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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 uses red arrows to point from external data sources (CapitalIQ, Bloomberg) to the 'Spruce Point Adjusted' column to demonstrate the correction of market data.",
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      "text": "Spruce Point believes there is rampant misunderstanding of CLEAR’s capital structure. Even Bloomberg fails to identify over $115 million of operating leases. However, we think the biggest disconnect is the multiple share classes that are convertible to Class A shares and the Tax Receivable Agreement (TRA).",
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      "text": "Adjusted Enterprise Value: $3,308.5",
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      "text": "Spruce Point believes there is rampant misunderstanding of CLEAR's capital structure. Even Bloomberg fails to identify over $115 million of operating leases. However, we think the biggest disconnect is the multiple share classes that are convertible to Class A shares and the Tax Receivable Agreement (TRA).",
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      "text": "Source: CLEAR and Spruce Point analysis, Bloomberg, CapitalIQ and Yahoo! Finance",
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      "text": "Main comparison table showing Street vs Adjusted vs Spruce Point Adjusted figures for shares, market cap, debt, and enterprise value.",
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      "text": "Street vs. Spruce Point Adjusted Capital Structure",
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