WASHINGTON - The Transportation Security Administration (TSA) is broadening its TSA PreCheck program through a collaboration with CLEAR (NYSE: YOU), now offering more enrollment services at select airports. This move aims to streamline the security process for low-risk travelers, providing them with quicker access through airport security.
As of today, TSA PreCheck enrollments and renewals can be conducted in person at CLEAR's dedicated enrollment pods located at Orlando International Airport, Sacramento International Airport, and Newark Liberty International Airport during expanded hours. These services are available daily, with varying hours depending on the location.
Since its inception in December 2013, TSA PreCheck has amassed over 19 million members. TSA Administrator David Pekoske emphasized the program's role in allowing vetted travelers to move through security more efficiently. CLEAR CEO Caryn Seidman-Becker echoed this sentiment, highlighting the benefits for travelers, including more enrollment locations and expanded hours.
TSA PreCheck members can enjoy a more seamless travel experience, with wait times under 10 minutes in PreCheck lanes. The program allows members to pass through security without removing shoes, belts, and light jackets, and they can leave laptops and 3-1-1 liquids in their carry-on bags.
Additionally, TSA PreCheck members can now renew their memberships online not only with CLEAR but also with IDEMIA or Telos. This flexibility is part of TSA's ongoing efforts to enhance the traveler experience.
In May 2023, TSA expanded the program's benefits to teenagers aged 13-17, who may now join TSA PreCheck-enrolled parents or guardians in PreCheck lanes when traveling on the same reservation and with the TSA PreCheck indicator on their boarding pass. Children 12 and under have the same privilege when accompanied by an enrolled parent or guardian.
CLEAR, known for its identity platform that streamlines various aspects of life and travel, has over 20 million members and continues to grow its network of partners. The company emphasizes privacy and security, ensuring that members have control over their personal information.
This expansion of TSA PreCheck services is based on a press release statement.
InvestingPro Insights
As CLEAR (NYSE: YOU) collaborates with the TSA to expand TSA PreCheck services, investors are closely watching the company's financial health. With a market capitalization of approximately $1.57 billion, CLEAR is positioning itself for future growth. The company's revenue has seen a significant uptick, with a growth rate of 40.27% in the last twelve months as of Q4 2023, indicating a robust expansion of its business operations.
InvestingPro Tips suggest that CLEAR is trading at a high Price / Book multiple of 11.01, which may reflect investors' confidence in the company's asset value and future growth prospects. Additionally, while the company's P/E ratio stands at 51.28 for the same period, the PEG ratio of 0.41 suggests that CLEAR's earnings growth could be undervalued relative to its earnings potential.
Despite recent volatility, with the stock price declining by 17.25% over the last month, analysts have revised their earnings estimates upwards for the upcoming period. This optimism is further supported by the prediction that the company will be profitable this year. For investors seeking more in-depth analysis, there are additional InvestingPro Tips available, which can offer further insights into CLEAR's financial trajectory. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription for access to these valuable tips.
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