{
  "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": 3,
  "pageCount": 85,
  "prevPage": 2,
  "nextPage": 4,
  "slideType": "cite_precedent",
  "function": "cite_precedent",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a precedent table to establish credibility by showing a past successful activist campaign.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-b032f87a30cd/3",
  "deckHref": "/decks/019dd923-622c-750b-8b99-b032f87a30cd",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-b032f87a30cd.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-b032f87a30cd#slide-3",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Spruce Point has a track record in the airport security services sector with a critical report on Leidos where we questioned the merits and financial reporting quality of the acquired L3Harris' security, detection and automation business.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f3f-7598-93f0-678d62722b62",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "disclaimer",
      "text": "The recommendations shown above are not intended to be exhaustive or represent investment returns following Spruce Point's research campaigns. A full list of all recommendations made over the past twelve months can be found on our website.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "41678965-b966-42c3-9512-085013a36d8f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.9,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Spruce Point has a track record in the airport security services sector with a critical report on Leidos where we questioned the merits and financial reporting quality of the acquired L3Harris' security, detection and automation business.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cbb8441c-5398-49a0-9c4d-00014a408bce",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.9,
        "x": 0.05,
        "y": 0.26
      },
      "kind": "table",
      "text": "Leidos precedent table including Report, Enterprise Value, Company Positioning, Spruce Point's Criticisms, and Successful Outcome.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "990df4ea-28a2-4017-9545-bffb862cf4a3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Spruce Point Has A Track Record In Airport Security",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "62155e3c-6b42-4319-b298-40d8fc4dc0b8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "authority-citation",
      "slug": null,
      "matchId": "4293a147-2918-4133-b22d-f6b8198a8426",
      "evidence": "Citing past successful activist campaigns to build credibility.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 5,
      "from": 1,
      "beatId": "5c150ece-b173-4845-bab0-dc2d5913a398",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Introduction to CLEAR and its challenges",
      "beatSlug": "heros-journey-ordinary-world",
      "evidence": "The document introduces CLEAR and its business model, setting the stage for the short thesis.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Setup",
      "parentBeatSlug": "setup"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}