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  "documentTitle": "Clear Secure, Inc. (YOU)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-04-30 00:00:00",
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  "notes": "Uses photographic evidence of the office space to contrast with the financial critique.",
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      "kind": "callout",
      "text": "Management's judgement needs to be questioned. In late 2021, CLEAR moved headquarters and signed a $177 million 15-year lease that expanded its total square feet from 34K to 120K in the Chelsea district of New York City. Yet, as we previously illustrated, since this time CLEAR has primarily added ambassadors and field managers earning $37K per year. We believe this is more evidence of questionable and wasteful spending that could exacerbate CLEAR's financial stress if and when the TSA and/or competitors displace its core offering.",
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      "text": "Management's judgement needs to be questioned.",
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      "kind": "list",
      "text": "Disclosures of Corporate HQ: Excerpts from SEC filings detailing the 120,000 sq ft lease at 85 10th Avenue, $177.4M aggregate cost, and 15-year term.",
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      "text": "As of December 31, 2021, our headquarters and principal executive offices are located at 65 East 55th Street, 17th Floor, New York, New York 10022, consisting of approximately 34,825 square feet, under a lease which expires in June 2030, unless terminated earlier under certain circumstances specified in our leases. — CLEAR SEC Filings",
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      "text": "Source: CLEAR SEC Filings, TPG Architecture, Glassdoor",
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      "text": "Management Squandering Capital",
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