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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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  "notes": "The slide uses color-coded cells (red for negative growth, green for positive) to visually emphasize the contradiction.",
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      "kind": "callout",
      "text": "The accounts receivable balance has been declining year-over-year for eight of the last nine quarters. In contrast, revenue has been increasing year-over-year in every quarter, but at a declining growth rate.",
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      "text": "Accounts Receivable",
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      "text": "The Company bills members upfront for an annual membership and payments are typically made via credit or debit transactions. CLEAR reports very little accounts receivable and does not assume any allowance for bad debts. The accounts receivable balance has been declining year-over-year for eight of the last nine quarters. In contrast, revenue has been increasing year-over-year in every quarter, but at a declining growth rate.",
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      "text": "Source: CLEAR SEC Filings and Spruce Point analysis.",
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      "text": "Accounts Receivable vs. Revenue table showing quarterly data from 2022 Q4 to 2024 Q4",
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      "kind": "title",
      "text": "The Direction of Receivables Doesn't Jive With The Direction of Sales",
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