{
  "docId": "019dd923-622c-750b-8b99-b032f87a30cd",
  "docSlug": "d09125f46e4d",
  "documentTitle": "Clear Secure, Inc. (YOU)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-04-30 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 11,
  "pageCount": 85,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "The slide highlights a structural bottleneck imposed by a third party (TSA) that limits the company's ability to scale service quality.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-b032f87a30cd/11",
  "deckHref": "/decks/019dd923-622c-750b-8b99-b032f87a30cd",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-b032f87a30cd.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-b032f87a30cd#slide-11",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "callout",
      "text": "We believe that additional directives from the TSA exacerbates the bottleneck: 1) CLEAR brand ambassadors escort the CLEAR member to the TSA officer for a final security check, 2) TSA is instructed to take one TSA PreCheck passenger, then one CLEAR member and alternate (though this varies by airport), and 3) Randomized security checks of CLEAR members must still occur as a result of the Company’s security lapses back in 2023.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2245000f-e33b-4ae1-84fe-9c32895ce340",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.02,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Tegus interview 12/17/24. 1) “Clear Faces More Scrutiny With Added Airport Incidents,” Bloomberg, August 2023",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7302de3c-ce3b-45c7-bd04-d0b902a47690",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.96,
        "x": 0.02,
        "y": 0.3
      },
      "kind": "table",
      "text": "Tegus Question and Former CLEAR Employee response regarding TSA throughput constraints.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1c02b00e-f4bc-4078-b47a-5513eb196933",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.32,
        "y": 0.02
      },
      "kind": "title",
      "text": "Additional Directives From TSA Exacerbates The Bottleneck",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b1be96c7-a925-45c9-bb50-61884d533a2c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "c36aa536-a480-48a9-8428-ec738ebd5348",
      "evidence": "The slide contrasts the company's narrative of 'clearing up' past issues with an expert's testimony that structural TSA directives make throughput improvements impossible.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 6,
      "beatId": "2af12dbd-a003-46b3-8911-6054868e235c",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "CLEAR's business model and financials are scrutinized",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The document presents multiple contradictions and concerns about CLEAR's business model and financials.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [
    {
      "to": 18,
      "from": 8,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "af6f8ef5-b721-4ed8-87f8-ae331b1944b4",
      "evidence": "The document presents multiple contradictions and concerns about CLEAR's business model and financials.",
      "position": 0,
      "objective": "Highlighting contradictions in CLEAR's business model and financials",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.7,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}