CLEAR Announces Quarterly Dividend Policy

Rhea-AI Summary

Clear Secure, Inc. (NYSE: YOU) has announced the approval of a regular quarterly cash dividend policy. The first quarterly dividend of $0.07 will be paid on August 18, 2023, to holders of record on August 11, 2023. The company plans to fund the payment of dividends from cash distributions by its subsidiary. In addition to regular dividends, the company may consider special cash dividends and share repurchases as part of its return of capital to stockholders.

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• Approval of regular quarterly cash dividend policy

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• None.

NEW YORK, Aug. 2, 2023 /PRNewswire/ -- Clear Secure, Inc. (NYSE: YOU) ("CLEAR" or the "Company") today announced that its Board of Directors (the "Board") has approved a regular quarterly cash dividend policy. The Company intends to pay dividends quarterly to holders of Class A Common Stock and Class B Common Stock, subject to Board approval each quarter, with the first quarterly dividend of $0.07 to be paid on August 18, 2023, to holders of record on August 11, 2023.

The Company will fund the payment of the quarterly dividend from proportionate cash distributions by its subsidiary.

"The establishment of a regular quarterly dividend policy reflects CLEAR's strong business model, free cash flow generation and our commitment to returning capital to our stockholders," said Kenneth Cornick, CLEAR's President and Chief Financial Officer.

In addition to the regular cash dividend, the company will continue to be opportunistic with respect to additional return of capital to stockholders, which may include special cash dividends and share repurchases.

The declaration, timing and amount of any future dividends will be subject to the discretion and approval of the Board and will depend on a number of factors, including CLEAR's results of operations, cash flows, financial position and capital requirements, as well as general business conditions, legal, tax and regulatory restrictions and other factors the Board deems relevant at the time it determines to declare such dividends.

About CLEAR
CLEAR's mission is to create frictionless experiences. With more than 17 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 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2023. The Company disclaims any obligation to update any forward-looking statements contained herein.

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SOURCE CLEAR