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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": "Includes tables from Wells Fargo, JP Morgan, and Bloomberg to highlight analyst consensus vs. actual financial reporting.",
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      "kind": "callout",
      "text": "Why do analysts ignore the human cost of delivering its service?",
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      "kind": "metric",
      "text": "gross margin: 86%",
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      "text": "Analysts appear to blissfully ignore the cost of direct salaries necessary to deliver the expedited service of moving customers through CLEAR lanes. The Company's definition of these costs makes it clear they are directly related to servicing customers. As a result, we believe CLEAR's gross margins are significantly embellished and not fairly represented at ~86%.",
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      "kind": "quote",
      "text": "Cost of direct salaries and benefits includes employee-related expenses and allocated overhead associated with our field Ambassadors and field managers directly assisting Members and their corresponding travel related costs. — CLEAR SEC Filings",
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      "text": "1) \"Cost of direct salaries and benefits includes employee-related expenses and allocated overhead associated with our field Ambassadors and field managers directly assisting Members and their corresponding travel related costs.\" Source: CLEAR SEC Filings and analyst equity reports; Red emphasis Spruce Point.",
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      "text": "JP Morgan Research Ratio Analysis table.",
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      "text": "CLEAR's Financial Reporting table showing Revenue, Operating expenses, and Operating income.",
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      "text": "Bloomberg 2025/2026 Estimates table.",
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      "text": "Wells Fargo Performance vs. Historicals table.",
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      "text": "We Believe CLEAR's Promoted Gross Margins Are Significantly Inflated",
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