Six Flags Announces First Quarter 2019 Earnings
Business Wire 23-Apr-2019 4:05 PM
Revenue from Membership Program Accelerates Resulting in All-Time High
Guest Spending Per Capita
Six Flags Entertainment Corporation (NYSE:SIX), the world's largest
regional theme park company and the largest operator of waterparks in
North America, today announced that revenue for the first quarter of
2019 was $128 million and attendance was 2.2 million guests. Revenue
declined $1 million or 1 percent from the first quarter of 2018, driven
by a 189,000 or 8 percent decrease in the number of guests visiting Six
Flags parks that was almost entirely offset by a 5 percent increase in
total guest spending per capita and an increase in revenue from
international agreements. When compared to prior year, attendance growth
in the quarter was adversely impacted due to the Easter holiday falling
on April 21st in 2019 versus April 1st in 2018,
which shifted a portion of the company's operating calendar and
approximately 200,000 guest visits from the first quarter to the second
quarter in 2019.
Total guest spending per capita for the first quarter of 2019 was at an
all-time high of $48.48, an increase of $2.40 or 5 percent compared to
the first quarter of 2018. This improvement was primarily due to the
company's continued success in upselling guests from single day tickets
and season passes to higher-priced memberships. Admissions revenue per
capita increased $2.34 or 8 percent to $30.49 and in-park spending per
capita increased $0.06 to $17.99.
"I am pleased with our first quarter performance as strong membership
penetration continues to be a key driver of our long-term growth
strategy, providing both a platform of increasing recurring revenue at
higher prices and the ability to further grow attendance, especially as
we expand our portfolio of parks," said Jim Reid-Anderson, Chairman,
President and CEO. "With our record-high Active Pass Base, ongoing price
increases, growing dining pass penetration, and both domestic and
international expansion opportunities, we are very well-positioned to
deliver our tenth consecutive year of record financial performance in
2019."
Since most of the parks were not scheduled to be open during the first
quarter, the company had a net loss1 of $69 million, an
increased loss of $7 million compared to the prior year period. The net
loss per share for the first quarter of 2019 was $0.82 compared to a
loss per share of $0.74 in the first quarter of 2018. Adjusted EBITDA2
for the first quarter was a loss of $32 million, an increased loss
of $13 million compared to the prior year period primarily due to the
timing of Easter and incremental lease and other costs from the
company's five new U.S. parks acquired on June 1, 2018—costs that the
company did not incur in the first quarter of 2018.
As anticipated, deferred revenue of $178 million as of March 31, 2019,
decreased by $4 million or 2 percent from March 31, 2018, primarily due
to both a higher mix of longer-tenured members versus last year and
lower pass sales in the quarter as several parks opened later this year
due to the timing of the Easter holiday. Going forward, the company
expects deferred revenue growth will be muted and may decline as a
growing pool of members retain their memberships beyond their initial
twelve-month commitment period, at which time revenue is recognized
monthly as cash is received and no longer contributes to deferred
revenue.
The Active Pass Base, which includes all members and season pass
holders, increased 5 percent year-over-year to a new all-time high for
the first quarter despite the Easter shift of membership and season pass
sales into the second quarter. The mix of memberships in the Active Pass
Base increased significantly because of the company's highly successful
rollout of a new membership program with premium tiers. Members are the
company's most loyal and valuable guests, having higher retention rates
and generating more recurring revenue and cash flow for the company than
a single day guest or season pass holder. In addition, season passes and
memberships provide an excellent hedge against inclement weather
throughout the season.
In the first quarter of 2019, the company invested $47 million in new
capital projects. The company also paid $69 million in dividends, or
$0.82 per common share. Net Debt as of March 31, 2019, calculated as
total reported debt of $2.2 billion less cash and cash equivalents of
$20 million, represented a net leverage ratio of 4.1 times Adjusted
EBITDA.
As previously announced, on April 17, 2019, the company completed the
refinancing of its bank credit facilities, including increasing the
amount of its Term Loan B from $584 million to $800 million and
increasing its revolving credit facility from $250 million to $350
million. The company intends to use the net proceeds for general
corporate purposes, including paying down the balance of the prior
revolving credit facility and for share repurchases. The authorized
share repurchase amount available as of March 31, 2019, was $232 million.
Conference Call
At 8:00 a.m. Central Time tomorrow, April 24, 2019, the company will
host a conference call to discuss its first quarter 2019 financial
performance. The call is accessible through either the Six Flags
Investor Relations website at investors.sixflags.com
or by dialing 1-855-889-1976 in the United States or +1-937-641-0558
outside the United States and requesting the Six Flags earnings call. A
replay of the call will be available through May 1, 2019, by dialing
1-855-859-2056 or +1-404-537-3406 and requesting conference ID 8177678.
About Six Flags Entertainment Corporation
Six Flags Entertainment Corporation is the world's largest regional
theme park company and the largest operator of waterparks in North
America, with $1.5 billion in revenue and 26 parks across the United
States, Mexico and Canada. For 58 years, Six Flags has entertained
millions of families with world-class coasters, themed rides, thrilling
waterparks and unique attractions. For more information, visit www.sixflags.com.
Forward-Looking Statements
The information contained in this release, other than historical
information, consists of forward-looking statements within the meaning
of Section 27A of the Securities Act and Section 21E of the Securities
Exchange Act. These statements may involve risks and uncertainties that
could cause actual results to differ materially from those described in
such statements. These risks and uncertainties include, among others,
(i) the adequacy of cash flows from operations, available cash and
available amounts under our credit facilities to meet our future
liquidity needs, (ii) our ability to roll out our capital enhancements
and planned initiatives in a timely and cost effective manner, (iii) our
ability to improve operating results by implementing strategic cost
reductions, and organizational and personnel changes without adversely
affecting our business, (iv) our dividend policy and ability to pay
dividends on our common stock, (v) the effect of and cost and timing of
compliance with newly enacted laws, regulations and accounting policies,
(vi) our ability to realize the benefits of acquisitions and the timing
and certainty of future growth opportunities and strategic initiatives,
(vii) our expectations regarding uncertain tax positions, (viii) our
operations and results of operations, and (ix) the risk factors or
uncertainties listed from time to time in the company's filings with the
Securities and Exchange Commission ("SEC"). In addition, important
factors, including factors impacting attendance, such as local
conditions, natural disasters, contagious diseases, events, disturbances
and terrorist activities; recall of food, toys and other retail products
sold at our parks; accidents occurring at our parks or other parks in
the industry and adverse publicity concerning our parks or other parks
in the industry; inability to achieve desired improvements and our
aspirational financial performance goals; adverse weather conditions
such as excess heat or cold, rain and storms; general financial and
credit market conditions; economic conditions (including customer
spending patterns); changes in public and consumer tastes; construction
delays in capital improvements and ride downtime; competition with other
theme parks, waterparks and entertainment alternatives; dependence on a
seasonal workforce; unionization activities and labor disputes; laws and
regulations affecting labor and employee benefit costs, including
increases in state and federally mandated minimum wages, and healthcare
reform; pending, threatened or future legal proceedings and the
significant expenses associated with litigation; cybersecurity risks and
other factors could cause actual results to differ materially from the
company's expectations. Although the company believes that the
expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will be
realized and actual results could vary materially. Reference is made to
a more complete discussion of forward-looking statements and applicable
risks contained under the captions "Cautionary Note Regarding
Forward-Looking Statements" and "Risk Factors" in the company's Annual
and Quarterly Reports on Forms 10-K and 10-Q, and its other filings and
submissions with the SEC, each of which are available free of charge on
the company's investor relations website at investors.sixflags.com
and on the SEC's website at www.sec.gov.
Footnotes
|
(1)
|
|
Net loss is defined as net loss available to the company net of
income attributable to non-controlling interests and is consistent
with Net loss attributable to Six Flags Entertainment Corporation in
the accompanying financial statements.
|
|
(2)
|
|
See the following financial statements and Note 3 to those financial
statements for a discussion of Adjusted EBITDA (a non-GAAP financial
measure) and its reconciliation to net income (loss).
|
|
|
|
SIX FLAGS ENTERTAINMENT CORPORATION
|
|
|
|
Statement of Operations Data (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
(Amounts in thousands, except per share data)
|
|
March 31,2019
|
|
March 31,2018
|
|
March 31,2019
|
|
March 31,2018
|
|
Park admissions
|
|
$
|
66,080
|
|
|
$
|
66,321
|
|
|
$
|
809,823
|
|
|
$
|
756,648
|
|
|
Park food, merchandise and other
|
|
|
38,978
|
|
|
|
42,246
|
|
|
|
550,259
|
|
|
|
535,668
|
|
|
Sponsorship, international agreements and accommodations
|
|
|
23,135
|
|
|
|
20,397
|
|
|
|
102,854
|
|
|
|
96,194
|
|
|
Total revenue
|
|
|
128,193
|
|
|
|
128,964
|
|
|
|
1,462,936
|
|
|
|
1,388,510
|
|
|
Operating expenses (excluding depreciation and amortization shown
separately below)
|
|
|
114,522
|
|
|
|
102,500
|
|
|
|
586,746
|
|
|
|
521,473
|
|
|
Selling, general and administrative expenses (excluding
depreciation, amortization and stock-based compensation shown
separately below)
|
|
|
36,219
|
|
|
|
36,385
|
|
|
|
178,686
|
|
|
|
183,169
|
|
|
Costs of products sold
|
|
|
10,275
|
|
|
|
10,463
|
|
|
|
121,615
|
|
|
|
113,256
|
|
|
Other net periodic pension benefit
|
|
|
(1,055
|
)
|
|
|
(1,277
|
)
|
|
|
(4,947
|
)
|
|
|
(3,753
|
)
|
|
Depreciation
|
|
|
28,470
|
|
|
|
28,018
|
|
|
|
113,698
|
|
|
|
110,581
|
|
|
Amortization
|
|
|
603
|
|
|
|
611
|
|
|
|
2,439
|
|
|
|
2,428
|
|
|
Stock-based compensation
|
|
|
3,891
|
|
|
|
4,553
|
|
|
|
(47,346
|
)
|
|
|
(30,134
|
)
|
|
Loss on disposal of assets
|
|
|
1,136
|
|
|
|
1,911
|
|
|
|
1,104
|
|
|
|
5,200
|
|
|
Interest expense, net
|
|
|
28,348
|
|
|
|
25,885
|
|
|
|
109,706
|
|
|
|
103,894
|
|
|
Loss on debt extinguishment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
37,116
|
|
|
Other (income) expense, net
|
|
|
(427
|
)
|
|
|
1,935
|
|
|
|
1,146
|
|
|
|
3,109
|
|
|
(Loss) income before income taxes
|
|
|
(93,789
|
)
|
|
|
(82,020
|
)
|
|
|
400,089
|
|
|
|
342,171
|
|
|
Income tax (benefit) expense
|
|
|
(24,657
|
)
|
|
|
(19,675
|
)
|
|
|
90,873
|
|
|
|
33,942
|
|
|
Net (loss) income
|
|
|
(69,132
|
)
|
|
|
(62,345
|
)
|
|
|
309,216
|
|
|
|
308,229
|
|
|
Less: Net income attributable to noncontrolling interests
|
|
|
—
|
|
|
|
—
|
|
|
|
(40,007
|
)
|
|
|
(39,210
|
)
|
|
Net (loss) income attributable to Six Flags Entertainment Corporation
|
|
$
|
(69,132
|
)
|
|
$
|
(62,345
|
)
|
|
$
|
269,209
|
|
|
$
|
269,019
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
84,126
|
|
|
|
84,457
|
|
|
|
84,019
|
|
|
|
85,151
|
|
|
Diluted:
|
|
|
84,126
|
|
|
|
84,457
|
|
|
|
85,192
|
|
|
|
86,689
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per average common share:
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
$
|
(0.82
|
)
|
|
$
|
(0.74
|
)
|
|
$
|
3.20
|
|
|
$
|
3.16
|
|
|
Diluted:
|
|
$
|
(0.82
|
)
|
|
$
|
(0.74
|
)
|
|
$
|
3.16
|
|
|
$
|
3.10
|
|
|
Balance Sheet Data
|
|
|
|
|
|
|
|
|
|
As of
|
|
(Amounts in thousands)
|
|
March 31, 2019
|
|
December 31, 2018
|
|
Cash and cash equivalents
|
|
$
|
20,434
|
|
|
$
|
44,608
|
|
|
Total assets
|
|
|
2,724,907
|
|
|
|
2,517,328
|
|
|
|
|
|
|
|
|
Deferred revenue
|
|
|
178,047
|
|
|
|
146,227
|
|
|
Short-term borrowings
|
|
|
165,000
|
|
|
|
43,000
|
|
|
Long-term debt
|
|
|
2,064,557
|
|
|
|
2,063,512
|
|
|
|
|
|
|
|
|
Redeemable noncontrolling interests
|
|
|
525,271
|
|
|
|
525,271
|
|
|
|
|
|
|
|
|
Total stockholders' deficit
|
|
|
(765,182
|
)
|
|
|
(643,093
|
)
|
|
|
|
|
|
|
|
Shares outstanding
|
|
|
84,246
|
|
|
|
83,962
|
|
|
|
|
|
|
|
|
|
|
|
SIX FLAGS ENTERTAINMENT CORPORATION
Definition and Reconciliation of Non-GAAP Financial Measures
We prepare our financial statements in accordance with United States
generally accepted accounting principles ("GAAP"). In our press release,
we make reference to non-GAAP financial measures including Modified
EBITDA, Adjusted EBITDA and Adjusted Free Cash Flow. The definition for
each of these non-GAAP financial measures is set forth below in the
notes to the reconciliation tables. We believe that these non-GAAP
financial measures provide important and useful information for
investors to facilitate a comparison of our operating performance on a
consistent basis from period to period and make it easier to compare our
results with those of other companies in our industry. We use these
measures for internal planning and forecasting purposes, to evaluate
ongoing operations and our performance generally, and in our annual and
long-term incentive plans. By providing these measures, we provide our
investors with the ability to review our performance in the same manner
as our management.
However, because these non-GAAP financial measures are not determined in
accordance with GAAP, they are susceptible to varying calculations, and
not all companies calculate these measures in the same manner. As a
result, these non-GAAP financial measures as presented may not be
directly comparable to a similarly titled non-GAAP financial measure
presented by another company. These non-GAAP financial measures are
presented as supplemental information and not as alternatives to any
GAAP financial measures. When reviewing a non-GAAP financial measure, we
encourage our investors to fully review and consider the related
reconciliation as detailed below.
The following table sets forth a reconciliation of net (loss) income to
Adjusted EBITDA for the three and twelve months ended March 31, 2019 and
March 31, 2018:
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
(Amounts in thousands)
|
|
March 31,2019
|
|
March 31,2018
|
|
March 31,2019
|
|
March 31,2018
|
|
Net (loss) income
|
|
$
|
(69,132
|
)
|
|
$
|
(62,345
|
)
|
|
$
|
309,216
|
|
|
$
|
308,229
|
|
|
Income tax (benefit) expense
|
|
|
(24,657
|
)
|
|
|
(19,675
|
)
|
|
|
90,873
|
|
|
|
33,942
|
|
|
Other (income) expense, net
|
|
|
(427
|
)
|
|
|
1,935
|
|
|
|
1,146
|
|
|
|
3,109
|
|
|
Loss on debt extinguishment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
37,116
|
|
|
Interest expense, net
|
|
|
28,348
|
|
|
|
25,885
|
|
|
|
109,706
|
|
|
|
103,894
|
|
|
Loss on disposal of assets
|
|
|
1,136
|
|
|
|
1,911
|
|
|
|
1,104
|
|
|
|
5,200
|
|
|
Amortization
|
|
|
603
|
|
|
|
611
|
|
|
|
2,439
|
|
|
|
2,428
|
|
|
Depreciation
|
|
|
28,470
|
|
|
|
28,018
|
|
|
|
113,698
|
|
|
|
110,581
|
|
|
Stock-based compensation
|
|
|
3,891
|
|
|
|
4,553
|
|
|
|
(47,346
|
)
|
|
|
(30,134
|
)
|
|
Impact of Fresh Start valuation adjustments (2)
|
|
|
—
|
|
|
|
3
|
|
|
|
15
|
|
|
|
33
|
|
|
Modified EBITDA (3)
|
|
|
(31,768
|
)
|
|
|
(19,104
|
)
|
|
|
580,851
|
|
|
|
574,398
|
|
|
Third party interest in EBITDA of certain operations (4)
|
|
|
—
|
|
|
|
—
|
|
|
|
(40,007
|
)
|
|
|
(39,210
|
)
|
|
Adjusted EBITDA (3)
|
|
$
|
(31,768
|
)
|
|
$
|
(19,104
|
)
|
|
$
|
540,844
|
|
|
$
|
535,188
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding — basic:
|
|
|
84,126
|
|
|
|
84,457
|
|
|
|
84,019
|
|
|
|
85,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIX FLAGS ENTERTAINMENT CORPORATION
The following table sets forth a reconciliation of net cash (used in)
provided by operating activities to Adjusted Free Cash Flow for the
three and twelve months ended March 31, 2019 and March 31, 2018:
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
(Amounts in thousands)
|
March 31,2019
|
|
March 31,2018
|
|
March 31,2019
|
|
March 31,2018
|
|
Net cash (used in) provided by operating activities
|
$
|
(40,823
|
)
|
|
$
|
(22,807
|
)
|
|
$
|
395,116
|
|
|
$
|
482,848
|
|
|
Changes in working capital
|
|
(17,151
|
)
|
|
|
(28,004
|
)
|
|
|
61,523
|
|
|
|
(26,476
|
)
|
|
Interest expense, net
|
|
28,348
|
|
|
|
25,885
|
|
|
|
109,706
|
|
|
|
103,894
|
|
|
Income tax (benefit) expense
|
|
(24,657
|
)
|
|
|
(19,675
|
)
|
|
|
90,873
|
|
|
|
33,942
|
|
|
Amortization of debt issuance costs
|
|
(1,007
|
)
|
|
|
(962
|
)
|
|
|
(4,024
|
)
|
|
|
(3,852
|
)
|
|
Other (income) expense, net
|
|
(344
|
)
|
|
|
26
|
|
|
|
4,443
|
|
|
|
(3,790
|
)
|
|
Interest accretion on notes payable
|
|
(338
|
)
|
|
|
(335
|
)
|
|
|
(1,347
|
)
|
|
|
(1,299
|
)
|
|
Changes in deferred income taxes
|
|
24,204
|
|
|
|
26,765
|
|
|
|
(75,454
|
)
|
|
|
(10,902
|
)
|
|
Impact of Fresh Start valuation adjustments (2)
|
|
—
|
|
|
|
3
|
|
|
|
15
|
|
|
|
33
|
|
|
Third party interest in EBITDA of certain operations (4)
|
|
—
|
|
|
|
—
|
|
|
|
(40,007
|
)
|
|
|
(39,210
|
)
|
|
Capital expenditures, net of property insurance recovery
|
|
(47,459
|
)
|
|
|
(42,483
|
)
|
|
|
(138,100
|
)
|
|
|
(125,545
|
)
|
|
Cash paid for interest, net
|
|
(31,426
|
)
|
|
|
(29,622
|
)
|
|
|
(99,315
|
)
|
|
|
(89,137
|
)
|
|
Cash taxes (5)
|
|
(5,310
|
)
|
|
|
(6,994
|
)
|
|
|
(28,325
|
)
|
|
|
(18,805
|
)
|
|
Adjusted Free Cash Flow (6)
|
$
|
(115,963
|
)
|
|
$
|
(98,203
|
)
|
|
$
|
275,104
|
|
|
$
|
301,701
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding — basic:
|
|
84,126
|
|
|
|
84,457
|
|
|
|
84,019
|
|
|
|
85,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Revenues and expenses of international operations are converted into
U.S. dollars on an average basis as provided by GAAP.
|
|
|
|
|
|
(2)
|
|
Amounts recorded as valuation adjustments and included in
reorganization items for the month of April 2010 that would have
been included in Modified EBITDA and Adjusted EBITDA, had fresh
start accounting not been applied. Balances consisted primarily of
discounted insurance reserves that were accreted through the
statement of operations each quarter through 2018.
|
|
|
|
|
|
(3)
|
|
"Modified EBITDA", a non-GAAP measure, is defined as our
consolidated income (loss) from continuing operations: excluding
the cumulative effect of changes in accounting principles,
discontinued operations gains or losses, income tax expense or
benefit, restructure costs or recoveries, reorganization items
(net), other income or expense, gain or loss on early
extinguishment of debt, equity in income or loss of investees,
interest expense (net), gain or loss on disposal of assets, gain
or loss on the sale of investees, amortization, depreciation,
stock-based compensation, and fresh start accounting valuation
adjustments. Modified EBITDA as defined herein may differ from
similarly titled measures presented by other companies. Management
uses non-GAAP measures for budgeting purposes, measuring actual
results, allocating resources and in determining employee
incentive compensation. We believe that Modified EBITDA provides
relevant and useful information for investors because it assists
in comparing our operating performance on a consistent basis,
makes it easier to compare our results with those of other
companies in our industry as it most closely ties our performance
to that of our competitors from a park level perspective and
allows investors to review performance in the same manner as our
management.
"Adjusted EBITDA", a non-GAAP measure, is defined as Modified
EBITDA minus the interests of third parties in the Adjusted EBITDA
of properties that are less than wholly owned (consisting of Six
Flags Over Georgia, Six Flags White Water Atlanta and Six Flags
Over Texas). Adjusted EBITDA is approximately equal to "Parent
Consolidated Adjusted EBITDA" as defined in our secured credit
agreement, except that Parent Consolidated Adjusted EBITDA
excludes Adjusted EBITDA from equity investees that is not
distributed to us in cash on a net basis and has limitations on
the amounts of certain expenses that are excluded from the
calculation. Adjusted EBITDA as defined herein may differ from
similarly titled measures presented by other companies. Our board
of directors and management use Adjusted EBITDA to measure our
performance and our current management incentive compensation
plans are based largely on Adjusted EBITDA. We believe that
Adjusted EBITDA is frequently used by all our sell-side analysts
and most investors as their primary measure of our performance in
the evaluation of companies in our industry. In addition, the
instruments governing our indebtedness use Adjusted EBITDA to
measure our compliance with certain covenants and, in certain
circumstances, our ability to make certain borrowings. Adjusted
EBITDA, as computed by us, may not be comparable to similar
metrics used by other companies in our industry.
|
|
|
|
|
|
(4)
|
|
Represents interests of third parties in the Adjusted EBITDA of Six
Flags Over Georgia, Six Flags Over Texas and Six Flags White Water
Atlanta.
|
|
|
|
|
|
(5)
|
|
Cash taxes represents statutory taxes paid, primarily driven by
Mexico and state level obligations. Based on our current federal net
operating loss carryforwards, we believe we will continue to pay
minimal federal cash taxes for the next two years.
|
|
|
|
|
|
(6)
|
|
Management uses Adjusted Free Cash Flow, a non-GAAP measure, in its
financial and operational decision making processes, for internal
reporting, and as part of its forecasting and budgeting processes as
it provides additional transparency of our operations. Management
believes that Adjusted Free Cash Flow is useful information to
investors regarding the amount of cash that we estimate that we will
generate from operations over a certain period. Management believes
the presentation of this measure will enhance the investors' ability
to analyze trends in the business and evaluate the Company's
underlying performance relative to other companies in the industry.
A reconciliation from net cash provided by (used in) operating
activities to Adjusted Free Cash Flow is presented in the table
above. Adjusted Free Cash Flow as presented herein may differ from
similarly titled measures presented by other companies.
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20190423005918/en/
