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Unclear future, proceed to a TSA agent') paired with the tagline 'What Are YOU Hiding?' frames the adversarial posture. Document opens with a track-record slide on Leidos before the thesis - a recurring Spruce Point credibility move. Heavy reliance on expert-network interviews (Tegus + direct) with former CLEAR and former TSA employees as evidence. Stake size not disclosed beyond 'short position' - typical Spruce Point practice. No named human author on cover; Ben Axler founded the firm but is not signed to this report.", "kpisCited": [ { "detail": "7.3M Q4 2024; QoQ Net New Members YoY growth -52.3% in Q4 2024 vs prior year", "metric": "Active CLEAR Plus members" }, { "detail": "Fell from 95.3% (Q1 2022) to 81.4% (Q4 2024); metric being eliminated going forward", "metric": "Annual CLEAR Plus Net Member Retention" }, { "detail": "85.8% as marketed; Spruce Point estimates ~61.5% once $173M of direct salaries and benefits are included (2,430 bps inflation)", "metric": "Reported gross margin" }, { "detail": "$770.5M in 2024 (+26%), decelerating from +72% in 2022 and +40% in 2023", "metric": "Annual revenue" }, { "detail": "Expanded from 45 days (through May 2024) to 51 days (May-Aug 2024); now no longer disclosed", "metric": "Active-member grace period after billing failure" }, { "detail": "Related-party distributions exceeded internal investment and acquisitions by $44M over the past three years", "metric": "Cash distributed to related parties vs. internal investment" }, { "detail": "Eroded from -39% (2019, $109/yr) to -5% (2025, $189/yr); free benefit for top-tier flyers cut", "metric": "United MileagePlus CLEAR discount" }, { "detail": "$179 (2019-2021) -> $189 (2022) -> $199 (Aug 2024); Family price $50 -> $119", "metric": "CLEAR Plus annual list price" }, { "detail": "$37,293 at CLEAR vs. $138,673 median for tech-peer comp set; CEO pay ratio 165x", "metric": "Median employee wage" }, { "detail": "$196.8M not captured in Street market cap or Bloomberg EV", "metric": "Tax Receivable Agreement obligation" }, { "detail": "$115.1M long-term + $6.2M short-term lease for ~120,000 sq ft Chelsea HQ; $177M 15-year lease signed Nov 2021", "metric": "Operating lease liability" }, { "detail": "Spruce Point Adjusted EV $3.31B (140.7M diluted shares + TRA + leases + NCI) vs. Street $1.82B", "metric": "Adjusted enterprise value" }, { "detail": "64% of new member sign-ups occur in-airport, leaving CLEAR exposed to airline-traffic recession", "metric": "In-airport sign-up share" }, { "detail": "AR balance fell YoY in 8 of last 9 quarters while revenue grew every quarter - flagged as inconsistent", "metric": "Accounts receivable vs. revenue" } ], "closingAsk": "Sell or short Clear Secure (NYSE: YOU); intermediate-term downside is 30%-50% as TSA Digital ID, weakening airline partnerships and accounting red flags converge.", "extraction": { "at": "2026-04-22 22:03:07+00", "model": "unknown-legacy", "runId": null, "seconds": 211.59692, "promptVersion": null }, "scqaReward": "Adjusted EV/Sales (1.5x-2.5x) and EV/Gross-Profit (3.0x-4.0x) multiples on more honest ~61.5% gross margins yield a $10.62-$17.28 share price versus $25.31, implying 32%-58% downside over the intermediate term.", "thesisTypes": [ "fraud_exposure", "governance_board", "multiple_rerating" ], "top3Reasons": [ "TSA Digital ID rollouts and expired airline warrants are obsoleting CLEAR's expedited lane", "CAO came from Ubiquiti during its SEC subpoena; active-member grace period quietly extended 45 to 51 days", "Adjusted for TRA, leases and direct salaries, CLEAR is worth $10-$17 vs $25 - 32%-58% downside" ], "scqaSituation": "Clear Secure (CLEAR Plus) sells $199/year expedited airport-security membership, getting 64% of sign-ups inside airports and depending on TSA directives, Delta/United/American partnerships and Amex distribution to grow its 7.3M-member base.", "thesisSummary": "Spruce Point argues Clear Secure (NYSE: YOU) is a strong sell with 30-50% intermediate-term downside as its core airport-security business becomes obsolete. CLEAR's value proposition is degrading because adding members creates bottlenecks at fixed lanes, while the TSA, Delta, United, and American are rolling out competing Touchless/Digital ID, and warrants once held by Delta and United have lapsed. Spruce Point's forensic review flags accounting signals: the Chief Accounting Officer worked at Ubiquiti during its inflated-user-community SEC matter, the active-member grace period quietly expanded from 45 to 51 days, revenue-recognition language was loosened, and a $177M Chelsea HQ lease and $196M tax receivable obligation are missing from Street capitalization. With executive turnover, insider selling, and an 85.8% gross margin that drops to roughly 61.5% once direct salaries are included, fair value is $10.62-$17.28 versus $25.31.", "primaryDemands": [ "Short Clear Secure (NYSE: YOU)", "Reprice CLEAR off labor-intensive consumer-subscription comps, not SaaS / tech comps", "Adjust enterprise value for the $196M Tax Receivable Agreement, $115M operating lease, multi-class share count and NCI", "Discount Street consensus given decelerating KPIs and TSA/Digital-ID displacement risk" ], "scqaResolution": "Spruce Point recommends shorting YOU, urging investors to discount Street consensus, reprice CLEAR off consumer/labor-intensive comps rather than SaaS, and adjust enterprise value for the Tax Receivable Agreement, leases and multi-class share count.", "thesisOneLiner": "Spruce Point is short Clear Secure (YOU): TSA Digital ID and weakening airline partnerships are eroding CLEAR's value prop while accounting red flags and a CAO from Ubiquiti suggest 30-50% downside.", "precedentsCited": [ "Leidos / L3Harris airport-security business (Spruce Point report Feb 2021; CEO Krone retired Feb 2023)", "Ubiquiti Networks (NYSE: UI) - SEC subpoena and inflated-Community-user lawsuit, where CLEAR's CAO Dennis Liu was Controller", "Chegg (CHGG) - touted high-moat disruptor displaced by new technology, now a penny stock" ], "scqaComplication": "TSA Digital ID and Touchless ID rollouts plus expiring airline warrants are commoditizing CLEAR's lane, while accounting-quality red flags around the ex-Ubiquiti CAO, an expanded grace period and loosened revenue recognition suggest reported KPIs are stretched.", "narrativeInterest": 4, "notableSlidePages": [ 1, 6, 12, 25, 58, 85 ], "peerCompaniesCited": [ "Gen Digital (GEN)", "Zoom Communications (ZM)", "Match Group (MTCH)", "Dropbox (DBX)", "Peloton (PTON)", "Alarm.com (ALRM)", "Rapid7 (RPD)", "Gogo (GOGO)", "Bumble (BMBL)", "Tenable (TENB)", "Chegg (CHGG)", "Leidos (LDOS)", "IDEMIA", "Telos" 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Adding more members creates bottlenecks and longer wait times at checkpoints that cannot currently be mitigated.\n2) Growth initiatives into other markets such as health, sporting events and other venues have largely failed and do not make money.\n3) Key performance indicators have deteriorated and Spruce Point believes these trends are likely to continue. CLEAR has tried raising prices but it appears that members are pushing back.\n4) Growth has largely been driven from partnerships with Delta, United Airlines, and American Express which we believe have matured.\n5) Growing risk of product displacement from the TSA, airlines, and others with Digital IDs and eGates could impair earnings.\n6) CLEAR is dialing back internal investment such as R&D in favor of flushing cash out of the Company, primarily through related party distributions. In the past three years, cash distributed to related parties has exceeded internal investment and acquisitions by $44 million.\n7) Significant restatement risk given concerns about the Chief Accounting Officer's history at Ubiquiti (NYSE: UI) which overstated registered users by 85% while he was the financial controller. We are troubled by recent changes to CLEAR’s active member definition and to its more restrictive refund policy which may be inflating cash flow. We also believe CLEAR’s gross margin is mischaracterized and inflated by 2,430 bps while changes to revenue recognition policies and a divergence from accounts receivable is alarming.\n8) Significant executive turnover, weak corporate governance and multiple insider sale programs are in place.\n9) CLEAR’s enterprise value is miscalculated by financial data providers and notably fails to capture a $196 million tax receivable obligation, multiple share classes, and a burdensome operating lease for CLEAR’s fancy New York City headquarters.\n10) Premium valuation multiple relative to technology-forward subscription companies is not warranted because CLEAR is a labor intensive, consumer discretionary membership service with high obsolescence risk tied to TSA decision-making.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:27.416+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a1924105-ac14-4920-9597-5d1a2fcb027a", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "downside: 30% – 50%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:40:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3f-7598-93f0-b767415b8857", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "After conducting a forensic financial and accounting review of Clear Secure, Inc. (NYSE: YOU, “CLEAR” or “the Company”), a security application provider predominately for airports, Spruce Point has grave concerns about changes in disclosure of its accounting policies and financial presentation of its active members, revenue and gross profit. We believe CLEAR’s key performance metrics are likely to continue to deteriorate as its core consumer aviation subscription service and underlying technology are likely to become displaced by the Transportation Security Administration (TSA) and/or other competitors. 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We estimate 30% – 50% intermediate term potential downside risk to CLEAR’s share price and expect it to underperform the technology and transportation industries along with the broader equity market. Longer-term we believe CLEAR’s equity could become impaired and will likely succumb to the TSA’s continued roll-out of Digital ID lanes and/or a competitive implementation of eGates or other technologies.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:27.416+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ed2f113-7440-4ad6-ac97-6b2dc17feb2e", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.7, "x": 0.28, "y": 0.02 }, "kind": "title", "text": "Spruce Point Is Short Clear Secure, Inc. 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In the extreme, CLEAR becomes like a high-end concierge service for a small member base willing to pay a significant fee. The Company would likely be much smaller than it is today under this scenario.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:28.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a30b918a-7baf-4fcd-a71b-4430896d02dd", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.84, "x": 0.15, "y": 0.57 }, "kind": "quote", "text": "Well, limited space, like I said, other businesses that have capacity issues like gyms, that's how you solve it, right? You increase price and you make it faster for people to get through. I don't know what else you can do.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:28.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47795e00-54a0-4bc1-9ebb-eee84bfa9c5e", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.84, "x": 0.15, "y": 0.67 }, "kind": "quote", "text": "Oh yeah, yeah, no, if empty lines are the problem, all of a sudden CLEAR has a path to solution which is I'm just going to charge four times four x what I do and I'm just going to offer the best checkpoint experience. Anyone can get countrywide and my profitability may take a hit, but I have a reason to exist, I guess is the point to some degree of throughput and then I don't enroll anymore. There is a way to manage pricing to the throughput you want to get to. I believe there's a willing, there's a population willing to pay some amount of money to have the predictability and the short line weight experience and have a consistent service. It's just not going to be the returns, the profitability that the market is expecting of a company like CLEAR of a subscription based company. It would be a niche subscription product.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:28.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54a74311-689e-48a1-86e9-b9abd0b564ff", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.84, "x": 0.15, "y": 0.34 }, "kind": "quote", "text": "You do the checkpoint at Grand Central or some central location in New York, and then you get on the bus and you get driven directly to the plane. You skip the airport entirely. How much would some people pay for that? Who knows? 20,000, 40,000 bucks. I feel like there are levers to make this a really premium product. And I come from Luxury Goods, I came from [......], I came from [......]. These are premium products. I don't want to be Amazon. I want to be like Chanel. So make the product really good, pay more for it seems like a good strategy to me, especially when you're capacity constrained. So that's what I would be focusing on. And I think that they're starting to move that direction with the pricing changes.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:28.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ffdb14a3-a0da-4d5b-acaf-67aadadb95d4", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "So make the product really good, pay more for it seems like a good strategy to me, especially when you're capacity constrained. So that's what I would be focusing on. And I think that they're starting to move that direction with the pricing changes. — Former Employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:40:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3f-7598-93f1-fd250dff1db4", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Spruce Point research interviews", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Naturally, the ratio plummeted substantially thereafter. In 2024, CLEAR reported a large increase of almost $10 million in discretionary marketing expense which indicates to us that it is stretching to recruit new members.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:28.993+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5cd48a17-fc01-4fa0-ba35-10c34ac3afdb", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"So we talk about LTV to CAC, and you'll see that, that has actually improved in '22 versus '21, partly a function of cost of acquisition going down year-over-year. And as Caryn mentioned, as we have added to our network, both on the airport side and on the platform side, the network effect really drives unit economics. And so we don't see anything specifically in the horizon that would change the dynamics of the business.\" — CFO, Q4 2022, March 1, 2023", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:40:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3f-7598-93f1-18fc658eb816", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: CLEAR SEC Filings and conference calls", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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This allowed CLEAR’s biometric pods to send the CLEAR members’ data to the TSA’s backend secure flight data for verification. This allowed CLEAR members to avoid showing their ID or boarding pass again to the TSA officer. Spruce Point believes it will be critical for CLEAR’s business to have the TSA lift the legal definition of the traveler document checker (i.e. TSA officer). This would potentially allow CLEAR members to completely bypass the TSA officer and move directly to the carry-on baggage scanner.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:29.66+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef2712f4-948d-43f1-8b58-939d82918234", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.39 }, "kind": "quote", "text": "“So CLEAR does not have access to secure flight. So the TSA officers responsible for directing that passenger to the appropriate level of screening. And in the old days it was manual conferring and concur. The officer had to look at the boarding pass and make sure the passenger was pre-check or standard. Now that's performed electronically. So it really is, it's threefold, and maybe I didn't explain it quite thoroughly enough before, number one, the conferring concur process made sure that the that passenger had a valid boarding pass for a flight that day. CLEAR doesn't check that right. Number two, and make sure that the officer can direct that passenger the appropriate level of screening, which again, CLEAR cannot do. And then number three, on a random basis, as of a year ago, and now all passengers in certain locations, they do this electronic confer and concur where TSA actually electronically validates that yes, that's the person they had a flight that day and where they need to go for screening.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:29.66+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "652ec0a6-07f4-4596-9895-7776cccef7fa", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.65 }, "kind": "quote", "text": "“Okay, so CLEAR does not have access to secure flight, and they've always wanted it. The former administrator, Pekoske drew a pretty hard line that CLEAR as a private for-profit company could not get access to secure flight data. And his position was that identity verification step, right? The whole identity management thing that I just described, that was an inherently governmental function. He characterized that as really the first encounter that a passenger has with security, and he was reluctant to cede that responsibility to a private company.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:29.66+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "be61f3d0-d43c-4f0a-bdfc-e9fc6b30e122", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.81 }, "kind": "quote", "text": "“And the other thing, and again, this is a political deal. The former administrator viewed the travel document checker (TDC) position as inherently governmental, and there was a legal rendering that existed that that position was inherently governmental. And to allow CLEAR to solely do that function would require TSA to rethink that decision. So the whole inherently governmental thing, right, it led to the random validation of identity at the TDC, then the electronic confer and concur, and it's where we are today.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:29.66+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eaba8527-dcbc-4db4-983e-dbbbdc16182e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "So CLEAR does not have access to secure flight. So the TSA officers responsible for directing that passenger to the appropriate level of screening... 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CLEAR reportedly used its Net Promoter Score (NPS) to measure its member experience and satisfaction. After a brief increase from 2020-2021, the NPS declined in 2022. After 2022, CLEAR stopped reporting NPS completely. Comparably claims CLEAR’s NPS is now -15. There are a plethora of customer review websites claiming that CLEAR has horrible billing practices and services, including TrustPilot where it is rated 1.1 stars and the Better Business Bureau where it receives an “F” rating. 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As TSA rolls out these new computed tomography machines, CT machines, which you've probably seen in the checkpoints, They will allow standard passengers to begin to leave electronics in their bags, leave liquids in their bags, reduce the divest requirements, and now you've got a traveler document checker that's biometrically enabled, that allows better identification, more rapid identification of the passenger. So even from an internal TSA perspective, we're starting to worry about making standard screenings so good. There's no longer a need for even PreCheck, and we'll start seeing the PreCheck enrollments go down. So it's all kind of dependent on the technology, the speed, and the efficiency that we can get people through the checkpoints at. It's just getting better and better and better. And some of these earlier tricks that getting through, they just may not be needed in the future.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:32.596+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "34ba85f6-7bf2-439c-bdb4-1e50dcf57307", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.82, "x": 0.15, "y": 0.21 }, "kind": "paragraph", "text": "And so as I think about how CLEAR fits into that longer term picture, help me paint that, right? And if these new Digital ID lanes continue to roll out and these lines become faster and faster, and then you've got a CLEAR lane where you still have these TSA directives of one for one, and you have to be escorted. 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And we've talked a lot about that when I was at TSA because little by little as TSA gets better at biometric identification, and as the passengers get more comfortable with it and as the speed of travel picks up because of it, etc., etc. I always personally thought people were going to start saying, why am I paying CLEAR X amount of dollars? I don't even know what it cost to be honest with you. When I could pay TSA about $80 for five years and get virtually the same experience, and in a lot of airports I go to now, the CLEAR lines are way longer than the PreCheck lanes. And you got to think to yourself, why are we doing that? So you hit on it. And I don't have a real good vision of how that works in the future because TSA technology is changing so quickly and things are going to be sped up by a combination of better identity management, better on person screening, and better checked baggage, or excuse me, carry-on baggage screening that the differentiator that CLEAR provided six or seven years ago is just going to get narrower and narrower.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:32.596+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "920a086e-fa54-40e5-89ba-99e75da8f311", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Well, I'm not being a wise guy, but that's the question actually. 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And I think that highly diminishes the value of the TSA pre-check element financially in the ecosystem.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:40:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3f-7598-93f2-584a5d2d6516", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "In 2020, CLEAR became the 3rd TSA PreCheck enrollment partner. For various reasons it was not until 2024 that CLEAR began processing TSA PreCheck members. CLEAR is neither the cheapest provider for a new PreCheck enrollment or for a renewal in person or online. We understand CLEAR receives a small fee but we believe the real intention with this partnership was the ability to market CLEAR memberships to PreCheck members. 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The strategy for CLEAR to get TSA PreCheck goes way a long time ago when Congress actually required TSA to open that bid and accept more partners. So CLEAR's been in the running to accomplish this year after year after year with a reluctant TSA to allow it to do so as that evolved. And to some degree it works that way because usually if you're a CLEAR member, there's a more sticky to a better experience and ultimately value paying both to some degree. What happened though is through this process, TSA changed the rules of engagement and prevented CLEAR from cross-marketing to that population. And I think that highly diminishes the value of the TSA pre-check element financially in the ecosystem. Because originally it was a top of the funnel concept, okay, you're not ready to pay $199, let me get you close to my brand, close to my service by paying the $79 every five years. Next time you travel, maybe next year when you come to the airport, you see I have an offer, I send you an offer. I notice you travel on your way out. Maybe you want to try CLEAR on your return for a three month trial. And I start leveraging the information I have from your travels of TSA PreCheck to kind of get you to bite at CLEAR at the bigger, higher rated membership later. That got broken. When TSA prevented, given the fact that it's a government database that I don't understand how this was not, I really, really don't understand how this was not clear in the onset or clarified or explicit, that you can't market to this population, that you don't have access to their email addresses, that you can't bundle two products together because they get charged two different, they have to be charged by two different processing merchants, etc, etc. So it created a lot of a Chinese wall between one population and the other, and your only opportunity to market them is the day they signed up. 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The strategy for CLEAR to get TSA PreCheck goes way a long time ago when Congress actually required TSA to open that bid and accept more partners. So CLEAR's been in the running to accomplish this year after year after year with a reluctant TSA to allow it to do so as that evolved.” — Former CLEAR Employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:40:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3f-7598-93f2-5f1a2e19fa80", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: TSA PreCheck partner enrollment cost and Spruce Point interview.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Why not renegotiate the agreement? Why not renegotiate the terms if your contract is going into auto renewal?", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:30.831+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23a97cc5-0400-4f1b-8be9-fa693d64d589", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.29 }, "kind": "quote", "text": "I don't think recently, but I do think that the spike happened a year ago maybe... I don't think I would be expecting American Express to be a growth channel right now.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:30.831+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8900f3cf-49b2-4ef5-8e2c-34e376c7cb4e", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.61 }, "kind": "quote", "text": "I would expect that there is tension between both parties around the price point... 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In the Q&A CEO said: \"We will be repricing some free tiers to paid tiers.\" This was followed up a few weeks later with United announcing they are eliminating the free CLEAR Plus membership. CLEAR's bottleneck at the airports exist because of the TSA directives but also due in part from non-paying frequent flyers and low paying Amex members clogging up CLEAR lanes.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:38.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c5e23f6-e1a4-4e95-b430-456f7661e441", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.96, "x": 0.02, "y": 0.82 }, "kind": "quote", "text": "There's one thing that I think we don't, not being in the industry sometimes we take for granted, and I did not realize this until I worked. I made the transition, people want to save time at the airport. They really want to save time. I really don't care about the technology and as long as you give me a short line, I'll pay whatever it is. I mean, there's always going to be a price point in which people are going to pay to go to the shorter line. So if CLEAR can upgrade itself to some degree in which it charges an exorbitant amount of money, but at the same time has much fewer people and it can make a sustainable point, potentially you can survive. I don't know how they pull that off in a publicly traded environment, but potentially you can pull that off.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:38.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d1033bd-f175-484b-9ae7-f927af280fd1", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.96, "x": 0.02, "y": 0.59 }, "kind": "quote", "text": "Lower paying CLEAR members are making the experience worse for everyone else who's paying higher rates. So I actually believe that one of the solutions to the throughput problem, a portion of solution could be canceling the American Express relationship. It has a significant revenue impact to CLEAR, potentially it can backfill it with some of these elites from these other airlines that are eliminating that it's not going to be enough. But it needs to pivot that to satisfy that. And I think that's the reason why they're starting to use revenue retention and not passing number retention because if they drop that American Express partnership overnight in one year, that number's going to come down from the eighties to some number sixties or seventies, low seventies as a result of the, and that's speculation my part. I haven't done the math but overnight. So they need to make up for that shortfall revenue elsewhere.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:38.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6384653-8af0-4fc5-8e83-247c140f0bfc", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.96, "x": 0.02, "y": 0.38 }, "kind": "quote", "text": "Look, we love Amex. We think having a credit card partner is important. It's been a valuable brand awareness and distribution for us. But our business has scaled significantly since 2019. And as we've talked about, the gap between the wholesale and the retail price has widened to a fairly significant level. And we believe it depresses our bookings and EBITDA, obviously benefits our working capital. The wholesale price is so low relative to the $199 retail. Look, we believe the renewal rates at full price would be larger than the percentage discount rate.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:38.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb54e908-e7c2-4cf7-b3e1-c86adf1ea86d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Look, we love Amex. We think having a credit card partner is important. It's been a valuable brand awareness and distribution for us. But our business has scaled significantly since 2019. And as we've talked about, the gap between the wholesale and the retail price has widened to a fairly significant level. And we believe it depresses our bookings and EBITDA, obviously benefits our working capital. The wholesale price is so low relative to the $199 retail. Look, we believe the renewal rates at full price would be larger than the percentage discount rate. — Q4 2024 CFO Commentary On AMEX", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:40:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3f-7598-93f2-9d73448362c1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Q4'24 earnings call transcript, Spruce Point research interview.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:38.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e7f49246-9ef2-4920-80bb-78781c227e11", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.62, "x": 0.34, "y": 0.04 }, "kind": "title", "text": "Lower Paying Members Are A Problem", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:38.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3eace0c6-416f-4d86-89a6-f8101d2e0744", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.54 }, "kind": "title", "text": "Spruce Point Interview With A Former CLEAR Employee", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:38.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "093dc008-9c2f-40b3-8392-9cb0de987e47", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.33 }, "kind": "title", "text": "Q4 2024 CFO Commentary On AMEX", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:38.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "afa84e8f-51cb-4d0c-bec3-f6b6ebc2bd7f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 21, "name": "Spruce Point presents its thesis and evidence", "beatId": "94649fab-d8a2-4e54-9ab1-325a074f74f9", "matchId": "8a283060-ddf1-4260-af94-30935dac1fce", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents Spruce Point's thesis and evidence supporting its short position.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. 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A former employee we interviewed also agreed that the press release was no a reassurance about the uncertainty over the relationship.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:32.02+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b548e2d1-ecdb-4ae8-ba21-5f9079a60b58", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.61 }, "kind": "quote", "text": "\"While the release has the \"Renew\" headline, the copy states \"is extending its partnership with American Express for its second one-year renewal term.\" There doesn't seem to be a renewal, but rather seems that the parties are using the final one-year extension period they had disclosed in the past. There is no reference to the product of benefits or \"looking forward to continue\" statements. I would assume that this release was possibly issued to address angst around the commentary on the latest investor call and provide clarity on continuity of AX revenue flows and benefits for the next year. In my view this doesn't change the uncertainty behind the agreement.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:32.02+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ad7d3eb-9fe7-444e-83c4-a05c19da009b", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.82, "x": 0.09, "y": 0.36 }, "kind": "quote", "text": "\"CLEAR makes the customer experience safer and easier, bringing predictability to the friction-filled airport experience. We are excited to continue our partnership with American Express. Together, we are committed to delivering the best experiences to our customers and members,\" said Kenneth Cornick, CLEAR's President and Chief Financial Officer.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:32.02+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d91f2d0-af9f-46d1-9f94-8eeab4e7bf34", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"CLEAR makes the customer experience safer and easier, bringing predictability to the friction-filled airport experience. We are excited to continue our partnership with American Express. Together, we are committed to delivering the best experiences to our customers and members,\" said Kenneth Cornick, CLEAR’s President and Chief Financial Officer. — Kenneth Cornick", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:40:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3f-7598-93f2-891a28a00267", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Spruce Point interview and 2024 Amex / 2025 Amex renewal announcements.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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There tends to be a high degree of ability to launch airports accompanied by airline support... the airline needs to have a vested interest in sacrificing real estate... They couldn't grow if they were just tied to one airline", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:30.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39a65e4d-7bca-493d-93fa-babf5ab8370d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"CLEAR has been able to grow as a result of the airline partnerships when you look at their airport growth following the Delta partnership and then their airport growth following the United partnership as well as Hawaiian expanding in Hawaii, Portland expanding after the Alaska partnership. There tends to be a high degree of ability to launch airports accompanied by airline support. Why? Because while the airport may be interested in having another retailer, which that's what CLEAR is for an airport, another retailer that pays revenue share, the airport is not willing to move forward with introducing CLEAR in the checkpoint without the TSA support and the support of the airline that manages that checkpoint. So while the checkpoint is a TSA environment, the TSA delegates some entity, usually an airline or a consortium of airlines, the management of the queue and the allocation of space ahead of the TSA point, therefore the airline needs to have a vested interest in sacrificing real estate of the lines and creating additional lines and creating additional segmentation for its own benefit. 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We are considering Delta and United as existing remaining partners in the last call, investor call CLEAR mentioned that they were transitioning to remove the free membership level at the top tier airline level. This is not business as usual in my book. The reason why the airlines were very supportive of CLEAR is the fact that it provided this benefit to its high-level frequent flyers. And this free benefit was not something the airlines paid for. This was something that was granted to the airlines and associated with their equity investment. These airlines, both United and Delta have been in the last three years trialing TSA's Digital ID with significant success and slowly growing the footprint of the trial airports in which they're rolling these out as a competitive alternative for CLEAR. And we can get into why that is important, but these airlines have diversified their alternatives beyond CLEAR in this type of solution. Subsequently sold their equity for not significant amount of money in the books of an airline, right? So ultimately CLEAR as a result of them pulling out the investment, decided no longer to offer this free benefit. You've basically bit the hand that feeds you in my opinion because if your most frequent flyer customers are not getting this benefit for free, the airlines are promoting another TSA product. 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Spruce Point believes investors and the analyst community do not fully grasp the implications to CLEAR's business.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:36.803+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42e918b0-a312-475c-b952-d841facd14f6", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "The TSA has publicly stated its intent to require all travelers to be processed through CAT machines in the future, either through travelers presenting physical IDs or through the transmittal of digital ID credentials.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f3-714d-84b8-028f13ea3abc", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.96, "x": 0.02, "y": 0.28 }, "kind": "paragraph", "text": "Key Risk Factor\n\nIncreased adoption of new technological solutions and services, including third-party identity verification and credential authentication solutions, at locations where we operate or may operate in the future could impact our business.\n\n\"Private industry and governmental agencies have increased their efforts related to developing and launching identity verification and credential authentication solutions, and we expect this trend to continue. For example, certain airlines, technology providers and the Transportation Security Administration (\"TSA\") are exploring new technological solutions, in some cases including the use of identity verification technology or biometrics, that may gain widespread acceptance in locations where we operate, such as airports, or where we may operate in the future.\n\nIn addition, the federal government has conducted a number of proof of concept demonstrations to evaluate identity verification technologies and other credential authentication technologies at airport checkpoints, intends to expand use of its own biometric credential authentication technologies (\"CAT\"), at additional airport checkpoints, and is continuing to explore digital identities at checkpoints generally. The TSA has publicly stated its intent to require all travelers to be processed through CAT machines in the future, either through travelers presenting physical IDs or through the transmittal of digital ID credentials. Additionally, state governments are issuing driver's licenses in digital formats, and airlines have launched their own identity and credential authentication initiatives, in some cases with other identity verification partners. In many cases these initiatives also include use of biometrics, either via centralized or decentralized platforms, and any of these platforms or standards may become universally accepted and preferred by the industry, the TSA, airlines, and our other partners. Widespread adoption of competing identity verification solutions or credential authentication solutions or standards (including TSA's own solutions) at airport checkpoints or other locations where we operate could adversely impact our ability to operate in the same manner as we operate today.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:36.803+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "01e91d19-220d-4cd1-a714-15ece129e308", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The TSA has publicly stated its intent to require all travelers to be processed through CAT machines in the future, either through travelers presenting physical IDs or through the transmittal of digital ID credentials. — 2023 10-K", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f3-714d-84b8-04624e6c2fa3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.1, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: 2023 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 40, "type": "setup", "title": "Includes a table of states accepting digital IDs and screenshots of TSA instructional videos.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 7, "textChars": 1570, "nDataPoints": 12, "notes": "Includes a table of states accepting digital IDs and screenshots of TSA instructional videos.", "elementsJson": [ "headline_text", "callout_box", "data_table", "screenshot" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:35.772+00", "seconds": 6.686, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-b032f87a30cd/40", "deck": "/decks/019dd923-622c-750b-8b99-b032f87a30cd", "deckAnchor": "/decks/019dd923-622c-750b-8b99-b032f87a30cd#slide-40", "deckJson": "/decks/019dd923-622c-750b-8b99-b032f87a30cd.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Spruce Point believes the Digital ID model does not work for CLEAR and data security risk for CLEAR is a significant concern.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:40:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3f-7598-93f2-f8e3cc57e22e", "parentComponentId": null }, { "bbox": { "h": 0.29, "w": 0.53, "x": 0.02, "y": 0.64 }, "kind": "image", "text": "TSA Digital ID video thumbnails", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:35.772+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "750e2816-2ff4-4317-9f5c-87a408380a6e", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "A 2020 OneZero article contained a very interesting quote: “Seidman-Becker has spoken around this very idea before, and last year even predicted the end of wallets, saying in five to seven years they wouldn’t serve a purpose anymore. “You are your driver’s license, your credit card, your health care card, your building access card — why are you whipping all these cards out?” she said.” Spruce Point fully agrees that physical wallets, credit cards, etc. are on the decline but Spruce Point also believes the rapid growth and acceptance of digital wallets could be the ultimate demise of CLEAR’s ability to have a competitive Digital ID program with the TSA and/or any other industry vertical. The TSA is already accepting Digital IDs from 12 states including NY and CA and they are not accepting a CLEAR Digital ID. Spruce Point believes the Digital ID model does not work for CLEAR and data security risk for CLEAR is a significant concern.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:35.772+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8420ce69-b1ba-4707-9410-d0d9be1794af", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"You are your driver's license, your credit card, your health care card, your building access card — why are you whipping all these cards out?\" — Seidman-Becker (OneZero, 2020).", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:40:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3f-7598-93f2-fdd35de66993", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.5, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: “Clear Conquered U.S. Airports. Now It Wants to Own Your Entire Digital Identity”, OneZero, October 2020, TSA and Red emphasis Spruce Point.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Airlines want digital identity to operate like credit card POS type of settlement processes. Airlines don't want to run a Digital ID program. They don't want to own the identity, they don't want to manage the reputational risk, etc. There's a negative relationship between TSA pre-check and people who check bags. People who pay for pre-check tend to be people who only check bags when they're traveling internationally or checking golf clubs. So the airlines are still going to need for the larger portion of their travelers who are checking bags, they're going to need, if they really want to push this automated checkpoint bag check, they're going to need other sources for digital identity beyond TSA digital identity. That could be CLEAR. A free membership of CLEAR, not a paid membership. And CLEAR does free memberships in healthcare, sports and other type, I don't know what they call them now. They've differentiated the branding. One is CLEAR Plus and the other one, I can't remember what it's called, but it's basically this free membership that gives you the ability to validate your identity and LinkedIn, Home Depot and a few of these products. So CLEAR could do that. So can Apple, so can potentially PayPal, so can MasterCard, all these companies that are trying to bring digital identity into the wallet, the phone wallet potentially can do the same thing as they start rolling this out. So the airlines want to maintain their ability to interoperate with as many digital identity providers as the TSA approves and CLEAR could be one of them, but not an exclusive one. The airline is more than happy to pay them cents on passenger because it has labor savings and CLEAR gets the benefit of some degree of revenue. We can talk about the quality of that revenue in a minute, some degree of revenue per transaction for those users. And I think that the economics are relatively easily sorted out there.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:37.198+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cbfe08ed-5a7b-4969-acda-7d12b1da2e91", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "We believe the Digital ID model would not be economically viable for CLEAR given it would potentially be on a per transaction basis vs. the annual membership fee. One last pain point for the airlines is checked bags. They are currently in the process of working on a solution to eliminate the airline employee that verifies your ID prior to placing the checked bag on the conveyor belt. 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Airlines want digital identity to operate like credit card POS type of settlement processes. Airlines don't want to run a Digital ID program. 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Spruce Point highlights a few key excerpts from the article. A CLEAR data breach remains a risk factor which could cause irrecoverable harm. According to an expert who advised the US government, CLEAR's \"architecture\" might not be the right approach for managing identity.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:37.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a88c02fb-5046-452a-b4b4-d93d69bd6bd6", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.94, "x": 0.03, "y": 0.38 }, "kind": "quote", "text": "What's more, says Kaliya Young, an identity expert who has advised the US government, having a single private company \"disintermediating\" our biometric data—especially facial data—is the wrong \"architecture\" to manage identity. \"It seems they are trying to create a system like login with Google, but for everything in real life,\" Young warns. While the single sign-on option that Google (or Facebook or Apple) provides for websites and apps may make life easy, it also poses greater security and privacy risks by putting both our personal data and the keys to it in the hands of a single profit-driven entity: \"We're basically selling our identity soul to a private company, who's then going to be the gatekeeper ... everywhere one goes.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:37.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "558468a5-5da9-4802-9920-e6265065b4eb", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.94, "x": 0.03, "y": 0.61 }, "kind": "quote", "text": "\"This is what Young, who helped facilitate the creation of the open-source identity management standards Open ID Connect and OAuth, means when she says that CLEAR has the wrong \"architecture\" for managing digital identity; it's too much of a risk to keep our digital identities in a central database, cryptographically protected or not. She and many other identity and privacy experts believe that the most privacy-protecting way to manage digital identity is to \"use credentials, like a mobile driver's license, stored on people's devices in digital wallets,\" she says. \"These digital credentials can have biometrics, but the biometrics in a central database are not being pinged for day to day use.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:37.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ee83cfb-c95d-4880-b7af-fc51bb30bf74", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“We’re basically selling our identity soul to a private company, who’s then going to be the gatekeeper ... everywhere one goes.” — Kaliya Young, identity expert", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:40:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3f-7598-93f3-169475208808", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: \"Inside Clear's ambitions to manage your identity beyond the airport\", MIT Technology Review, Nov 20, 2024", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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NON-BIOMETRIC AND NON-HEALTH PERSONAL INFORMATION\nIn addition to the disclosures described in Section 3.A above, we also may share non-biometric and non-health personal information (except for government-issued identification numbers and payment card and financial account numbers) we obtain about you with our affiliates for the purposes described in Section 2.B of this Privacy Policy.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:40.967+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "410e6795-e12d-49dc-8541-84f74c43b61d", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.96, "x": 0.02, "y": 0.74 }, "kind": "paragraph", "text": "D. SERVICE PROVIDERS\nWe contractually prohibit our service providers from using or disclosing our consumers’ personal information, other than to perform services for us, prevent fraud or comply with legal requirements. We require these service providers to appropriately safeguard the privacy and security of the consumer personal information they collect, use, disclose or otherwise process for us. We permit service providers to retain such personal information only for as long as is necessary to provide the services to CLEAR, and we always limit service providers’ data retention terms to comply with applicable law and this Privacy Policy.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:40.967+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b5fb5af-307b-4ea4-967a-3f5b30255046", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "According to an article in OneZero, their reporter obtained a presentation given by CLEAR to LAX in 2015. According to OneZero: “CLEAR showed off all the data that it collected on customers who enter stadiums, with the title “Identity Dashboard — Valuable Marketing Data.” That data includes favorite foods and beverages at sports stadiums, when they arrive at games, what kind of credit card they have, whom they attend games with, and how often they fly first class.” Spruce Point was not able to independently verify the presentation. Spruce Point finds it very alarming that CLEAR shares non-biometric data, but maybe more importantly that data is not only subject to a data breach at CLEAR but also its Service Providers. TSA PreCheck policy: “No applicant information can be used for any purpose other than TSA PreCheck enrollment and vetting without the prior consent of the applicant.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:40.967+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "85d1b7c3-9d9e-425c-87ff-aa125f8dea69", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.96, "x": 0.02, "y": 0.61 }, "kind": "paragraph", "text": "C. HEALTH INFORMATION\nIn addition to the disclosures described in Section 3.A above, if you use CLEAR Health Pass we also may share health information we obtain about you or information based on this information with private and public entities that use CLEAR Health Pass, for the purposes described in Section 2.A of this Privacy Policy.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:40.967+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5722f90-8882-4454-97ad-6f9eafb5e3db", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "CLEAR showed off all the data that it collected on customers who enter stadiums, with the title “Identity Dashboard — Valuable Marketing Data.” That data includes favorite foods and beverages at sports stadiums, when they arrive at games, what kind of credit card they have, whom they attend games with, and how often they fly first class. — OneZero", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:40:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3f-7598-93f3-77731d9ca535", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.75, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: CLEAR Privacy Policy, “Clear Conquered U.S. Airports. Now It Wants to Own Your Entire Digital Identity”, OneZero, October 2020", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Spruce Point believes either the TSA's partnerships with the airlines or a competitor such as IDEMIA could completely displace CLEAR's business.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:33.346+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f63f4421-7888-4452-ac07-5349ddd16e4a", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Not only are the airlines partnering with the TSA on a competing service (Digital ID) but a formidable competitor is also expanding their technology within the TSA at almost lightening speed given new technology adoption by the TSA typically takes years.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:40:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3f-7598-93f3-56e7782ff9ed", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.48, "x": 0.02, "y": 0.31 }, "kind": "image", "text": "IDEMIA CAT-2 Machine", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:33.346+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23008afb-20ab-482d-b6ef-687cbb775fce", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.46, "x": 0.52, "y": 0.35 }, "kind": "paragraph", "text": "\"IDEMIA, a French security firm, signed a $128m contract with the TSA in 2023 to develop and install CAT-2 facial recognition technology. Today, CAT-2 machines are located in 84 airports nationwide, and will expand to the more than 400 federalized airports over the coming years.\"\n\nIt's unfortunate that a French company beat CLEAR on this endeavor but we believe CLEAR is not an innovative technology company. As the TSA continues to expand its Digital ID program with the airlines and more consumers sign up, Spruce Point believes this will ultimately increase PreCheck throughput and potentially render CLEAR's airport service obsolete. 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The change was primarily due to a $1.7 million decrease in non-cash impairment of certain assets, partially offset by a $1.0 million increase in technology costs.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:33.125+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "720082ce-981e-4988-b283-b2902494abe7", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Spruce Point believes a major red flag is when companies claiming to have a key technology advantage start to curtail technology investment. 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We believe CLEAR would like to work with the TSA on an installed eGate and has spoken enthusiastically about the technology on its year end conference call. CLEAR members can then self-screen through the eGates and go directly to the carry-on baggage scanner. Spruce Point has not seen CLEAR's eGates. We believe it will take years for the TSA to approve an eGate and ultimately it might not be anywhere close to CLEAR's existing eGate design or configuration. It also appears the carry-on baggage screener is the major bottleneck for the TSA and CLEAR. The TSA's initial award for CT scanners for carry-on baggage occurred in 2019. As of April 2023, 634 CT units have been installed and another 1,200 are expected to be installed over the coming years if funding is available.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:44.833+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2100c6e0-fd01-487f-b247-43a47e9004f1", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.96, "x": 0.02, "y": 0.47 }, "kind": "quote", "text": "However, eGates, we think of eGates as the turns a mixture between the boarding gate reader to board the airplane and something along the turnstile of the metro, the subway, if Congress mandated to TSA to put eGates, I don't know that that's what they would come up with. I think what they would come up with is the eGates that the European immigration lines use, which are complete. I don't know if you've seen them. Oh there's like the gate, but then there's this door and its window, it's a door with glass that once I verify it opens and allows me to go through in a very narrow pathway and then it shuts down and until it shuts down, I cannot enter to be the next person can enter. It's a very slow throughput infrastructure and a very heavy infrastructure to deploy in a checkpoint in an airport. You got to drill a ton, you got to put a ton of electric wiring and you also are going to sacrifice a lot of real estate for people to stand on. So I don't see how this becomes a mass checkpoint solution. It could be a CLEAR solution, but I don't see how you can achieve a real estate improvement. You can achieve an improvement with eGates given the real estate challenge you have and you're not actually changing the throughput, you're removing the labor cost, which is not small, but you're not improving the throughput because the throughput for the TSA checkpoint is actually the x-ray machine. That's really what's making the line congested. The amount of x-ray machines you have and how long they take everything else is additional touch points. So yes, you could save manpower, but at the end of the day, I don't know that the airports would be supportive in investing all that real estate to put all these machines unless TSA views a different machine in its brain.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:44.833+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ce6a6c3-cf46-45d9-96b5-9c3c64c735ac", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "However, eGates, we think of eGates as the turns a mixture between the boarding gate reader to board the airplane and something along the turnstile of the metro, the subway, I don't know if you told TSA, if Congress mandated to TSA to put eGates, I don't know that that's what they would come up with. I think what they would come up with is the eGates that the European immigration lines use, which are complete. I don't know if you've seen them. — Former CLEAR Employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:40:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3f-7598-93f3-c46a9a4df64e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.58, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Spruce Point research interview, Q4 2024 conference call and TSA procurement announcement.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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CLEAR definitely has dedicated real estate but IDEMIA is also very integrated with the TSA. 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They are fairly large and they do take up some room, so they will not fit everywhere. There is no doubt that at. But where they can fit, I believe that that allows you to automate the traveler document checker position, the TDC position to a level where, again, maybe one officer can monitor five of these eGates really only looking for passengers that are having problems, and that will enable that officer to do what they really should be doing, which is paying attention to the passenger as they're going by and making sure they don't look suspicious and making sure they're not carrying too much stuff or whatever they're getting in the right lane.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:34.756+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "261849b1-5217-4d17-b08a-da8d626f6c0d", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.98, "x": 0.01, "y": 0.745 }, "kind": "quote", "text": "“So TSA has got a variety of a couple of ways to purchase equipment, right? Number one, you just go on budget, request the money, use appropriated funding and go buy the stuff, but there's not enough money to go around. So when it comes to something like an eGate solution, or I've got a client that wants to get ahead on this eGate idea, what has to happen is TSA has to agree to allow the airport or the airline, it depends, but the stakeholder to actually buy the equipment and then donate it to TSA and it's great. They call it the CAP, the capability acceptance process. 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Spruce Point believes CLEAR should provide investors with more details around its eGate strategy and how it plans to implement them with the legal issue around the traveler document checker.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:34.191+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59456be5-c8c6-4d96-828e-206616e0a51d", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.96, "x": 0.02, "y": 0.34 }, "kind": "quote", "text": "Now, the way that CAP process works... 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(NYSE: UI) during a period it was under investor and SEC scrutiny. Broadly speaking, the role of a Controller is to oversee financial and accounting-related activities to ensure accuracy and maintain internal controls. One of the key allegations was that Ubiquiti inflated its Ubiquiti Community members. Ubiquiti received a subpoena from the SEC but the regulator did not take any enforcement action. However, Ubiquiti settled a shareholder lawsuit for $15 million, without admitting guilt. Mr. Liu's LinkedIn biography states he is a CPA but this claim cannot be verified as there is no Dennis Liu in the CPAverify.com database.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:35.878+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70ea13bd-b1de-45d7-9409-167b15fcb166", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.32, "x": 0.02, "y": 0.46 }, "kind": "paragraph", "text": "On February 13, 2018, the Securities and Exchange Commission (the “SEC”) issued subpoenas to Ubiquiti Networks, Inc. (the “Company”) and certain of the Company’s officers requesting documents and information relating to a range of topics, including metrics relating to the Ubiquiti Community, accounting practices, financial information, auditors, international trade practices, and relationships with distributors and various other third parties. The Company is in the process of responding to the requests and intends to cooperate fully with the SEC.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:35.878+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "871c506d-7eaf-4567-9c63-a0a002ebd0c4", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.32, "x": 0.34, "y": 0.46 }, "kind": "paragraph", "text": "Effective September 13, 2021, Mr. Dennis Liu has been appointed Chief Accounting Officer of Clear Secure, Inc. (the “Company”) and will assume the role of principal accounting officer. Prior to joining CLEAR, Mr. Liu was an international controller at Ubiquiti Inc. (from 2016 to 2017) and a corporate controller at Ubiquiti Inc. (from 2017 to 2021). Mr. Liu holds a Masters in Accounting from the University of Illinois Urbana-Champaign. Mr. Liu, 38, will receive a base salary and an annual cash bonus opportunity equal to a percentage of base salary.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:35.878+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "98c217a0-708d-4b95-ae95-be4c3135e1f3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "On February 13, 2018, the Securities and Exchange Commission (the “SEC”) issued subpoenas to Ubiquiti Networks, Inc. (the “Company”) and certain of the Company’s officers requesting documents and information relating to a range of topics, including metrics relating to the Ubiquiti Community, accounting practices, financial information, auditors, international trade practices, and relationships with distributors and various other third parties.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f3-714d-84b8-58e454f1ee69", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.75, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: UI 8-K and 10-Q, CLEAR 8-K, LinkedIn biography, CPAverify.com, In re Ubiquiti Networks, Securities Litigation (1:18-cv-01620)", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Mr. Radigan was named in the securities lawsuit. 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In actuality, as of December 31, 2016, the Ubiquiti Community included approximately 609,000 registered users", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:35.626+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0cfa2f3-faa2-496d-90d2-a713b40b6253", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"As a result of a reporting error, the previously furnished Prior Investor Presentations and the investor presentation used by Company management dated as of May 2017 referenced 4 million registered users in the Ubiquiti Community, and the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2017 reported that the Ubiquiti Community included over 4 million entrepreneurial operators and systems integrators. In actuality, as of December 31, 2016, the Ubiquiti Community included approximately 609,000 registered users, while there were approximately 4 million registered user sessions at https://community.ubnt.com during the calendar year ended December 31, 2016. The information on https://community.ubnt.com is not part of this Current Report on Form 8-K.\" — Ubiquiti Community", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:40:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3f-7598-93f4-19c8142c22ca", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Liu LinkedIn and Radigan LinkedIn, Ubiquiti 8-K disclosing reporting error", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The biggest recent change is that revenue is no longer reduced by estimated amounts due to its credit card partner. This could be a lever used to inflate current revenue.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:36.029+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f499524-f94f-4247-a078-e9124e492c92", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: CLEAR SEC Filings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The Company gives inconsistent descriptions of the factors driving the revenue increase.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:40:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3f-7598-93f4-2c2ec03487cb", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Reported Revenue: $770.5", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:40:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3f-7598-93f4-356282e29fd5", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "We believe there is further reason to be suspicious of CLEAR's revenue quality. The Company gives inconsistent descriptions of the factors driving the revenue increase. For example, the MD&A says nothing about retention or churn and made multiple changes to its description of members (initially citing “average monthly” and now “active”). Lastly, despite the CFO claiming CLEAR had pricing power in 2023, it did not report the effect on average revenue per member. 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not provide to investors. In the recent 2024 proxy statement, we find that CLEAR’s management was compensated on Unlevered Free Cash Flow (ULFCF) despite reporting Free Cash Flow as a KPI. Management was even rewarded with a handsome $421K bonus for exceeding an ULFCF Stretch Bonus Opportunity. Yet, management may have hit this ULFCF target by squeezing its customers with more onerous cancellation terms. There are numerous customer complaints such as the one below that detail customer frustrations with cancelling.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:39.24+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "be7a0932-14a6-4e2c-9d13-24bb0e590a0f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: 2023 vs. 2024 Proxy Statement and TrustPilot review", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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null, "extraction": { "at": "2026-05-02 20:25:39.24+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29c0b7cc-bf02-4c40-b2c0-54d70eb21d71", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7bb3a527-1906-43e7-b017-dd8db165be4e", "evidence": "Contrasts management bonus justification with customer experience", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:39.24+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 74, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 75, "type": "tension", "title": "Uses screenshots of website policy changes and a renewal discount email as evidence.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": 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"deck": "/decks/019dd923-622c-750b-8b99-b032f87a30cd", "deckAnchor": "/decks/019dd923-622c-750b-8b99-b032f87a30cd#slide-75", "deckJson": "/decks/019dd923-622c-750b-8b99-b032f87a30cd.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "By making more restrictive refund policies, we believe CLEAR can improve its cash flow and allow management to reach its stretch goal.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": 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"2025 Current Refund Policy screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:39.363+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfdbf8ca-03ef-43aa-94df-932722338cda", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "By making more restrictive refund policies, we believe CLEAR can improve its cash flow and allow management to reach its stretch goal. In Q1'24, CLEAR changed its reimbursement policy from a prorated refund to no refund after 60 days.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:39.363+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "71e8c03f-a7ab-4973-b1a4-2b893b7fc364", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Refund Policy (2023), Current CLEAR refund policy and email from CLEAR two weeks prior to membership expiration in 2025. Red emphasis Spruce Point", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:40:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3f-7598-93f5-bdcfd72b5990", "parentComponentId": null }, { "bbox": { "h": 0.58, "w": 0.52, "x": 0.47, "y": 0.33 }, "kind": "image", "text": "Collage of office interior photos", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:39.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c8562ac9-98fe-44cb-a4b9-22de4dfcc2a2", "parentComponentId": null }, { "bbox": { "h": 0.58, "w": 0.45, "x": 0.01, "y": 0.33 }, "kind": "list", "text": "Disclosures of Corporate HQ: Excerpts from SEC filings detailing the 120,000 sq ft lease at 85 10th Avenue, $177.4M aggregate cost, and 15-year term.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": 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JPMorgan uses nearly 40 comps to classify CLEAR, but one company that stands out is the comparison with Chegg, Inc. (NYSE: CHGG). We believe CLEAR investors should pay attention to this comparison because Chegg too was touted as a high moat disruptor but is now a penny stock and being displaced by new technologies such as artificial intelligence. Curiously, CLEAR nominated Marne Levine to its Board. She also currently serves on Chegg’s Board.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:39.819+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b9df66d-12e0-4162-81bc-f30a428e00a1", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We sense that Bumble, Chegg, and Match are good comps given similar consumer subscription models and margin profiles. — JPMorgan", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:40:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3f-7598-93f6-ab786ade981f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: JPMorgan, Wells Fargo and Needham Initiation reports, Marne Levine on Chegg’s Board and nomination to CLEAR’s Board", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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By analyzing CEO Pay Ratio disclosures, we find that CLEAR's median employee earns just $37,293 annually which is vastly below peers.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:39.508+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "01ec440c-0691-4282-b47d-a637a28f152d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Company proxy statement filings. 1) Reflects Chris Burzo's compensation.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Even Bloomberg fails to identify over $115 million of operating leases. However, we think the biggest disconnect is the multiple share classes that are convertible to Class A shares and the Tax Receivable Agreement (TRA).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:40:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3f-7598-93f6-2ecbde7fdb41", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Adjusted Enterprise Value: $3,308.5", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:40:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3f-7598-93f6-33196f24fddf", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "Spruce Point believes there is rampant misunderstanding of CLEAR's capital structure. Even Bloomberg fails to identify over $115 million of operating leases. 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