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Clear Secure Inc. (YOU+0.27%) Class A has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $198.4 million from $160.4 million in the same quarter the previous year. The increase is attributed to a rise in the number of CLEAR Plus Members and pricing adjustments.
Cost of revenue share fee for the quarter was $28.6 million, representing an increase from $22.9 million in the same quarter of the previous year. This increase is due to higher fixed airport fees and per Member fees.
The company reported an operating income of $35.1 million for the quarter, compared to $19.3 million in the previous year, reflecting improved operational efficiency.
Interest income, net decreased slightly to $7.3 million from $7.7 million, primarily due to lower cash and marketable securities balances.
Net income for the quarter was $38.0 million, up from $26.9 million in the previous year. The increase is attributed to higher revenue and improved cost management.
Cash provided by operating activities was $159.1 million, while cash used in investing and financing activities was $148.0 million and $333.2 million, respectively.
Clear Secure had cash and cash equivalents of $32.9 million and marketable securities of $511.8 million as of September 30, 2024. The company plans to finance its operations and capital expenditures through cash generated from operations.
The filing also details the company's share repurchase program, with 11,983,612 shares repurchased for $225.2 million during the nine months ended September 30, 2024.
Clear Secure announced quarterly dividends, with the most recent being $0.125 per share, payable on December 17, 2024.
The company continues to focus on expanding its member base and enhancing its service offerings, including TSA PreCheck® Enrollment Provided by CLEAR and CLEAR Verified.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Clear Secure Inc. Class A quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.