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  "documentTitle": "Clear Secure, Inc. (YOU)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-04-30 00:00:00",
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  "notes": "Uses screenshots of website policy changes and a renewal discount email as evidence.",
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      "text": "By making more restrictive refund policies, we believe CLEAR can improve its cash flow and allow management to reach its stretch goal.",
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      "text": "2023 Refund Policy screenshot",
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      "text": "By making more restrictive refund policies, we believe CLEAR can improve its cash flow and allow management to reach its stretch goal. In Q1'24, CLEAR changed its reimbursement policy from a prorated refund to no refund after 60 days.",
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      "text": "Source: Refund Policy (2023), Current CLEAR refund policy and email from CLEAR two weeks prior to membership expiration in 2025. Red emphasis Spruce Point",
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      "text": "Here Is Evidence of More Restrictive Cancellation Terms Being Imposed",
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