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  "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": "The slide uses CEO Pay Ratio data to argue that CLEAR is not a true technology company.",
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      "text": "Spruce Point does not believe that CLEAR should be valued like a technology company with a strong subscription based recurring revenue model simply for the fact that it is mostly comprised of low-paid \"brand ambassadors\" and field managers.",
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      "text": "median employee wage: $37,293",
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      "text": "Spruce Point does not believe that CLEAR should be valued like a technology company with a strong subscription based recurring revenue model simply for the fact that it is mostly comprised of low-paid \"brand ambassadors\" and field managers. By analyzing CEO Pay Ratio disclosures, we find that CLEAR's median employee earns just $37,293 annually which is vastly below peers.",
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      "text": "Source: Company proxy statement filings. 1) Reflects Chris Burzo's compensation.",
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      "text": "If CLEAR Is High-Tech, You Wouldn't Know It By Its Low-Wage Workforce",
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