Financial Performance - Net revenue for Q1 2025 decreased by 8.6% to $90.0 million compared to $98.4 million in Q1 2024[5] - Gross profit fell to $32.5 million, a 23.0% decrease year-over-year, with gross margin declining to 36.1% from 42.9%[8] - The net loss for Q1 2025 was $7.8 million, a decrease of $9.7 million compared to net income of $1.9 million in Q1 2024[12] - Adjusted EBITDA for Q1 2025 was $0.9 million, down from $12.5 million in Q1 2024[12] - Operating income for Q1 2025 was a loss of $5,432,000, compared to an operating income of $3,955,000 in Q1 2024[28] - Net income attributable to BRC Inc. for Q1 2025 was a loss of $2,888,000, compared to a net income of $548,000 in Q1 2024[28] - For the three months ended March 31, 2025, the company reported a net loss of $7.846 million compared to a net income of $1.855 million in the same period of 2024[46] - EBITDA for the three months ended March 31, 2025, was $(2.856) million, a decrease from $6.368 million in 2024[46] - Adjusted EBITDA for the three months ended March 31, 2025, was $897,000, down from $12.518 million in 2024[46] Revenue Channels - The wholesale revenue channel generated $56,791,000 in Q1 2025, down from $60,428,000 in Q1 2024, a decrease of 4.3%[38] - Revenue for the three months ended March 31, 2025, was $89,974,000, a decrease of 8.5% compared to $98,392,000 in the same period of 2024[28] Distribution and Market Performance - Black Rifle Energy™ achieved 21% All Commodity Volume (ACV) within its first three months of retail distribution[6] - Packaged coffee distribution increased by 12.2 percentage points to 50.2% ACV, while Ready-to-Drink coffee distribution grew by 5.1 percentage points to 47.9% ACV compared to Q1 2024[6] - The company continues to focus on expanding distribution across traditional retail, online platforms, and new beverage categories[4] Expenses and Costs - Marketing expenses rose by 48.8% to $11.3 million, representing 12.6% of revenue, up from 7.7% in Q1 2024[9] - The company incurred $2.590 million in equity-based compensation for the three months ended March 31, 2025, compared to $1.952 million in 2024[46] - Non-routine legal expenses for the three months ended March 31, 2025, amounted to $338,000, significantly lower than $2.371 million in 2024[46] - The company wrote off $825,000 in site development costs for the three months ended March 31, 2025, compared to $1.181 million in 2024[46] - Interest expense increased to $2.370 million for the three months ended March 31, 2025, from $2.051 million in 2024[46] - Depreciation and amortization costs rose to $2.576 million for the three months ended March 31, 2025, from $2.413 million in 2024[46] - Tax expense remained relatively stable at $44,000 for the three months ended March 31, 2025, compared to $49,000 in 2024[46] Guidance and Future Expectations - Full-year revenue guidance for FY2025 is maintained at $395.0 million to $425.0 million, with a growth expectation of 1% to 9%[14] - Gross margin for FY2025 is now expected to be in the range of 35% to 37% due to tariff impacts[6] Assets and Liabilities - Total current assets as of March 31, 2025, were $95,062,000, slightly down from $95,471,000 at the end of 2024[31] - Total liabilities increased to $178,705,000 as of March 31, 2025, compared to $177,886,000 at the end of 2024[31] - Cash and cash equivalents decreased to $3,902,000 at the end of Q1 2025 from $6,810,000 at the beginning of the period[33] - The company reported a net cash used in operating activities of $4,141,000 for Q1 2025, compared to net cash provided of $4,914,000 in Q1 2024[33] Subscriber Metrics - DTC subscribers decreased to 181,900 in Q1 2025 from 209,000 in Q1 2024, reflecting a decline of 13.0%[39]

Company Overview - BRC Inc. was founded in 2014 by U.S. veterans and operates under the Black Rifle Coffee brand, selling coffee and related merchandise [1] - The company has established relationships with major wholesale customers, including Walmart [1] Investment Philosophy - The investment philosophy focuses on identifying mispriced securities by understanding the financial drivers of a company, often revealed through a DCF model valuation [1] - This approach allows for flexibility beyond traditional investment categories such as value, dividend, or growth investing, considering all prospects of a stock to assess risk-to-reward [1]

Financial Data and Key Metrics Changes - Revenue declined by 1% in 2024 compared to 2023, with solid growth in bag coffee, pods, RTD coffee, and energy [32] - Adjusted EBITDA tripled in 2024, with adjusted EBITDA margin improving from 3.2% in 2023 to 10% in 2024 [38] - Gross margin improved by 950 basis points to 41.2% in 2024, driven by supply chain productivity [36] - Free cash flow generation improved by over $55 million compared to 2023, with positive cash flow from operations [39] Business Line Data and Key Metrics Changes - Wholesale revenue increased from 57% of total sales in 2023 to 63% in 2024, growing 9% or 13% excluding barter transactions [34] - Direct-to-consumer (DTC) segment revenue declined by 14% in 2024, driven by increased retail availability and shifting consumer preferences [35] - Packaged coffee saw outstanding distribution growth, with ACV increasing by 28 points to 45% in grocery [8] Market Data and Key Metrics Changes - Black Rifle sales grew by 22% in 2024, while the overall coffee category declined by 0.5% [11] - In the Ready to Drink (RTD) coffee category, Black Rifle maintained a market share of 4.6%, making it the 3 brand behind Starbucks and Monster [19] - The energy drink category generated over $20 billion in sales in 2024, significantly larger than the packaged coffee category at $12 billion [24] Company Strategy and Development Direction - The company is focused on strengthening its core business and expanding distribution while driving brand awareness and product innovation [7][9] - Plans to revitalize the DTC segment in 2025 while prioritizing growth in the wholesale channel [15] - The launch of Black Rifle Energy is expected to be a significant contributor to growth in 2025, with a focus on 12 key launch markets [22][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 3-year financial targets, including expectations for 10% to 15% revenue CAGR and adjusted EBITDA growth at 15% to 25% CAGR [46] - The company anticipates revenue in 2025 to range between $395 million and $425 million, with gross margin expected to be in the 37% to 39% range [47][49] - Management noted that the first quarter of 2025 is expected to be the lowest for revenue generation, followed by sequential increases throughout the year [48] Other Important Information - The company is committed to supporting active-duty service members, veterans, and first responders, emphasizing community outreach efforts [27][30] - The CFO announced plans to transition to a role on the Board of Directors, with a search for a new CFO underway [59] Q&A Session Summary Question: What is the expected distribution for Energy drinks by the end of the year? - Management indicated that distribution is growing rapidly, with a goal of reaching between 20% and 30% ACV by year-end [65] Question: When will marketing spend for Energy products ramp up? - Marketing spend is expected to start in March, with a significant increase as the summer selling season approaches [70] Question: What are the plans to stabilize the DTC business? - The focus will be on subscription-based programs and stabilizing subscriber counts, with limited spending on acquiring new one-time buyers [76][78] Question: What is the trend with the largest customer? - The largest customer remains a significant source of revenue, with an 8% year-over-year growth in 2024, despite some flattening expected [87][93] Question: How will barter transactions impact the P&L in 2025? - Media credits from barter transactions will be used efficiently in marketing expenses, providing a cost-effective way to support growth [90][91]

Financial Data and Key Metrics Changes - Revenue declined by 1% in 2024 compared to 2023, with solid growth in bag coffee, pods, RTD coffee, and energy [32] - Adjusted EBITDA tripled in 2024, with adjusted EBITDA margin improving from 3.2% in 2023 to 10% in 2024 [38] - Gross margin improved by 950 basis points to 41.2% in 2024, driven by supply chain productivity [36] Business Line Data and Key Metrics Changes - Wholesale revenue increased from 57% of total sales in 2023 to 63% in 2024, growing 9% overall [34] - Direct-to-consumer segment revenue declined by 14% in 2024, attributed to increased retail availability and shifting consumer preferences [35] - Packaged coffee saw a 22% growth in 2024, while the overall coffee category declined by 0.5% [11] Market Data and Key Metrics Changes - Nielsen data indicated that the coffee category declined modestly in 2024, but Black Rifle sales grew by 13% in Q4 [11] - Ready-to-drink (RTD) coffee category declined by 8% in 2024, while Black Rifle's RTD sales increased by 0.5% [18] - Black Rifle's market share in the RTD coffee category grew by 50 basis points to 4.6%, making it the 3 brand [19] Company Strategy and Development Direction - The company is focused on driving brand awareness, expanding distribution, and product innovation, including the recent launch of Black Rifle Energy [9] - Strategic investments in operations and infrastructure are aimed at enhancing efficiency and scalability for long-term growth [7] - The company plans to revitalize its direct-to-consumer segment while prioritizing growth in the wholesale channel [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 10% to 15% revenue CAGR and 15% to 25% adjusted EBITDA growth over the next three years [46] - The company anticipates revenue for 2025 to be between $395 million and $425 million, with gross margin expected to be in the 37% to 39% range [49] - Management noted that the first quarter of 2025 is expected to be the lowest for revenue generation, with sequential increases anticipated throughout the year [48] Other Important Information - The company has locked in over 95% of its pricing and volume commitments for 2025 to mitigate volatility in green coffee prices [50] - A search for a new CFO has been initiated as the current CFO transitions to a role on the Board of Directors [59] Q&A Session Summary Question: What is the expected distribution for Energy by the end of the year? - Management indicated that distribution is growing rapidly, with a goal of reaching between 20% and 30% ACV by year-end [65] Question: When will marketing spend for Energy ramp up? - Marketing spend will begin in March and increase significantly as the summer selling season approaches [70] Question: What are the plans to stabilize the DTC business? - The focus will be on subscription-based programs and stabilizing subscriber counts, with no additional marketing spend for one-time buyers [76][78] Question: What is the trend with the largest customer? - Revenue from the largest customer grew by 8% year-over-year, with expectations of continued growth despite some flattening [87][93] Question: How will barter transactions impact the P&L in 2025? - Media credits from barter transactions will be used efficiently in marketing expenses, providing a cost-effective way to support growth [90][91] Question: What are the plans for price increases? - No price increases are currently included in the 2025 estimates, but there may be opportunities to adjust pricing based on market conditions [100]

Core Insights - BRC Inc. (BRCC) reported revenue of $105.88 million for the quarter ended December 2024, indicating a year-over-year decline of 11.5% [1] - The earnings per share (EPS) for the same period was $0.04, a decrease from $0.19 a year ago [1]

Revenue Performance - Net revenue for the year ended December 31, 2024 decreased by $4.1 million, or 1%, to $391.5 million compared to $395.6 million in 2023[295] - Wholesale channel revenue increased by $20.0 million, or 9%, to $245.0 million, driven by growth in packaged coffee and the launch of Black Rifle Energy[297] - DTC channel revenue decreased by $19.5 million, or 14%, to $123.8 million, primarily due to lower customer acquisition and a strategic reallocation of advertising spend[298] - Outpost channel revenue decreased by $4.7 million, or 17%, to $22.7 million, attributed to lower transaction volumes and reduced foot traffic[299] - For the year ended December 31, 2024, BRC Inc. reported net revenue of $391.49 million, a decrease of 1.43% from $395.62 million in 2023[349] - Total net sales for the year ended December 31, 2024, were $391,490, a slight decrease from $395,623 in 2023, but an increase from $301,313 in 2022[382] - Wholesale revenue increased to $245,040 in 2024 from $225,059 in 2023, while DTC revenue decreased to $123,779 from $143,232 in the same period[382] Cost and Expenses - Cost of goods sold decreased by $39.9 million, or 15%, to $230.3 million, resulting in a gross margin increase to 41% from 32% in the previous year[300] - Total operating expenses decreased by $18.3 million, or 10%, to $157.3 million, reflecting cost management efforts[296] - Marketing and advertising expenses increased by $4.8 million, or 16%, to $35.6 million, indicating continued investment in brand awareness[296] - Salaries, wages, and benefits expenses decreased by $8.6 million, or 12%, to $62.4 million in 2024, due to headcount reductions from the 2023 Restructuring Plan[302] - General and administrative expenses decreased by $20.8 million, or 29%, to $50.8 million in 2024, as a result of the 2023 Restructuring Plan[303] - Other operating expenses increased by $6.3 million, or 285%, to $8.5 million in 2024, related to impairment losses recognized in the fourth quarter[304] Operating Income and Loss - Operating income improved to $3.8 million in 2024 from a loss of $50.2 million in 2023[295] - BRC Inc. incurred a net loss of $7.65 million in 2024, which is a reduction from a net loss of $56.72 million in 2023[349] - The net loss for the year ended December 31, 2024, was $7,649 thousand, a significant improvement compared to a net loss of $56,716 thousand in 2023 and $338,044 thousand in 2022[356] Cash Flow and Investments - Net cash provided by operating activities was $11.3 million in 2024, a $36.3 million improvement from net cash used of $25.0 million in 2023[315] - Net cash used in investing activities decreased by $13.8 million to $7.7 million in 2024, primarily due to reduced capital expenditures[316] - Net cash used in financing activities was $10.7 million in 2024, a decrease of $32.1 million from net cash provided of $21.4 million in 2023[317] Assets and Liabilities - The total current assets decreased to $95.47 million in 2024 from $107.74 million in 2023, primarily due to a decline in cash and cash equivalents[348] - Total liabilities decreased to $177.89 million in 2024 from $189.27 million in 2023, reflecting a reduction in both current and non-current liabilities[348] - The company had $40.0 million outstanding on its Term Loan Facility and $28.9 million on its ABL Facility as of December 31, 2024[335] - The company’s accumulated deficit increased to $123.43 million in 2024 from $120.48 million in 2023, indicating ongoing financial challenges[348] Inventory and Receivables - Inventories decreased from $56,465 million as of December 31, 2023 to $42,647 million as of December 31, 2024, representing a decline of about 24.5%[391] - The allowance for doubtful accounts receivable was $593 million and $496 million as of December 31, 2024 and 2023, respectively, indicating an increase of approximately 19.5% year-over-year[390] - Four customers accounted for 63% of total outstanding receivables as of December 31, 2024, while three customers accounted for 55% as of December 31, 2023, indicating a concentration of credit risk[408] Debt and Financing - The company has a senior secured asset-based revolving credit facility (ABL Facility) with an aggregate principal amount of up to $75,000, available as of December 31, 2024[440] - The Term Loan Facility provided $40,000 in senior secured term loans, with an option to add up to $20,000 under certain conditions[441] - The total principal amount of long-term debt decreased from $76,440 in 2023 to $70,299 in 2024, reflecting a reduction of 8.1%[439] Impairment and Losses - The Company recognized a total impairment loss of $6,100 thousand on certain assets related to BRCC Outposts during the fourth quarter of 2024[428] - The Company recorded a loss on extinguishment of debt of approximately $1,127 due to early retirement of debt[444] Equity and Stock - The Company redeemed 11,396,726 public warrants and 6,266,667 private placement warrants, representing approximately 99.0% and 100.0% of the respective warrants, resulting in the issuance of 6,376,346 shares of Class A Common Stock[459] - The Series A preferred units were redeemed for a total of $134,698,000, which included $8,265,000 of applicable premium placed in an escrow account[465]

Core Viewpoint - Analysts project that BRC Inc. (BRCC) will report break-even quarterly earnings per share, reflecting a 100% decline year over year, with revenues expected to be $106.06 million, down 11.4% from the same quarter last year [1]. Earnings Estimates - There has been a 75% downward revision in the consensus EPS estimate for the quarter over the last 30 days, indicating a significant reassessment by covering analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock price performance [3]. Revenue Projections - Analysts estimate 'Revenue by Sales Channel- Wholesale' to be $65.80 million, representing a decline of 10.5% year over year [5]. - The 'Revenue by Sales Channel- Outpost' is projected to reach $5.85 million, indicating a year-over-year decrease of 17.1% [5]. - 'Revenue by Sales Channel- Direct to Consumer' is expected to be $34.40 million, reflecting a 12% decline from the prior-year quarter [6]. Stock Performance - BRC INC shares have decreased by 4.8% in the past month, compared to a 2.3% decline in the Zacks S&P 500 composite, with a Zacks Rank of 3 (Hold), suggesting that BRCC is likely to closely follow overall market performance in the near term [7].

Revenue and Growth Projections - Black Rifle Coffee Company's 2024 projected revenue is approximately $392.5 million, with a 37% CAGR from 2019 to 2024[11] - The company's 2024 revenue CAGR is projected at 44.6%, while marketing spend CAGR is only 14.8%[26] - Total revenue grew ~1.7x from 2021 to 2024, with RTD and Energy contributing significantly to wholesale channel growth[42] - Revenue CAGR projected at 10%-15% through 2027, with a target gross margin of 40%+[48] - GAAP Revenue, Net for Q4 2023 was $119.65 million, with Non-GAAP Adjusted Revenue, Net at $124.26 million[58] Profitability and Margins - The company's 2024 adjusted EBITDA margin is expected to be between 40-42%, with a gross margin of around 10%[11] - Adjusted Gross Margin improved to 43.8% in Q4 2023, up from 42.1% in Q1 2023[45] - Gross margin expected to be in the high-30% range in 2025, impacted by slotting fees and green coffee inflation[48] - GAAP Gross Profit for Q4 2023 was $31.67 million, with Non-GAAP Adjusted Gross Profit at $46.94 million[58] - RTD transformation costs impacted Gross Profit by $15.27 million in Q4 2023[58] Direct-to-Consumer (DTC) Business - Black Rifle Coffee has over 190,000 Direct-to-Consumer (DTC) Coffee Club subscribers as of 2024[11] - DTC (Direct-to-Consumer) subscribers reached 190,000+, with an average subscriber order value of ~$30 and projected 2024 DTC net revenue of $120 million+[36] Wholesale and Retail Expansion - The company's Wholesale segment grew from ~1,000 doors in 2020 to 12,000+ by the end of 2023, representing a ~120% CAGR[29] - Ready-to-Drink (RTD) coffee product line expanded from ~10,000 locations in 2020 to 86,000+ locations by the end of 2023, with a ~100% CAGR[29] - Black Rifle Coffee's share of regional retailer coffee sales reached 3.0% in 2024, doubling the number of SKUs on shelves within the first year[31] - Wholesale business growth driven by 12,000+ doors today, with potential to reach 20,000+ doors by 2026[54] - Retail sales growth in packaged coffee from 2023 to 2024 reported at 28.8%[54] - Achieved $100 million+ in revenue at Retailer within ~18 months of launch[55] - ~22% of BRCC sales at Retailer are from new buyers[55] - ~$32 million of BRCC sales are incremental to Retailer[55] - BRCC reached ~3% of total Retailer coffee sales within 4 months[55] - BRCC revenue ramped with distribution gains but has remained consistent with normal seasonal variability[55] Ready-to-Drink (RTD) and Energy Products - RTD coffee business rapidly grew to over $100 million, outpacing the category growth by ~4x[33] - RTD coffee market share increased from 3.4% in Jan 2022 to 5.6% in Jul 2024[33] - RTD coffee ACV (All Commodity Volume) is ~42% today, with potential to grow via additional DSD distribution partnerships[33] - The company entered the $20 billion+ energy market nationwide through a partnership with Keurig Dr. Pepper (KDP), covering 80% of the U.S. population[34] - The RTD Energy partnership provides immediate access to 180,000+ retail outlets via KDP's distribution network[34] - The company expanded its product portfolio to include RTD Energy, with a focus on healthier ingredients and fewer additives, aligning with market trends[35] Marketing and Customer Loyalty - Black Rifle Coffee's social media following across Instagram, X, Facebook, YouTube, and TikTok totals 6.0 million followers[21] - The company's 2024 marketing budget as a percentage of sales is projected to be 2.0%, significantly lower than competitors like Celsius (8.1%) and PepsiCo (9.1%)[26] - Black Rifle Coffee's Net Promoter Score (NPS) is 78, indicating strong customer loyalty[11] Operational Efficiency and Cost Management - Cost savings of over $30 million achieved through SG&A management measures[45] - Productivity improvements in 2024 expected to drive $23 million in savings, contributing to gross margin improvement[47] - Inventory value decreased by $12 million, representing a 21% reduction from December 2023[47] - Transportation costs running ~14% under market rates due to a robust network of reliable and cost-effective transportation companies[47] Strategic Priorities and Partnerships - Strategic priorities include product innovation, adjacent category expansion, and maximizing the KDP partnership to drive future growth[39] - The company entered the $20 billion+ energy market nationwide through a partnership with Keurig Dr. Pepper (KDP), covering 80% of the U.S. population[34] - The RTD Energy partnership provides immediate access to 180,000+ retail outlets via KDP's distribution network[34] Financial Performance and Adjustments - The company achieved six consecutive quarters of positive EBITDA since Q2 2023, with adjusted EBITDA margin improving to 9.6% in FY2024[44] - Adjusted EBITDA for Q4 2023 was $12.15 million[60] - Equity-based compensation added back $1.33 million to Adjusted EBITDA in Q4 2023[60] - EBITDA CAGR projected at 15%-25% through 2027, with anticipated pressure in 2025 due to energy launch[48]

Financial Data and Key Metrics Changes - Third quarter revenue declined 2% year-over-year, primarily due to cycling of barter transactions from the prior year and shifting consumer preferences away from direct-to-consumer channels [24] - Adjusted EBITDA for the quarter was $7.1 million, up 15% from the same period last year, with EBITDA margin rising over 10 points to 10.4% [29] - Year-to-date, free cash flow generation improved by $60 million compared to the same period in 2023, driven by better margins and reduced working capital investment [27] Business Line Data and Key Metrics Changes - In the grocery channel, ACV increased 32 points year-over-year and 18 points quarter-over-quarter to 41% [16] - The ready-to-drink category saw a 5-point increase in ACV from the prior year, ending the quarter at 47% [17] - Year-to-date sales in the wholesale segment grew 17% compared to the same period last year, with a 3% revenue growth this quarter in wholesale [25] Market Data and Key Metrics Changes - The energy drink category generates over $20 billion in retail sales, significantly outpacing coffee and ready-to-drink coffee categories [9] - Nielsen data indicated that the coffee category had positive dollar growth in September for the first time in over a year [15] - The ready-to-drink category has slowed, declining 5.1% year-to-date compared to the prior year, but Black Rifle continues to outperform the category by 460 basis points [17] Company Strategy and Development Direction - The company aims to innovate product offerings and expand into new categories like energy, while also focusing on partnerships with well-capitalized operators [14] - The partnership with Keurig Dr. Pepper is expected to enhance distribution efficiency and market penetration in the energy category [10] - The company plans to prioritize growth in the wholesale channel as consumer behavior shifts back to retail purchasing patterns [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory of top-line growth and expects to gain market share in both coffee and ready-to-drink categories [30] - The company anticipates continued distribution growth in coffee and increased sales of Black Rifle Energy to be key growth drivers in 2025 and 2026 [26] - Management acknowledged challenges in the direct-to-consumer segment but noted stabilization in subscription counts and positive subscriber growth in September [22][63] Other Important Information - The company raised its full-year gross margin guidance to 42% and expects fourth-quarter gross margin to be in the high 30s range [31] - The company will host an investor event on January 14 at the ICR Conference in Orlando to share more details on longer-term goals [34] Q&A Session Summary Question: Update on new retail partners and distribution expectations - Management confirmed that conversations with major retailers are progressing well, with distribution expected to increase in early 2025 [35][36] Question: Clarification on free cash flow guidance - Management indicated that while free cash flow is expected to be robust, higher inventory levels due to K-Cup purchases have adjusted expectations [38] Question: Fourth quarter sales growth drivers - Management noted that despite headwinds, there are enough tailwinds to support a positive sales growth trajectory in Q4 [40][42] Question: Energy drinks ramp-up and margin structure - Management expressed excitement about the energy drink launch and indicated that margins will be below 40% in the first year due to initial costs [49][50] Question: FDM distribution targets and market share - Management reiterated that full distribution is expected by the end of 2026, with ongoing success in gaining market share [72] Question: Coffee category outlook and growth drivers - Management believes that distribution gains and market share will drive growth, even if the overall coffee category remains soft [81]

BRC Inc. (BRCC) reported $98.2 million in revenue for the quarter ended September 2024, representing a year-over-year decline of 2.3%. EPS of -$0.01 for the same period compares to -$0.05 a year ago.The reported revenue represents a surprise of +3.31% over the Zacks Consensus Estimate of $95.06 million. With the consensus EPS estimate being -$0.02, the EPS surprise was +50.00%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determi ...