,806 | 11,479 |
General and administrative | 44,816 | 17,734 | 116,290 | 97,532 |
Depreciation and amortization | 3,988 | 2,322 | 9,190 | 6,945 |
Operating income (loss) | (32,596) | 10,682 | (83,393) | (18,884) |
Other income (expense) | ||||
Interest income (expense), net | (120) | (12) | (333) | 657 |
Other income (expense), net | (11) | 477 | (11) | 477 |
Income (loss) before tax | (32,727) | 11,147 | (83,737) | (17,750) |
Income tax expense | (60) | (4) | (277) | (14) |
Net income (loss) | (32,787) | $ 11,143 | (84,014) | $ (17,764) |
Less: net income (loss) attributable to non-controlling interests | (15,872) | (65,095) | ||
Net loss attributable to Clear Secure, Inc. | $ (16,915) | $ (18,919) | ||
Common Class A | ||||
Net loss per common share, basic: | ||||
Basic (in USD per share) | $ (0.23) | $ (0.26) | ||
Diluted (in USD per share) | $ (0.23) | $ (0.26) | ||
Weighted- average shares outstanding | ||||
Basic (in shares) | 72,285,100 | 72,124,741 | ||
Diluted (in shares) | 72,285,100 | 72,124,741 | ||
Common Class B | ||||
Net loss per common share, basic: | ||||
Basic (in USD per share) | $ (0.23) | $ (0.26) | ||
Diluted (in USD per share) | $ (0.23) | $ (0.26) | ||
Weighted- average shares outstanding | ||||
Basic (in shares) | 1,042,234 | 1,042,234 | ||
Diluted (in shares) | 1,042,234 | 1,042,234 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income/(Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (32,787) | $ 11,143 | $ (84,014) | $ (17,764) |
Other comprehensive income | ||||
Currency translation | 15 | 0 | 18 | 0 |
Unrealized gain (loss) on fair value of marketable debt securities | (108) | (32) | (80) | 32 |
Total other comprehensive income | (93) | (32) | (62) | 32 |
Comprehensive income (loss) | (32,880) | $ 11,111 | (84,076) | $ (17,732) |
Less: net income (loss) attributable to non-controlling interests | (15,917) | (65,109) | ||
Net loss attributable to Clear Secure, Inc. | $ (16,963) | $ (18,967) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Redeemable Capital Units, Stockholders' Equity, and Members' Deficit (Unaudited) - USD ($) | Total | Class A Redeemable Units | Class B Redeemable Units | Capital Units | Profit Units | Common StockCommon Class A | Common StockCommon Class B | Common StockCommon Class C | Common StockCommon Class D | Additional paid in capital | Profit Units | Profit UnitsProfit Units | Accumulated other comprehensive income | Treasury Stock | Accumulated deficit | Accumulated deficitCapital Units | Accumulated deficitProfit Units | Total stockholders’ equity attributable to Clear Secure, Inc. | Total stockholders’ equity attributable to Clear Secure, Inc.Capital Units | Total stockholders’ equity attributable to Clear Secure, Inc.Profit Units | Non-Controlling Interest |
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||||||||
Beginning balance (in shares) | 316,785 | 4,759,569 | |||||||||||||||||||
Beginning balance at Dec. 31, 2019 | $ 3,168,000 | $ 432,062,000 | |||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||||||||
Temporary equity issuance (in shares) | 422,039 | ||||||||||||||||||||
Temporary equity issuance | $ 113,944,000 | ||||||||||||||||||||
Temporary equity repurchased and retired (in shares) | (54,843) | (677,387) | |||||||||||||||||||
Temporary equity repurchased and retired | $ (548,000) | $ (14,053,000) | |||||||||||||||||||
Warrant expense | 1,441,000 | ||||||||||||||||||||
Ending balance at Mar. 31, 2020 | $ 2,620,000 | $ 533,394,000 | |||||||||||||||||||
Ending balance (in shares) at Mar. 31, 2020 | 261,942 | 4,504,221 | |||||||||||||||||||
Beginning balance (in shares) at Dec. 31, 2019 | 2,113,008 | ||||||||||||||||||||
Beginning balance at Dec. 31, 2019 | $ (283,329,000) | $ 8,022,000 | $ 3,000 | $ (291,354,000) | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income (loss) | (51,253,000) | (51,253,000) | |||||||||||||||||||
Other comprehensive income (loss) | (64,000) | (64,000) | |||||||||||||||||||
Repurchased and retirement of equity | $ (183,102,000) | $ (12,459,000) | $ (1,630,000) | $ (183,102,000) | $ (10,829,000) | ||||||||||||||||
Repurchased and retirement of equity (in shares) | (328,834) | ||||||||||||||||||||
Equity-based compensation expense, net of forfeitures | 351,000 | $ 351,000 | |||||||||||||||||||
Issuance of stock, net of costs (in shares) | 37,700 | ||||||||||||||||||||
Ending balance (in shares) at Mar. 31, 2020 | 1,821,874 | ||||||||||||||||||||
Ending balance at Mar. 31, 2020 | (529,856,000) | $ 6,743,000 | (61,000) | (536,538,000) | |||||||||||||||||
Beginning balance at Dec. 31, 2019 | $ 3,168,000 | $ 432,062,000 | |||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||||||||
Temporary equity issuance (in shares) | 422,039 | ||||||||||||||||||||
Temporary equity issuance | $ 113,944,000 | ||||||||||||||||||||
Ending balance at Sep. 30, 2020 | $ 2,620,000 | $ 533,678,000 | |||||||||||||||||||
Ending balance (in shares) at Sep. 30, 2020 | 261,942 | 4,504,221 | |||||||||||||||||||
Beginning balance (in shares) at Dec. 31, 2019 | 2,113,008 | ||||||||||||||||||||
Beginning balance at Dec. 31, 2019 | (283,329,000) | $ 8,022,000 | 3,000 | (291,354,000) | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income (loss) | (17,764,000) | ||||||||||||||||||||
Other comprehensive income (loss) | 32,000 | ||||||||||||||||||||
Ending balance (in shares) at Sep. 30, 2020 | 1,876,327 | ||||||||||||||||||||
Ending balance at Sep. 30, 2020 | (495,707,000) | $ 7,453,000 | 35,000 | (503,195,000) | |||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||||||||
Beginning balance (in shares) | 261,942 | 4,504,221 | |||||||||||||||||||
Beginning balance at Mar. 31, 2020 | $ 2,620,000 | $ 533,394,000 | |||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||||||||
Warrant expense | 141,000 | ||||||||||||||||||||
Ending balance at Jun. 30, 2020 | $ 2,620,000 | $ 533,535,000 | |||||||||||||||||||
Ending balance (in shares) at Jun. 30, 2020 | 261,942 | 4,504,221 | |||||||||||||||||||
Beginning balance (in shares) at Mar. 31, 2020 | 1,821,874 | ||||||||||||||||||||
Beginning balance at Mar. 31, 2020 | (529,856,000) | $ 6,743,000 | (61,000) | (536,538,000) | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income (loss) | 22,346,000 | 22,346,000 | |||||||||||||||||||
Other comprehensive income (loss) | 128,000 | 128,000 | |||||||||||||||||||
Repurchased and retirement of equity | (126,000) | $ (3,000) | (123,000) | ||||||||||||||||||
Repurchased and retirement of equity (in shares) | (57,050) | ||||||||||||||||||||
Equity-based compensation expense, net of forfeitures | 328,000 | $ 328,000 | |||||||||||||||||||
Ending balance (in shares) at Jun. 30, 2020 | 1,764,824 | ||||||||||||||||||||
Ending balance at Jun. 30, 2020 | (507,180,000) | $ 7,068,000 | 67,000 | (514,315,000) | |||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||||||||
Beginning balance (in shares) | 261,942 | 4,504,221 | |||||||||||||||||||
Warrant expense | $ 143,000 | ||||||||||||||||||||
Ending balance at Sep. 30, 2020 | $ 2,620,000 | $ 533,678,000 | |||||||||||||||||||
Ending balance (in shares) at Sep. 30, 2020 | 261,942 | 4,504,221 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income (loss) | 11,143,000 | 11,143,000 | |||||||||||||||||||
Other comprehensive income (loss) | (32,000) | (32,000) | |||||||||||||||||||
Repurchased and retirement of equity | $ (23,000) | (23,000) | |||||||||||||||||||
Repurchased and retirement of equity (in shares) | (19,125) | ||||||||||||||||||||
Equity-based compensation expense, net of forfeitures | 385,000 | $ 385,000 | |||||||||||||||||||
Issuance of stock, net of costs (in shares) | 130,628 | ||||||||||||||||||||
Ending balance (in shares) at Sep. 30, 2020 | 1,876,327 | ||||||||||||||||||||
Ending balance at Sep. 30, 2020 | (495,707,000) | $ 7,453,000 | 35,000 | (503,195,000) | |||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||||||||
Beginning balance (in shares) | 261,942 | 4,504,221 | |||||||||||||||||||
Beginning balance (in shares) | 261,942 | 4,621,459 | |||||||||||||||||||
Beginning balance at Dec. 31, 2020 | 569,251,000 | $ 2,620,000 | $ 566,631,000 | ||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||||||||
Temporary equity issuance | 81,567,000 | ||||||||||||||||||||
Temporary equity repurchased and retired | (439,000) | ||||||||||||||||||||
Warrant expense | 281,000 | ||||||||||||||||||||
Ending balance at Mar. 31, 2021 | 650,660,000 | ||||||||||||||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 1,868,322 | 1,868,322 | |||||||||||||||||||
Beginning balance at Dec. 31, 2020 | (486,896,000) | $ 7,846,000 | 27,000 | $ 0 | (494,769,000) | $ (486,896,000) | $ 0 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income (loss) | (13,128,000) | (13,128,000) | (13,128,000) | ||||||||||||||||||
Other comprehensive income (loss) | 25,000 | 25,000 | 25,000 | ||||||||||||||||||
Repurchased and retirement of equity | $ (3,005,000) | $ (8,302,000) | $ (56,000) | $ (3,005,000) | $ (8,246,000) | $ (3,005,000) | $ (8,302,000) | ||||||||||||||
Repurchased and retirement of equity (in shares) | (71,247) | ||||||||||||||||||||
Equity-based compensation expense, net of forfeitures | 327,000 | $ 327,000 | 327,000 | ||||||||||||||||||
Ending balance (in shares) at Mar. 31, 2021 | 1,797,075 | ||||||||||||||||||||
Ending balance at Mar. 31, 2021 | (510,979,000) | $ 8,117,000 | 52,000 | 0 | (519,148,000) | (510,979,000) | 0 | ||||||||||||||
Beginning balance at Dec. 31, 2020 | 569,251,000 | 2,620,000 | 566,631,000 | ||||||||||||||||||
Ending balance at Sep. 30, 2021 | 0 | 0 | 0 | ||||||||||||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 1,868,322 | 1,868,322 | |||||||||||||||||||
Beginning balance at Dec. 31, 2020 | (486,896,000) | $ 7,846,000 | 27,000 | 0 | (494,769,000) | (486,896,000) | 0 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income (loss) | (84,014,000) | ||||||||||||||||||||
Other comprehensive income (loss) | (62,000) | ||||||||||||||||||||
Ending balance (in shares) at Sep. 30, 2021 | 74,420,306 | 1,042,234 | 44,598,167 | 26,709,821 | |||||||||||||||||
Ending balance at Sep. 30, 2021 | 554,981,000 | $ 1,000 | $ 305,307,000 | (48,000) | 0 | (18,976,000) | 286,284,000 | 268,697,000 | |||||||||||||
Beginning balance at Mar. 31, 2021 | 650,660,000 | ||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||||||||
Warrant expense | 819,000 | ||||||||||||||||||||
Exercise of warrants prior to the reorganization transaction | 34,224,000 | ||||||||||||||||||||
Effect of reorganization transaction | (685,703,000) | ||||||||||||||||||||
Ending balance at Jun. 30, 2021 | 0 | ||||||||||||||||||||
Beginning balance (in shares) at Mar. 31, 2021 | 1,797,075 | ||||||||||||||||||||
Beginning balance at Mar. 31, 2021 | (510,979,000) | $ 8,117,000 | 52,000 | 0 | (519,148,000) | (510,979,000) | 0 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Other comprehensive income (loss) | 6,000 | 6,000 | |||||||||||||||||||
Equity-based compensation expense, net of forfeitures | 4,253,000 | 1,786,000 | $ 353,000 | 2,139,000 | 2,114,000 | ||||||||||||||||
Equity-based compensation expense, net of forfeitures (in shares) | (26,925) | ||||||||||||||||||||
Tax distribution to members | (4,018,000) | (4,018,000) | (4,018,000) | ||||||||||||||||||
Effect of reorganization transaction (in shares) | 59,240,306 | 1,042,234 | (1,770,150) | ||||||||||||||||||
Effect of reorganization transaction | 685,703,000 | $ 1,000 | 62,858,000 | $ (8,470,000) | (52,000) | 556,886,000 | 611,223,000 | 74,480,000 | |||||||||||||
Issuance of stock, net of costs (in shares) | 44,598,167 | 26,709,821 | |||||||||||||||||||
Ending balance (in shares) at Jun. 30, 2021 | 59,240,306 | 1,042,234 | 44,598,167 | 26,709,821 | |||||||||||||||||
Ending balance (in shares) at Jun. 30, 2021 | 0 | ||||||||||||||||||||
Ending balance at Jun. 30, 2021 | $ 0 | ||||||||||||||||||||
Ending balance at Jun. 30, 2021 | 136,866,000 | $ 1,000 | 64,644,000 | 0 | 0 | (2,004,000) | 62,641,000 | 74,225,000 | |||||||||||||
Ending balance at Sep. 30, 2021 | 0 | $ 0 | $ 0 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income (loss) | (32,787,000) | (16,915,000) | (16,915,000) | (15,872,000) | |||||||||||||||||
Other comprehensive income (loss) | (93,000) | (48,000) | (48,000) | (45,000) | |||||||||||||||||
Equity-based compensation expense, net of forfeitures | 12,629,000 | 6,569,000 | 6,569,000 | 6,060,000 | |||||||||||||||||
Warrant expense | 1,509,000 | 778,000 | 778,000 | 731,000 | |||||||||||||||||
Tax distribution to members | (111,000) | (57,000) | (57,000) | (54,000) | |||||||||||||||||
Issuance of stock, net of costs (in shares) | 15,180,000 | ||||||||||||||||||||
Issuance of stock, net of costs | 436,968,000 | 233,316,000 | 233,316,000 | 203,652,000 | |||||||||||||||||
Ending balance (in shares) at Sep. 30, 2021 | 74,420,306 | 1,042,234 | 44,598,167 | 26,709,821 | |||||||||||||||||
Ending balance at Sep. 30, 2021 | $ 554,981,000 | $ 1,000 | $ 305,307,000 | $ (48,000) | $ 0 | $ (18,976,000) | $ 286,284,000 | $ 268,697,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Changes In Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows provided by (used in) operating activities: | ||
Net income (loss) | $ (84,014) | $ (17,764) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 9,190 | 6,945 |
Loss on asset disposal | 0 | 2 |
Equity-based compensation | 20,642 | 2,789 |
Warrant liabilities | 12,796 | 444 |
Amortization of revolver loan costs | 558 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,009) | 733 |
Prepaid expenses and other assets | (3,818) | 3,323 |
Prepaid revenue share fee | (3,445) | 2,595 |
Accounts payable | 2,796 | (1,572) |
Accrued liabilities | 28,615 | (4,998) |
Deferred revenue | 58,047 | (21,653) |
Deferred rent | (381) | 685 |
Net cash used provided by (used in) operating activities | 37,977 | (28,471) |
Cash flows used in investing activities: | ||
Purchases of marketable debt securities | (689,789) | (104,249) |
Sales of marketable debt securities | 392,066 | 99,898 |
Issuance of loan | 0 | (250) |
Purchases of property and equipment | (22,042) | (9,181) |
Capitalized intangible assets | (713) | (425) |
Net cash used in investing activities | (320,478) | (14,207) |
Cash flows provided by (used in) financing activities: | ||
IPO proceeds, net of underwriter fees and issuance costs | 437,494 | 0 |
Repurchase of members’ equity | (11,744) | (210,310) |
Proceeds from issuance of members’ equity, net of cost | 80,277 | 113,944 |
Distribution to post-reorganization members | (4,128) | 0 |
Issuance of warrants | 289 | 0 |
Proceeds from the exercise of warrants | 2,575 | 0 |
Payment of revolver loan costs | (718) | (652) |
Net cash provided by (used in) financing activities | 504,045 | (97,018) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 221,544 | (139,696) |
Cash, cash equivalents, and restricted cash, beginning of period | 139,082 | 236,051 |
Cash, cash equivalents, and restricted cash, end of period | $ 360,626 | $ 96,355 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements Of Changes In Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Cash Flows [Abstract] | ||
Cash and cash equivalents | $ 337,791 | $ 73,602 |
Restricted cash | 22,835 | 22,753 |
Total cash, cash equivalents, and restricted cash | 360,626 | 96,355 |
Purchase of fixed assets with accounts payable | 890 | 1,485 |
Purchase of fixed assets with accrued liabilities | 727 | $ 630 |
Issuance of member units | 30,825 | |
Issuance costs in accounts payable and accrued liabilities | $ 526 |
Description of Business and Rec
Description of Business and Recent Accounting Developments | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Recent Accounting Developments | Description of Business and Recent Accounting Developments Description and Organization Clear Secure, Inc. (the “Company”) was incorporated as a Delaware corporation on March 2, 2021 for the purpose of facilitating an initial public offering (“IPO”) and other related transactions in order to carry on the business of Alclear Holdings, LLC and its wholly owned subsidiaries (collectively referred to as “Alclear”). The Company (together with its consolidated subsidiaries, “CLEAR”, “we”, “us”, “our”) is a holding company and its principal asset is the controlling equity interest in Alclear. Alclear was formed as a Delaware limited liability company on January 21, 2010 and operates under the terms of the Amended and Restated Operating Agreement dated June 29, 2021 (the “Operating Agreement”). As the sole managing member of Alclear, the Company operates and controls all of the business and affairs of Alclear, and through Alclear and its subsidiaries, conducts the Company’s business. The Company operates a secure identity platform operating under the brand name CLEAR in the United States. CLEAR’s current offerings include: CLEAR Plus, a consumer aviation subscription service which enables access to predictable and fast experiences through dedicated entry lanes in airport security checkpoints nationwide, the flagship CLEAR App, including Home to Gate and Health Pass, and CLEAR Pass for U.S. Customs and Border Protection ("CBP") Mobile Passport Control, a free to use mobile app, that streamlines entry into the United States. Reorganization and Initial Public Offering On June 29, 2021, prior to the completion of the IPO of the Company’s shares of Class A common stock, $0.00001 par value per share (the “Class A common stock”), the Company, Alclear and its subsidiaries consummated an internal reorganization (the “Reorganization”) which resulted in the following: • Clear Secure, Inc. became the sole managing member of Alclear. • The certificate of incorporation of Clear Secure, Inc. was amended and restated to authorize the Company to issue four classes of common stock: Class A common stock, Class B common stock, Class C common stock and Class D common stock. The Class A common stock and Class C common stock provide holders with one vote per share on all matters submitted to a vote of stockholders, and the Class B common stock and Class D common stock provide holders with twenty votes per share on all matters submitted to a vote of stockholders. The holders of Class C common stock and Class D common stock do not have any of the economic rights (including rights to dividends and distributions upon liquidation) provided to holders of Class A common stock and Class B common stock. • The Company converted all issued units in Alclear to Alclear Units (“Alclear Units”) having a value equal to the amount that would have been distributed in a hypothetical liquidation and certain members exchanged their Alclear Units for an equal number of Class A common stock. • Alclear Investments, LLC, an entity controlled by Ms. Caryn Seidman-Becker, our Chief Executive Officer and co-founder, and Alclear Investments II, LLC, an entity controlled by Mr. Kenneth Cornick, our President, Chief Financial Officer and co-founder, each exchanged certain of their Alclear Units for shares of Class B common stock. • The remaining members of Alclear, including Alclear Investments, LLC and Alclear Investments II, LLC, (“Alclear members”) subscribed for and purchased shares of the Company’s Class C common stock and Class D common stock at a purchase price of $0.00001 per share and in an amount equal to the number of Alclear Units held by such members. • The Company entered into a Tax Receivable Agreement (“TRA”) which generally provides for payment by the Company to the remaining members of Alclear, the “TRA Holders”, of 85% of the net cash savings, if any, in U.S. federal, state and local income tax and franchise tax that the Company actually realizes or is deemed to realize in certain circumstances. The Company will retain the benefit of the remaining 15% of these net cash savings. • Alclear is treated as a partnership for U.S. federal income tax purposes and, as such, is itself generally not subject to U.S. federal income tax under current U.S. tax laws. Clear Secure, Inc, as a member of Alclear, will be required to take into account for U.S. federal income tax purposes its distributive share of the items of income, gain, loss and deduction of Alclear. As the Reorganization is considered a transaction between entities under common control, the condensed consolidated financial statements for periods prior to the IPO and Reorganization have been adjusted to combine the previously separate entities for presentation purposes. Prior to the Reorganization, Clear Secure, Inc. had not engaged in any business or other activities, except in connection with its formation. On July 2, 2021, the Company completed the IPO of its Class A common stock. In the IPO, the Company sold an aggregate of 15,180,000 shares of Class A common stock, $0.00001 par value per share, at an offering price of $31 per share including as a result of the underwriters exercising their option to purchase up to 1,980,000 shares of Class A common stock. As a result, Clear Secure, Inc. received net proceeds from the IPO of approximately $445,875 after deducting underwriting discounts and commissions. As a result of the IPO, the Company contributed the net IPO Proceeds to Alclear in exchange for 15,180,000 Alclear Units. For the nine months ended September 30, 2021, the Company also incurred $8,907 of issuance related costs as a result of the IPO, that were recorded within additional paid in capital within the condensed consolidated balance sheets. Recently Adopted Accounting Pronouncements Emerging Growth Company Status The Company is an emerging growth company (“EGC”), as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies, until the earlier of the date that it (i) is no longer an EGC or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. Intangibles Assets In August 2018, the Financial Accounting Standards Board (“FASB”) issued updated guidance on accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. The Company adopted this guidance as of January 1, 2021 and in accordance with the new guidance, applied it prospectively to implementation costs incurred after the adoption as allowed by the standard. The adoption did not have a material effect on the Company’s condensed consolidated financial statements. Simplifying the Accounting for Income Taxes In December 2019, FASB issued updated guidance simplifying the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to intra-period tax allocations and the methodology for calculating income taxes in an interim period. The guidance also simplifies aspects of the accounting for franchise taxes as well as enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The Company adopted this guidance as of January 1, 2021. The adoption of this accounting pronouncement did not have a material impact on the Company’s condensed consolidated financial statements. Related Party Guidance for Variable Interest Entities In October 2018, the FASB issued updated guidance that requires consideration of indirect interest held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The amendments are required to be applied retrospectively with a cumulative-effect adjustment. The Company adopted the new guidance as of January 1, 2021 and its application did not have a material impact to the Company’s condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02), which will require lessees to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, on the balance sheets for substantially all leases. This update also requires lessees to recognize a single lease cost for operating leases, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Public companies were required to adopt ASU 2016-02 for reporting periods after December 15, 2018. In 2020, ASU 2016-02 was amended to extend the adoption date for nonpublic entities and EGCs. Accordingly, the effective date of ASU 2016-02, as amended, is fiscal periods beginning after December 15, 2021, with early adoption permitted. The Company plans to adopt this guidance as of January 1, 2022 using the modified-retrospective approach as of the date of adoption which will not require the restatement of comparative periods. While the Company continues to evaluate the effect of the standard on its financial reporting, the Company anticipates that the adoption of the standard will have a material impact to the consolidated balance sheet with the primary effect being the recognition of right-of-use assets and corresponding lease liabilities for substantially all of the Company’s leases. The adoption is not expected to have a material impact on the Company's consolidated statements of operations or cash flows. Current Expected Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), to replace the incurred loss impairment methodology under current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company will be required to use a forward-looking expected credit loss model for accounts receivable, loans, and other financial instruments. Public companies were required to adopt ASU 2016-13 for reporting periods after December 15, 2019. In 2019, ASU 2016-13 was amended to extend the adoption date for nonpublic entities and EGCs. The Company plans to adopt this guidance as of January 1, 2022 and is currently evaluating the potential impact of adopting this new accounting guidance. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the final prospectus (the “Prospectus”) dated June 29, 2021 and filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Securities Act”). Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the financial statements and the accompanying disclosures, including the vesting of share-based and other deferred compensation plan awards. Although these estimates are based on management’s knowledge of current events and actions that the Company may undertake in the future, actual results may differ materially from the estimates. These condensed consolidated financial statements are presented in U.S. Dollars. The Company’s policy is to consolidate entities in which it has a controlling financial interest. The Company consolidates: • Voting interest entities (“VOEs”) where the Company holds a majority of the voting interest in such VOEs; and • Variable interest entities (“VIEs”) where the Company is the primary beneficiary. Since the Company is the sole managing member of Alclear, it consolidates the financial results of Alclear. Therefore, the Company reports a non-controlling interest based on Alclear Units held by the members of Alclear on the condensed consolidated balance sheets. Income or loss is attributed to the non-controlling interests based on the weighted average common units outstanding during the period and is presented on the condensed consolidated statements of operations and comprehensive income/(loss). Refer to Note 13 for more information. Intercompany transactions and balances are eliminated upon consolidation. Significant Accounting Policies The Company’s significant accounting policies are discussed in “Notes to Consolidated Financial Statements–Note 2. Summary of Significant Accounting Policies” in its Registration Statement on Form S-1 (File No. 333-256851) and the Prospectus included therein. With the exception of the accounting policies described below, there have been no significant changes to the accounting policies during the nine months ended September 30, 2021. Basic and Diluted Earnings (Loss) Per Share The Company applies the two-class method for calculating and presenting earnings (loss) per share by presenting earnings (loss) per share for Class A common stock and Class B common stock. In applying the two-class method, the Company allocates undistributed earnings equally on a per share basis between Class A common stock and Class B common stock. According to the Company’s certificate of incorporation, the holders of the Class A common stock and Class B common stock are entitled to participate in earnings equally on a per-share basis, as if all shares of common stock were of a single class. Holders of the Class A common stock and Class B common stock also have equal priority in liquidation and dividend distributions. Shares of Class C common stock and Class D common stock do not participate in earnings of the Company. As a result, the shares of Class C common stock and Class D common stock are not considered participating securities and are not included in the weighted-average shares outstanding for purposes of earnings (loss) per share. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Company derives substantially all of its revenue from subscriptions to its consumer aviation service, CLEAR Plus. For the three and nine months ended September 30, 2021 and 2020, no individual airport accounted for more than 10% of membership revenue. The Company elected the practical expedient permitted to not adjust the transaction price of contracts with a duration of one year or less for the effects of a significant financing component at contract inception. Revenue by Geography For the three and nine months ended September 30, 2021 and 2020, all of the Company’s revenue was generated in the United States. Contract liabilities and assets The Company’s deferred revenue balance primarily relates to amounts received from customers for subscriptions paid in advance of the services being provided that will be earned within the next twelve months. The following table presents changes in the deferred revenue balance as of September 30: 2021 2020 Balance as of January 1 $ 101,542 $ 121,339 Deferral of revenue 230,458 155,992 Recognition of deferred revenue (172,411) (177,645) Balance as of September 30 $ 159,589 $ 99,686 The Company has obligations for refunds and other similar items of $2,994 as of September 30, 2021. The Company does not have any material variable consideration. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 9 Months Ended |
Sep. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets as of September 30, 2021 and December 31, 2020 consist of the following: September 30, December 31, Prepaid software licenses $ 5,701 $ 5,504 Coronavirus aid, relief, and economic security act retention credit 2,036 2,036 Prepaid insurance costs 3,970 772 Other current assets 2,758 2,898 Total $ 14,465 $ 11,210 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company values its available-for-sale debt securities and certain liabilities based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, a fair value hierarchy that prioritizes observable and unobservable inputs is used to measure fair value into three broad levels, which are described below: Level 1 – Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in inactive markets or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated with observable market data. Level 3 – Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs to the extent possible. In addition, the Company considers counterparty credit risk in its assessment of fair value. The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The following is a description of the valuation methodologies used for assets and liabilities measured at fair value. Corporate bonds – Valued at the closing price reported on the active market on which the individual securities, all of which have counterparts with high credit ratings, are traded. Commercial paper – Value is based on yields currently available on comparable securities of issuers with similar credit ratings. Money market funds – Valued at the net asset value (“NAV”) of units of a collective fund. The NAV is used as a practical expedient to estimate fair value. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. Warrant liabilities – Valued based on significant inputs not observed in the market and, thus, represents a Level 3 measurement. The Company estimated the fair value of the liability using the Black-Scholes option pricing model and the change in fair value was recognized in general and administrative expenses. Refer to Note 11 for further information. The contractual maturities of investments classified as marketable debt securities are as follows as of September 30, 2021 and December 31, 2020: September 30, December 31, Due within 1 year $ 335,457 $ 37,813 Total marketable debt securities $ 335,457 $ 37,813 Fair Value as of September 30, 2021 Level 1 Level 2 Level 3 Total Commercial paper $ — $ 131,466 $ — $ 131,466 U.S. Treasuries 77,804 — — 77,804 Corporate bonds — 109,972 — 109,972 Total assets in the fair value hierarchy 77,804 241,438 — 319,242 Money market funds measured at NAV (a) — — — 16,215 Total investments at fair value $ 77,804 $ 241,438 $ — $ 335,457 Warrant liabilities — — — — Total warrant liabilities at fair value $ — $ — $ — $ — Fair Value as of December 31, 2020 Level 1 Level 2 Level 3 Total Commercial paper $ — $ 11,932 $ — $ 11,932 U.S. Treasuries 5,380 — — 5,380 Corporate bonds — 20,444 — 20,444 Total assets in the fair value hierarchy 5,380 32,376 — 37,756 Money market funds measured at NAV (a) — — — 57 Total investments at fair value $ 5,380 $ 32,376 $ — $ 37,813 Warrant liabilities $ — $ — $ (17,740) $ (17,740) Total warrant liabilities at fair value $ — $ — $ (17,740) $ (17,740) ____________________________ (a) Certain money market funds that were measured at NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the consolidated balance sheets. The Company had no continuous unrealized loss position from marketable securities as of September 30, 2021. The following table provides a summary of changes in fair value of the Company’s Level 3 warrant liabilities for the nine months ended September 30, 2021 and 2020: 2021 2020 Balance as of January 1 $ (17,740) $ (16,853) Warrants issued (289) — Issuance of equity upon exercise of certain warrants 30,206 — Issuance of equity upon settlement of certain warrants 619 — Fair value adjustments (12,796) (444) Balance as of September 30 $ — $ (17,297) See Note 11 for further information regarding these Level 3 fair value measurements. For certain other financial instruments, including accounts receivable, accounts payable, accrued liabilities, as well as other current liabilities, the carrying amounts approximate the fair value of such instruments due to the short maturity of these balances. |
Property and Equipment, net
Property and Equipment, net | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, netProperty and equipment as of September 30, 2021 and December 31, 2020 consist of the following: Depreciation Period in Years September 30, December 31, Internally developed software 5 $ 36,746 $ 23,545 Acquired software 3 7,539 7,538 Equipment 5 20,821 18,210 Leasehold improvements 1-10 6,982 6,548 Furniture and fixtures 5 2,259 2,181 Construction in progress 10,754 7,255 Total property and equipment, cost 85,101 65,277 Less: accumulated depreciation (39,226) (30,036) Total property and equipment, net $ 45,875 $ 35,241 Depreciation and amortization expense related to property and equipment for three months ended September 30, 2021 and 2020, was $3,988 and $2,318, respectively. For the nine months ended September 30, 2021 and 2020, it was approximately $9,190 and $6,933, respectively. |
Intangible Assets, net
Intangible Assets, net | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, net | Intangible Assets, net Intangible assets consist as of September 30, 2021 and December 31, 2020 of the following: Amortization September 30, 2021 December 31, 2020 Patents 20 $ 2,007 $ 1,293 Other indefinite lived intangible assets 310 310 Total intangible assets, cost 2,317 1,603 Less: accumulated amortization (50) (39) Intangible assets, net $ 2,267 $ 1,564 Amortization expense of intangible assets was $11 and $12 for the nine months ended September 30, 2021 and 2020, respectively. |
Restricted Cash
Restricted Cash | 9 Months Ended |
Sep. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | Restricted CashAs of September 30, 2021 and December 31, 2020, the Company maintained bank deposits of $6,835 and $6,856, respectively, which were pledged as collateral for long-term letters of credit issued in favor of airports, in connection with the Company’s obligations under the revenue share agreements. Such amounts also include a letter of credit for the Company’s New York City corporate headquarters lease agreement.In addition, the Company also has a $16,000 restricted cash account against a letter of credit with a credit card company as a reserve against potential future refunds and chargebacks as of September 30, 2021 and December 31, 2020. |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2021 | |
Other Assets, Noncurrent [Abstract] | |
Other Assets | Other Assets Other assets as of September 30, 2021 and December 31, 2020 consist of the following: September 30, December 31, Security deposits $ 242 $ 171 Loan fees 550 279 Certificates of deposit 459 459 Other long-term assets 443 62 Total $ 1,694 $ 971 |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of the following as of September 30, 2021 and December 31, 2020: September 30, December 31, Accrued compensation and benefits $ 13,729 $ 9,626 Accrued partnership liabilities 17,933 — Other accrued liabilities 13,532 8,678 Total $ 45,194 $ 18,304 |
Warrants
Warrants | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Warrants | Warrants Historically, Alclear issued warrants to purchase shares of Class B redeemable capital units. These warrants were generally subject to performance-based vesting criteria, such as criteria related to new customer enrollments and technological innovations. The Company recognizes the expense for those warrants expected to vest on a straight-line basis over the requisite service period of the warrants, which generally ranges from three months to six years. For warrants that vest upon issuance, the entire cost is expensed immediately. As of January 1, 2021, Alclear had 658,382 equity warrants outstanding at a weighted-average exercise price of $222.15 and 70,000 liability warrants outstanding at a weighted-average exercise price of $36.74. Prior to the reorganization, Alclear issued the following warrants for Class B redeemable capital units as follows: Number of Units Weighted-average exercise price Liability awards 1,000 $ 1.00 Equity awards 114,797 $ 194.85 The fair values of warrants granted in 2021 were estimated based on the Black-Scholes option pricing model using the weighted-average significant unobservable inputs (Level 3 inputs) as follows: 2021 Risk-free interest rate 0.36% - 0.92% Exercise price $1.00-$290.00 Expected term 3-5 years Expected volatility 45.0% - 50.8% Prior to the Reorganization, certain warrant holders exercised their warrants for Class B redeemable capital units as follows: Number of Warrants Weighted-average exercise price Liability awards 70,000 $ 36.74 Equity awards 3,400 $ 1.00 On the date of exercise, the fair value of these warrants was estimated based on a Black-Scholes option pricing model using the weighted-average significant unobservable inputs (Level 3 inputs) as follows: Risk-free interest rate 0.16% -0.19% Exercise price $1.00- $36.74 Expected term 2-3 years Expected volatility 35.1% - 45.0% As part of the Reorganization, the remaining Alclear warrants were either exchanged for Clear Secure, Inc. warrants representing the right to receive Class A common stock or remained at Alclear and continue to be exercisable for Alclear Units. The exchange was completed at an approximate 19.98 per unit ratio, using a cashless exercise conversion method. The Clear Secure, Inc. warrants are subject to the same vesting terms as applied to Alclear warrants and maintained the same fair value immediately before and after the exchange of the warrants. As such, there was no additional expense that was recorded as a result of the exchange of the warrants. The following warrants remained issued after giving effect to the reorganization: Classification Number of Warrants Weighted-Average Exercise Price Weighted average Remaining Contractual Term (years) Exercisable for Class A common stock Equity awards 7,674,502 $ 0.01 1.04 Exercisable for Alclear Units Equity awards 968,043 $ 0.01 2.96 As of September 30, 2021, 3,207,922 warrants were vested and exercisable for Class A common stock and 71,782 warrants were vested and exercisable for Alclear Units at a weighted-average exercise of price of $0.01. The balance of the outstanding warrants are subject to certain performance based vesting criteria which the Company evaluates at each reporting period to determine the likelihood of achievement. Based on the likelihood of achievement of the vesting criteria, as of September 30, 2021 the Company estimated unrecognized warrant expense is $1,204. The Company recorded the following within general and administrative expense in the condensed consolidated statements of operations: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Liability awards $ — $ 444 $ 12,796 $ 444 Equity awards 1,509 1,698 3,431 1,698 Total $ 1,509 $ 2,142 $ 16,227 $ 2,142 |
Redeemable Capital Units
Redeemable Capital Units | 9 Months Ended |
Sep. 30, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Capital Units | Redeemable Capital Units Prior to the Reorganization and IPO, Alclear’s redeemable capital units were comprised of Class A and Class B redeemable capital units, which contained similar capital voting and economic rights. Class A and Class B redeemable capital units were classified as temporary equity given the redemption features that were outside of Alclear’s control. The total balance of the Class A and Class B redeemable capital units as of the following periods were: September 30, 2021 December 31, 2020 Class A redeemable capital units $ — $ 2,620 Class B redeemable capital units — 566,631 Total $ — $ 569,251 As of December 31, 2020, there were 261,942 Class A redeemable capital units authorized, issued and outstanding. As of December 31, 2020, there were 5,631,085 Class B redeemable capital units authorized, and 4,621,459 Class B redeemable capital units issued and outstanding. Prior to the Reorganization, during 2021, Alclear issued 277,813 Class B units through private offerings resulting in gross proceeds of $80,566 and issued 5,310 Class B units with a fair value of $1,540 in exchange for services related to the private offerings. In addition, Alclear repurchased and retired 11,869 Class B units for a total repurchase of $3,442. Alclear also issued 70,000 Class B units upon the exercise of certain warrants for exercise proceeds of $2,575. During the nine months ended September 30, 2020, Alclear issued 422,039 Class B units through private offerings for proceeds of $113,944, net of offering costs. In addition, there were tender offers where Alclear repurchased and retired 677,387 Class B units for gross purchase of $14,053 and where Alclear repurchased and retired 54,843 Class A units for gross purchase of $548. |
Stockholder_s Equity
Stockholder’s Equity | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholder's Equity | Stockholders’ Equity Members’ Equity As a result of the Reorganization, members’ equity was zero as of September, 30, 2021. As of December 31, 2020, the Company had 21,042 authorized and 0 issued and outstanding Class C Capital Units, which were granted to employees as part of the Company’s annual compensation process. Prior to the Reorganization, Alclear also had 27 classes of nonvoting, non-capital units, of which 16 were issued as equity-based compensation and reflects equity-based compensation recorded for units granted and expected to vest based on the probability of achieving performance-based vesting conditions. From time to time, Alclear repurchased vested profit units and, to the extent the amount paid for profit units repurchased was in excess of the fair value, such excess was recorded in accumulated deficit. Prior to the Reorganization, during 2021, the Company repurchased 31,972 profit units for a total repurchase of $8,259. During the nine months ended September 30, 2020, the Company repurchased 283,759 profit units for a total repurchase of $1,633. Since such repurchases were at amounts that exceeded the then fair value of the units, the Company recorded expense of $0 and $712 for the three and nine months ended September 30, 2021, respectively. The Company also recorded expense of $67 and $50,465 for the three and nine months ended September 30, 2020, respectively. During the nine months ended September 30, 2021, $697 was recorded within general and administrative expense and $15 within research and development within the condensed consolidated statements of operations. During the nine months ended September 30, 2020, $44,514 was recorded within general and administrative expense, $5,910 was recorded within research and development and $41 was recorded within sales and marketing. 1,868,322 profit units were authorized, issued and outstanding at December 31, 2020. All profit units were converted in conjunction with the Reorganization, see Note 14 for additional information. Common Stock As discussed in Note 1, upon the Reorganization, the Company issued 59,240,306 shares of Class A common stock and 1,042,234 shares of Class B common stock in exchange for an equivalent amount of Alclear Units. In addition, Alclear members purchased 44,598,167 shares of Class C common stock and Alclear Investments, LLC and Alclear Investments II, LLC collectively purchased 26,709,821 shares of Class D Common stock which have voting rights equal to the number of Alclear Units held by the members of Alclear (“Alclear Members”). As part of the IPO, the Company issued an additional 15,180,000 shares of Class A common stock with a par value of $0.00001 on July 2, 2021. Treasury Stock The Company does not have a share repurchase program. The Company’s treasury stock consists of forfeited Restricted Stock Awards that are legally issued shares held by the Company that can be utilized to settle equity-based compensation awards issued by the Company and is recorded at par value. These shares are excluded from the calculation of the non-controlling interest ownership percentage below. As of September 30, 2021, the Company had 72,401 shares in treasury stock. Non-Controlling Interest The non-controlling interest balance represents the economic interest in Alclear held by the founders and members of Alclear. The following table summarizes the ownership of Common Units in Alclear as of September 30, 2021: Alclear Units Ownership Percentage Alclear Holding Units held by post-reorganization members 44,407,609 31.08 % Alclear Holding Units held by Alclear Investments, LLC and Alclear Investments II, LLC 24,756,018 17.33 % Total 69,163,627 48.41 % The non-controlling interest holders have the right to exchange Alclear Units, together with a corresponding number of shares of Class C common stock for Class A common stock or Class D common stock for Class B common stock. As such, exchanges by non-controlling interest holders will result in a change in ownership and reduce the amount recorded as non-controlling interest and increase Class A common stock and additional paid-in-capital for the Company. The non-controlling interest ownership percentage changed from 54.21% as of June 30, 2021 to 48.41% as of September 30, 2021. The primary driver of this decrease was attributable to the issuance of Class A shares, as well as related adjustments, due to the IPO. As of September, 30 2021, no Alclear Units have been exchanged. |
Incentive Plans
Incentive Plans | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Incentive Plans | Incentive Plans 2021 Omnibus Incentive Plan The Clear Secure, Inc 2021 Omnibus Incentive Plan (“2021 Omnibus Incentive Plan”) became effective on June 29, 2021 to provide grants of equity-based awards to the employees, consultants, and directors of the Company and its affiliates. The 2021 Omnibus Incentive Plan authorized the issuance of up to 20,000,000 shares of Class A common stock as of the date of the Reorganization. The 2021 Omnibus Incentive Plan authorized the issuance of shares pursuant to the grant, settlement or exercise of restricted stock units (“RSUs”), restricted stock (“RSAs”), stock options and other share-based awards. Beginning with the first business day of each calendar year beginning in 2022 through 2031, the number of shares available will increase in an amount up to 5% of the total number of common shares outstanding (assuming exchange and/or conversion of all classes of common shares into Class A common stock) as of the last day of the immediately preceding year or a lesser amount approved by our board of directors or its compensation committee, so long as the total share reserve available for future awards at the time is not more than 12% of common shares outstanding (assuming exchange and/or conversion of all classes of common shares into Class A common stock). Alclear Holdings, LLC Equity Incentive Plan Prior to the Reorganization, Alclear granted profit unit awards and RSUs to various employees of the Company. In connection with the Company’s Reorganization described in Note 1, these awards were substituted as follows: • The Company substituted Alclear’s RSUs with RSUs under the 2021 Omnibus Incentive Plan. • The Company substituted Alclear’s performance vesting profit units with performance vesting RSUs under the 2021 Omnibus Incentive Plan. • The Company substituted Alclear’s other profit units with only a service vesting condition to RSAs under the 2021 Omnibus Incentive Plan. In all cases of the respective substitutions, the new awards retained the same terms and conditions (including applicable vesting requirements). Each award was converted to reflect the $31.00 share price contemplated in the Company’s IPO while retaining the same fair value. The RSUs originally granted by Alclear were subject to both service and liquidity event vesting conditions. The Company concluded that the Reorganization represented a qualifying liquidity event that would cause the RSUs’ liquidity event vesting conditions to be met. The following table summarizes information about the unvested profit units and RSUs in Alclear that were reclassified to RSAs or RSUs in the Company: Alclear RSU’s Weighted- Profit Units Weighted- Unvested balance, January 1, 2021 453,350 $ 14.51 9,085,704 $ 1.12 Granted 860,357 15.33 — — Vested — — (345,703) (0.40) Forfeited (25,479) (15.36) (881,227) (0.90) Effect of reorganization (1,288,228) (15.04) (7,858,774) (1.17) Unvested balance, September 30, 2021 — — — — Restricted Stock Awards In accordance with the Reorganization Agreement, the Company substituted Alclear Holdings’ profit units with service vesting conditions with RSAs, which are subject to the same vesting terms as applied to Alclear’s profit units; each also maintained the same fair value immediately before and after the exchange of the award. As such, there was no additional compensation expense that was recorded as a result of the substitution of the awards. The RSAs are subject to service-based vesting conditions and will vest on a specified date, provided the applicable service, generally three years, has been satisfied. The Company determines the fair value of each RSA based on the grant date and records the expense over the vesting period or requisite service period. The following is a summary of activity related to the RSAs associated with compensation arrangements during nine months ended September 30, 2021. RSA - Class A Common Stock Weighted- RSA - Alclear Units Weighted- Balance upon effect of reorganization* 1,878,986 $ 1.03 2,144,361 $ 1.29 Granted — — — — Vested (115,783) (0.92) — — Forfeited (72,401) (1.97) — — Unvested balance, September 30, 2021 1,690,802 $ 1.00 2,144,361 $ 1.29 *The amounts above reflect the Reorganization and maintain the fair value for the substitution of profit units to RSAs. Below is the compensation expense (credit) related to the RSAs: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Cost of direct salaries and benefits $ (7) $ — $ (7) $ — General and administrative 284 279 $ 884 $ 805 Research and development 41 96 149 234 Sales and marketing (3) 10 (31) 23 Total $ 315 $ 385 $ 995 $ 1,062 As of September 30, 2021, estimated unrecognized expense for RSAs that are probable of vesting was $826 with such expense to be recognized over a weighted-average period of approximately 0.6 years subsequent to September 30, 2021. Restricted Stock Units The RSUs granted under the 2021 Omnibus Incentive Plan in substitution of Alclear awards were subject to the same vesting terms as applied to the Alclear awards and maintained the same fair value immediately before and after the exchange of the award. The RSUs are subject to both service-based and, in some cases, business performance-based vesting conditions. RSUs will vest on a specified date, provided the applicable service (generally three years) and, if applicable, business performance condition, have been satisfied. The RSUs with performance conditions issued are also subject to long-term revenue and cash-basis earnings performance hurdles (the “Financial Targets”). The Company determines the fair value of each RSU based on the grant date and records the expense over the vesting period or requisite service period. The following is a summary of activity related to the RSUs associated with compensation arrangements during nine months ended September 30, 2021: RSU’s Weighted- RSU Units - Class B Common Stock Weighted- Balance upon effect of Reorganization* 3,009,982 $ 7.23 2,113,672 $ 2.29 Granted 1,240,853 42.10 — — Vested — — — — Forfeited (292,213) (3.27) (1,953,803) (1.29) Unvested balance, September 30, 2021 3,958,622 $ 18.45 159,869 $ 14.51 *The amounts above reflect the Reorganization and maintain the fair value for the substitution of Alclear RSUs to RSUs. Below is the compensation expense recognized related to the RSUs: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 Cost of direct salaries and benefits $ 226 $ 226 General and administrative 2,913 5,882 Research and development 2,428 3,135 Sales and marketing 118 203 Total $ 5,685 $ 9,446 As of September 30, 2021, estimated unrecognized expense for RSUs that are probable of vesting was $61,498 with such expense to be recognized over a weighted-average period of approximately1.3 years. Founder PSUs During June 2021, the Company established a long-term incentive compensation plan for the co-founders, which consists of performance restricted stock-unit awards (the “Founder PSUs”), that will be settled in shares of Class A common stock pursuant to the 2021 Omnibus Incentive Plan, subject to the satisfaction of both service and market based vesting conditions. The grant date fair value for the Founder PSUs was determined by a Monte Carlo simulation and discounted by the risk-free rate on the grant date and an expected volatility of 45%. The Founder PSUs are estimated to vest over a five year period, based on the achievement of specified price hurdles of the Company’s Class A common stock. The specified price hurdles of the Company’s Class A common stock will be measured on the volume-weighted average price per share for the trailing days during any 180 day period that ends within the applicable measurement period. In June 2021, the Company granted 4,208,617 Founder PSUs at a weighted average grant date fair value of $16.54. The Company recorded the expense related to these awards within general and administrative in the condensed consolidated statements of operations. As of September 30, 2021, estimated unrecognized expense for Founder PSUs was $62,845 with such expense to be recognized over a weighted-average period of approximately 1.34 years. Below is a summary of total compensation expense recorded in relation to the Company’s incentive plans, excluding additional expense related to repurchases: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 RSAs $ 315 $ 385 $ 995 $ 1,062 RSUs 5,685 — 9,446 — Founder PSUs 6,629 — 6,768 — Total $ 12,629 $ 385 $ 17,209 $ 1,062 Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Cost of direct salaries and benefits $ 219 $ — $ 219 $ — General and administrative 9,826 279 13,534 805 Research and development 2,469 96 3,284 234 Sales and marketing 115 10 172 23 Total $ 12,629 $ 385 $ 17,209 $ 1,062 |
Earnings (Loss) per Share
Earnings (Loss) per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share | Earnings (Loss) per Share Basic earnings (loss) per share of Class A common stock and Class B common stock is computed by dividing net loss available to Clear Secure, Inc. by the respective weighted-average number of shares of common stock outstanding during the period. The Company applies the two-class method to calculate earnings per share for Class A and Class B shares. Accordingly, the Class A common stock and Class B common stock share equally in the Company’s net income and losses. Diluted earnings per share of common stock is computed by dividing net earnings (loss) attributable to Clear Secure, Inc., adjusted for the assumed exchange of all potentially dilutive instruments for common stock, by the weighted-average number of shares of common stock outstanding, adjusted to give effect to potentially dilutive securities. As described in Note 1, on June 29, 2021, the Operating Agreement was amended and restated to, among other things, (i) provide for a new single class of common membership interests, the Alclear Units, and (ii) exchange all of the then-existing membership interests of the original Alclear equity owners for Alclear Units. Basic and diluted earnings per Class A and Class B common stock is applicable only for periods after June 29, 2021, post the Reorganization, when the Company had outstanding Class A and B common stock. Shares of the Company’s Class C and Class D common stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings (loss) per share of Class C common stock and Class D common stock under the two-class method has not been presented. Each share of Class C common stock (together with a corresponding Alclear Unit) is exchangeable for one share of Class A common stock and each share of Class D common stock (together with a corresponding Alclear Unit) is exchangeable for one share of Class B common stock. Shares classified as treasury stock within the condensed consolidated balance sheets are excluded from the calculation of earnings (loss) per share. Below is the calculation of basic and diluted net loss per share: Three Months Ended September 30, 2021 Class A Class B Basic: Net loss attributable to Clear Secure, Inc. $ (16,675) $ (240) Weighted-average number of shares outstanding, basic 72,285,100 1,042,234 Net loss per common share, basic: $ (0.23) $ (0.23) Diluted: Net loss attributable to Clear Secure, Inc. $ (16,675) $ (240) Weighted-average number of shares outstanding, basic 72,285,100 1,042,234 Potentially dilutive shares — — Weighted-average number of shares outstanding, diluted 72,285,100 1,042,234 Net loss per common share, diluted: $ (0.23) $ (0.23) Nine Months Ended September 30, 2021 Class A Class B Basic: Net loss attributable to Clear Secure, Inc. $ (18,650) $ (269) Weighted-average number of shares outstanding, basic 72,124,741 1,042,234 Net loss per common share, basic: $ (0.26) $ (0.26) Diluted: Net loss attributable to Clear Secure, Inc. $ (18,650) $ (269) Weighted-average number of shares outstanding, basic 72,124,741 1,042,234 Potentially dilutive shares — — Weighted-average number of shares outstanding, diluted 72,124,741 1,042,234 Net loss per common share, diluted: $ (0.26) $ (0.26) Due to the net loss for the periods presented, the following potential shares of common stock were determined to be anti-dilutive: Three and Nine Months Ended September 30, 2021 Class A Class B Potentially dilutive warrants 3,279,705 — Potentially dilutive exchangeable Alclear Units 44,598,167 26,709,821 Potentially dilutive RSA’s 2,347,002 1,953,803 Potentially dilutive RSU’s 1,325,851 159,869 Potentially dilutive shares 51,550,725 28,823,493 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesAs a result of the IPO and Reorganization, the Company became the sole managing member of Alclear, which is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, Alclear is generally not subject to U.S. federal and most state and local income taxes. Any taxable income or loss generated by Alclear is passed through to and included in the taxable income or loss of its members, including us, on a pro rata basis. The Company is subject to U.S. federal income taxes, in addition to state and local income taxes with respect to our allocable share of any taxable income or loss of Alclear, as well as any stand-alone income or loss generated by the Company. The Company is also subject to income taxes in Israel. The Company reported a tax provision of $60 on a pretax loss of $32,727 for the three months ended September 30, 2021 as compared to $4 on pretax income of $11,147 for the three months ended September 30, 2020. This resulted in an effective tax rate of (0.18)% for the three months ended September 30, 2021 as compared to 0.04% percent for the three months ended September 30, 2020. The Company reported a tax provision of $277 on a pretax loss of $83,737 for the nine months ended September 30, 2021, as compared to $14 on a pretax loss of $17,750 for the nine months ended September 30, 2020. This resulted in an effective tax rate of (0.33)% for the nine months ended September 30, 2021 as compared to (0.09)% for the nine months ended September 30, 2020. The Company's effective tax rate differs from the statutory rate primarily due to the following: (1) the impact of Alclear being a partnership and it allocating its taxable results to its non-controlling members, (2) movement in valuation allowance and (3) the impact of state and foreign taxes. The Company has not recorded any uncertain tax positions as of September 30, 2021. Clear Secure, Inc. was formed in March 2021 and did not engage in any operations prior to the IPO and the Reorganization. Additionally, although Alclear is treated as a partnership for U.S. federal and state income taxes purposes, it is still required to file an annual U.S. Return of Partnership Income, which is subject to examination by the Internal Revenue Service (“IRS”). The statute of limitations has expired for tax years through 2016 for Alclear. Tax Receivable Agreement The Company expects to obtain an increase in the share of the tax basis of its share of the assets of Alclear when Alclear Units are redeemed or exchanged by Alclear Members and other qualifying transactions. This increase in tax basis may have the effect of reducing the amounts that the Company would otherwise pay in the future to various tax authorities. The increase in tax basis may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. As stated in Note 1, in connection with the IPO, the Company entered into the TRA, which generally provides for payment by the Company to the TRA Holders of 85% of the net cash savings, if any, in U.S. federal, state and local income tax and franchise tax that Clear Secure, Inc. actually realizes or is deemed to realize as a result of (i) any increase in tax basis in Alclear’s assets resulting from (a) exchanges by Alclear members (or their transferees or other assignees) of Alclear Units (along with the corresponding shares of our Class C common stock or Class D common stock, as applicable) for shares of the Company’s Class A common stock or Class B common stock, as applicable, and purchases of Alclear Units and corresponding shares of Class C common stock or Class D common stock, as the case may be, from the Alclear members (or their transferees or other assignees) or (b) payments under the TRA, and (ii) tax benefits related to imputed interest deemed arising as a result of payments made under the TRA. The Company will retain the benefit of the remaining 15% of these net cash savings. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation From time to time, the Company is involved in various legal proceedings arising in the ordinary course of business. The Company records a liability when it believes that it is probable that a loss will be incurred and the amount of loss or range of loss can be reasonably estimated. Based on the currently available information, the Company does not believe that there are claims or legal proceedings that would have a material adverse effect on the business, or the condensed consolidated financial statements of the Company. Leases, Sports Stadiums, and Airport Agreements During 2018, the Company entered into a lease for its new headquarters in New York City, which expires in 2030. Additionally, the Company rents floor and office space in airports under leases expiring through 2026, which include fixed monthly payments. The Company’s lease agreements, in addition to base rentals, generally are subject to escalation provisions based on certain costs incurred by the landlord. Certain leases have renewal options that can be exercised at the discretion of the Company. For the three months ended September 30, 2021 and 2020, the Company recorded rent expense of $1,618 and $1,461, respectively, and Revenue Share fee expense of $9,926 and $8,298, respectively. For the nine months ended September 30, 2021 and 2020, the Company recorded rent expense of $4,754 and $4,468, respectively, and Revenue Share fee expense of $25,995 and $25,707, respectively. The Company has commitments for future marketing expenditures to sports stadiums of $5,517 through 2026. For the three months ended September 30, 2021 and 2020, marketing expenses related to sports stadiums were approximately $1,503 and $—, respectively. For the nine months ended September 30, 2021 and 2020, marketing expenses related to sports stadiums were approximately $2,655 and $377, respectively. Future minimum payments under lease and airport agreements are as follows as of September 30, 2021: 2021 $ 4,093 2022 16,104 2023 14,941 2024 11,284 2025 9,773 Thereafter 21,803 Total $ 77,998 |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions As of September 30, 2021, and December 31, 2020, the Company had total payables to certain related parties of $1,839 and $1,606. Additionally, for the three months ended September 30, 2021 and 2020, the Company recorded $2,084 and $1,855 in cost of revenue share within the condensed consolidated statements of operations, respectively in connection with certain related parties. For the nine months ended September 30, 2021 and 2020, the Company recorded $5,428 and $5,084, respectively in connection with certain related parties. |
Employee Benefit Plan
Employee Benefit Plan | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit PlanThe Company has a 401(k) savings and investment plan (the “401(k) Plan”). Participants make contributions to the 401(k) Plan in varying amounts, up to the maximum limits allowable under the Code. For the three months ended September 30, 2021 and 2020, the Company recorded discretionary employer contributions of $191 and $81, respectively, that was remitted to the plan. For the nine months ended September 30, 2021 and 2020, the Company recorded $828 and $311, respectively. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | DebtIn March 2020, the Company entered into a credit agreement for a three-year $50,000 revolving credit facility, with a group of lenders. In April 2021, the Company increased the commitments under the revolving credit facility to $100,000, which matures three years from the date of the increase. The line of credit has not been drawn against as of September 30, 2021. Prepaid loan fees related to this facility are presented within Other assets with the current portion being presented within prepaid and other current assets and will be amortized over the term of the credit agreement. As of September 30, 2021, the balance of these loan fees was $1,004. The credit agreement contains customary terms and conditions, including limitations on consolidations, mergers, indebtedness, and certain payments, as well as a financial covenant relating to leverage. Borrowings under the credit agreement generally will bear a floating interest rate per year and will also include interest based on the greater of the prime rate, London InterBank Offered Rate (LIBOR) or New York Federal Reserve Bank (NYFRB) rate, plus an applicable margin for specific interest periods. In addition, the credit agreement contains certain other covenants (none of which relate to financial condition), events of default and other customary provisions, and also contains customary LIBOR replacement mechanics. At September 30, 2021, the Company was in compliance with all of the financial and non-financial covenants. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On November 4, 2021, the Company and 85 Tenth Avenue Associates, L.L.C. (“Landlord”) entered into a Lease (the “Lease Agreement”) pursuant to which the Company will lease approximately 120,000 square feet of an office building to house the Company’s corporate headquarters. The Lease Agreement provides for a commencement on the later of October 1, 2022 or the date on which the Landlord delivers possession of the premises with certain agreed upon completed improvements to be made by the Landlord. The term of the Lease Agreement is fifteen years after the date the rent obligations begin, with an option to renew for one 5-year or 10-year period at Fair Market Value (as defined in the Lease Agreement) by providing the Landlord with eighteen months’ notice and meeting certain other requirements. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Description and Organization | Description and Organization Clear Secure, Inc. (the “Company”) was incorporated as a Delaware corporation on March 2, 2021 for the purpose of facilitating an initial public offering (“IPO”) and other related transactions in order to carry on the business of Alclear Holdings, LLC and its wholly owned subsidiaries (collectively referred to as “Alclear”). The Company (together with its consolidated subsidiaries, “CLEAR”, “we”, “us”, “our”) is a holding company and its principal asset is the controlling equity interest in Alclear. Alclear was formed as a Delaware limited liability company on January 21, 2010 and operates under the terms of the Amended and Restated Operating Agreement dated June 29, 2021 (the “Operating Agreement”). As the sole managing member of Alclear, the Company operates and controls all of the business and affairs of Alclear, and through Alclear and its subsidiaries, conducts the Company’s business. The Company operates a secure identity platform operating under the brand name CLEAR in the United States. CLEAR’s current offerings include: CLEAR Plus, a consumer aviation subscription service which enables access to predictable and fast experiences through dedicated entry lanes in airport security checkpoints nationwide, the flagship CLEAR App, including Home to Gate and Health Pass, and CLEAR Pass for U.S. Customs and Border Protection ("CBP") Mobile Passport Control, a free to use mobile app, that streamlines entry into the United States. Since the Company is the sole managing member of Alclear, it consolidates the financial results of Alclear. Therefore, the Company reports a non-controlling interest based on Alclear Units held by the members of Alclear on the condensed consolidated balance sheets. Income or loss is attributed to the non-controlling interests based on the weighted average common units outstanding during the period and is presented on the condensed consolidated statements of operations and comprehensive income/(loss). Refer to Note 13 for more information. Intercompany transactions and balances are eliminated upon consolidation. |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements Emerging Growth Company Status The Company is an emerging growth company (“EGC”), as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies, until the earlier of the date that it (i) is no longer an EGC or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. Intangibles Assets In August 2018, the Financial Accounting Standards Board (“FASB”) issued updated guidance on accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. The Company adopted this guidance as of January 1, 2021 and in accordance with the new guidance, applied it prospectively to implementation costs incurred after the adoption as allowed by the standard. The adoption did not have a material effect on the Company’s condensed consolidated financial statements. Simplifying the Accounting for Income Taxes In December 2019, FASB issued updated guidance simplifying the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to intra-period tax allocations and the methodology for calculating income taxes in an interim period. The guidance also simplifies aspects of the accounting for franchise taxes as well as enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The Company adopted this guidance as of January 1, 2021. The adoption of this accounting pronouncement did not have a material impact on the Company’s condensed consolidated financial statements. Related Party Guidance for Variable Interest Entities In October 2018, the FASB issued updated guidance that requires consideration of indirect interest held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The amendments are required to be applied retrospectively with a cumulative-effect adjustment. The Company adopted the new guidance as of January 1, 2021 and its application did not have a material impact to the Company’s condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02), which will require lessees to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, on the balance sheets for substantially all leases. This update also requires lessees to recognize a single lease cost for operating leases, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Public companies were required to adopt ASU 2016-02 for reporting periods after December 15, 2018. In 2020, ASU 2016-02 was amended to extend the adoption date for nonpublic entities and EGCs. Accordingly, the effective date of ASU 2016-02, as amended, is fiscal periods beginning after December 15, 2021, with early adoption permitted. The Company plans to adopt this guidance as of January 1, 2022 using the modified-retrospective approach as of the date of adoption which will not require the restatement of comparative periods. While the Company continues to evaluate the effect of the standard on its financial reporting, the Company anticipates that the adoption of the standard will have a material impact to the consolidated balance sheet with the primary effect being the recognition of right-of-use assets and corresponding lease liabilities for substantially all of the Company’s leases. The adoption is not expected to have a material impact on the Company's consolidated statements of operations or cash flows. Current Expected Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), to replace the incurred loss impairment methodology under current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company will be required to use a forward-looking expected credit loss model for accounts receivable, loans, and other financial instruments. Public companies were required to adopt ASU 2016-13 for reporting periods after December 15, 2019. In 2019, ASU 2016-13 was amended to extend the adoption date for nonpublic entities and EGCs. The Company plans to adopt this guidance as of January 1, 2022 and is currently evaluating the potential impact of adopting this new accounting guidance. |
Basis of Accounting | The accompanying condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the final prospectus (the “Prospectus”) dated June 29, 2021 and filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Securities Act”). |
Use of Estimates | Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the financial statements and the accompanying disclosures, including the vesting of share-based and other deferred compensation plan awards. Although these estimates are based on management’s knowledge of current events and actions that the Company may undertake in the future, actual results may differ materially from the estimates. These condensed consolidated financial statements are presented in U.S. Dollars. |
Basic and Diluted Earnings (Loss) Per Share | Basic and Diluted Earnings (Loss) Per Share The Company applies the two-class method for calculating and presenting earnings (loss) per share by presenting earnings (loss) per share for Class A common stock and Class B common stock. In applying the two-class method, the Company allocates undistributed earnings equally on a per share basis between Class A common stock and Class B common stock. According to the Company’s certificate of incorporation, the holders of the Class A common stock and Class B common stock are entitled to participate in earnings equally on a per-share basis, as if all shares of common stock were of a single class. Holders of the Class A common stock and Class B common stock also have equal priority in liquidation and dividend distributions. Shares of Class C common stock and Class D common stock do not participate in earnings of the Company. As a result, the shares of Class C common stock and Class D common stock are not considered participating securities and are not included in the weighted-average shares outstanding for purposes of earnings (loss) per share. |
Fair Value Measurements | Fair Value Measurements The Company values its available-for-sale debt securities and certain liabilities based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, a fair value hierarchy that prioritizes observable and unobservable inputs is used to measure fair value into three broad levels, which are described below: Level 1 – Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in inactive markets or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated with observable market data. Level 3 – Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs to the extent possible. In addition, the Company considers counterparty credit risk in its assessment of fair value. The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The following is a description of the valuation methodologies used for assets and liabilities measured at fair value. Corporate bonds – Valued at the closing price reported on the active market on which the individual securities, all of which have counterparts with high credit ratings, are traded. Commercial paper – Value is based on yields currently available on comparable securities of issuers with similar credit ratings. Money market funds – Valued at the net asset value (“NAV”) of units of a collective fund. The NAV is used as a practical expedient to estimate fair value. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Changes in Deferred Revenue | The following table presents changes in the deferred revenue balance as of September 30: 2021 2020 Balance as of January 1 $ 101,542 $ 121,339 Deferral of revenue 230,458 155,992 Recognition of deferred revenue (172,411) (177,645) Balance as of September 30 $ 159,589 $ 99,686 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Prepaid expenses and other current assets as of September 30, 2021 and December 31, 2020 consist of the following: September 30, December 31, Prepaid software licenses $ 5,701 $ 5,504 Coronavirus aid, relief, and economic security act retention credit 2,036 2,036 Prepaid insurance costs 3,970 772 Other current assets 2,758 2,898 Total $ 14,465 $ 11,210 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Investments Classified by Contractual Maturity Date | The contractual maturities of investments classified as marketable debt securities are as follows as of September 30, 2021 and December 31, 2020: September 30, December 31, Due within 1 year $ 335,457 $ 37,813 Total marketable debt securities $ 335,457 $ 37,813 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Fair Value as of September 30, 2021 Level 1 Level 2 Level 3 Total Commercial paper $ — $ 131,466 $ — $ 131,466 U.S. Treasuries 77,804 — — 77,804 Corporate bonds — 109,972 — 109,972 Total assets in the fair value hierarchy 77,804 241,438 — 319,242 Money market funds measured at NAV (a) — — — 16,215 Total investments at fair value $ 77,804 $ 241,438 $ — $ 335,457 Warrant liabilities — — — — Total warrant liabilities at fair value $ — $ — $ — $ — Fair Value as of December 31, 2020 Level 1 Level 2 Level 3 Total Commercial paper $ — $ 11,932 $ — $ 11,932 U.S. Treasuries 5,380 — — 5,380 Corporate bonds — 20,444 — 20,444 Total assets in the fair value hierarchy 5,380 32,376 — 37,756 Money market funds measured at NAV (a) — — — 57 Total investments at fair value $ 5,380 $ 32,376 $ — $ 37,813 Warrant liabilities $ — $ — $ (17,740) $ (17,740) Total warrant liabilities at fair value $ — $ — $ (17,740) $ (17,740) ____________________________ (a) Certain money market funds that were measured at NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the consolidated balance sheets. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides a summary of changes in fair value of the Company’s Level 3 warrant liabilities for the nine months ended September 30, 2021 and 2020: 2021 2020 Balance as of January 1 $ (17,740) $ (16,853) Warrants issued (289) — Issuance of equity upon exercise of certain warrants 30,206 — Issuance of equity upon settlement of certain warrants 619 — Fair value adjustments (12,796) (444) Balance as of September 30 $ — $ (17,297) |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and equipment as of September 30, 2021 and December 31, 2020 consist of the following: Depreciation Period in Years September 30, December 31, Internally developed software 5 $ 36,746 $ 23,545 Acquired software 3 7,539 7,538 Equipment 5 20,821 18,210 Leasehold improvements 1-10 6,982 6,548 Furniture and fixtures 5 2,259 2,181 Construction in progress 10,754 7,255 Total property and equipment, cost 85,101 65,277 Less: accumulated depreciation (39,226) (30,036) Total property and equipment, net $ 45,875 $ 35,241 |
Intangible Assets, net (Tables)
Intangible Assets, net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets consist as of September 30, 2021 and December 31, 2020 of the following: Amortization September 30, 2021 December 31, 2020 Patents 20 $ 2,007 $ 1,293 Other indefinite lived intangible assets 310 310 Total intangible assets, cost 2,317 1,603 Less: accumulated amortization (50) (39) Intangible assets, net $ 2,267 $ 1,564 |
Schedule of Indefinite-Lived Intangible Assets | Intangible assets consist as of September 30, 2021 and December 31, 2020 of the following: Amortization September 30, 2021 December 31, 2020 Patents 20 $ 2,007 $ 1,293 Other indefinite lived intangible assets 310 310 Total intangible assets, cost 2,317 1,603 Less: accumulated amortization (50) (39) Intangible assets, net $ 2,267 $ 1,564 |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Assets, Noncurrent [Abstract] | |
Other Assets | Other assets as of September 30, 2021 and December 31, 2020 consist of the following: September 30, December 31, Security deposits $ 242 $ 171 Loan fees 550 279 Certificates of deposit 459 459 Other long-term assets 443 62 Total $ 1,694 $ 971 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following as of September 30, 2021 and December 31, 2020: September 30, December 31, Accrued compensation and benefits $ 13,729 $ 9,626 Accrued partnership liabilities 17,933 — Other accrued liabilities 13,532 8,678 Total $ 45,194 $ 18,304 |
Warrants (Tables)
Warrants (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants or Rights | Prior to the reorganization, Alclear issued the following warrants for Class B redeemable capital units as follows: Number of Units Weighted-average exercise price Liability awards 1,000 $ 1.00 Equity awards 114,797 $ 194.85 Number of Warrants Weighted-average exercise price Liability awards 70,000 $ 36.74 Equity awards 3,400 $ 1.00 The following warrants remained issued after giving effect to the reorganization: Classification Number of Warrants Weighted-Average Exercise Price Weighted average Remaining Contractual Term (years) Exercisable for Class A common stock Equity awards 7,674,502 $ 0.01 1.04 Exercisable for Alclear Units Equity awards 968,043 $ 0.01 2.96 The Company recorded the following within general and administrative expense in the condensed consolidated statements of operations: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Liability awards $ — $ 444 $ 12,796 $ 444 Equity awards 1,509 1,698 3,431 1,698 Total $ 1,509 $ 2,142 $ 16,227 $ 2,142 |
Fair Value Measurement Inputs and Valuation Techniques of Warrants | The fair values of warrants granted in 2021 were estimated based on the Black-Scholes option pricing model using the weighted-average significant unobservable inputs (Level 3 inputs) as follows: 2021 Risk-free interest rate 0.36% - 0.92% Exercise price $1.00-$290.00 Expected term 3-5 years Expected volatility 45.0% - 50.8% On the date of exercise, the fair value of these warrants was estimated based on a Black-Scholes option pricing model using the weighted-average significant unobservable inputs (Level 3 inputs) as follows: Risk-free interest rate 0.16% -0.19% Exercise price $1.00- $36.74 Expected term 2-3 years Expected volatility 35.1% - 45.0% |
Redeemable Capital Units (Table
Redeemable Capital Units (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Temporary Equity | The total balance of the Class A and Class B redeemable capital units as of the following periods were: September 30, 2021 December 31, 2020 Class A redeemable capital units $ — $ 2,620 Class B redeemable capital units — 566,631 Total $ — $ 569,251 |
Stockholder_s Equity (Tables)
Stockholder’s Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Noncontrolling Interest Ownership | The non-controlling interest balance represents the economic interest in Alclear held by the founders and members of Alclear. The following table summarizes the ownership of Common Units in Alclear as of September 30, 2021: Alclear Units Ownership Percentage Alclear Holding Units held by post-reorganization members 44,407,609 31.08 % Alclear Holding Units held by Alclear Investments, LLC and Alclear Investments II, LLC 24,756,018 17.33 % Total 69,163,627 48.41 % |
Incentive Plans (Tables)
Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Nonvested Share Activity | The following table summarizes information about the unvested profit units and RSUs in Alclear that were reclassified to RSAs or RSUs in the Company: Alclear RSU’s Weighted- Profit Units Weighted- Unvested balance, January 1, 2021 453,350 $ 14.51 9,085,704 $ 1.12 Granted 860,357 15.33 — — Vested — — (345,703) (0.40) Forfeited (25,479) (15.36) (881,227) (0.90) Effect of reorganization (1,288,228) (15.04) (7,858,774) (1.17) Unvested balance, September 30, 2021 — — — — |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The following is a summary of activity related to the RSAs associated with compensation arrangements during nine months ended September 30, 2021. RSA - Class A Common Stock Weighted- RSA - Alclear Units Weighted- Balance upon effect of reorganization* 1,878,986 $ 1.03 2,144,361 $ 1.29 Granted — — — — Vested (115,783) (0.92) — — Forfeited (72,401) (1.97) — — Unvested balance, September 30, 2021 1,690,802 $ 1.00 2,144,361 $ 1.29 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | Below is the compensation expense (credit) related to the RSAs: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Cost of direct salaries and benefits $ (7) $ — $ (7) $ — General and administrative 284 279 $ 884 $ 805 Research and development 41 96 149 234 Sales and marketing (3) 10 (31) 23 Total $ 315 $ 385 $ 995 $ 1,062 Below is the compensation expense recognized related to the RSUs: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 Cost of direct salaries and benefits $ 226 $ 226 General and administrative 2,913 5,882 Research and development 2,428 3,135 Sales and marketing 118 203 Total $ 5,685 $ 9,446 Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 RSAs $ 315 $ 385 $ 995 $ 1,062 RSUs 5,685 — 9,446 — Founder PSUs 6,629 — 6,768 — Total $ 12,629 $ 385 $ 17,209 $ 1,062 Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Cost of direct salaries and benefits $ 219 $ — $ 219 $ — General and administrative 9,826 279 13,534 805 Research and development 2,469 96 3,284 234 Sales and marketing 115 10 172 23 Total $ 12,629 $ 385 $ 17,209 $ 1,062 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity | The following is a summary of activity related to the RSUs associated with compensation arrangements during nine months ended September 30, 2021: RSU’s Weighted- RSU Units - Class B Common Stock Weighted- Balance upon effect of Reorganization* 3,009,982 $ 7.23 2,113,672 $ 2.29 Granted 1,240,853 42.10 — — Vested — — — — Forfeited (292,213) (3.27) (1,953,803) (1.29) Unvested balance, September 30, 2021 3,958,622 $ 18.45 159,869 $ 14.51 |
Earnings (Loss) per Share (Tabl
Earnings (Loss) per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Below is the calculation of basic and diluted net loss per share: Three Months Ended September 30, 2021 Class A Class B Basic: Net loss attributable to Clear Secure, Inc. $ (16,675) $ (240) Weighted-average number of shares outstanding, basic 72,285,100 1,042,234 Net loss per common share, basic: $ (0.23) $ (0.23) Diluted: Net loss attributable to Clear Secure, Inc. $ (16,675) $ (240) Weighted-average number of shares outstanding, basic 72,285,100 1,042,234 Potentially dilutive shares — — Weighted-average number of shares outstanding, diluted 72,285,100 1,042,234 Net loss per common share, diluted: $ (0.23) $ (0.23) Nine Months Ended September 30, 2021 Class A Class B Basic: Net loss attributable to Clear Secure, Inc. $ (18,650) $ (269) Weighted-average number of shares outstanding, basic 72,124,741 1,042,234 Net loss per common share, basic: $ (0.26) $ (0.26) Diluted: Net loss attributable to Clear Secure, Inc. $ (18,650) $ (269) Weighted-average number of shares outstanding, basic 72,124,741 1,042,234 Potentially dilutive shares — — Weighted-average number of shares outstanding, diluted 72,124,741 1,042,234 Net loss per common share, diluted: $ (0.26) $ (0.26) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Due to the net loss for the periods presented, the following potential shares of common stock were determined to be anti-dilutive: Three and Nine Months Ended September 30, 2021 Class A Class B Potentially dilutive warrants 3,279,705 — Potentially dilutive exchangeable Alclear Units 44,598,167 26,709,821 Potentially dilutive RSA’s 2,347,002 1,953,803 Potentially dilutive RSU’s 1,325,851 159,869 Potentially dilutive shares 51,550,725 28,823,493 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Lease Payments | Future minimum payments under lease and airport agreements are as follows as of September 30, 2021: 2021 $ 4,093 2022 16,104 2023 14,941 2024 11,284 2025 9,773 Thereafter 21,803 Total $ 77,998 |
Description of Business and R_2
Description of Business and Recent Accounting Developments - Narrative (Details) $ / shares in Units, $ in Thousands | Jul. 02, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($)vote$ / shares | Sep. 30, 2020USD ($) | Jun. 29, 2021$ / shares |
Class of Stock [Line Items] | ||||
Percent of savings for holders | 0.85 | |||
Percent of savings for the company | 0.15 | |||
IPO proceeds, net of underwriter fees and issuance costs | $ | $ 437,494 | $ 0 | ||
Alclear common units purchased (in shares) | shares | 15,180,000 | |||
Stock issuance costs | $ | $ 8,907 | |||
Common Class A | ||||
Class of Stock [Line Items] | ||||
Par value (in USD per share) | $ 0.00001 | |||
Number of votes per share | vote | 1 | |||
Common Class B | ||||
Class of Stock [Line Items] | ||||
Par value (in USD per share) | $ 0.00001 | |||
Number of votes per share | vote | 20 | |||
Common Class C | ||||
Class of Stock [Line Items] | ||||
Par value (in USD per share) | $ 0.00001 | |||
Number of votes per share | vote | 1 | |||
Common Class D | ||||
Class of Stock [Line Items] | ||||
Par value (in USD per share) | $ 0.00001 | |||
Number of votes per share | vote | 20 | |||
IPO | ||||
Class of Stock [Line Items] | ||||
Shares issued (in shares) | shares | 15,180,000 | |||
IPO | Common Class A | ||||
Class of Stock [Line Items] | ||||
Par value (in USD per share) | $ 0.00001 | $ 0.00001 | ||
Share price (in USD per share) | $ 31 | |||
IPO proceeds, net of underwriter fees and issuance costs | $ | $ 445,875 | |||
Over-Allotment Option | Common Class A | ||||
Class of Stock [Line Items] | ||||
Shares issued (in shares) | shares | 1,980,000 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Revenue from Contract with Customer [Abstract] | |
Refund liability | $ 2,994 |
Revenue - Changes in Deferred R
Revenue - Changes in Deferred Revenue (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Change in Contract with Customer, Liability [Roll Forward] | ||
Beginning balance | $ 101,542 | $ 121,339 |
Deferral of revenue | 230,458 | 155,992 |
Recognition of deferred revenue | (172,411) | (177,645) |
Ending balance | $ 159,589 | $ 99,686 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid software licenses | $ 5,701 | $ 5,504 |
Coronavirus aid, relief, and economic security act retention credit | 2,036 | 2,036 |
Prepaid insurance costs | 3,970 | 772 |
Other current assets | 2,758 | 2,898 |
Total | $ 14,465 | $ 11,210 |
Prepaid Expenses and Other Cu_4
Prepaid Expenses and Other Current Assets - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Coronavirus aid, relief, and economic security act retention credit | $ 2,036 | $ 2,036 |
Fair Value Measurements - Marke
Fair Value Measurements - Marketable Debt Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due within 1 year | $ 335,457 | $ 37,813 |
Marketable debt securities | $ 335,457 | $ 37,813 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments at fair value | $ 335,457 | $ 37,813 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments at fair value | 335,457 | 37,813 |
Warrant liabilities | 0 | (17,740) |
Total warrant liabilities at fair value | 0 | (17,740) |
Fair Value, Inputs, Level 1, 2 and 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments at fair value | 319,242 | 37,756 |
Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments at fair value | 77,804 | 5,380 |
Warrant liabilities | 0 | 0 |
Total warrant liabilities at fair value | 0 | 0 |
Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments at fair value | 241,438 | 32,376 |
Warrant liabilities | 0 | 0 |
Total warrant liabilities at fair value | 0 | 0 |
Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments at fair value | 0 | 0 |
Warrant liabilities | 0 | (17,740) |
Total warrant liabilities at fair value | 0 | (17,740) |
Commercial paper | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments at fair value | 131,466 | 11,932 |
Commercial paper | Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments at fair value | 0 | 0 |
Commercial paper | Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments at fair value | 131,466 | 11,932 |
Commercial paper | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments at fair value | 0 | 0 |
U.S. Treasuries | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments at fair value | 77,804 | 5,380 |
U.S. Treasuries | Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments at fair value | 77,804 | 5,380 |
U.S. Treasuries | Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments at fair value | 0 | 0 |
U.S. Treasuries | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments at fair value | 0 | 0 |
Corporate bonds | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments at fair value | 109,972 | 20,444 |
Corporate bonds | Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments at fair value | 0 | 0 |
Corporate bonds | Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments at fair value | 109,972 | 20,444 |
Corporate bonds | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments at fair value | 0 | 0 |
Money Market Funds | Fair Value Measured at Net Asset Value Per Share | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments at fair value | $ 16,215 | $ 57 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Changes in Fair Value of Warrant Liabilities (Details) - Equity awards - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | $ (17,740) | $ (16,853) |
Warrants issued | (289) | 0 |
Issuance of equity upon exercise of certain warrants | 30,206 | 0 |
Issuance of equity upon settlement of certain warrants | 619 | 0 |
Fair value adjustments | (12,796) | (444) |
Balance, end of period | $ 0 | $ (17,297) |
Property and Equipment, net - S
Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, cost | $ 85,101 | $ 65,277 |
Less: accumulated depreciation | (39,226) | (30,036) |
Total property and equipment, net | $ 45,875 | 35,241 |
Internally developed software | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation Period in Years | 5 years | |
Total property and equipment, cost | $ 36,746 | 23,545 |
Acquired software | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation Period in Years | 3 years | |
Total property and equipment, cost | $ 7,539 | 7,538 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation Period in Years | 5 years | |
Total property and equipment, cost | $ 20,821 | 18,210 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, cost | $ 6,982 | 6,548 |
Leasehold improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation Period in Years | 1 year | |
Leasehold improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation Period in Years | 10 years | |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation Period in Years | 5 years | |
Total property and equipment, cost | $ 2,259 | 2,181 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, cost | $ 10,754 | $ 7,255 |
Property and Equipment, net - N
Property and Equipment, net - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 3,988 | $ 2,318 | $ 9,190 | $ 6,933 |
Capitalized costs associated with internally developed software | 13,199 | 4,561 | ||
Amortization expense | $ 1,470 | $ 915 | $ 3,855 | $ 2,611 |
Intangible Assets, net - Schedu
Intangible Assets, net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Total intangible assets, cost | $ 2,317 | $ 1,603 |
Less: accumulated amortization | (50) | (39) |
Intangible assets, net | 2,267 | 1,564 |
Other Intangible Assets | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Other indefinite lived intangible assets | $ 310 | 310 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period in Years | 20 years | |
Patents | $ 2,007 | $ 1,293 |
Intangible Assets, net - Narrat
Intangible Assets, net - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of intangible assets | $ 11 | $ 12 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Line Items] | ||
Restricted cash | $ 22,835 | $ 22,856 |
Bank Time Deposits | ||
Cash and Cash Equivalents [Line Items] | ||
Restricted cash | 6,835 | 6,856 |
Letter of Credit | ||
Cash and Cash Equivalents [Line Items] | ||
Restricted cash | $ 16,000 | $ 16,000 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Other Assets, Noncurrent [Abstract] | ||
Security deposits | $ 242 | $ 171 |
Loan fees | 550 | 279 |
Certificates of deposit | 459 | 459 |
Other long-term assets | 443 | 62 |
Total | $ 1,694 | $ 971 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued Liabilities, Current [Abstract] | ||
Accrued compensation and benefits | $ 13,729 | $ 9,626 |
Accrued partnership liabilities | 17,933 | 0 |
Other accrued liabilities | 13,532 | 8,678 |
Total | $ 45,194 | $ 18,304 |
Warrants - Narrative (Details)
Warrants - Narrative (Details) $ / shares in Units, $ in Thousands | Jun. 30, 2021 | Sep. 30, 2021USD ($)$ / sharesshares | Jun. 29, 2021$ / shares | Jan. 01, 2021$ / sharesshares |
Class of Warrant or Right [Line Items] | ||||
Weighted-average exercise price (in USD per share) | $ / shares | $ 0.01 | |||
Exchange ratio | 19.98 | |||
Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Future unrecognized expense | $ | $ 1,204 | |||
Warrants | Minimum | ||||
Class of Warrant or Right [Line Items] | ||||
Award requisite service period (in years) | 3 months | |||
Warrants | Maximum | ||||
Class of Warrant or Right [Line Items] | ||||
Award requisite service period (in years) | 6 years | |||
Equity Awards | ||||
Class of Warrant or Right [Line Items] | ||||
Warrants outstanding (in shares) | 658,382 | |||
Weighted-average exercise price (in USD per share) | $ / shares | $ 1 | $ 222.15 | ||
Exercisable for Class A common stock | ||||
Class of Warrant or Right [Line Items] | ||||
Warrants outstanding (in shares) | 7,674,502 | |||
Weighted-average exercise price (in USD per share) | $ / shares | $ 0.01 | |||
Warrants vested and exercisable (in shares) | 3,207,922 | |||
Exercisable for Alclear Units | ||||
Class of Warrant or Right [Line Items] | ||||
Warrants outstanding (in shares) | 968,043 | |||
Weighted-average exercise price (in USD per share) | $ / shares | $ 0.01 | |||
Warrants vested and exercisable (in shares) | 71,782 | |||
Liability Awards | ||||
Class of Warrant or Right [Line Items] | ||||
Warrants outstanding (in shares) | 70,000 | |||
Weighted-average exercise price (in USD per share) | $ / shares | $ 36.74 | $ 36.74 |
Warrants - Schedule of Warrants
Warrants - Schedule of Warrants Outstanding (Details) - $ / shares | Jun. 29, 2021 | Jun. 28, 2021 | Sep. 30, 2021 | Jan. 01, 2021 |
Class of Warrant or Right [Line Items] | ||||
Weighted-average exercise price (in USD per share) | $ 0.01 | |||
Liability Awards | ||||
Class of Warrant or Right [Line Items] | ||||
Number of warrants issued (in shares) | 1,000 | |||
Weighted average exercise price of warrants or rights issued (in USD per share) | $ 1 | |||
Weighted-average exercise price (in USD per share) | $ 36.74 | $ 36.74 | ||
Number of warrants exercised (in shares) | 70,000 | |||
Warrants outstanding (in shares) | 70,000 | |||
Equity Awards | ||||
Class of Warrant or Right [Line Items] | ||||
Number of warrants issued (in shares) | 114,797 | |||
Weighted average exercise price of warrants or rights issued (in USD per share) | $ 194.85 | |||
Weighted-average exercise price (in USD per share) | $ 1 | $ 222.15 | ||
Number of warrants exercised (in shares) | 3,400 | |||
Warrants outstanding (in shares) | 658,382 | |||
Exercisable for Class A common stock | ||||
Class of Warrant or Right [Line Items] | ||||
Weighted-average exercise price (in USD per share) | $ 0.01 | |||
Warrants outstanding (in shares) | 7,674,502 | |||
Weighted-average remaining contractual term (in years) | 1 year 14 days | |||
Exercisable for Alclear Units | ||||
Class of Warrant or Right [Line Items] | ||||
Weighted-average exercise price (in USD per share) | $ 0.01 | |||
Warrants outstanding (in shares) | 968,043 | |||
Weighted-average remaining contractual term (in years) | 2 years 11 months 15 days |
Warrants - Fair Value Measureme
Warrants - Fair Value Measurement Inputs For Warrants (Details) - Valuation Technique, Option Pricing Model - Level 3 | Sep. 30, 2021$ / shares |
Risk-free interest rate | Warrants Granted | Minimum | |
Class of Warrant or Right [Line Items] | |
Warrants and rights outstanding, measurement input | 0.0036 |
Risk-free interest rate | Warrants Granted | Maximum | |
Class of Warrant or Right [Line Items] | |
Warrants and rights outstanding, measurement input | 0.0092 |
Risk-free interest rate | Warrants Exercised | Minimum | |
Class of Warrant or Right [Line Items] | |
Warrants and rights outstanding, measurement input | 0.0016 |
Risk-free interest rate | Warrants Exercised | Maximum | |
Class of Warrant or Right [Line Items] | |
Warrants and rights outstanding, measurement input | 0.0019 |
Exercise price | Warrants Granted | Minimum | |
Class of Warrant or Right [Line Items] | |
Warrants and rights outstanding, measurement input | 1 |
Exercise price | Warrants Granted | Maximum | |
Class of Warrant or Right [Line Items] | |
Warrants and rights outstanding, measurement input | 290 |
Exercise price | Warrants Exercised | Minimum | |
Class of Warrant or Right [Line Items] | |
Warrants and rights outstanding, measurement input | 1 |
Exercise price | Warrants Exercised | Maximum | |
Class of Warrant or Right [Line Items] | |
Warrants and rights outstanding, measurement input | 36.74 |
Expected term | Warrants Granted | Minimum | |
Class of Warrant or Right [Line Items] | |
Weighted-average remaining contractual term (in years) | 3 years |
Expected term | Warrants Granted | Maximum | |
Class of Warrant or Right [Line Items] | |
Weighted-average remaining contractual term (in years) | 5 years |
Expected term | Warrants Exercised | Minimum | |
Class of Warrant or Right [Line Items] | |
Weighted-average remaining contractual term (in years) | 2 years |
Expected term | Warrants Exercised | Maximum | |
Class of Warrant or Right [Line Items] | |
Weighted-average remaining contractual term (in years) | 3 years |
Expected volatility | Warrants Granted | Minimum | |
Class of Warrant or Right [Line Items] | |
Warrants and rights outstanding, measurement input | 0.450 |
Expected volatility | Warrants Granted | Maximum | |
Class of Warrant or Right [Line Items] | |
Warrants and rights outstanding, measurement input | 0.508 |
Expected volatility | Warrants Exercised | Minimum | |
Class of Warrant or Right [Line Items] | |
Warrants and rights outstanding, measurement input | 0.351 |
Expected volatility | Warrants Exercised | Maximum | |
Class of Warrant or Right [Line Items] | |
Warrants and rights outstanding, measurement input | 0.450 |
Warrants - Schedule of Warrant
Warrants - Schedule of Warrant Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Class of Warrant or Right [Line Items] | ||||
Liability expense related to warrants | $ 0 | $ 444 | $ 12,796 | $ 444 |
Equity-based compensation | 12,629 | 385 | 17,209 | 1,062 |
Total | 1,509 | 2,142 | 16,227 | 2,142 |
Equity awards | ||||
Class of Warrant or Right [Line Items] | ||||
Equity-based compensation | $ 1,509 | $ 1,698 | $ 3,431 | $ 1,698 |
Redeemable Capital Units - Rede
Redeemable Capital Units - Redeemable Units for the Period (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Temporary Equity [Line Items] | ||||||||
Total redeemable units | $ 0 | $ 0 | $ 650,660,000 | $ 569,251,000 | ||||
Class A Redeemable Units | ||||||||
Temporary Equity [Line Items] | ||||||||
Total redeemable units | 0 | 2,620,000 | $ 2,620,000 | $ 2,620,000 | $ 2,620,000 | $ 3,168,000 | ||
Class B Redeemable Units | ||||||||
Temporary Equity [Line Items] | ||||||||
Total redeemable units | $ 0 | $ 566,631,000 | $ 533,678,000 | $ 533,535,000 | $ 533,394,000 | $ 432,062,000 |
Redeemable Capital Units - Narr
Redeemable Capital Units - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 28, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Temporary Equity [Line Items] | ||||||||
Temporary equity issuance | $ 81,567 | |||||||
Temporary equity issued upon exercise of certain warrants (in shares) | 70,000 | |||||||
Proceeds from the exercise of warrants | $ 2,575 | $ 2,575 | $ 0 | |||||
Class A Redeemable Units | ||||||||
Temporary Equity [Line Items] | ||||||||
Temporary equity, shares authorized (in shares) | 261,942 | |||||||
Temporary equity issuance (in shares) | 261,942 | |||||||
Temporary equity, shares outstanding (in shares) | 261,942 | 261,942 | 261,942 | 261,942 | 316,785 | |||
Temporary equity repurchased and retired (in shares) | 54,843 | |||||||
Temporary equity repurchased and retired | $ 548 | |||||||
Class B Redeemable Units | ||||||||
Temporary Equity [Line Items] | ||||||||
Temporary equity, shares authorized (in shares) | 5,631,085 | |||||||
Temporary equity issuance (in shares) | 4,621,459 | |||||||
Temporary equity, shares outstanding (in shares) | 4,504,221 | 4,504,221 | 4,621,459 | 4,504,221 | 4,759,569 | |||
Temporary equity issuance (in shares) | 422,039 | 422,039 | ||||||
Temporary equity issuance | $ 113,944 | $ 113,944 | ||||||
Temporary equity repurchased and retired (in shares) | 677,387 | 11,869 | ||||||
Temporary equity repurchased and retired | $ 14,053 | $ 3,442 | ||||||
Private Placement | Class B Redeemable Units | ||||||||
Temporary Equity [Line Items] | ||||||||
Temporary equity issuance (in shares) | 277,813 | |||||||
Temporary equity issuance | $ 80,566 | |||||||
Temporary equity issued for services (in shares) | 5,310 | |||||||
Temporary equity issued for services | $ 1,540 | |||||||
Tender Offer | Class A Redeemable Units | ||||||||
Temporary Equity [Line Items] | ||||||||
Temporary equity repurchased and retired (in shares) | 54,843 | |||||||
Temporary equity repurchased and retired | $ 548 | |||||||
Tender Offer | Class B Redeemable Units | ||||||||
Temporary Equity [Line Items] | ||||||||
Temporary equity repurchased and retired (in shares) | 677,387 | |||||||
Temporary equity repurchased and retired | $ 14,053 |
Stockholder_s Equity - Narrativ
Stockholder’s Equity - Narrative (Details) | Jul. 02, 2021$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($) | Jun. 28, 2021USD ($)shares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($)shares | Jun. 30, 2021USD ($) | Jun. 29, 2021classOfStock$ / shares | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($)shares |
Class of Stock [Line Items] | ||||||||||
Total redeemable units | $ | $ 0 | $ 0 | $ 0 | $ 650,660,000 | $ 569,251,000 | |||||
Number of classes | classOfStock | 27 | |||||||||
Number of classes accounting for share-based compensation | classOfStock | 16 | |||||||||
Profit units repurchased (in shares) | 31,972 | 283,759 | ||||||||
Profit units repurchased | $ | $ 8,259,000 | $ 1,633,000 | ||||||||
Profit units repurchased in excess of fair value | $ | $ 0 | $ 67,000 | $ 712,000 | 50,465,000 | ||||||
Treasury stock (in shares) | 72,401 | 72,401 | ||||||||
General and administrative | ||||||||||
Class of Stock [Line Items] | ||||||||||
Profit units repurchased in excess of fair value | $ | $ 697,000 | 44,514,000 | ||||||||
Research and development | ||||||||||
Class of Stock [Line Items] | ||||||||||
Profit units repurchased in excess of fair value | $ | $ 15,000 | 5,910,000 | ||||||||
Sales and marketing | ||||||||||
Class of Stock [Line Items] | ||||||||||
Profit units repurchased in excess of fair value | $ | $ 41,000 | |||||||||
Class C Capital Units | ||||||||||
Class of Stock [Line Items] | ||||||||||
Capital units authorized (in shares) | 21,042 | |||||||||
Capital units issued (in shares) | 0 | |||||||||
Capital units outstanding (in shares) | 0 | |||||||||
Profit Units | ||||||||||
Class of Stock [Line Items] | ||||||||||
Capital units authorized (in shares) | 1,868,322 | |||||||||
Capital units issued (in shares) | 1,868,322 | |||||||||
Capital units outstanding (in shares) | 1,868,322 | |||||||||
Common Class A | ||||||||||
Class of Stock [Line Items] | ||||||||||
Conversion shares issued (in shares) | 59,240,306 | |||||||||
Par value (in USD per share) | $ / shares | $ 0.00001 | $ 0.00001 | ||||||||
Common Class A | IPO | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock issued during period (in shares) | 15,180,000 | |||||||||
Par value (in USD per share) | $ / shares | $ 0.00001 | $ 0.00001 | ||||||||
Common Class B | ||||||||||
Class of Stock [Line Items] | ||||||||||
Conversion shares issued (in shares) | 1,042,234 | |||||||||
Par value (in USD per share) | $ / shares | 0.00001 | 0.00001 | ||||||||
Common Class C | ||||||||||
Class of Stock [Line Items] | ||||||||||
Par value (in USD per share) | $ / shares | 0.00001 | 0.00001 | ||||||||
Common Class C | Employee Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock issued during period (in shares) | 44,598,167 | |||||||||
Common Class D | ||||||||||
Class of Stock [Line Items] | ||||||||||
Par value (in USD per share) | $ / shares | $ 0.00001 | $ 0.00001 | ||||||||
Common Class D | Employee Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock issued during period (in shares) | 26,709,821 |
Stockholder_s Equity - Non-cont
Stockholder’s Equity - Non-controlling Interest (Details) - Non-Controlling Interest - Alclear Holdings LLC - shares | Sep. 30, 2021 | Jun. 30, 2021 |
Class of Stock [Line Items] | ||
Alclear Units (in shares) | 69,163,627 | |
Ownership Percentage | 48.41% | 54.21% |
Post IPO Members | ||
Class of Stock [Line Items] | ||
Alclear Units (in shares) | 44,407,609 | |
Ownership Percentage | 31.08% | |
Founders | ||
Class of Stock [Line Items] | ||
Alclear Units (in shares) | 24,756,018 | |
Ownership Percentage | 17.33% |
Incentive Plans - Narrative (De
Incentive Plans - Narrative (Details) $ / shares in Units, $ in Thousands | Jun. 30, 2021 | Jun. 29, 2021$ / sharesshares | Jun. 30, 2021$ / sharesshares | Sep. 30, 2021USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized (in shares) | shares | 20,000,000 | |||
Percent increase in authorized shares | 0.05 | |||
Maximum percentage of outstanding stock | 12.00% | |||
Common stock, conversion price (in USD per share) | $ / shares | $ 31 | |||
Additional compensation expense due to substitution of awards | $ 0 | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award requisite service period (in years) | 3 years | |||
Unrecognized expense | $ 61,498 | |||
Period for recognition (in years) | 1 year 3 months 18 days | |||
Restricted Stock Awards (RSAs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award requisite service period (in years) | 3 years | |||
Unrecognized expense | $ 826 | |||
Award vesting period (in years) | 7 months 6 days | |||
Performance Restricted Stock Units (PSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized expense | $ 62,845 | |||
Award vesting period (in years) | 5 years | |||
Period for recognition (in years) | 1 year 4 months 2 days | |||
Expected volatility rate | 45.00% | |||
Price volatility measurement period (in days) | 180 days | |||
Granted (in shares) | shares | 4,208,617 | |||
Granted (in USD per share) | $ / shares | $ 16.54 |
Incentive Plans - Share-based P
Incentive Plans - Share-based Payment Arrangements (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Alclear Restricted Stock Units | ||||
Share-based Payment Arrangement | ||||
Unvested balance, beginning of period (in shares) | 453,350 | |||
Granted (in shares) | 860,357 | |||
Vested (in shares) | 0 | |||
Forfeited (in shares) | (25,479) | |||
Effect of reorganization (in shares) | (1,288,228) | |||
Unvested balance, end of period (in shares) | 0 | 0 | ||
Weighted- Average Grant-Date Fair Value | ||||
Unvested balance, beginning of period (in USD per share) | $ 0 | $ 0 | $ 14.51 | |
Granted (in USD per share) | 15.33 | |||
Vested (in USD per share) | 0 | |||
Forfeited (in USD per share) | (15.36) | |||
Effect of reorganization (in USD per share) | (15.04) | |||
Unvested balance, end of period (in USD per share) | $ 0 | $ 0 | ||
Alclear Restricted Stock Awards | ||||
Share-based Payment Arrangement | ||||
Unvested balance, beginning of period (in shares) | 9,085,704 | |||
Granted (in shares) | 0 | |||
Vested (in shares) | (345,703) | |||
Forfeited (in shares) | (881,227) | |||
Effect of reorganization (in shares) | (7,858,774) | |||
Unvested balance, end of period (in shares) | 0 | 0 | ||
Weighted- Average Grant-Date Fair Value | ||||
Unvested balance, beginning of period (in USD per share) | $ 0 | $ 0 | $ 1.12 | |
Granted (in USD per share) | 0 | |||
Vested (in USD per share) | (0.40) | |||
Forfeited (in USD per share) | (0.90) | |||
Effect of reorganization (in USD per share) | (1.17) | |||
Unvested balance, end of period (in USD per share) | $ 0 | $ 0 | ||
Restricted Stock Awards (RSAs) | Common Class A | ||||
Share-based Payment Arrangement | ||||
Unvested balance, beginning of period (in shares) | 1,878,986 | |||
Granted (in shares) | 0 | |||
Vested (in shares) | (115,783) | |||
Forfeited (in shares) | (72,401) | |||
Unvested balance, end of period (in shares) | 1,878,986 | 1,690,802 | 1,690,802 | |
Weighted- Average Grant-Date Fair Value | ||||
Unvested balance, beginning of period (in USD per share) | $ 1.03 | $ 1 | $ 1 | |
Granted (in USD per share) | 0 | |||
Vested (in USD per share) | (0.92) | |||
Forfeited (in USD per share) | (1.97) | |||
Unvested balance, end of period (in USD per share) | $ 1.03 | $ 1 | $ 1 | |
Restricted Stock Awards (RSAs) | Alclear Units | ||||
Share-based Payment Arrangement | ||||
Unvested balance, beginning of period (in shares) | 2,144,361 | |||
Granted (in shares) | 0 | |||
Vested (in shares) | 0 | |||
Forfeited (in shares) | 0 | |||
Unvested balance, end of period (in shares) | 2,144,361 | 2,144,361 | 2,144,361 | |
Weighted- Average Grant-Date Fair Value | ||||
Unvested balance, beginning of period (in USD per share) | $ 1.29 | $ 1.29 | $ 1.29 | |
Granted (in USD per share) | 0 | |||
Vested (in USD per share) | 0 | |||
Forfeited (in USD per share) | 0 | |||
Unvested balance, end of period (in USD per share) | $ 1.29 | $ 1.29 | $ 1.29 | |
Restricted Stock Units (RSUs) | Common Class A | ||||
Share-based Payment Arrangement | ||||
Unvested balance, beginning of period (in shares) | 3,009,982 | |||
Granted (in shares) | 1,240,853 | |||
Vested (in shares) | 0 | |||
Forfeited (in shares) | (292,213) | |||
Unvested balance, end of period (in shares) | 3,009,982 | 3,958,622 | 3,958,622 | |
Weighted- Average Grant-Date Fair Value | ||||
Unvested balance, beginning of period (in USD per share) | $ 7.23 | $ 18.45 | $ 18.45 | |
Granted (in USD per share) | 42.10 | |||
Vested (in USD per share) | 0 | |||
Forfeited (in USD per share) | (3.27) | |||
Unvested balance, end of period (in USD per share) | $ 7.23 | $ 18.45 | $ 18.45 | |
Restricted Stock Units (RSUs) | Class B common stock par value $0.00001 per share | ||||
Share-based Payment Arrangement | ||||
Unvested balance, beginning of period (in shares) | 2,113,672 | |||
Granted (in shares) | 0 | |||
Vested (in shares) | 0 | |||
Forfeited (in shares) | (1,953,803) | |||
Unvested balance, end of period (in shares) | 2,113,672 | 159,869 | 159,869 | |
Weighted- Average Grant-Date Fair Value | ||||
Unvested balance, beginning of period (in USD per share) | $ 2.29 | $ 14.51 | $ 14.51 | |
Granted (in USD per share) | 0 | |||
Vested (in USD per share) | 0 | |||
Forfeited (in USD per share) | (1.29) | |||
Unvested balance, end of period (in USD per share) | $ 2.29 | $ 14.51 | $ 14.51 |
Incentive Plans - Compensation
Incentive Plans - Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expenses related to warrants | $ 12,629 | $ 385 | $ 17,209 | $ 1,062 |
Cost of direct salaries and benefits | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expenses related to warrants | 219 | 0 | 219 | 0 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expenses related to warrants | 9,826 | 279 | 13,534 | 805 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expenses related to warrants | 2,469 | 96 | 3,284 | 234 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expenses related to warrants | 115 | 10 | 172 | 23 |
Restricted Stock Awards (RSAs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expenses related to warrants | 315 | 385 | 995 | 1,062 |
Restricted Stock Awards (RSAs) | Cost of direct salaries and benefits | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expenses related to warrants | (7) | 0 | (7) | 0 |
Restricted Stock Awards (RSAs) | General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expenses related to warrants | 284 | 279 | 884 | 805 |
Restricted Stock Awards (RSAs) | Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expenses related to warrants | 41 | 96 | 149 | 234 |
Restricted Stock Awards (RSAs) | Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expenses related to warrants | (3) | 10 | (31) | 23 |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expenses related to warrants | 5,685 | 0 | 9,446 | 0 |
Restricted Stock Units (RSUs) | Cost of direct salaries and benefits | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expenses related to warrants | 226 | 226 | ||
Restricted Stock Units (RSUs) | General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expenses related to warrants | 2,913 | 5,882 | ||
Restricted Stock Units (RSUs) | Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expenses related to warrants | 2,428 | 3,135 | ||
Restricted Stock Units (RSUs) | Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expenses related to warrants | 118 | 203 | ||
Performance Restricted Stock Units (PSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expenses related to warrants | $ 6,629 | $ 0 | $ 6,768 | $ 0 |
Earnings (Loss) per Share - Ear
Earnings (Loss) per Share - Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Common Class A | ||
Basic: | ||
Net loss attributable to Clear Secure, Inc. | $ (16,675) | $ (18,650) |
Weighted-average number of shares outstanding, basic (in shares) | 72,285,100 | 72,124,741 |
Net loss per common share, basic (in USD per share) | $ (0.23) | $ (0.26) |
Diluted: | ||
Net loss attributable to Clear Secure, Inc. | $ (16,675) | $ (18,650) |
Weighted-average number of shares outstanding, basic (in shares) | 72,285,100 | 72,124,741 |
Potentially dilutive shares (in shares) | 0 | 0 |
Weighted-average number of shares outstanding, diluted (in shares) | 72,285,100 | 72,124,741 |
Net loss per common share, diluted (in USD per share) | $ (0.23) | $ (0.26) |
Common Class B | ||
Basic: | ||
Net loss attributable to Clear Secure, Inc. | $ (240) | $ (269) |
Weighted-average number of shares outstanding, basic (in shares) | 1,042,234 | 1,042,234 |
Net loss per common share, basic (in USD per share) | $ (0.23) | $ (0.26) |
Diluted: | ||
Net loss attributable to Clear Secure, Inc. | $ (240) | $ (269) |
Weighted-average number of shares outstanding, basic (in shares) | 1,042,234 | 1,042,234 |
Potentially dilutive shares (in shares) | 0 | 0 |
Weighted-average number of shares outstanding, diluted (in shares) | 1,042,234 | 1,042,234 |
Net loss per common share, diluted (in USD per share) | $ (0.23) | $ (0.26) |
Earnings (Loss) per Share - Sch
Earnings (Loss) per Share - Schedule of Anti-dilutive Securities (Details) - shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Common Class A | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Potentially dilutive shares (in shares) | 51,550,725 | 51,550,725 |
Common Class B | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Potentially dilutive shares (in shares) | 28,823,493 | 28,823,493 |
Potentially dilutive warrants | Common Class A | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Potentially dilutive shares (in shares) | 3,279,705 | 3,279,705 |
Potentially dilutive warrants | Common Class B | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Potentially dilutive shares (in shares) | 0 | 0 |
Potentially dilutive exchangeable Alclear Units | Common Class A | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Potentially dilutive shares (in shares) | 44,598,167 | 44,598,167 |
Potentially dilutive exchangeable Alclear Units | Common Class B | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Potentially dilutive shares (in shares) | 26,709,821 | 26,709,821 |
Potentially dilutive RSA’s | Common Class A | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Potentially dilutive shares (in shares) | 2,347,002 | 2,347,002 |
Potentially dilutive RSA’s | Common Class B | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Potentially dilutive shares (in shares) | 1,953,803 | 1,953,803 |
Potentially dilutive RSU’s | Common Class A | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Potentially dilutive shares (in shares) | 1,325,851 | 1,325,851 |
Potentially dilutive RSU’s | Common Class B | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Potentially dilutive shares (in shares) | 159,869 | 159,869 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 60,000 | $ 4,000 | $ 277,000 | $ 14,000 |
Pretax loss | $ (32,727,000) | $ 11,147,000 | $ (83,737,000) | $ (17,750,000) |
Effective income tax rate | (0.18%) | 0.04% | (0.33%) | (0.09%) |
Uncertain tax positions | $ 0 | $ 0 | ||
Percent of savings for holders | 0.85 | |||
Percent of savings for the company | 0.15 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Long-term Purchase Commitment [Line Items] | ||||
Rent expense | $ 1,618 | $ 1,461 | $ 4,754 | $ 4,468 |
Revenue Share fee | 9,926 | 8,298 | 25,995 | 25,707 |
Marketing expense | $ 1,503 | $ 0 | 2,655 | $ 377 |
Sales and marketing | ||||
Long-term Purchase Commitment [Line Items] | ||||
Long-term purchase commitment, amount | $ 5,517 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2021 | $ 4,093 |
2022 | 16,104 |
2023 | 14,941 |
2024 | 11,284 |
2025 | 9,773 |
Thereafter | 21,803 |
Total | $ 77,998 |
Related-Party Transactions - Na
Related-Party Transactions - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Accounts payable, related parties | $ 1,839 | $ 1,839 | $ 1,606 | ||
Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Related party costs | $ 2,084 | $ 1,855 | $ 5,428 | $ 5,084 |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Retirement Benefits [Abstract] | ||||
Discretionary contribution amount | $ 191 | $ 81 | $ 828 | $ 311 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 1 Months Ended | |||
Apr. 30, 2021 | Mar. 30, 2020 | Sep. 30, 2021 | Apr. 01, 2021 | |
Line of Credit Facility [Line Items] | ||||
Prepaid loan fees | $ 1,004,000 | |||
Revolving credit facility | Line of credit | Credit Agreement March 30, 2020 | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument term (in years) | 3 years | |||
Maximum borrowing capacity | $ 50,000,000 | |||
Long-term line of credit | $ 0 | |||
Revolving credit facility | Line of credit | Credit Agreement April 2021 | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument term (in years) | 3 years | |||
Maximum borrowing capacity | $ 100,000,000 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event | Nov. 04, 2021ft²renewalOption |
Subsequent Event [Line Items] | |
Area of rentable space (in sq feet) | ft² | 120,000 |
Lease term (in years) | 15 years |
Number of renewal options | renewalOption | 1 |
Renewal notice period (in months) | 18 months |
Minimum | |
Subsequent Event [Line Items] | |
Renewal term (in years) | 5 years |
Maximum | |
Subsequent Event [Line Items] | |
Renewal term (in years) | 10 years |
Uncategorized Items - you-20210
Label | Element | Value |
Retained Earnings [Member] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | $ (2,004,000) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | (33,720,000) |
Noncontrolling Interest [Member] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | (2,375,000) |
Parent [Member] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | (2,004,000) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | $ (33,720,000) |