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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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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-04-30 00:00:00",
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  "notes": "Uses a proxy statement excerpt and a TrustPilot review to build a narrative of misaligned incentives.",
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      "text": "Difficult To Cancel Complaint",
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      "text": "New ULFCF Stretch Bonus Target",
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      "text": "Spruce Point bemoans when management pays itself on metrics that it generally does not provide to investors. In the recent 2024 proxy statement, we find that CLEAR’s management was compensated on Unlevered Free Cash Flow (ULFCF) despite reporting Free Cash Flow as a KPI. Management was even rewarded with a handsome $421K bonus for exceeding an ULFCF Stretch Bonus Opportunity. Yet, management may have hit this ULFCF target by squeezing its customers with more onerous cancellation terms. There are numerous customer complaints such as the one below that detail customer frustrations with cancelling.",
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      "kind": "title",
      "text": "Did CLEAR Harm Customers So Management Could Extract Bonuses?",
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