Q4 2024 Clear Secure Inc Earnings Call
Speaker Change: Good morning and welcome to CLEAR's Fiscal 4th Quarter 2024 conference call. We have with us today Caryn Seidman Becker, Co-Founder, Chair and Chief Executive Officer, and Ken Cornick, Co-Founder, President and Chief Financial Officer.
As a reminder before we begin, today's discussion contains forward-looking statements about the company's future business and financial performance. These are based on management's current expectations and are subject to risk and uncertainties.
Speaker Change: Factors that could cause actual results to differ materially from these statements are included in the documents the company has filed and furnished with the SEC, including today's shareholder's letter. The company disclaims any obligation to update any forward-looking statements that may be discussed during this call.
Speaker Change: During this call the company will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is provided in today's shareholder letter and the most recently filed annual report on Form 10-K. These items can be found in the investor relations sections of the CLEARS website. With that I'll turn the call over to Caryn.
Caryn: Good morning, and thank you for joining our fourth quarter 2024 earnings call. 2024 was a transformational year for Clear, as our momentum accelerated, bringing our secure identity platform to more people in more places.
Caryn: A secure identity platform has never been more important. In the booming travel industry, the need to strengthen security and create frictionless experiences is critical.
Enterprises feel the sense of urgency to prevent fraud, reduce insider risk, and build trust and loyalty with their consumers.
Caryn: Clear's singular identity platform addresses these needs in a turnkey way, and we are bringing powerful new products to market, like NextGen Identity, Space First Envies, TSA PreCheck enrollment provided by Clear, and Enterprise Workforce Security, to name just a few.
Caryn: In travel, we are leading with innovation and redefining what it means to strengthen security and delight travelers.
Caryn: Today, Clear Plus covers around 73% of airport volume, with 166 lanes nationwide.
with the rollout of NextGen Identity Complete.
Caryn: 85% in under five minutes and 91% in less than seven minutes. The power of predictability in travel matters.
The year-over-year improvement in member experience is evident.
Caryn: The lane of the future is here today, powered by our ENVYs, which stands for Enrollment and Verification Pods, and Next Gen Identity, the highest fidelity digital identity at scale.
NZs are creating magic for our members. They are five times faster, delivering a customer-centric, seamless experience that members love.
Caryn: Lane experience scores and throughput have improved significantly, and the NV rollout should be complete by March, streamlining our systems and driving significant operational efficiencies, serving members with 30% fewer pods.
eGates Drive Automation, Security, and Member Experience.
Caryn: We are piloting eGates in select airports today and absolutely believe this technology should be a cornerstone of modernized airport infrastructure.
Caryn: The opportunity for CLEAR to deploy end-to-end automated lanes at no cost to the government or taxpayers will be game-changing, and we are ready.
We want to make airports great.
Caryn: The U.S. should be leading in technology and travel, and CLEAR has the products and innovation that can delight travelers and strengthen security, and it's time to deploy it. This is the dawn of a new day in Washington to unleash the power of public-private partnerships.
Caryn: We are pleased with the engagement we have seen with the new administration, and we are excited to bring much-needed capital, innovation, and technology to our airport partners, airline partners, and the American traveling public. They deserve more.
Caryn: TSA PreCheck continued to scale in 2024, and today we are at 91 locations.
Caryn: You are seeing the power of public-private partnerships with TSA pre-check enrollment provided by CLEAR. By meeting travelers where they are, whether in airports, convenient retail locations or flagship destinations such as the Mall of America and the Oculus in New York City, we are bringing the benefits to more people in more places.
Caryn: For 15 years, the vision for CLEAR has always been that you are you, that you should enroll once and use everywhere. With our Day 1 vision in mind, we have renamed CLEAR Verified to CLEAR 1.
Caryn: ClearOne is the one vertically integrated identity platform that helps enterprises prevent fraud, reduce insider risk, build trust, and deliver seamless user experiences.
Caryn: ClearOne's embedded base of over 30 million members today and smart network maximizes security and minimizes friction with a holistic identity solution.
We strengthen security for the enterprise and their users.
Caryn: Customers are using the platform and products to solve problems, such as combating identity fraud and account takeovers, ensuring a verified workforce, and improving operational efficiencies.
Caryn: We serve multiple industries and stakeholders, reflecting the fact that identity is foundational today in the physical and the digital world.
Caryn: In healthcare, CLEAR I is being used in different segments for both patients and the workforce. Community Health Network is deploying CLEAR I across their enterprise, rolling out to both patients and employees.
Streamlining Operations and Reducing Insider Risk.
Caryn: Community health results for the workforce were immediate, a 90% adoption rate and an initial 13% reduction in annual password reset calls.
Caryn: Community Health also expanded to patients, enabling secure, frictionless account recovery. Additionally, a health data platform is using Clear to improve safety and the customer experience while reducing fraud in their clinical trials. Similar to the travel industry, a secure identity platform can unlock end-to-end experiences in healthcare.
Caryn: No development work is required to implement CLEAR within Okta workloads, so enterprise clients can instantly enhance security. As enterprises continue to be threatened or compromised, CLEAR's biometric MFA is addressing the pressing need for secure workforce access in regulated industries and critical infrastructure.
Caryn: Driven by both Clear Travel and Clear One, we expect 2025 to be another year of strong top-line growth, continued margin expansion, and free cash flow of at least $310 million, which includes incremental year-over-year cash taxes and EnviSpend totaling $30 million.
Caryn: As always, we remain focused on growing members, total bookings, and free cash flow while continuing to build a brand that members and partners trust and love.
Speaker Change: Before I hand it over to Ken, I want to say it's been an incredible 15-year journey, building Clear from 190,000 members to over 30 million today. The vision we had on day one is taking shape, and Ken and I are incredibly proud of where Clear is going and the team that is taking it there.
Caryn: Ken will step down from his operational roles and remain an advisor to CLEAR, working on a wide range of exciting initiatives.
Caryn: We are thrilled to welcome Michael Barkin as our president and Jen Hsu as our new CFO. Michael is a seasoned executive with tremendous financial and operational experience, and having been on the CLEAR board for five years, Michael knows CLEAR extremely well and is excited about the opportunities ahead.
Caryn: Jen Xu has great experience leading teams at Chewy, and together they will help Clear achieve our goals and realize our vision of building a global, secure identity platform. With that, I'll turn it over to Ken.
Ken Cornick: Thank you, Caryn. Fourth quarter revenue and total bookings grew 21% and 17% respectively, driven by member growth, pricing, strong member retention, and improvements in WIMBAC activity.
Ken Cornick: TSA PreCheck and CLEAR I contributed several points to our growth rate.
Caryn: Underpinning our financial results are the continued improvements in member experience that Caryn mentioned, driven by the rollout of NVCS.
Speaker Change: Total cumulative enrollment end of the year at 28.9 million up two and a half million in the quarter which is record growth. As of today we are over 30 million members reflecting continued clear one traction.
Caryn: Active ClearPlus members grew by 164,000 in the quarter. As we go through 2025, it is important to note that our renewal backlog by quarter is not evenly distributed as a result of historic airport openings, promotions, partnerships, and credit card launches.
Caryn: Unlike monthly subscription businesses, we are an annual biller, so the number of members up for renewal in a particular quarter can materially impact that quarter's net ads, as does seasonal travel demand.
Caryn: In 2025, we expect a disproportionate share of the full-year net ads to be in Q2 and Q4 in that order, with the lowest net ads in Q1 and Q3.
Caryn: Q4 gross dollar attention was 88.5% down 50 basis points sequentially. The modest sequential decline is due to slightly fewer parent members adding their first family member at the higher price point, impacting this metric but having nothing to do with cancellation.
Caryn: As we continue to roll out our home-to-gate experience and bring more value to our members, we believe ARPU can continue to increase without a material impact to member retention or member growth.
Caryn: Annual net member retention was 81.4%, which was down 10 basis points sequentially. Net member retention has stabilized, and we are seeing an uptick in win-back activity. We expect continued improvement in member retention in 2025 based on lane improvements, innovation, and mix.
Caryn: We continue to optimize the business for gross dollar retention, which we introduced in the first quarter of 2024, as it embeds both member retention and ARPU growth.
Caryn: We are sunsetting some of our early deep discount programs, which have been a drag on union economics, and our focus is on increasing value and average revenue per member. Therefore, we plan to report gross dollar retention instead of the annual net member retention metric going forward.
Caryn: Our emerging businesses, TSA PreCheck and ClearOne, are contributing to our total bookings and gross profit dollar growth. We are making strong progress on TSA PreCheck off-airport enrollment locations and ClearOne pipeline conversions.
Caryn: A quick note on the Tax Receivable Agreement, or TRA. In the quarter, we recognize a one-time non-cash net gain of $75 million, consisting of other expense of $91 million offset by a tax benefit of $166 million.
Caryn: This is a one-time true-up to the balance sheet triggered by positive cumulative three-year pre-tax income. For further details, please refer to Note 17 in the 10-K, which will be filed this morning.
Caryn: Based on prevailing tax rates in our share ownership structure, we expect full year 2025 GAAP P&L taxes to range between 17% and 20%. From a cash tax perspective, the TRA should benefit us by a few hundred basis points versus GAAP, which will flow through operating cash flows.
Caryn: In 2024, we generated $284 million of free cash flow, up 42% year-over-year, while our share count shrunk 9% to end the year at 137.7 million shares.
Caryn: We will continue to allocate capital opportunistically with the goal of maximizing long-term shareholder value. We ended the year with cash of $613 million after repurchasing 1.8 million shares in Q4 at $26.36, including a block transaction from Delta.
Caryn: For full year 2024, we will purchase 13.8 million shares at an average price of $19.78.
Caryn: So far in the first quarter, we have repurchased an additional 871,000 shares at an average price of $23.08.
Caryn: The first quarter 2025 dividend totaling 39.5 cents includes a 27 cent special cash dividend and a regular quarterly dividend of 12.5 cents. As a reminder, the special dividend is a result of our favorable corporate structure, which requires an annual tax distribution to members, including PubCo.
Caryn: In Q1, we expect revenue of $207 to $209 million and total bookings of $202 to $204 million.
Caryn: In 2025, we expect free cash flow of at least $310 million, which includes incremental year-over-year cash taxes of $25 million, as well as $9 million of NVCAPEX, which will not recur in 2026, of which $5 million is incremental year-over-year.
Caryn: On a comparable basis, this implies at least 20% free cash flow growth.
Caryn: Our free cash flow guidance assumes our credit card partnership will renew for the final year of the contract through June of 2036. We believe having a credit card partner is beneficial. It provides valuable awareness and distribution, and we expect to continue to have one in place.
Caryn: We get a lot of questions on the financial impacts, and we believe the deal currently depresses our total bookings and EBITDA while benefiting working capital.
Speaker Change: You're extremely well positioned to compound total booking revenue, EBITDA, and pre-cash flow in 2025 and beyond.
Speaker Change: I'm personally ready to take a step back after an exhilarating run, and we are incredibly lucky to have Michael and Jen joining. I will be working closely with them both to ensure a seamless transition. With that, let's go to Q&A.
Speaker Change: Thank you. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star 2 if you would like to remove your question from the queue.
Caryn: We ask that analysts limit themselves to one question and a follow-up so that others may have an opportunity to ask questions.
Speaker Change: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions.
Speaker Change: Our first question comes from Joshua O'Reilly with Needham and Co. Please proceed with your question.
Speaker Change: All right, thanks for taking my questions. And first of all, Ken, I just want to say it's been great working with you, and I appreciate all the support that you've given me over the last couple of years. And congrats on your retirement and the opportunity to spend some more time with your family. So maybe, you know, just starting off.
Speaker Change: You know, can you review the puts and takes on the guidance for Q1 bookings, and what should we be considering as we look at the midpoint of $203 million or 12.5% year-over-year growth, and how much does a lower sequential price tailwind influence this guidance?
Speaker Change: Hey Josh, thanks for the kind words. So on bookings guidance implies around 30% year-over-year growth and you know look January is seasonally slow for travel and lots of things are ramping in the quarter like pre-check locations. We actually had a few clear one deals closing Q4 that were just as likely to close in Q1.
Speaker Change: Q4 incidentally was a record deal signing quarter for a clear one with over 20 deals signed.
Speaker Change: And in terms of the pricing, we did lap 70 to 119 pricing for family in November and December for new and renewal, respectively. And we're now going from 99 to 119. So, those are all contributing factors. We have slightly less pricing tailwind in Q1. So, nothing really
Speaker Change: Nothing, you know, in particular driving there. Those are all the factors.
Speaker Change: Got it. And then as we look at net ads, can you talk about, is there anything unusual in terms of the mix and net ads in the quarter?
Speaker Change: So, in terms of mix, you mean like trial versus paid upfront? Yes.
Speaker Change: Got it. Yeah, actually our trial count as a percent of the total active CLEAR Plus members at the end of the year was down slightly year over year. The absolute number was up, but the percentage was down. That's also, you know, a little bit of a contributing factor to Q1 as well.
Speaker Change: Got it. And then maybe just quickly on, you know, your comments around, you know, what's going on with Amex, depressing bookings, and EBITDA. I guess, what does this mean from your perspective, and how are you thinking about this relationship given that there's one more year of renewal under the contract that Amex is behest?
has widened to a fairly significant level.
Speaker Change: And we believe it depresses our bookings in EBITDA, obviously benefits our working capital. The wholesale price is so low relative to the $199 retail. Look, we believe the renewal rates at full price would be larger than the percentage discount rate.
And we actually see that in our data.
Speaker Change: when somebody would come off a lower priced membership or a free membership what the retention rates are.
Thank you.
Speaker Change: Our next question comes from Ben Miller with Goldman Sachs. Please proceed with your question.
Speaker Change: Great, thanks so much for taking the questions. I guess as we think about factors like
Speaker Change: prior period pricing actions, can you just update us on how you think about the balance between price and member count and what you view as normal or steady state dollar or member retention you're looking to achieve?
Thanks, Ben.
Speaker Change: and I'm going to be talking about the new wind backs and reactivation. It's also connected to growth ads and conversion and we're going to be rolling out the NV's for enrollment.
you know, net ads.
in, at the very least, the mid-single digits.
Speaker Change: and then from a pricing perspective, that's why we're really focused on, you know, growth dollar retention.
Speaker Change: because we will be taking price, we will be repricing some free tiers to paid tiers.
Speaker Change: So even if those members came off, which we would hope they don't, and we continue to drive the experience to, and drive the value with things like Perks, Assist, and Scout, right, to really drive that differentiated home-to-gate experience.
Speaker Change: But that is all positive on a gross dollar retention rate, which is why we are so incredibly focused on it.
Speaker Change: Great. And then maybe just as a follow-up, as you think about the evolution of...
Speaker Change: other offerings, how do you think about the investments you've made to position clear and how that sets you up on a multi-year view compared to other offerings versus any kind of incremental investments you might need from here to continue to push that innovation?
I love that question.
Speaker Change: So, a wise man once told me that in business it's about hanging around the hoop.
Speaker Change: I think you could argue we've been hanging around the airport hoop for 15 years and so we have invested and are incredibly well-positioned to strengthen security and delight travelers at no cost to taxpayers.
Speaker Change: As I said on the call, we want to make airports great.
Speaker Change: And we have the technology and automation that can delight travelers and strengthens security. We've already invested in it. And it is time to deploy it, right? So what you see are incremental margin growth over the past few quarters and years, quite frankly, which reflects.
the investments, you know, coming, you know, to fruition.
Speaker Change: We have a powerful solution that continues to get better, adding airports to the network. I think, as Ken said, we cover about 73% today. And so adding end-to-end automation that you see in Dubai and Singapore and London and Tokyo, the U.S. should be leading in technology and travel. We've invested in it. We're ready to deploy it. And we are incredibly excited about the engagement that we've had with Washington and the belief and focus on public-private partnerships.
Speaker Change: We are excited to bring them to the American traveling public. They deserve it.
Great, thanks so much for the caller.
Speaker Change: Our next question comes from Cori Carpenter with JPMorgan. Please proceed with your question.
Cori Carpenter: Hey, good morning. Caryn, maybe to build on that question, just could you talk a bit more about the opportunity that you do see for the greater public-private partnership, like what could that look like for Clear under perhaps a more welcoming administration? And then second question for either of you, just an update on TSA PreCheck, what you're seeing and some of the cross-sell you're seeing between TSA PreCheck and Clear. Thank you.
Speaker Change: Sure, I'll take the first part and then I'll turn it over to Ken on pre-check.
Speaker Change: Obviously, we all hear the administration talking about the privatization of the economy and the importance of American companies.
Cori Carpenter: So never have we been more aligned with the administration, a made-in-America company focused on aviation security that's opt-in, privacy-protected, focused on security, and at this for 15 years and been leading in biometrics for 15 years. I think there's a lot of understanding and appreciation for what we do. In fact, we get zero dollars from the federal government. We pay them.
Cori Carpenter: both we pay our airport partners a percentage of our revenue share and we also pay TSA a large percentage of our pre-check enrollment costs.
So we are.
Speaker Change: platform and end-to-end. Again, eGates, front and back with, you know, face first.
Speaker Change: It's so powerful, the fact that we can enroll you in a bundle in Clear Plus PreCheck. Clear Travelers are the most vetted travelers in the airport. With our next-gen identity and with automation, there's just an – and again, we're going to allocate the capital to do it. We've been buying some equipment. I think we talked to you guys a few quarters ago about our capital innovation and helping our airport partners buy equipment, so we're already in there.
Cori Carpenter: And so, you know, we are ready, we've made the investments, it would be margin positive, and it would be, you know, great for strengthening security and delighting travelers at no cost to taxpayers. There couldn't be more alignment there.
Speaker Change: And just quickly on the pre-check, look, pre-check's going really well. It's gaining great momentum. We're live today in 91 locations, driving market share.
Speaker Change: In terms of, you know, upsell rates, we have 90% plus marketing opt-in rate, and our upsell rate for those members, or those people joining PreCheck that are not already clear members, is approaching 20%.
Dana, are you there?
Yes, can you hear me?
Yeah, can you hear me? Okay, okay
Ken Cornick: Well, nice to see the progress, and Ken, best of luck and best wishes. It's a pleasure working with you.
Speaker Change: Caryn, can you just give any update on air travel trends and what you're hearing and seeing there?
Speaker Change: And then also on some of the independent locations you've been opening, like Mall of America, Westfield. How are those doing? And then I think there was a touch on pricing power. How do you think of the role of price in this upcoming fiscal year?
Cori Carpenter: and price increases. You mentioned maybe price decreases, not decreases, but adjusting price. How do you see the platform of pricing and how it goes through the year? Thank you.
Speaker Change: To your point, you can't decrease a zero price, so we expect to take zeros up.
Speaker Change: going through airports last year. They expect to see 50 days like that, I think, this year or over the next few years. And we continue to say that there's going to be 4 million people a day going through U.S. airports by 2030. So the need for automation, the need for public-private partnerships is here and now. And when you look at us hosting the World Cup,
Transcription by CastingWords
Speaker Change: In terms of our out-of-airport enrollment network, it's something that we're very excited
Speaker Change: at the Center for Autism and Related Disorders at the Center for Autism and Related Disorders
Speaker Change: are literally cash flow positive within the first few weeks. So it's really powerful economics.
and it is exciting to bring our brand.
Speaker Change: meeting people where they are first with PreCheck and then other things. And then when you think of, again, just to go over to clear one, the power of witnessed enrollments in high security needs, having both in-person and digital enrollment capabilities is really exciting.
Speaker Change: In terms of pricing, I'm going to turn that over to Ken.
Ken Cornick: Yes, so we see, you know, a number of pricing opportunities. The most obvious is taking the historically free tiers of airlines and beginning to charge for some of those. And so that is, you know, definitely an area of opportunity. And again, why we focus on gross dollar retention, because if you have people that are using the lane and not paying you,
Ken Cornick: — net member retention is not the right metric to focus on that, more to come on pricing. But that's the sort of most near-term opportunity.
And I would also say, from a philosophy perspective,
and the CrossFit Network.
Speaker Change: Our next question comes from Mark Kelly with Spiegel. Please proceed with your question.
Mark Kelly: Great, good morning. Thanks very much. My first question, just going back to, you know, the comments you made, Caryn, about
Mark Kelly: the new administration and just how well you're positioned there, I guess.
Speaker Change: If there's less red tape that you have to deal with going forward, I'm assuming that might ease the G&A line, but are there other parts of the P&L that...
Speaker Change: Maybe we should be thinking about is there an opportunity for you in global entry to maybe facilitate that process?
And then the other question I had was...
Speaker Change: Looking at annualized Clear Plus member usage that's stabilized sequentially. Just curious what you're seeing there and what we can expect throughout 25. Thank you.
Speaker Change: So let me take global entry. 13 years ago we approached them on being an enrollment engine for global entry so we believed it then and we believe it now. Pre-check is off to an incredibly
Speaker Change: strong start. So first things first, and I think we are proving
Speaker Change: a lot of potential once you have data to continue to drive new services off our infrastructure. So that's number one. And again, I think as a Made in America company, it's really important as the government looks to have partnerships
Speaker Change: with trusted companies that are U.S. based. That's a really important moment for our company and also as a qualified anti-terrorism technology. There's just a lot more that we know that we can be doing and we're excited to share that story specifically now that we have data to prove it.
Speaker Change: Yeah, and in terms of efficiencies, I think some of the policies led to maybe some inefficiencies in our direct salaries line, and so that, I think, is the biggest area of opportunity, and we do expect to see operating leverage on a full-year basis.
Speaker Change: on that line. But if I can just add to that, you know, it's beyond just the line, it's the revenue opportunity and the customer experience. Who wouldn't want to move further faster to strengthen security and delight travelers at no cost to taxpayers? And so, you know, I do think it is in everyone's benefit to move more quickly, specifically when this technology is turnkey.
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Speaker Change: I also think one other thing and we continue to drive it so the family plan which is really beneficial you want families traveling together or you know clear members who are younger traveling on their own but sometimes those younger people travel less.
Perfect, thank you both.
Thanks.
Speaker Change: Our next question comes from Michael Turn with Wells Fargo. Please proceed with your question.
Michael Turn: Hey, thanks. Good morning. I appreciate you taking the question. Just a two-parter I'll give here on retention rates. There have been some comments just the stabilization that held in Q4. Can you comment on what you saw ending the year and if there are four QC's or impacts?
Michael Turn: On the early 25 comment around strong bookings growth, any color on mix and drivers of that? Any way for us to think about the core Clear Plus, business, prize, TSA Pre, or other efforts and just stack ranking and unpacking that comment a bit? Thank you.
Michael Turn: So on the retention question, I mean, there's nothing seasonal as a 12-month trailing metric. So just stabilization, you know, along with experience, you know, the
Michael Turn: and I'm going to be talking about the passenger experience, rolling out envies, etc. And, you know, we did see a snapback in the windbacks as well. So nothing special.
Nothing external there, just sort of execution.
Michael Turn: And so we're really happy to see that there. In terms of the mix and sort of growth, I think it's going to be driven by a number of things. As Caryn mentioned earlier, we do expect Clear Plus net member growth.
Michael Turn: do expect some pricing. Certainly you'll have rollover pricing from last year's initiatives and then whatever we do this year, we have clear one ramping, we have pre-check ramping. Those both contributed, you know, a few hundred basis points to growth rates and we expect that to contribute more as the year goes on.
And you know, Michael, I would just add to that,
Michael Turn: and driving an end-to-end experience driven by technology and innovations to help travelers win the day of travel and having a predictable experience.
Speaker Change: I think really is our opportunity to drive growth and to drive price and to drive new value-added services. And so I think when you think about it, you have to think about different tiers. There's pre-check, there's clear plus pre-check, there's clear plus pre-check plus other services.
and, you know, I just, travel is growing, it's difficult.
Speaker Change: We're driving automation. And I think you have to really think through last year and the depression of next-gen identity and all the secondary, you know, re-enrolling seven and a half million people in person is hard and certainly has second-derivative impacts on the business that we're coming off of. And then you ...
Speaker Change: role you marry next-gen identity which is a great unlock for so many different experiences Plus envies which are magic and much more efficient There's just so many opportunities going forward that we didn't have over the last two years
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Thank you.
Speaker Change: There are no further questions at this time. I would now like to turn the floor back over to Caryn for closing comments.
Caryn: Thank you for joining our fourth quarter 2024 earnings call. I am really proud of how our team is executing and I am excited for the opportunities in front of us. Thank you.
Caryn: This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.
Caryn: J.D. Hickman Dr. Ruth Bader Ginsburg B.S. P.A. C.E. W.E. B.E. M.D. A.M. M.D. A.M. M.E. D.C. A.M. M.E. W.E. B.E. M.E. M.E. M.E. D.C. B.E. M.E. M.E. M.E. B.E. M.E.
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worships our Lord and Savior, the Lamb of God.
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