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  "documentTitle": "Clear Secure, Inc. (YOU)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-04-30 00:00:00",
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  "notes": "Highlights the change in definition of 'Active CLEAR Plus Members' between 2024 and 2025 filings.",
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      "kind": "callout",
      "text": "The period expanded from 45 to 51 days in mid-2024 and now management no longer discloses the exact period.",
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      "text": "Active CLEAR Plus Members: 51 days",
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      "text": "While CLEAR's Chief Accounting Officer was Controller at Ubiquiti, it was alleged that its member community was inflated. Oddly enough, there are indicators that CLEAR may potentially be inflating active members by stretching the grace period days after billing failure. The period expanded from 45 to 51 days in mid-2024 and now management no longer discloses the exact period.",
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      "text": "Source: CLEAR SEC flings, Ubiquiti Networks securities litigation complaint.",
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      "text": "Comparison of Annual CLEAR Plus Gross Dollar Retention definitions across different time periods.",
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      "text": "Evidence That CLEAR May Potentially Be Inflating Active Members By Extending The Grace Period",
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