Apollo Commercial Real Estate Finance, Inc. Reports Third Quarter 2018 Financial Results
Business Wire 24-Oct-2018 4:15 PM
Apollo Commercial Real Estate Finance, Inc. (the "Company" or "ARI")
(NYSE:ARI) today reported financial results for the quarter ended
September 30, 2018.
Third Quarter 2018 Highlights
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Reported net income available to common stockholders of $55.4 million,
or $0.40 per diluted share of common stock, for the three months ended
September 30, 2018;
-
Reported Operating Earnings (a non-GAAP financial measure defined
below) of $58.3 million, or $0.45 per diluted share of common stock,
for the three months ended September 30, 2018; excluding the realized
loss on early extinguishment of debt (described below), Operating
Earnings were $60.9 million, or $0.47 per diluted share of common
stock for the three months ended September 30, 2018;
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Generated $77.5 million of net interest income during the quarter from
the Company's $4.8 billion commercial real estate loan portfolio;
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Committed $285.0 million to new commercial real estate loans ($87.0
million of which was funded at closing) and funded an additional $96.9
million for loans closed prior to the quarter;
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Subsequent to quarter end, committed $387.0 million to new commercial
real estate loans ($273.2 million of which was funded at closing),
bringing year-to-date loan commitments to $2.6 billion;
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Entered into privately negotiated agreements with a limited number of
holders of the Company's 5.50% Convertible Senior Notes due 2019 (the
"5.50% 2019 Notes") and exchanged approximately $206.2 million in
aggregate principal of the 5.50% 2019 Notes for an aggregate of (i)
10,020,328 newly issued shares of ARI common stock plus (ii)
approximately $39.3 million in cash;
-
Subsequent to quarter end, completed an underwritten public offering
of $230.0 million of the Company's 5.375% Convertible Senior Notes due
2023 (the "5.375% 2023 Notes"); and
-
Declared a $0.46 dividend per share of common stock for the three
months ended September 30, 2018.
"ARI remains on track for a record year of loan originations in 2018,
having committed to over $2.6 billion of new transactions year-to-date,"
said Stuart Rothstein, Chief Executive Officer and President of the
Company. "In addition, we continue to focus on optimizing ARI's balance
sheet, lowering our cost of capital and extending the maturity on our
liabilities. During the quarter, ARI completed an exchange transaction
for a significant portion of the 5.50% 2019 Notes, and subsequent to
quarter end, the Company completed a new issuance of $230.0 million of
the 5.375% 2023 Notes, which provides ARI with dry powder to fund the
Company's robust pipeline of new loan transactions."
Third Quarter 2018 Investment Activity
New Investments - During the third
quarter of 2018, ARI committed capital to the following commercial real
estate loans:
-
$285.0 million of first mortgage loans ($87.0 million of which were
funded during the quarter)
Funding of Previously Closed Loans -
During the third quarter of 2018, ARI funded $96.9 million for loans
closed prior to the quarter.
Loan Repayments - During the third
quarter of 2018, ARI received $225.3 million from loan repayments,
comprised of $128.9 million from first mortgage loans and $96.4 million
from subordinate loans.
Third Quarter 2018 Capital Markets Activity
Exchange and Conversion of 5.50% 2019 Notes
- On August 2, 2018, ARI entered into separate, privately negotiated
agreements with a limited number of holders of the Company's 5.50% 2019
Notes. Pursuant to the exchange agreements, the Company exchanged
approximately $206.2 million in aggregate principal amount of the 5.50%
2019 Notes, for an aggregate of (i) 10,020,328 newly issued shares of
ARI common stock plus (ii) approximately $39.3 million in cash. Also
during the quarter, certain holders converted $12.6 million of the 5.50%
2019 Notes for an aggregate of (i) 724,250 newly issued shares of ARI
common stock plus (ii) approximately $0.2 million in cash.
In connection with the exchanges and conversions, ARI recorded a loss on
early extinguishment of debt of $2.6 million, which includes fees and
accelerated amortization of capitalized costs.
Quarter End Commercial Real Estate Loan Portfolio Summary
The following table sets forth certain information regarding the
Company's commercial real estate loan portfolio at September 30, 2018 ($
amounts in thousands):
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Description
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AmortizedCost
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WeightedAverageCoupon (1)
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WeightedAverage All-inYield (1)(2)
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Secured Debt (3)
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Cost of Funds
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Equity atcost(4)
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Commercial mortgage loans, net
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$
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3,723,550
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7.0
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%
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7.8
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%
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$
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2,013,617
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4.2
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%
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$
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1,709,933
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Subordinate loans, net
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1,104,496
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12.2
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%
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13.6
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%
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—
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—
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1,104,496
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Total/Weighted Average
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$
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4,828,046
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8.2
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%
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9.2
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%
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$
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2,013,617
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4.2
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%
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$
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2,814,429
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(1)
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Weighted-Average Coupon and Weighted Average All-in-Yield are based
on the applicable benchmark rates as of September 30, 2018 on the
floating rate loans.
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(2)
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Weighted-Average All-in-Yield includes the amortization of deferred
origination fees, loan origination costs and accrual of both
extension and exit fees.
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(3)
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Gross of deferred financing costs of $16.7 million.
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(4)
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Represents loan portfolio at amortized cost less secured debt
outstanding.
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Book Value
The Company's book value per share of common stock was $16.27 at
September 30, 2018 as compared to book value per share of common stock
of $16.26 at June 30, 2018.
Subsequent Events
The following events occurred subsequent to quarter end:
New Investments - Subsequent to
quarter end, ARI committed capital to the following commercial real
estate loans:
-
$387.0 million of first mortgage loans ($273.2 of which was funded
during the quarter)
Funding of Previously Closed Loans -
Subsequent to quarter end, ARI funded $23.9 million for previously
closed loans.
Loan Repayments - Subsequent to
quarter end, ARI received $180.9 million from loan repayments, including
$36.1 million from first mortgage loans and $144.8 million from
subordinate loans.
Convertible Notes- ARI issued $230.0
million aggregate principal amount of the 5.375% 2023 Notes, which
includes $30.0 million aggregate principal amount of the 5.375% 2023
Notes issued pursuant to the underwriters' exercise of their option to
purchase additional 5.375% 2023 Notes. The public offering generated net
proceeds of approximately $223.7 million, after deducting the
underwriting discount and estimated offering expenses. The conversion
rate for the 5.375% 2023 Notes was initially equal to 48.7187 shares of
common stock per $1,000 principal amount of notes. The 5.375% 2023 Notes
will mature on October 15, 2023.
Operating Earnings
Operating Earnings is a non-GAAP financial measure that is defined by
the Company as net income available to common stockholders, computed in
accordance with GAAP, adjusted for (i) equity-based compensation expense
(a portion of which may become cash-based upon final vesting and
settlement of awards should the holder elect net share settlement to
satisfy income tax withholding), (ii) any unrealized gains or losses or
other non-cash items included in net income available to common
stockholders, (iii) unrealized income from unconsolidated joint
ventures, (iv) foreign currency gains (losses) other than realized
gains/(losses) related to interest income, (v) the non-cash amortization
expense related to the reclassification of a portion of the convertible
senior notes to stockholders' equity in accordance with GAAP, and (vi)
provision for loan losses and impairments. Beginning with the quarter
ended September 30, 2016, the Company slightly modified its definition
of Operating Earnings to include realized gains (losses) on currency
swaps related to interest income on investments denominated in a
currency other than U.S. dollars. Operating Earnings may also be
adjusted to exclude certain other non-cash items, as determined by
ACREFI Management, LLC, the Company's external manager (the "Manager")
and approved by a majority of the Company's independent directors.
In order to evaluate the effective yield of the portfolio, the Company
uses Operating Earnings to reflect the net investment income of the
Company's portfolio as adjusted to include the net interest expense
related to the Company's derivative instruments. Operating Earnings
allows the Company to isolate the net interest expense associated with
the Company's swaps in order to monitor and project the Company's full
cost of borrowings. The Company also believes that its investors use
Operating Earnings, or a comparable supplemental performance measure, to
evaluate and compare the performance of the Company and its peers and,
as such, the Company believes that the disclosure of Operating Earnings
is useful to its investors. In addition, the Company has previously
disclosed that it has disposed of all of its CMBS as of December 31,
2017 and the Company recorded a loss on early extinguishment of debt
associated with exchanges and conversions of the 5.50% 2019 Notes.
Accordingly, the Company has disclosed Operating Earnings excluding
realized loss and costs from sale of CMBS and loss on early
extinguishment of debt because the Company believes it is useful to
investors to present the results of the Company's ongoing operations
while excluding the effects associated with the disposal of its CMBS and
the loss on early extinguishment of debt, which are non-recurring events
and not reflective of our ongoing operations.
A significant limitation associated with Operating Earnings as a measure
of the Company's financial performance over any period is that it
excludes unrealized gains (losses) from investments. In addition, the
Company's presentation of Operating Earnings may not be comparable to
similarly-titled measures of other companies, who may use different
calculations. As a result, Operating Earnings should not be considered
as a substitute for the Company's GAAP net income as a measure of its
financial performance or any measure of its liquidity under GAAP.
Reconciliation of Operating Earnings to Net Income Available to
Common Stockholders
The table below reconciles Operating Earnings and Operating Earnings per
share of common stock with net income available to common stockholders
and net income available to common stockholders per share of common
stock for the three and nine months ended September 30, 2018 and
September 30, 2017 ($ amounts in thousands, except per share data):
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Three months ended
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EarningsPer Share(1)
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Three months ended
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EarningsPer Share(1)
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September 30, 2018
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September 30, 2017
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Operating Earnings:
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Net income available to common stockholders
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$
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55,381
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$
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0.42
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$
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57,208
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$
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0.54
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Adjustments:
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Equity-based compensation expense
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4,048
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0.03
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2,635
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0.02
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Unrealized gain on securities
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—
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—
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(13,488
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)
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(0.13
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)
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(Gain) loss on derivative instruments
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(6,291
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)
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(0.05
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)
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7,481
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0.07
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Foreign currency (gain) loss, net
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4,471
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0.04
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(7,850
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(0.07
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)
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Amortization of the convertible senior notes related to equity
reclassification
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728
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0.01
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769
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0.01
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Series A preferred stock redemption charge
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—
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—
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3,016
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0.03
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Total adjustments:
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2,956
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0.03
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(7,437
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(0.07
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Operating Earnings
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58,337
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0.45
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49,771
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0.47
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Realized loss and costs from sale of CMBS
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—
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—
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4,076
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0.04
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Loss on early extinguishment of debt
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2,573
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0.02
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—
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—
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Operating Earnings excluding realized loss and costs from sale of
CMBS and loss on early extinguishment of debt
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$
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60,910
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$
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0.47
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$
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53,847
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$
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0.51
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Basic weighted average shares of common stock outstanding
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129,188,343
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105,446,704
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Weighted average diluted shares - Operating Earnings
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Weighted average diluted shares - GAAP
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153,918,435
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106,812,721
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Weighted average unvested RSUs
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1,593,070
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—
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Reversal of hypothetical conversion of the Notes
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(24,730,092
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)
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—
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Weighted average diluted shares - Operating Earnings
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130,781,413
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106,812,721
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(1) May not foot due to rounding.
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Computation of Share Count for Operating Earnings
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Basic weighted average shares of common stock outstanding
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129,188,343
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105,446,704
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Weighted average unvested RSUs
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1,593,070
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1,366,017
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Weighted average diluted shares - Operating Earnings
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130,781,413
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106,812,721
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Nine months ended
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EarningsPer Share (1)
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Nine months ended
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EarningsPer Share (1)
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September 30, 2018
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September 30, 2017
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Operating Earnings:
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Net income available to common stockholders
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$
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146,491
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$
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1.20
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$
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121,946
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$
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1.23
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Adjustments:
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Equity-based compensation expense
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11,404
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0.09
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9,887
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0.10
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Unrealized gain on securities
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—
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—
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(11,830
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)
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(0.12
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)
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(Gain) loss on derivative instruments
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(28,798
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)
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(0.24
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)
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17,916
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0.18
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Foreign currency (gain) loss, net
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23,906
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0.20
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(18,135
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)
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(0.18
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)
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Amortization of the convertible senior notes related to equity
reclassification
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3,024
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0.02
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1,995
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0.02
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Loss from unconsolidated joint venture
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—
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—
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2,847
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0.03
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Provision for loan losses and impairments
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5,000
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0.04
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5,000
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0.05
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Series A preferred stock redemption charge
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—
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—
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3,016
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0.03
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Realized gain from unconsolidated joint venture
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—
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—
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346
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—
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Total adjustments:
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14,536
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0.11
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11,042
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0.11
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Operating Earnings
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$
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161,027
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$
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1.31
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$
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132,988
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$
|
1.34
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Realized loss and costs from sale of CMBS
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—
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—
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5,118
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0.06
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Loss on early extinguishment of debt
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2,573
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0.02
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—
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—
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Operating Earnings excluding realized loss and costs from sale of
CMBS and loss on early extinguishment of debt
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$
|
163,600
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$
|
1.34
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$
|
138,106
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$
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1.40
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Basic weighted average shares of common stock outstanding
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120,876,240
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97,546,437
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Weighted average diluted shares - Operating Earnings
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Weighted average diluted shares - GAAP
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150,424,889
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98,919,689
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Weighted average unvested RSUs
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|
1,617,398
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—
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|
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Reversal of hypothetical conversion of the Notes
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(29,548,649
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)
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—
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Weighted average diluted shares - Operating Earnings
|
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122,493,638
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|
|
|
98,919,689
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|
(1) May not foot due to rounding.
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Computation of Share Count for Operating Earnings
|
|
Basic weighted average shares of common stock outstanding
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120,876,240
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|
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97,546,437
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|
Weighted average unvested RSUs
|
|
1,617,398
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|
|
|
|
1,373,252
|
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|
|
Weighted average diluted shares - Operating Earnings
|
|
122,493,638
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|
|
|
|
98,919,689
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Teleconference Details:
The Company will host a conference call to discuss its financial results
on Thursday, October 25, 2018 at 10:00 a.m. ET. Members of the public
who are interested in participating in the Company's third quarter 2018
earnings teleconference call should dial from the U.S., (877) 331-6553,
or from outside the U.S., (760) 666-3769, shortly before 10:00 a.m. and
reference the Apollo Commercial Real Estate Finance, Inc. Teleconference
Call (number 7973829). Please note the teleconference call will be
available for replay beginning at 1:00 p.m. on Thursday, October 25,
2018 and ending at midnight on Thursday, November 1, 2018. To access the
replay, callers from the U.S. should dial (855) 859-2056 and callers
from outside the U.S. should dial (404) 537-3406, and enter conference
identification number 7973829.
Webcast:
The conference call will also be available on the Company's website at www.apolloreit.com.
To listen to a live broadcast, please go to the site at least 15 minutes
prior to the scheduled start time in order to register, download and
install any necessary audio software. A replay of the call will also be
available for 30 days on the Company's website.
Supplemental Information
The Company provides supplemental financial information to offer more
transparency into its results and make its reporting more informative
and easier to follow. The supplemental financial information is
available in the investor relations section of the Company's website at www.apolloreit.com.
About Apollo Commercial Real Estate Finance, Inc.
Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) is a real estate
investment trust that primarily originates, acquires, invests in and
manages performing commercial real estate mortgage loans, subordinate
financings, and other commercial real estate-related debt investments.
The Company is externally managed and advised by ACREFI Management, LLC,
a Delaware limited liability company and an indirect subsidiary of
Apollo Global Management, LLC, a leading global alternative investment
manager with approximately $269.5 billion of assets under management as
of June 30, 2018.
Additional information can be found on the Company's website at www.apolloreit.com.
Dividend Reinvestment Plan
The Company adopted a Direct Stock Purchase and Dividend Reinvestment
Plan (the "Plan"). The Plan provides new investors and existing holders
of the Company's common stock with a convenient and economical method to
purchase shares of its common stock. By participating in the Plan,
participants may purchase additional shares of the Company's common
stock by reinvesting some or all of the cash dividends received on their
shares of the Company's common stock. In addition, the Plan permits
participants to make optional cash investments of up to $10,000 per
month, and, with the Company's prior approval, optional cash investments
in excess of $10,000 per month, for the purchase of additional shares of
the Company's common stock.
The Plan is administered by Equiniti Trust Company ("Equiniti").
Stockholders and other persons may obtain a copy of the Plan prospectus
and an enrollment form by contacting Equiniti at (800) 468-9716 or (651)
450-4064, if outside the United States, or visiting Equiniti's website
at www.shareowneronline.com.
This communication does not constitute an offer to sell or the
solicitation of an offer to buy securities.
Forward-Looking Statements
Certain statements contained in this press release constitute
forward-looking statements as such term is defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, and such statements are intended to be
covered by the safe harbor provided by the same. Forward-looking
statements are subject to substantial risks and uncertainties, many of
which are difficult to predict and are generally beyond the Company's
control. These forward-looking statements include information about
possible or assumed future results of the Company's business, financial
condition, liquidity, results of operations, plans and objectives. When
used in this release, the words believe, expect, anticipate, estimate,
plan, continue, intend, should, may or similar expressions, are intended
to identify forward-looking statements. Statements regarding the
following subjects, among others, may be forward-looking: the return on
equity; the yield on investments; the ability to borrow to finance
assets; the Company's ability to deploy the proceeds of its capital
raises or acquire its target assets; and risks associated with investing
in real estate assets, including changes in business conditions and the
general economy. For a further list and description of such risks and
uncertainties, see the reports filed by the Company with the Securities
and Exchange Commission. The forward-looking statements, and other
risks, uncertainties and factors are based on the Company's beliefs,
assumptions and expectations of its future performance, taking into
account all information currently available to the Company.
Forward-looking statements are not predictions of future events. The
Company disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
|
|
|
Apollo Commercial Real Estate Finance, Inc. and Subsidiaries
|
|
Condensed Consolidated Balance Sheets (in thousands-except share
data)
|
|
|
|
|
|
|
|
|
|
September 30, 2018
|
|
December 31, 2017
|
|
Assets:
|
|
(Unaudited)
|
|
|
|
Cash
|
|
$
|
99,188
|
|
|
$
|
77,671
|
|
|
Commercial mortgage loans, net (includes $3,245,600 and $2,148,368
pledged as collateral under secured debt arrangements in 2018 and
2017, respectively)
|
|
3,723,550
|
|
|
2,653,826
|
|
|
Subordinate loans, net
|
|
1,104,496
|
|
|
1,025,932
|
|
|
Loan proceeds held by servicer
|
|
—
|
|
|
302,756
|
|
|
Other assets
|
|
31,894
|
|
|
28,420
|
|
|
Derivative assets, net
|
|
15,341
|
|
|
—
|
|
|
Total Assets
|
|
$
|
4,974,469
|
|
|
$
|
4,088,605
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
Secured debt arrangements, net (net of deferred financing costs of
$16,746 and $14,348 in 2018 and 2017, respectively)
|
|
$
|
1,996,871
|
|
|
$
|
1,330,847
|
|
|
Convertible senior notes, net
|
|
370,174
|
|
|
584,897
|
|
|
Derivative liabilities, net
|
|
—
|
|
|
5,644
|
|
|
Accounts payable, accrued expenses and other liabilities
|
|
79,538
|
|
|
70,906
|
|
|
Payable to related party
|
|
9,515
|
|
|
8,168
|
|
|
Total Liabilities
|
|
2,456,098
|
|
|
2,000,462
|
|
|
Commitments and Contingencies (see Note 15)
|
|
|
|
|
|
Stockholders' Equity:
|
|
|
|
|
|
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
|
|
|
|
|
|
Series B preferred stock, 6,770,393 shares issued and outstanding
($169,260 aggregate liquidation preference) in 2018 and 2017
|
|
68
|
|
|
68
|
|
|
Series C preferred stock, 6,900,000 shares issued and outstanding
($172,500 aggregate liquidation preference) in 2018 and 2017
|
|
69
|
|
|
69
|
|
|
Common stock, $0.01 par value, 450,000,000 shares authorized,
133,765,392 and 107,121,235 shares issued and outstanding in 2018
and 2017, respectively
|
|
1,338
|
|
|
1,071
|
|
|
Additional paid-in-capital
|
|
2,630,468
|
|
|
2,170,078
|
|
|
Accumulated deficit
|
|
(113,572
|
)
|
|
(83,143
|
)
|
|
Total Stockholders' Equity
|
|
2,518,371
|
|
|
2,088,143
|
|
|
Total Liabilities and Stockholders' Equity
|
|
$
|
4,974,469
|
|
|
$
|
4,088,605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apollo Commercial Real Estate Finance, Inc. and Subsidiaries
|
|
Condensed Consolidated Statement of Operations (Unaudited)
|
|
(in thousands-except share and per share data)
|
|
|
|
|
|
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Net interest income:
|
|
|
|
|
|
|
|
|
|
Interest income from commercial mortgage loans
|
|
$
|
71,179
|
|
|
$
|
41,203
|
|
|
$
|
188,434
|
|
|
$
|
112,690
|
|
|
Interest income from subordinate loans
|
|
37,308
|
|
|
47,268
|
|
|
105,236
|
|
|
121,298
|
|
|
Interest income from securities
|
|
—
|
|
|
2,625
|
|
|
—
|
|
|
13,379
|
|
|
Interest expense
|
|
(31,007
|
)
|
|
(19,855
|
)
|
|
(82,184
|
)
|
|
(56,089
|
)
|
|
Net interest income
|
|
77,480
|
|
|
71,241
|
|
|
211,486
|
|
|
191,278
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
General and administrative expenses (includes equity-based
compensation of $4,048 and $11,404 in 2018 and $2,635 and $9,887 of
equity-based compensation in 2017, respectively)
|
|
(5,843
|
)
|
|
(4,629
|
)
|
|
(16,493
|
)
|
|
(15,587
|
)
|
|
Management fees to related party
|
|
(9,515
|
)
|
|
(8,309
|
)
|
|
(26,620
|
)
|
|
(23,484
|
)
|
|
Total operating expenses
|
|
(15,358
|
)
|
|
(12,938
|
)
|
|
(43,113
|
)
|
|
(39,071
|
)
|
|
Loss from unconsolidated joint venture
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,847
|
)
|
|
Other income
|
|
427
|
|
|
359
|
|
|
973
|
|
|
710
|
|
|
Provision for loan losses and impairments
|
|
—
|
|
|
—
|
|
|
(5,000
|
)
|
|
(5,000
|
)
|
|
Realized loss on sale of assets
|
|
—
|
|
|
(4,076
|
)
|
|
—
|
|
|
(5,118
|
)
|
|
Unrealized gain on securities
|
|
—
|
|
|
13,488
|
|
|
—
|
|
|
11,830
|
|
|
Foreign currency gain (loss)
|
|
(4,050
|
)
|
|
7,763
|
|
|
(23,574
|
)
|
|
17,848
|
|
|
Loss on early extinguishment of debt
|
|
(2,573
|
)
|
|
—
|
|
|
(2,573
|
)
|
|
—
|
|
|
Gain (loss) on derivative instruments (includes unrealized gains
(losses) of $5,045 and $20,986 in 2018 and $(7,302) and $(17,626) in
2017, respectively)
|
|
6,291
|
|
|
(7,481
|
)
|
|
28,797
|
|
|
(17,916
|
)
|
|
Net income
|
|
$
|
62,217
|
|
|
$
|
68,356
|
|
|
$
|
166,996
|
|
|
$
|
151,714
|
|
|
Preferred dividends
|
|
(6,836
|
)
|
|
(11,148
|
)
|
|
(20,505
|
)
|
|
(29,768
|
)
|
|
Net income available to common stockholders
|
|
$
|
55,381
|
|
|
$
|
57,208
|
|
|
$
|
146,491
|
|
|
$
|
121,946
|
|
|
Net income per share of common stock:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.42
|
|
|
$
|
0.54
|
|
|
$
|
1.19
|
|
|
$
|
1.23
|
|
|
Diluted
|
|
$
|
0.40
|
|
|
$
|
0.54
|
|
|
$
|
1.14
|
|
|
$
|
1.23
|
|
|
Basic weighted average shares of common stock outstanding
|
|
129,188,343
|
|
|
105,446,704
|
|
|
120,876,240
|
|
|
97,546,437
|
|
|
Diluted weighted average shares of common stock outstanding
|
|
153,918,435
|
|
|
106,812,721
|
|
|
150,424,889
|
|
|
98,919,689
|
|
|
Dividend declared per share of common stock
|
|
$
|
0.46
|
|
|
$
|
0.46
|
|
|
$
|
1.38
|
|
|
$
|
1.38
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20181024005806/en/
