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NEW YORK, May 16, 2022 /PRNewswire/ -- Today, CLEAR (NYSE: YOU) announced that CLEAR's Board of Directors has authorized a share repurchase program pursuant to which the Company may purchase up to $100 million of its Class A Common Stock.
"As CLEAR owners, we are intensely focused on economic capital allocation to maximize long-term returns, including opportunistic share repurchases," said Caryn Seidman-Becker, CEO of CLEAR.
Under the repurchase program, CLEAR may purchase shares of its Class A Common Stock on a discretionary basis from time to time through open market repurchases, privately negotiated transactions, or other means, including through Rule 10b5-1 trading plans. The timing and actual number of shares repurchased will be determined by management depending on a variety of factors, including stock price, trading volume, market conditions and other general business considerations. The repurchase program has no expiration date and may be modified, suspended, or terminated at any time.
Repurchases under this program will be funded from CLEAR's existing cash and cash equivalents or future cash flow. As of March 31, 2022, CLEAR had $663 million in cash and cash equivalents, restricted cash, and marketable securities.
Founded in 2010, CLEAR's mission is to create frictionless experiences. With more than 12 million members and hundreds of partners across the world, CLEAR's identity platform is transforming the way people live, work, and travel. Whether it's at the airport, stadium, or right on your phone, CLEAR connects you to the things that make you, you - making everyday experiences easier, more secure, and more seamless. Since day one, CLEAR has been committed to privacy done right. Members are always in control of their own information, and we never sell member data.
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 for the fiscal year ended December 31, 2021. The Company disclaims any obligation to update any forward-looking statements contained herein.
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