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  "documentTitle": "Clear Secure, Inc. (YOU)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-04-30 00:00:00",
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      "kind": "callout",
      "text": "Spruce Point believes CLEAR is reaching full penetration in all the higher volume airports given American Airlines is reluctant to partner with it.",
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      "text": "YoY Growth: 3.6%",
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      "text": "The other way to increase CLEAR's network effect is to expand airport locations. However, from 2023 to 2024, CLEAR only added two new airports or 3.6% growth...",
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      "text": "Source: CLEAR SEC Filings and Spruce Point analysis. 1) 2024 is based off current website.",
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      "text": "Spruce Point Believes CLEAR's Airport Penetration Is Nearly Saturated...",
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