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  "documentTitle": "Clear Secure, Inc. (YOU)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-04-30 00:00:00",
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  "notes": "The slide highlights a $196.8M TRA liability and 82.1% voting control by insiders.",
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      "text": "Spruce Point does not favor investing in companies with multiple share classes that provide the opportunity for management and insiders to treat public shareholders in an unfriendly manner. CLEAR has a Tax Receivable Agreement (“TRA”) which provides the payment to its co-founders of 85% of the cash savings created under various circumstances, including share exchanges among classes. Insiders have been exchanging Class B, C, and D for Class A public shares and a TRA in the amount of $196.8 million was recently established.",
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      "text": "Spruce Point does not favor investing in companies with multiple share classes that provide the opportunity for management and insiders to treat public shareholders in an unfriendly manner.",
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      "text": "Pre-IPO Members Get A TRA Benefit",
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      "text": "Four Classes of Stock",
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      "text": "Insider Interests Differ From Yours",
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      "text": "Source: CLEAR 2024 10-K, Spruce Point red emphasis",
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      "text": "As of December 31, 2024, the Founder Post-IPO Members collectively control approximately 82.1% of the combined voting power of our outstanding shares of Common Stock as a result of its ownership of our Class B Common Stock and our Class D Common Stock...",
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      "text": "The Company maintains a TRA with the Alclear Members that provides for the payment by us to the Alclear Members of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that we actually realize...",
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      "kind": "quote",
      "text": "We are controlled by the Founder Post-IPO Members, whose interests in our business may be different than yours. — CLEAR 2024 10-K",
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      "text": "Class A Common Stock... 96,100,081; Class B Common Stock... 677,234; Class C Common Stock... 15,196,670; Class D Common Stock... 24,896,690",
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      "text": "CLEAR Does Not Have A Shareholder Friendly Structure",
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