CLEAR Announces an Increase to its Share Repurchase Authorization

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Mar 21, 2024, 16:35 ET

NEW YORK, March 21, 2024 /PRNewswire/ -- Clear Secure, Inc. (NYSE: YOU) ("CLEAR" or the "Company") today announced that its Board of Directors (the "Board") authorized a $100 million increase to its existing Class A Common Stock share repurchase program. During the first quarter of 2024, the Company used $84.9 million to repurchase and retire 4.4 million shares of Class A Common Stock at an average price of $19.22. Including the $100 million increase announced today, approximately $141 million in aggregate remains available under the repurchase authorization.

"Capital allocation remains a key priority. Year-to-date share repurchases, our regular dividend and today's special dividend announcement represent approximately $157 million already returned to shareholders in 2024," said Kenneth Cornick, CLEAR's President and Chief Financial Officer.

The timing and actual number of shares repurchased pursuant the Company's repurchase program will be determined by management depending on a variety of factors, including stock price, trading volume, market conditions, and other general business considerations.

About CLEAR
CLEAR's mission is to create frictionless experiences. With more than 20 million members and a growing network of partners across the world, CLEAR's identity platform is transforming the way people live, work, and travel. Whether you are traveling, at the stadium, or on your phone, CLEAR connects you to the things that make you, you – making everyday experiences easier, more secure, and friction-free. CLEAR is committed to privacy done right. Members are always in control of their own information, and we never sell member data. For more information, visit clearme.com.

Forward-Looking Statements
This release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any and such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including those described in the Company's filings within the Securities and Exchange Commission, including the sections titled "Risk Factors" in our Annual Report on Form 10- K. The Company disclaims any obligation to update any forward-looking statements contained herein.

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SOURCE CLEAR