{ "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": 35, "pageCount": 85, "prevPage": 34, "nextPage": 36, "slideType": "quote_slide", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses color-coded highlighting within the quote to emphasize key points about the breakdown of the airline-CLEAR partnership.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-b032f87a30cd/35", "deckHref": "/decks/019dd923-622c-750b-8b99-b032f87a30cd", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-b032f87a30cd.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-b032f87a30cd#slide-35", "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.0017 }, "kind": "callout", "text": "The key takeaway and interpretation of the interview is that the value to the airlines from the CLEAR partnership has diminished over time.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2b4c02df-a6ef-4af8-9dbb-3c6ae33a1550", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.0032 }, "kind": "quote", "text": "Before we go to American Express, I do want flag an event that transpired at the latest quarterly calls. We are considering Delta and United as existing remaining partners in the last call, investor call CLEAR mentioned that they were transitioning to remove the free membership level at the top tier airline level. This is not business as usual in my book. The reason why the airlines were very supportive of CLEAR is the fact that it provided this benefit to its high-level frequent flyers. And this free benefit was not something the airlines paid for. This was something that was granted to the airlines and associated with their equity investment. These airlines, both United and Delta have been in the last three years trialing TSA's Digital ID with significant success and slowly growing the footprint of the trial airports in which they're rolling these out as a competitive alternative for CLEAR. And we can get into why that is important, but these airlines have diversified their alternatives beyond CLEAR in this type of solution. Subsequently sold their equity for not significant amount of money in the books of an airline, right? So ultimately CLEAR as a result of them pulling out the investment, decided no longer to offer this free benefit. You've basically bit the hand that feeds you in my opinion because if your most frequent flyer customers are not getting this benefit for free, the airlines are promoting another TSA product. To what degree are these airlines going to be wanting to allow you to operate in the scarce real estate in front of the TSA where you no longer adding significant value to my most frequent flyer travelers, the airline care about the checkpoint because of the net promoter score boost it provides, it's not an airline provided service like a meal or a boarding or baggage delivery, but in their customer surveys there's a high correlation between a dissatisfactory checkpoint experience by the traveler and their unwillingness to recommend the airline or fly it again, there's a negative correlation in that experience toward the airline brand and the brand affinity. So airlines are very vested in making sure that that experience is at the highest possible for the most frequent flyer customers, hands the CLEAR partnership early on.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a8c5a7a0-d8c8-40a1-8a6c-6d9dadf3068f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Spruce Point research interview", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e60c0e15-7451-4ae2-8f2f-8a6517f17761", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Commentary On Eliminating Free Membership For Partner Airline's Highest Tier Frequent Flyers", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "43cb7f51-3675-4a3a-b32c-112417b1bbfa", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.0026 }, "kind": "title", "text": "Spruce Point Interview With A Former CLEAR Employee", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "05037fef-d7a2-42dc-a878-5256395c664c", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Call to action", "slug": "call-to-action", "agent": null, "layer": "slide", "matchId": "e58bcc29-3ce4-461f-b564-1554c4210b39", "evidence": "The key takeaway and interpretation of the interview is that the value to the airlines from the CLEAR partnership has diminished over time.", "confidence": 0.5 }, { "name": "Storytelling: audience calibration", "slug": "audience", "agent": "storyteller", "layer": "slide", "matchId": "f591ecd1-85e1-4738-b441-f01502a46ede", "evidence": "Commentary On Eliminating Free Membership For Partner Airline's Highest Tier Frequent Flyers", "confidence": 0.7 } ], "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 }