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  "documentTitle": "Clear Secure, Inc. (YOU)",
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  "presentationDate": "2025-04-30 00:00:00",
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  "notes": "Uses a 'before-after' comparison of pricing screenshots to highlight the contradiction.",
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      "kind": "callout",
      "text": "CLEAR talked about high incremental margin potential with TSA PreCheck. Yet, even as CLEAR increased its price from $189 to $199 per year, the discounted bundled cost of its service with the TSA partnership actually fell from $122.00 to $121.05.",
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      "text": "2024 vs 2025 pricing screenshots",
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      "kind": "quote",
      "text": "So from a PreCheck perspective, we've talked about, I think, over the last probably 8 quarters that we've been carrying expenses overhead for PreCheck and that's why we're so optimistic on our high incremental margins.",
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      "kind": "quote",
      "text": "And just quickly on the PreCheck. Look, PreCheck is going really well. It's gaining great momentum. We're live today in 91 locations, driving market share. In terms of upsell rates, we have 90% plus marketing opt-in rate.",
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      "kind": "quote",
      "text": "\"So from a PreCheck perspective, we've talked about, I think, over the last probably 8 quarters that we've been carrying expenses overhead for PreCheck and that's why we're so optimistic on our high incremental margins.\" — CEO, Q4 2023, Feb 28, 2024. \"And just quickly on the PreCheck. Look, PreCheck is going really well. It's gaining great momentum. We're live today in 91 locations, driving market share. In terms of upsell rates, we have 90% plus marketing opt-in rate. And our upsell rate for those members or those people joining PreCheck that are not already CLEAR members is approaching 20%.\" — CFO, Q4 2024, Feb 26, 2025.",
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      "kind": "source-note",
      "text": "Source: 2024. vs. 2025 partnership, CLEAR conference calls",
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      "kind": "title",
      "text": "TSA PreCheck Partnership Looks Weak",
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