Clear Secure, Inc. reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved revenue of $198.4 million for the three months ended September 30, 2024, marking a 24% increase from $160.4 million in the same period of 2023. For the nine months ended September 30, 2024, revenue reached $564.2 million, a 27% increase from $442.6 million in the prior year. This growth is attributed primarily to an increase in the number of CLEAR Plus Members and pricing adjustments.
Operating income for the third quarter of 2024 was $35.1 million, up from $19.3 million in the same quarter of 2023. For the nine-month period, operating income surged to $89.1 million, compared to just $4.4 million in the previous year. Net income for the third quarter was $38.0 million, a notable increase from $26.9 million in 2023, while net income for the nine months totaled $108.7 million, compared to $26.6 million in the same period last year.
The company’s total current assets decreased to $595.7 million as of September 30, 2024, from $770.0 million at the end of 2023. Cash and cash equivalents also fell to $32.9 million from $57.9 million during the same timeframe. The accumulated deficit improved to $(7.3 million) from $(73.7 million) at the end of 2023, indicating a positive shift in financial health.
In terms of strategic developments, Clear Secure, Inc. completed the acquisition of certain assets from Sora ID, Inc. for $5.25 million in September 2023, which included goodwill and intangible assets. The company has also been active in share repurchases, retiring 11.98 million shares of Class A Common Stock for $225.2 million during the nine months ended September 30, 2024.
The company declared several dividends throughout 2024, including a quarterly dividend of $0.10 per share in August and a special cash dividend of $0.32 per share in March. As of September 30, 2024, Clear Secure had a remaining borrowing capacity of $67.8 million under its $100 million revolving credit facility, with no outstanding debt obligations.
Overall, Clear Secure, Inc. has demonstrated robust revenue growth and improved profitability, alongside strategic acquisitions and shareholder returns, positioning itself favorably in the secure identity platform market.
About Clear Secure, Inc.
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