{ "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": 26, "pageCount": 85, "prevPage": 25, "nextPage": 27, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 1, "notes": "The slide highlights a strategic threat to CLEAR's business model by showing direct airline-TSA partnerships.", "elementsJson": [ "headline_text", "callout_box", "logo_grid", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-b032f87a30cd/26", "deckHref": "/decks/019dd923-622c-750b-8b99-b032f87a30cd", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-b032f87a30cd.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-b032f87a30cd#slide-26", "components": [ { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "callout", "text": "CLEAR's long-time partners no longer have equity interests in CLEAR and are now working with the TSA to offer a competing service to rollout its Touchless ID program. American Airlines has followed. Spruce Point believes the goal of the TSA is to get the ~40 million PreCheck and Global Entry members to sign-up for Touchless ID which is very simple and quick. It is somewhat confusing because at some airports the airlines have their own branded Digital ID lanes and the TSA has their own Digital ID lane.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "155afc4c-6fb4-4e5f-b310-2058d36b6ed0", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "CLEAR's long-time partners no longer have equity interests in CLEAR and are now working with the TSA to offer a competing service to rollout its Touchless ID program.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f3f-7598-93f2-114234521866", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.45, "x": 0.05, "y": 0.38 }, "kind": "paragraph", "text": "Delta has partnered with the TSA to offer a secure feature for eligible SkyMiles Members. TSA PreCheck Touchless ID is currently an expanded pilot program in the following airports: ATL (Atlanta), DTW (Detroit), LAX (Los Angeles), LGA (New York City), JFK (New York City), SLC (Salt Lake City) and DCA (Washington, D.C.).", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5891b6ce-d888-4070-b9f7-862e6ce3850a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.45, "x": 0.52, "y": 0.38 }, "kind": "paragraph", "text": "We recently launched TSA PreCheck Touchless ID at O'Hare International Airport, which allows travelers to seamlessly drop off their bags and make it quickly through security - all without having to present an ID. United is the first airline to offer this technology at O'Hare. TSA Touchless ID is available at bag drop shortcut or security lines at these airports: ATL (Atlanta), ORD (Chicago), LAX (Los Angeles), LGA (New York) EWR (New York/Newark), DCA (Washington, D.C.), SLC (Salt Lake City), and LAS (Las Vegas)", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "86afe24a-0795-4239-9883-8411865e29f4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.45, "x": 0.28, "y": 0.68 }, "kind": "paragraph", "text": "American is partnering with the TSA to give its AAdvantage members access to streamlined security lanes, similar to those already available for Delta and United flyers. We want to give our customers an easy experience while they move through every point of their travel journey, and the airport is a big part of that, said Kim Cisek, American's vice president of customer experience. Introducing this option will help customers move more seamlessly from the airport lobby through TSA security to enjoy the next step in their travel.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c7ea9930-769b-455a-a427-cfbc5da61bcd", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"We want to give our customers an easy experience while they move through every point of their travel journey, and the airport is a big part of that,\" said Kim Cisek, American's vice president of customer experience. \"Introducing this option will help customers move more seamlessly from the airport lobby through TSA security to enjoy the next step in their travel.\" — Kim Cisek, American Airlines", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f3f-7598-93f2-14b9048b3fb2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Major Airlines Are Partnering With TSA On Rollout Of Touchless ID / Digital ID Programs", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6c686b36-5c85-47f4-bf8a-edc63be451fe", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 50, "from": 21, "beatId": "94649fab-d8a2-4e54-9ab1-325a074f74f9", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Spruce Point presents its thesis and evidence", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The document presents Spruce Point's thesis and evidence supporting its short position.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }