WASHINGTON - CLEAR (NYSE: YOU), the secure identity company, has broadened its network of TSA PreCheck enrollment centers by opening seven additional locations across the United States. This expansion is part of the company's commitment to enhance the travel experience for U.S. flyers by providing more convenient options for enrolling in or renewing TSA PreCheck memberships.
The new enrollment locations are situated at Boston Logan International Airport (BOS), John Glenn Columbus International Airport (CMH), Kansas City International Airport (MCI), Palm Beach International Airport (PBI), Cleveland Hopkins International Airport (CLE), Raleigh-Durham International Airport (RDU), and Tulsa International Airport (TUL). With these additions, CLEAR now operates 40 enrollment centers nationwide.
TSA PreCheck is a program that offers expedited security screening to low-risk travelers, allowing members to pass through airport security checkpoints without removing shoes, belts, light jackets, or taking out laptops and 3-1-1 compliant liquids from carry-on bags. The program boasts high efficiency, with approximately 99% of TSA PreCheck members experiencing wait times of less than 10 minutes.
CLEAR's CEO Caryn Seidman-Becker highlighted the benefits of TSA PreCheck enrollment through CLEAR, emphasizing the fast and efficient airport experience it offers to travelers. The company's strategy includes not only expanding enrollment center locations but also extending their hours of operation throughout 2024.
Interested applicants can pre-enroll or locate their nearest enrollment center via the CLEAR authorized TSA PreCheck website. The website also facilitates renewals for most existing TSA PreCheck members, regardless of their original enrollment provider.
The expansion of CLEAR's TSA PreCheck enrollment services aligns with its mission to deliver frictionless and secure experiences to its over 22 million members. The company has emphasized its commitment to privacy, ensuring that members have full control over their personal information.
This report is based on a press release statement.
In other recent news, CLEAR has reported significant growth in its latest earnings call, with revenue, adjusted EBITDA, and free cash flow all witnessing substantial year-over-year increases. The company has also expanded its TSA PreCheck enrollment centers, a move that aligns with its strategy to enhance customer convenience. The expansion has brought the total number of CLEAR's TSA PreCheck enrollment locations to 33 across the nation.
In addition to these developments, CLEAR has announced a partnership with investment platform Public. This collaboration will enable Public users to leverage CLEAR's identity verification technology, streamlining the process of opening an investment account. As part of the partnership, CLEAR Plus members will receive a credit in their Public account as an incentive to engage with the platform.
These recent developments are part of CLEAR's broader initiative to provide frictionless experiences to its over 22 million members. The company has also introduced new technologies like Envy pods and digital identity integrations to improve member experiences and increase average revenue per user.
InvestingPro Insights
As CLEAR (NYSE: YOU) extends its TSA PreCheck enrollment centers, investors might be intrigued by the company's financial health and market position. InvestingPro data underscores the company's robust revenue growth and profitability. With a market capitalization of $2.88 billion, CLEAR is showing a significant 37.77% increase in revenue over the last twelve months as of Q1 2024, indicating a strong performance in its sector. The company's gross profit margin stands at an impressive 62.58%, reflecting efficient operations and a solid business model.
From an investment standpoint, one of the key InvestingPro Tips for CLEAR is that it holds more cash than debt on its balance sheet, suggesting a stable financial footing that could support further expansion and growth initiatives. Additionally, with a PEG Ratio of just 0.2, the company's stock could be undervalued relative to its earnings growth, making it a potentially attractive pick for value investors.
For those considering adding CLEAR to their portfolio, it's worth noting that the company has been profitable over the last twelve months. Moreover, investors can find more insights and additional InvestingPro Tips, such as details on share buybacks and shareholder yield, by visiting https://www.investing.com/pro/YOU. As an added advantage, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking further valuable analysis and data to inform your investment decisions.
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