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  "docSlug": "d09125f46e4d",
  "documentTitle": "Clear Secure, Inc. (YOU)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-04-30 00:00:00",
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  "pageNumber": 12,
  "pageCount": 85,
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  "density": "dense",
  "nDataPoints": 84,
  "notes": "The slide uses red highlighting to emphasize negative trends in the data table.",
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      "text": "CLEAR is also eliminating the Net Member Retention metric going forward and instead will rely on Gross Dollar Based Retention which embeds both member retention and ARPU growth. Spruce Point believes this is a ploy to hide the underlying problem which is cancellations or member retention.",
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      "kind": "metric",
      "text": "YoY Growth: -71.2%",
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      "text": "On the surface, CLEAR's metrics appear resilient with Net New Members being added each quarter. However, when evaluating the recent year-over-year changes we see a sharp deceleration. CLEAR is also eliminating the Net Member Retention metric going forward and instead will rely on Gross Dollar Based Retention which embeds both member retention and ARPU growth. Spruce Point believes this is a ploy to hide the underlying problem which is cancellations or member retention.",
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      "kind": "source-note",
      "text": "Source: CLEAR SEC Filings and Spruce Point analysis",
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      "kind": "title",
      "text": "Key Performance Indicators Are Deteriorating...",
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      "arcName": "Overcoming the Monster",
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