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  "documentTitle": "Clear Secure, Inc. (YOU)",
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      "text": "We think they should continue disclosing a Net Member Retention excluding the Amex auto renewals and the two- or three-month free memberships which we were told helps inflate the metric.",
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      "text": "On the Q4'24 conference call, CLEAR said it would no longer report annual net member retention because it is sunsetting early deep discount programs which have been a drag on unit economics.",
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      "text": "While Spruce Point can appreciate the merits of using Gross Dollar Based Retention, we believe the removal of Net Member Retention is a detriment to transparency for the investor community and removes the ability to follow the negative trends that recently started.",
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      "text": "Which actually is reflected in CLEAR’s decreasing quarter by quarter retention rates, customer retention rates, which, by the way, are overly inflated because it’s got the American Express population in it, which is automatic renewal anyway, and B, it includes buybacks of 2 or 3 months free to get customers to try you again. — Former Employee",
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