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  "documentTitle": "Clear Secure, Inc. (YOU)",
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  "notes": "The slide uses a table to contrast reported revenue growth with changing definitions of member metrics and pricing disclosures.",
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      "text": "We believe there is further reason to be suspicious of CLEAR's revenue quality. The Company gives inconsistent descriptions of the factors driving the revenue increase.",
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      "text": "Reported Revenue: $770.5",
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      "text": "We believe there is further reason to be suspicious of CLEAR's revenue quality. The Company gives inconsistent descriptions of the factors driving the revenue increase. For example, the MD&A says nothing about retention or churn and made multiple changes to its description of members (initially citing “average monthly” and now “active”). Lastly, despite the CFO claiming CLEAR had pricing power in 2023, it did not report the effect on average revenue per member. The largest price increases have been implemented on the Family Plan, but the percentage of members accessing the plan dropped for the first time in 2024",
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      "text": "Look, I think that we have pricing power. We've exercised some of it. We've taken a little bit of price and the family plan.",
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      "text": "Look, I think that we have pricing power. We've exercised some of it. We've taken a little bit of price and the family plan. — CFO Q2'23",
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      "text": "Source: CLEAR SEC Filings and Spruce Point analysis",
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