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  "docSlug": "d09125f46e4d",
  "documentTitle": "Clear Secure, Inc. (YOU)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-04-30 00:00:00",
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  "pageNumber": 13,
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  "notes": "The slide uses a red box highlight to draw attention to the 2024 inflection point where recognized revenue surpassed added revenue.",
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      "kind": "callout",
      "text": "Looking carefully at the accounts, we see that in 2024, the amounts added to deferred revenue dropped below amounts recognized for the first time since being reported in 2021.",
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      "text": "Deferred Revenue: $115.8",
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      "text": "CLEAR's deferred revenue balance primarily relates to amounts received from customers for subscriptions paid in advance of the services being provided that will be earned within the next twelve months. Looking carefully at the accounts, we see that in 2024, the amounts added to deferred revenue dropped below amounts recognized for the first time since being reported in 2021. We view this as a strong indication of troubles ahead with meeting revenue expectations.",
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      "kind": "source-note",
      "text": "Source: CLEAR SEC filings and Spruce Point analysis",
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      "text": "CLEAR's Deferred Revenue Account Analysis table showing 2020-2024 figures for Beginning/Ending balance, Added, Recognized, and % growth.",
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      "kind": "title",
      "text": "Deferred Revenue Analysis Suggests That Forthcoming Pressures Are Likely",
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