NEW YORK - Clear Secure, Inc. (NYSE: YOU), known for its biometric security platforms, has expanded its share repurchase program by $100 million, the company announced today. With this increase, the total available funds for stock buybacks amount to approximately $141 million.
The announcement follows the company's recent repurchase activities, where it spent $84.9 million to buy back and retire 4.4 million shares of Class A Common Stock at an average price of $19.22 per share during the first quarter of 2024. This move is part of Clear Secure's broader capital allocation strategy, which has seen the company return roughly $157 million to its shareholders this year through share buybacks and dividends, according to Kenneth Cornick, President and Chief Financial Officer of CLEAR.
The share repurchase program is ongoing, and the company will continue to buy back shares based on a variety of factors, including market conditions and stock price. The timing and exact number of shares to be repurchased will be determined by the company's management.
Clear Secure, with over 20 million members, operates an identity platform aimed at streamlining experiences for people as they travel, attend events, or use their mobile devices. The company emphasizes a commitment to privacy, assuring that it does not sell member data and that members have control over their personal information.
This financial move is part of the company's strategy to manage its capital effectively and deliver value to its shareholders. The repurchase program's details are subject to change, depending on market conditions and other business considerations, as outlined in the company's recent press release statement.
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