Financial Data and Key Metrics Changes - The company reported revenues of $98.5 million for Q1 2022, a significant increase from $12.9 million in Q1 2021, primarily due to $62.7 million in revenues from live events that were canceled in the prior year due to COVID [15] - Adjusted EBITDA for Q1 2022 was $54.4 million, compared to a loss of $2.5 million in the same period last year, with a notable increase attributed to profits from live events and $28.8 million in insurance claim proceeds [16] - Free cash flow for Q1 2022 was $29.8 million, up from $0.6 million in the previous year, benefiting from insurance claims and improved cash inflows from the underlying business [17] Business Line Data and Key Metrics Changes - The company staged 31 in-person trade shows in Q1 2022, serving over 141,000 attendees and 5,700 exhibiting companies, translating into over $98 million in revenue [6] - Organic revenues for Q1 2022 were $21.5 million, an increase from $13.8 million in the prior year, driven by growth in content and e-commerce subscription software businesses [15] Market Data and Key Metrics Changes - The company noted that show participation is steadily improving, closing the gap to pre-pandemic levels by 7% to 10% compared to Q4 2021 [7] - Customer net promoter scores have improved, indicating stronger rebooking momentum and revenue visibility for future events [8] Company Strategy and Development Direction - The company is focused on a three-pronged strategy: portfolio optimization, 365-day engagements, and customer centricity, aiming to launch four new shows in 2022 and three in 2023 [9][10] - The company is actively pursuing acquisitions in high-growth industries, with a robust M&A pipeline supported by a favorable balance sheet [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving fiscal year 2022 revenues in excess of $300 million and adjusted EBITDA exceeding $50 million, with expectations for 2023 adjusted EBITDA in excess of $100 million [8][22] - The company highlighted the importance of demonstrating value to customers and investors as a catalyst for growth in 2022 [24] Other Important Information - The company ended Q1 2022 with $254.4 million in cash and full availability of a $110 million revolving credit facility, providing significant liquidity for investments [18] - The company has renewed its event cancellation insurance policy for 2022 and 2023, although it no longer covers pandemics [38] Q&A Session Summary Question: Can you provide an indication of price levels or upgrades for rebooking? - The company has maintained pricing power, achieving mid-single-digit price increases or more depending on the event, effectively managing against inflation [26] Question: Which sectors are expected to exceed pre-pandemic levels? - High-growth industries are recovering faster, while those more impacted by pandemic issues, such as supply chain, are slower to recover [27] Question: How has visibility changed since the start of the year? - Visibility has improved significantly due to the rollout of on-site rebooking across all events, leading to stronger forward bookings [28] Question: What are the average recovery rates for shows with pre-pandemic versions? - The average recovery rate is between 25% and 30% off pre-pandemic levels, with some shows performing better than others [32] Question: How is inflation impacting costs? - Venue costs have remained reasonable, but labor-based costs have increased, which the company has managed through pricing strategies [33] Question: What is the current state of M&A? - Sellers are valuing shows based on pre-pandemic metrics, leading to more earnout deals to ensure satisfaction for both parties [34] Question: What are the company's ESG initiatives? - The company is taking ESG seriously, mapping carbon emissions for live events and developing an annual sustainability report [36][37] Question: Has the company renewed its business interruption insurance? - The company has renewed its event cancellation insurance for 2022 and 2023, but it no longer covers pandemics [38]

Financial Performance - Revenues for the three months ended March 31, 2022, were $98.5 million, a significant increase from $12.9 million for the same period in 2021, representing a growth of approximately 664%[18] - Operating income for the first quarter of 2022 was $24.3 million, compared to an operating loss of $19.6 million in the first quarter of 2021[18] - Net income for the three months ended March 31, 2022, was $22.6 million, compared to a net loss of $15.3 million for the same period in 2021[18] - The company generated $33.0 million in net cash provided by operating activities for the three months ended March 31, 2022, significantly up from $1.6 million in the same period of 2021[23] - Adjusted EBITDA for the same period was $54.4 million, up from a loss of $2.5 million, reflecting a positive variance of $56.9 million[194] - Free Cash Flow for the three months ended March 31, 2022, was $29.8 million, compared to $0.6 million in the prior year, indicating a variance of $29.2 million[194] - Net income for the three months ended March 31, 2022, was $22.6 million, compared to a loss of $15.3 million in the same period in 2021[198] Assets and Liabilities - Total current assets increased to $354.1 million as of March 31, 2022, up from $290.1 million as of December 31, 2021, reflecting a growth of approximately 22%[15] - Total assets reached $1,115.3 million as of March 31, 2022, compared to $1,062.4 million as of December 31, 2021, indicating an increase of about 5%[16] - Total liabilities increased to $777.0 million as of March 31, 2022, compared to $747.9 million as of December 31, 2021[15] - As of March 31, 2022, the Company had long-term debt of $509.8 million, down from $510.9 million as of December 31, 2021[86] Revenue Sources - Trade show revenues accounted for approximately 89.0% of total revenues for the three months ended March 31, 2022, compared to 43.4% for the same period in 2021[48] - The company recognized revenues of $84.7 million from deferred revenue for the three months ended March 31, 2022, compared to $5.4 million for the same period in 2021[48] - The company recorded other income of $28.8 million related to event cancellation insurance claims during the three months ended March 31, 2022[32] Expenses - Cost of revenues rose to $34.2 million, a 755.0% increase from $4.0 million in the same quarter of 2021[194] - Selling, general and administrative expenses were $46.6 million, an increase of 51.3% from $30.8 million year-over-year[194] - General corporate and other expenses amounted to $12.8 million in Q1 2022, compared to $10.9 million in Q1 2021, indicating increased operational costs[154] Impairments and Adjustments - The company recorded a goodwill impairment charge of $6.3 million in the first quarter of 2022[18] - The Company recognized an impairment charge of $1.6 million related to indefinite-lived intangible assets during the three months ended March 31, 2022[74] - The Company recorded total goodwill impairment of $5.8 million and $0.5 million for the three months ended March 31, 2022, related to the Design, Creative and Technology segment and All Other Category, respectively[83] Shareholder Information - The company repurchased 255,584 shares for $0.9 million during Q1 2022, with $17.4 million remaining available under the share repurchase program[120] - The redeemable convertible preferred stock accumulated $7.8 million in dividends during Q1 2022, raising the aggregate accreted liquidation preference to $451.9 million[105] COVID-19 Impact - The company experienced a significant negative impact on its financial results and liquidity due to the ongoing effects of COVID-19[30] - The ongoing effects of COVID-19 have had a significant negative impact on financial results and liquidity, which may continue beyond the pandemic[170] Strategic Initiatives - The company aims to drive organic growth by enhancing exhibitor and attendee participation, which is expected to lead to increased demand for exhibit space and premium pricing[168] - Emerald has completed 22 strategic acquisitions since June 2013, with purchase prices ranging from approximately $5.0 million to $151.1 million, enhancing its market presence[169] Stock-Based Compensation - The company recognized stock-based compensation expense of $1.3 million for stock options in Q1 2022, compared to $1.6 million in Q1 2021[125] - Stock-based compensation expense related to RSUs for Q1 2022 was $0.8 million, down from $1.3 million in Q1 2021[128]

Acquisitions and Growth Strategy - Emerald acquired and integrated 22 industry-leading events for approximately $866 million since the Onex Acquisition in June 2013[17]. - The company completed two acquisitions in 2021, including Sue Bryce Education and MJBiz, enhancing its portfolio in high-growth sectors[21][22]. - The company completed the acquisition of MJBiz on December 31, 2021, which focuses on the cannabis industry and includes the MJBizCon trade event[87]. - The acquisition of GLM significantly increased the scale and breadth of the company's trade show portfolio, including major brands like NY NOW and Surf Expo[185]. - The company intends to pursue acquisitions with attractive valuation multiples, having historically completed acquisitions at EBITDA purchase multiples typically in the mid-to-high single digits[185]. Financial Performance - Revenue for 2021 was $145.5 million, an increase from $127.4 million in 2020, representing a growth of approximately 14.3%[160]. - The net loss for 2021 was $78.1 million, compared to a net loss of $633.6 million in 2020, indicating a significant improvement[160]. - Basic net loss per share attributable to common stockholders was $(1.64) in 2021, compared to $(9.09) in 2020[160]. - The company recorded non-cash goodwill impairments of $7.2 million and non-cash intangible asset impairments of $24.3 million and $8.4 million for certain trade names and customer relationships, respectively[106]. - The company had a total of 375,154 shares repurchased during the fourth quarter of 2021, with an average price of $4.46 per share[155]. Impact of COVID-19 - The ongoing effects of COVID-19 have had a material negative impact on Emerald's financial results and liquidity, which may continue beyond the pandemic[25]. - The company experienced a severe impact from COVID-19, leading to the cancellation or postponement of a significant portion of its event calendar for 2020 and the first half of 2021, which negatively affected financial results and liquidity[191]. - The ongoing impact of COVID-19 has significantly affected the company's revenue from live events, with attendance levels remaining below pre-pandemic levels[65]. - The company’s event cancellation insurance does not cover losses due to outbreaks of communicable diseases, including COVID-19[70]. Revenue Sources and Business Model - In 2021, 71% of Emerald's revenue was generated from in-person events, down from 92% in 2019, while 29% came from virtual events and other marketing services[25]. - The company generates revenues primarily from selling trade show exhibit space, sponsorships, and fees for ancillary services, with additional revenue from conferences and digital media[197]. - Other marketing services, including print publications and digital media, generated 21.2% of Emerald's revenues for the year ended December 31, 2021[32]. - The company operates a diversified portfolio of trade shows, which are market leaders in their respective sectors, enhancing brand value and customer engagement[179]. Operational Challenges and Risks - The company faces risks associated with event cancellations and interruptions, which may not be fully covered by insurance, potentially impacting financial results[96]. - A material weakness in internal control over financial reporting has been identified, which could adversely affect the accuracy and timeliness of financial reporting[99]. - The company may face increased competition in certain industry sectors, which could adversely affect its business and financial condition[80]. - The company is exposed to cybersecurity risks that could lead to loss or theft of confidential information, potentially damaging its reputation and financial standing[141]. Employee and Corporate Governance - As of December 31, 2021, the company had 600 full-time employees, with 55% of the senior management team being female[45]. - The company has eliminated the college-degree requirement for various positions to enhance diversity in hiring[46]. - The company is committed to fostering a culture of diversity and inclusion, partnering with OneTen to create job opportunities for Black talent[46]. - The company is classified as a "controlled company" under New York Stock Exchange rules, allowing it to opt out of certain corporate governance requirements[128]. Financial Position and Liabilities - Total assets amounted to $1,062.4 million, a slight increase from $1,054.4 million in 2020[164]. - Total debt as of December 31, 2021, was $519.7 million, down from $525.2 million in 2020[172]. - Total liabilities increased to $747.9 million in 2021 from $659.9 million in 2020[164]. - The company has a negative working capital, excluding cash on hand, indicating that current liabilities exceed current assets[209]. Strategic Initiatives - The company’s strategic initiatives include standardizing marketing and sales planning across its event portfolio and enhancing data analytics capabilities[82]. - The company is currently reviewing and updating its information technology systems to enhance data analytics capabilities, which may consume significant resources[140]. - The company aims to invest in and promote outcomes linked to return on investment, enhancing the value proposition for exhibitors and attendees[184].

Financial Data and Key Metrics Changes - The company reported revenues of $41.1 million for Q4 2021, a significant increase from $12.2 million in the same quarter of the previous year, primarily due to $21.7 million in revenues from live events staged in Q4 2021 that were canceled in Q4 2020 due to COVID [11] - Organic revenues for Q4 2021 were $12.1 million, up from $9.4 million in the prior-year period, driven by a $1.9 million increase in print and digital advertising revenues [11] - Adjusted EBITDA for Q4 2021 was $52.6 million compared to $18.3 million in the same period last year, largely due to profits from live events and $59.9 million in other income from event cancellation insurance claims [11][12] Business Line Data and Key Metrics Changes - The company staged 63 live events in the past year, serving over 129,000 attendees and 7,500 exhibiting customers, with attendance declines improving from 50%-60% to 35%-45% compared to pre-COVID levels [4][5] - The acquisition of MJBiz, a leading B2B media company in the cannabis industry, is expected to contribute significantly to revenue growth, having generated $27 million in revenue in 2021 [6][14] - The Elastic SaaS platform saw a 24% growth in new customer additions, with a net revenue retention rate of 102% [7] Market Data and Key Metrics Changes - The company noted that attendance at events is recovering, with the largest domestic trade show since the pandemic drawing approximately 70,000 attendees [4] - The company is seeing improved cash collections and forward bookings, indicating a positive trend in the recovery of the event sector [12][29] Company Strategy and Development Direction - The company is focused on a three-pronged growth strategy: portfolio optimization, 365-day engagements, and customer centricity, aiming to diversify its business and accelerate sales growth [6][10] - New trade shows are being launched in high-growth industries, with plans for two new shows in 2022 and three more approved for 2023 [8] - The company aims to enhance its digital offerings and customer engagement through its Elastic platform and content assets [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of live events and expects to achieve fiscal year 2022 revenues in excess of $300 million and adjusted EBITDA exceeding $50 million [16] - The company anticipates continued improvements in attendance and profitability as the recovery progresses, with expectations to exceed pre-COVID attendance levels by 2023-2024 [5][16] - Inflation is being monitored closely, with strategies in place to manage costs and maintain pricing power based on the value delivered to customers [30] Other Important Information - The company ended 2021 with $231.2 million in cash and full availability of a $110 million revolving credit facility, providing significant liquidity for future investments [14] - The company has submitted $249.1 million in total claims for event cancellation insurance, with $184.4 million received to date [12] Q&A Session Summary Question: Comments on M&A activity and pricing - Management noted a wide range of multiples in the M&A market, with smaller deals in the mid-single-digit EBITDA range and larger, high-growth assets in the high single-digit range [20] - The company has been able to improve pricing at events based on the value provided, leveraging enhancements like matchmaking to justify price increases [23] Question: Attendee and exhibitor dynamics - Management indicated that while attendee numbers are recovering well, exhibitor participation has lagged due to uncertainties about attendance and ROI [27][28] - Forward bookings are improving, but some exhibitors are waiting longer to commit due to ongoing uncertainties [29] Question: Impact of inflation - Management is actively managing inflation through a new procurement function and is focused on delivering value to maintain pricing power [30]

Financial Performance - Total revenues for the three months ended September 30, 2021, were $76.5 million, a significant increase from $8.5 million for the same period in 2020, representing a growth of 800%[18] - The net loss for the three months ended September 30, 2021, was $9.0 million, compared to a net loss of $15.3 million for the same period in 2020, showing an improvement of 41.2%[18] - The company reported a basic loss per share of $0.25 for the three months ended September 30, 2021, an improvement from a loss of $0.31 per share in the same period of 2020[18] - The company recorded an operating loss of $7.1 million for the three months ended September 30, 2021, an improvement from an operating loss of $17.5 million in the same period of 2020[18] - Adjusted EBITDA for the three months ended September 30, 2021, was $20.9 million, compared to $7.6 million for the same period in 2020, indicating a substantial increase[185] Assets and Liabilities - Total current assets as of September 30, 2021, were $351.7 million, slightly down from $352.3 million as of December 31, 2020[15] - Total liabilities increased to $709.0 million as of September 30, 2021, compared to $659.9 million as of December 31, 2020, reflecting a rise of 7.4%[15] - The company’s total stockholders' equity (deficit) was $(103.5) million as of September 30, 2021, compared to $(3.8) million as of December 31, 2020[15] - The total assets as of September 30, 2021, were $1,030.1 million, a decrease from $1,054.4 million as of December 31, 2020[15] - Long-term debt as of September 30, 2021, was $512.0 million, slightly down from $515.3 million as of December 31, 2020[118] Cash Flow and Operating Activities - The company generated net proceeds of $382.7 million from the sale of its 7% Series A Convertible Participating Preferred Stock[53] - The net cash provided by operating activities for the nine months ended September 30, 2021, was $36.3 million[30] - The cash and cash equivalents at the end of the period were $303.6 million, compared to $326.7 million at the end of the same period in 2020[30] - The company had $521.0 million of borrowings outstanding under the Amended and Restated Term Loan Facility as of September 30, 2021[61] Acquisitions and Goodwill - The company acquired PlumRiver Technologies for a total purchase price of $46.4 million, which included an initial cash payment of $30.0 million and contingent consideration with an estimated fair value of $10.0 million[92] - The acquisition of Sue Bryce Education and The Portrait Masters was completed for a total estimated purchase price of $7.7 million, which included an initial cash payment of $6.9 million[94] - The company recorded goodwill of $3.4 million during the nine months ended September 30, 2021, reflecting future cash flow expectations for the acquired businesses[93] - The company experienced a significant goodwill impairment of $588.2 million during the nine months ended September 30, 2020[30] Stock and Equity - The company has 71,442,407 shares of 7% Series A Redeemable Convertible Participating Preferred Stock outstanding, convertible into 124,005,083 shares of common stock[170] - The Company authorized a $20.0 million share repurchase program in October 2020, with $8.6 million remaining available for repurchases as of September 30, 2021[150] - The Company repurchased 1,193,861 shares for $5.5 million and 2,122,964 shares for $10.7 million during the three and nine months ended September 30, 2021, respectively[150] Revenue Sources and Trends - Trade show revenues represented approximately 74% of total revenues for the three months ended September 30, 2021, compared to 0% for the same period in 2020[72] - The company generated revenues primarily from selling trade show exhibit space, with additional revenue streams from sponsorships, ancillary services, and digital commerce platforms[207] - Organic revenue growth is defined as the growth in revenue from one period to the next, adjusted for acquisitions, discontinued events, and event cancellations, providing a clearer view of underlying revenue trends[209] Tax and Regulatory Matters - The effective tax rate for the three months ended September 30, 2021, was 17.5%, compared to an effective tax rate of 29.5% for the same period in 2020[172] - Liabilities for unrecognized tax benefits as of September 30, 2021, were $1.3 million, an increase from $1.1 million as of December 31, 2020[175] Strategic Initiatives and Market Position - The company has completed 21 strategic acquisitions since June 2013, with purchase prices ranging from approximately $5.0 million to $46.0 million, excluding the $335.0 million acquisition of George Little Management (GLM)[202] - The trade show industry is highly fragmented, with the three largest companies, including the company, comprising only 10% of the wider U.S. market, presenting ongoing acquisition opportunities[204] - The company aims to modestly increase booth space pricing annually across its portfolio, driven by increased exhibitor and attendee participation[201]

Call Start: 10:30 January 1, 0000 11:00 AM ET Emerald Holding, Inc. (NYSE:EEX) Q3 2021 Earnings Conference Call November 01, 2021 10:30 AM ET Company Participants Herve Sedky - President and Chief Executive Officer David Doft - Chief Financial Officer Conference Call Participants Annick Maas - Exane BNP Paribas Operator Good morning and welcome to the Emerald Holding, Incorporated Third Quarter 2021 Earnings Conference Call. [Operator Instructions] Before we begin, let me remind everyone that this call may ...

Emerald Holding, Inc. (NYSE:EEX) Q2 2021 Earnings Conference Call July 30, 2021 8:30 AM ET Company Participants Herve Sedky - President and Chief Executive Officer David Doft - Chief Financial Officer Operator Good morning and welcome to the Emerald Holding, Inc. Second Quarter 2021 Earnings Conference Call. [Operator Instructions] Before we begin, let me remind everyone that this call may contain certain statements that constitute forward-looking statements within the meaning of the Private Securities Liti ...

Financial Performance - Net loss for the three months ended June 30, 2021, was $46.5 million compared to a net income of $9.9 million for the same period in 2020, indicating a substantial decline [19]. - Revenues for the six months ended June 30, 2021, were $27.9 million, down from $106.7 million for the same period in 2020, a decrease of approximately 73.8% [19]. - Basic loss per share for the three months ended June 30, 2021, was $(0.75), compared to earnings of $0.13 per share for the same period in 2020 [19]. - For the six months ended June 30, 2021, the net loss was $61.8 million, a significant improvement compared to a net loss of $560.2 million for the same period in 2020 [27]. - Revenues for the three months ended June 30, 2021, were $15.0 million, an increase of $8.0 million or 114.3% from $7.0 million in the same period of 2020 [197]. - Organic revenues for the same period were $11.6 million, up $5.3 million or 84.1% from $6.3 million in the prior year [196]. Assets and Liabilities - Total assets decreased from $1,054.4 million as of December 31, 2020, to $1,047.0 million as of June 30, 2021, a decline of approximately 0.7% [15]. - Current liabilities increased significantly from $115.6 million to $171.6 million, representing an increase of 48.4% [15]. - Total stockholders' equity decreased from $394.5 million to $333.2 million, a decline of approximately 15.5% [15]. - The accumulated deficit increased from $695.2 million to $757.0 million, reflecting a worsening financial position [15]. - Cash and cash equivalents at the end of the period were $302.8 million, up from $218.6 million at the end of June 30, 2020 [27]. - Current deferred revenues were $119.2 million as of June 30, 2021, up from $48.6 million as of December 31, 2020 [56]. Expenses - Selling, general and administrative expenses rose to $33.1 million for the three months ended June 30, 2021, compared to $25.1 million for the same period in 2020, an increase of 31.9% [19]. - Interest expense for the three months ended June 30, 2021, was $4.1 million, down from $5.6 million for the same period in 2020 [19]. - The company recorded stock-based compensation expense of $5.8 million for the six months ended June 30, 2021, compared to $2.7 million for the same period in 2020 [27]. - Provision for income taxes was $10.9 million, an increase of $7.7 million or 240.6% from $3.2 million in the prior year [192]. Acquisitions and Investments - The Company acquired PlumRiver Technologies and EDspaces for total purchase prices of $46.4 million and $3.6 million, respectively, in December 2020 [72]. - In April 2021, the Company acquired Sue Bryce Education and The Portrait Masters for a total purchase price of $7.7 million [72]. - The PlumRiver acquisition had a total estimated purchase price of $46.4 million, which included an initial cash payment of $30.0 million and contingent consideration with an estimated fair value of $10.0 million [75]. Market and Operational Insights - The COVID-19 pandemic has had a significant adverse impact on the Company's revenues and financial position, leading to cancellations and postponements of trade shows [50]. - The trade show industry is highly fragmented, with the three largest companies, including the company, comprising only 10% of the U.S. market, presenting ongoing acquisition opportunities [164]. - The company generates over 95% of its sales through its employees, with less than 5% from third-party sales agents [168]. - The company operates in two reportable segments: Commerce and Design and Technology, with a focus on leveraging trade shows and digital tools to enhance customer experiences [157]. Cash Flow and Liquidity - The company generated net cash provided by operating activities of $26.7 million for the six months ended June 30, 2021, compared to a net cash used in operating activities of $22.6 million for the same period in 2020 [27]. - The company reduced its expense structure across all key areas of discretionary spending to strengthen its liquidity position [34]. - Management believes current financial resources will be sufficient to fund liquidity requirements for the next twelve months [42]. Stock and Shareholder Information - The Company had 71,442,407 shares of 7% Series A Convertible Participating Preferred Stock outstanding, convertible into 193,236,067 shares of common stock as of June 30, 2021 [134]. - The Company suspended its regular quarterly cash dividend on common stock starting from the second quarter of 2020 due to the negative impact of COVID-19 [114]. - The October 2020 Share Repurchase Program was authorized for a total of $20.0 million, with $14.2 million remaining available for repurchases as of June 30, 2021 [115]. - The Company repurchased 726,895 shares for $3.9 million and 929,103 shares for $5.1 million during the three and six months ended June 30, 2021, respectively [115].

Emerald Holding, Inc. (NYSE:EEX) Q1 2021 Earnings Conference Call April 30, 2021 8:30 AM ET Company Participants Hervé Sedky - President and President and Chief Executive Officer David Doft - Chief Financial Officer Conference Call Participants Operator Good morning and welcome to Emerald Holding Incorporated First Quarter 2021 Earnings Conference Call. During today's call, all parties will be in a listen-only mode. Following the prepared remarks, the conference will be opened for questions with instruction ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share EEX New York Stock Exchange FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Nu ...