Get Cash Back and $0 Commissions
+ The Power of TradeStation
Business Wire 1-May-2019 7:01 AM
Insight Enterprises, Inc. (NASDAQ:NSIT) (the "Company") today reported financial results for the quarter ended March 31, 2019 compared to the quarter ended March 31, 2018.
In the first quarter of 2019, net sales decreased by 3%, year to year, while gross profit increased 3%, year over year and gross margin increased 90 basis points compared to the first quarter of 2018. The increase in gross profit and gross margin reflects a higher mix of cloud solutions reported net and higher margin Insight delivered services. Earnings from operations grew 13%, year over year, with each of our geographic segments generating growth.
"I am pleased to report we have started the new year with strong earnings performance in the first quarter," stated Ken Lamneck, President and Chief Executive Officer. "Our top line results decreased in the first quarter against a tough comparison last year, but we focused on profitable business, growing our services sales and helping our clients migrate to the cloud, which led to strong gross margin expansion in the quarter. At the same time we controlled our expenses, which allowed us to deliver another quarter of double digit earnings growth year over year, with each of our operating segments contributing to these results," stated Lamneck.
KEY HIGHLIGHTS
In discussing financial results for the three months ended March 31, 2019 and 2018 in this press release, the Company refers to certain financial measures that are not prepared in accordance with United States generally accepted accounting principles ("GAAP"). When referring to non-GAAP measures, the Company refers to such measures as "Adjusted." See "Use of Non-GAAP Financial Measures" for additional information. A tabular reconciliation of financial measures prepared in accordance with GAAP to the non-GAAP financial measures is included at the end of this press release.
In some instances the Company refers to changes in net sales, gross profit and earnings from operations on a consolidated basis and in North America, EMEA and APAC excluding the effects of fluctuating foreign currency exchange rates. In computing these changes and percentages, the Company compares the current year amount as translated into U.S. dollars under the applicable accounting standards to the prior year amount in local currency translated into U.S. dollars utilizing the weighted average translation rate for the current period.
The tax effect of Adjusted amounts referenced herein were computed using the statutory tax rate for the taxing jurisdictions in the operating segment in which the related expenses were recorded, adjusted for the effects of valuation allowances on net operating losses in certain jurisdictions.
GUIDANCE
For the full year 2019, the Company expects to deliver sales growth in the low single digit range compared to 2018. The Company also expects Adjusted diluted earnings per share for the full year of 2019 to be between $4.75 and $4.85.
This outlook assumes:
This outlook does not reflect the repurchase of any shares under the Company's currently authorized share repurchase program, assumes no current year acquisition-related expenses and excludes severance and restructuring expenses incurred during the first quarter of 2019 and those that may be incurred during the balance of 2019. Due to the inherent difficulty of forecasting these types of expenses, which impact net earnings and diluted earnings per share, the Company is unable to reasonably estimate the related impact of such expenses, if any, to net earnings and diluted earnings per share. Accordingly, the Company is unable to provide a reconciliation of GAAP to non-GAAP diluted earnings per share for the full year 2019 forecast.
CONFERENCE CALL AND WEBCAST
The Company will host a conference call and live web cast today at 8:00 a.m. ET to discuss first quarter 2019 results of operations. A live web cast of the conference call (in listen-only mode) will be available on the Company's web site at http://investor.insight.com/, and a replay of the web cast will be available on the Company's web site for a limited time following the call. To listen to the live web cast by telephone, call 1-877-524-8416 if located in the U.S., 412-902-1028 for international callers, and enter the access code 13689759.
USE OF NON-GAAP FINANCIAL MEASURES
The non-GAAP financial measures are referred to as "Adjusted." Adjusted consolidated earnings from operations, Adjusted consolidated net earnings and Adjusted diluted earnings per share exclude (i) severance and restructuring expenses and (ii) the tax effects of severance and restructuring expenses. The Company excludes these items when internally evaluating earnings from operations, tax expense, net earnings and diluted earnings per share for the Company and earnings from operations for each of the Company's operating segments. Adjusted free cash flow is the Company's net cash provided or used by operating activities adjusted for (i) purchases of property and equipment and (ii) the net borrowings or repayments under the inventory financing facility. Adjusted return on invested capital ("ROIC") excludes (i) severance and restructuring expenses, (ii) acquisition related expenses, (iii) loss on sale of the Company's Russia business, and (iv) the tax effects of each of these items, as applicable.
These non-GAAP measures are used to evaluate financial performance against budgeted amounts, to calculate incentive compensation, to assist in forecasting future performance and to compare the Company's results to those of the Company's competitors. The Company believes that these non-GAAP financial measures are useful to investors because they allow for greater transparency, facilitate comparisons to prior periods and the Company's competitors' results and assist in forecasting performance for future periods. These non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures presented by other companies. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
FINANCIAL SUMMARY TABLE (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) |
|||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2019 | 2018 | change | |||||||||||||||
Insight Enterprises, Inc. | |||||||||||||||||
Net sales: | |||||||||||||||||
Products | $ | 1,466,672 | $ | 1,557,792 | (6%) | ||||||||||||
Services | $ | 218,794 | $ | 184,702 | 18% | ||||||||||||
Total net sales | $ | 1,685,466 | $ | 1,742,494 | (3%) | ||||||||||||
Gross profit | $ | 248,472 | $ | 240,263 | 3% | ||||||||||||
Gross margin | 14.7 | % | 13.8 | % | 90 bps | ||||||||||||
Selling and administrative expenses | $ | 191,063 | $ | 188,180 | 2% | ||||||||||||
Severance and restructuring expenses | $ | 370 | $ | 1,644 | (77%) | ||||||||||||
Earnings from operations | $ | 57,039 | $ | 50,439 | 13% | ||||||||||||
Net earnings | $ | 39,327 | $ | 33,003 | 19% | ||||||||||||
Diluted earnings per share | $ | 1.09 | $ | 0.91 | 20% | ||||||||||||
North America | |||||||||||||||||
Net sales: | |||||||||||||||||
Products | $ | 1,070,416 | $ | 1,134,401 | (6%) | ||||||||||||
Services | $ | 172,025 | $ | 143,979 | 19% | ||||||||||||
Total net sales | $ | 1,242,441 | $ | 1,278,380 | (3%) | ||||||||||||
Gross profit | $ | 182,607 | $ | 175,371 | 4% | ||||||||||||
Gross margin | 14.7 | % | 13.7 | % | 100 bps | ||||||||||||
Selling and administrative expenses | $ | 136,950 | $ | 132,640 | 3% | ||||||||||||
Severance and restructuring expenses | $ | 331 | $ | 443 | (25%) | ||||||||||||
Earnings from operations | $ | 45,326 | $ | 42,288 | 7% | ||||||||||||
Sales Mix | ** | ||||||||||||||||
Hardware | 60 | % | 68 | % | (14%) | ||||||||||||
Software | 26 | % | 21 | % | 23% | ||||||||||||
Services | 14 | % | 11 | % | 19% | ||||||||||||
100 | % | 100 | % | (3%) | |||||||||||||
EMEA | |||||||||||||||||
Net sales: | |||||||||||||||||
Products | $ | 354,673 | $ | 377,212 | (6%) | ||||||||||||
Services | $ | 35,502 | $ | 29,922 | 19% | ||||||||||||
Total net sales | $ | 390,175 | $ | 407,134 | (4%) | ||||||||||||
Gross profit | $ | 56,983 | $ | 56,050 | 2% | ||||||||||||
Gross margin | 14.6 | % | 13.8 | % | 80 bps | ||||||||||||
Selling and administrative expenses | $ | 47,145 | $ | 48,283 | (2%) | ||||||||||||
Severance and restructuring expenses | $ | (85 | ) | $ | 1,074 | > 100% | |||||||||||
Earnings from operations | $ | 9,923 | $ | 6,693 | 48% | ||||||||||||
Sales Mix | ** | ||||||||||||||||
Hardware | 44 | % | 46 | % | (8%) | ||||||||||||
Software | 47 | % | 47 | % | (4%) | ||||||||||||
Services | 9 | % | 7 | % | 19% | ||||||||||||
100 | % | 100 | % | (4%) | |||||||||||||
APAC | |||||||||||||||||
Net sales: | |||||||||||||||||
Products | $ | 41,583 | $ | 46,179 | (10%) | ||||||||||||
Services | $ | 11,267 | $ | 10,801 | 4% | ||||||||||||
Total net sales | $ | 52,850 | $ | 56,980 | (7%) | ||||||||||||
Gross profit | $ | 8,882 | $ | 8,842 | — | ||||||||||||
Gross margin | 16.8 | % | 15.5 | % | 130 bps | ||||||||||||
Selling and administrative expenses |
$ | 6,968 | $ | 7,257 | (4%) | ||||||||||||
Severance and restructuring expenses |
$ | 124 | $ | 127 | (2%) | ||||||||||||
Earnings from operations | $ | 1,790 | $ | 1,458 | 23% | ||||||||||||
Sales Mix | ** | ||||||||||||||||
Hardware | 12 | % | 13 | % | (9%) | ||||||||||||
Software | 67 | % | 68 | % | (10%) | ||||||||||||
Services | 21 | % | 19 | % | 4% | ||||||||||||
100 | % | 100 | % | (7%) | |||||||||||||
** | Change in sales mix represents growth/decline in category net sales on a U.S. dollar basis and does not exclude the effects of fluctuating foreign currency exchange rates. | ||
FORWARD-LOOKING INFORMATION
Certain statements in this release and the related conference call and web cast are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including the Company's expected 2019 financial results, sales growth and Adjusted diluted earnings per share for the full year 2019, and the assumptions relating thereto, as well as the Company's anticipated effective tax rate, capital expenditures and plans concerning repurchases under the Company's currently authorized share repurchase program, and the Company's expectations regarding cash flow, are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. There can be no assurances that the results discussed by the forward-looking statements will be achieved, and actual results may differ materially from those set forth in the forward-looking statements. Some of the important factors that could cause the Company's actual results to differ materially from those projected in any forward-looking statements, include, but are not limited to, the following, which are discussed in "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2018 and in the Company's subsequent filings with the Securities and Exchange Commission:
Additionally, there may be other risks that are otherwise described from time to time in the reports that the Company files with the Securities and Exchange Commission. Any forward-looking statements in this release should be considered in light of various important factors, including the risks and uncertainties listed above, as well as others. The Company assumes no obligation to update, and, except as may be required by law, does not intend to update, any forward-looking statements. The Company does not endorse any projections regarding future performance that may be made by third parties.
INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) |
||||||||||||||||||
Three Months Ended
March 31, |
||||||||||||||||||
2019 | 2018 | |||||||||||||||||
Net sales: | ||||||||||||||||||
Products | $ | 1,466,672 | $ | 1,557,792 | ||||||||||||||
Services | 218,794 | 184,702 | ||||||||||||||||
Total net sales | 1,685,466 | 1,742,494 | ||||||||||||||||
Costs of goods sold: | ||||||||||||||||||
Products | 1,337,308 | 1,414,986 | ||||||||||||||||
Services | 99,686 | 87,245 | ||||||||||||||||
Total costs of goods sold | 1,436,994 | 1,502,231 | ||||||||||||||||
Gross profit | 248,472 | 240,263 | ||||||||||||||||
Operating expenses: | ||||||||||||||||||
Selling and administrative expenses | 191,063 | 188,180 | ||||||||||||||||
Severance and restructuring expenses | 370 | 1,644 | ||||||||||||||||
Earnings from operations | 57,039 | 50,439 | ||||||||||||||||
Non-operating (income) expense: | ||||||||||||||||||
Interest income | (271 | ) | (153 | ) | ||||||||||||||
Interest expense | 4,823 | 6,015 | ||||||||||||||||
Net foreign currency exchange loss (gain) | 711 | (245 | ) | |||||||||||||||
Other expense, net | 339 | 302 | ||||||||||||||||
Earnings before income taxes | 51,437 | 44,520 | ||||||||||||||||
Income tax expense | 12,110 | 11,517 | ||||||||||||||||
Net earnings | $ | 39,327 | $ | 33,003 | ||||||||||||||
Net earnings per share: | ||||||||||||||||||
Basic | $ | 1.10 | $ | 0.92 | ||||||||||||||
Diluted | $ | 1.09 | $ | 0.91 | ||||||||||||||
Shares used in per share calculations: | ||||||||||||||||||
Basic | 35,609 | 35,913 | ||||||||||||||||
Diluted | 36,103 | 36,263 | ||||||||||||||||
INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) (UNAUDITED) |
||||||||||||||||||
March 31,
2019 |
December 31,
2018 |
|||||||||||||||||
ASSETS | ||||||||||||||||||
Current assets: | ||||||||||||||||||
Cash and cash equivalents | $ | 124,831 | $ | 142,655 | ||||||||||||||
Accounts receivable, net | 1,723,817 | 1,931,736 | ||||||||||||||||
Inventories | 187,146 | 148,503 | ||||||||||||||||
Other current assets | 117,199 | 115,683 | ||||||||||||||||
Total current assets | 2,152,993 | 2,338,577 | ||||||||||||||||
Property and equipment, net | 74,038 | 72,954 | ||||||||||||||||
Goodwill | 166,073 | 166,841 | ||||||||||||||||
Intangible assets, net | 108,856 | 112,179 | ||||||||||||||||
Deferred income taxes | 7,345 | 7,967 | ||||||||||||||||
Other assets | 247,162 | 77,429 | ||||||||||||||||
$ | 2,756,467 | $ | 2,775,947 | |||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||
Current liabilities: | ||||||||||||||||||
Accounts payable – trade | $ | 897,609 | $ | 978,104 | ||||||||||||||
Accounts payable – inventory financing facility | 260,160 | 304,130 | ||||||||||||||||
Accrued expenses and other current liabilities | 183,678 | 190,733 | ||||||||||||||||
Current portion of long-term debt | 1,161 | 1,395 | ||||||||||||||||
Deferred revenue | 66,646 | 62,300 | ||||||||||||||||
Total current liabilities | 1,409,254 | 1,536,662 | ||||||||||||||||
Long-term debt | 113,227 | 195,525 | ||||||||||||||||
Deferred income taxes | 604 | 683 | ||||||||||||||||
Other liabilities | 207,164 | 56,088 | ||||||||||||||||
1,730,249 | 1,788,958 | |||||||||||||||||
Stockholders' equity: | ||||||||||||||||||
Preferred stock | — | — | ||||||||||||||||
Common stock | 358 | 355 | ||||||||||||||||
Additional paid-in capital | 321,606 | 323,622 | ||||||||||||||||
Retained earnings | 743,992 | 704,665 | ||||||||||||||||
Accumulated other comprehensive loss – foreign currency translation adjustments |
(39,738 | ) | (41,653 | ) | ||||||||||||||
Total stockholders' equity | 1,026,218 | 986,989 | ||||||||||||||||
$ | 2,756,467 | $ | 2,775,947 | |||||||||||||||
INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED) |
||||||||||||||||||
Three Months Ended
March 31, |
||||||||||||||||||
2019 | 2018 | |||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||
Net earnings | $ | 39,327 | $ | 33,003 | ||||||||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: |
||||||||||||||||||
Depreciation and amortization of property and equipment | 5,044 | 5,433 | ||||||||||||||||
Amortization of intangible assets | 3,823 | 3,611 | ||||||||||||||||
Provision for losses on accounts receivable | 1,413 | 346 | ||||||||||||||||
Write-downs of inventories | 1,408 | 629 | ||||||||||||||||
Write-off of property and equipment | — | 303 | ||||||||||||||||
Non-cash stock-based compensation | 4,115 | 3,184 | ||||||||||||||||
Deferred income taxes | 547 | 979 | ||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||
Decrease in accounts receivable | 210,691 | 184,877 | ||||||||||||||||
(Increase) decrease in inventories | (39,658 | ) | 4,444 | |||||||||||||||
Increase in other assets | (107,314 | ) | (25,514 | ) | ||||||||||||||
Decrease in accounts payable | (82,246 | ) | (97,104 | ) | ||||||||||||||
Increase in deferred revenue | 7,117 | 16,177 | ||||||||||||||||
Increase in accrued expenses and other liabilities | 77,646 | 20,377 | ||||||||||||||||
Net cash provided by operating activities | 121,913 | 150,745 | ||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||
Purchases of property and equipment | (5,352 | ) | (5,044 | ) | ||||||||||||||
Acquisitions, net of cash and cash equivalents acquired | (762 | ) | — | |||||||||||||||
Net cash used in investing activities | (6,114 | ) | (5,044 | ) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||
Borrowings on senior revolving credit facility | 49,936 | 276,684 | ||||||||||||||||
Repayments on senior revolving credit facility | (49,936 | ) | (392,184 | ) | ||||||||||||||
Borrowings on accounts receivable securitization financing facility | 1,010,500 | 1,024,000 | ||||||||||||||||
Repayments on accounts receivable securitization financing facility | (1,092,500 | ) | (955,000 | ) | ||||||||||||||
Repayments under Term Loan A | — | (3,281 | ) | |||||||||||||||
Repayments under other financing agreements | — | (1,234 | ) | |||||||||||||||
Payments on finance lease obligations | (542 | ) | (288 | ) | ||||||||||||||
Net repayments under inventory financing facility | (43,970 | ) | (91,366 | ) | ||||||||||||||
Payment of payroll taxes on stock-based compensation through shares withheld |
(6,128 | ) | (2,884 | ) | ||||||||||||||
Repurchases of common stock | — | (7,679 | ) | |||||||||||||||
Net cash used in financing activities | (132,640 | ) | (153,232 | ) | ||||||||||||||
Foreign currency exchange effect on cash, cash equivalents and restricted cash balances |
(986 | ) | 1,937 | |||||||||||||||
Decrease in cash, cash equivalents and restricted cash | (17,827 | ) | (5,594 | ) | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 144,293 | 107,445 | ||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 126,466 | $ | 101,851 | ||||||||||||||
INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) |
|||||||||||||||||||
Three Months Ended
March 31, |
|||||||||||||||||||
2019 | 2018 | ||||||||||||||||||
Adjusted Consolidated Earnings from Operations: |
|||||||||||||||||||
GAAP consolidated EFO | $ | 57,039 | $ | 50,439 | |||||||||||||||
Severance and restructuring expenses | 370 | 1,644 | |||||||||||||||||
Adjusted non-GAAP consolidated EFO | $ | 57,409 | $ | 52,083 | |||||||||||||||
Adjusted Consolidated Net Earnings: | |||||||||||||||||||
GAAP consolidated net earnings | $ | 39,327 | $ | 33,003 | |||||||||||||||
Severance and restructuring expenses | 370 | 1,644 | |||||||||||||||||
Income taxes on non-GAAP adjustments | (100 | ) | (291 | ) | |||||||||||||||
Adjusted non-GAAP consolidated net earnings | $ | 39,597 | $ | 34,356 | |||||||||||||||
Adjusted Diluted Earnings Per Share: | |||||||||||||||||||
GAAP diluted EPS | $ | 1.09 | $ | 0.91 | |||||||||||||||
Severance and restructuring expenses | 0.01 | 0.05 | |||||||||||||||||
Income taxes on non-GAAP adjustments | — | (0.01 | ) | ||||||||||||||||
Adjusted non-GAAP diluted EPS | $ | 1.10 | $ | 0.95 | |||||||||||||||
Adjusted North America Earnings from Operations: |
|||||||||||||||||||
GAAP EFO from North America segment | $ | 45,326 | $ | 42,288 | |||||||||||||||
Severance and restructuring expenses | 331 | 443 | |||||||||||||||||
Adjusted non-GAAP EFO from North America segment |
$ | 45,657 | $ | 42,731 | |||||||||||||||
Adjusted EMEA Earnings from Operations: | |||||||||||||||||||
GAAP EFO from EMEA segment | $ | 9,923 | $ | 6,693 | |||||||||||||||
Severance and restructuring expenses | (85 | ) | 1,074 | ||||||||||||||||
Adjusted non-GAAP EFO from EMEA segment | $ | 9,838 | $ | 7,767 | |||||||||||||||
Adjusted APAC Earnings from Operations: | |||||||||||||||||||
GAAP EFO from APAC segment | $ | 1,790 | $ | 1,458 | |||||||||||||||
Severance and restructuring expenses | 124 | 127 | |||||||||||||||||
Adjusted non-GAAP EFO from APAC segment | $ | 1,914 | $ | 1,585 | |||||||||||||||
Three Months Ended
March 31, |
|||||||||||||||||||
2019 | 2018 | ||||||||||||||||||
Adjusted free cash flow: | |||||||||||||||||||
Net cash provided by operating activities | $ | 121,913 | $ | 150,745 | |||||||||||||||
Purchases of property and equipment | (5,352 | ) | (5,044 | ) | |||||||||||||||
Net repayments under inventory financing facility | (43,970 | ) | (91,366 | ) | |||||||||||||||
Adjusted non-GAAP free cash flow | $ | 72,591 | $ | 54,335 | |||||||||||||||
Twelve Months Ended
March 31, |
|||||||||||||||||||
2019 | 2018 | ||||||||||||||||||
Adjusted return on invested capital: | |||||||||||||||||||
GAAP consolidated EFO | $ | 240,082 |
$ |
206,751 |
|||||||||||||||
Severance and restructuring expenses | 2,151 |
|
5,951 |
||||||||||||||||
Loss on sale of foreign entity | — |
|
3,646 |
||||||||||||||||
Acquisition-related expenses | 282 |
|
382 |
||||||||||||||||
Adjusted non-GAAP consolidated EFO | 242,515 |
|
216,730 |
||||||||||||||||
Income tax expense* | 66,692 |
|
59,601 |
||||||||||||||||
Adjusted non-GAAP consolidated EFO, net of tax | $ | 175,823 |
$ |
157,129 |
|||||||||||||||
Average stockholders' equity** | $ | 948,764 |
$ |
814,107 |
|||||||||||||||
Average debt** | 200,748 |
|
360,289 |
||||||||||||||||
Average cash** | (145,380 | ) |
|
(164,194 |
) | ||||||||||||||
Invested Capital | $ | 1,004,132 |
$ |
1,010,202 |
|||||||||||||||
Adjusted non-GAAP ROIC (from GAAP consolidated EFO) *** | 17.33 | % |
|
14.84 |
% | ||||||||||||||
Adjusted non-GAAP ROIC (from non-GAAP consolidated EFO) **** | 17.51 | % |
|
15.55 |
% | ||||||||||||||
* | Assumed tax rate of 27.5% for 2019 and 2018. | ||
** | Average of previous five quarters. | ||
*** | Computed as GAAP consolidated EFO, net of tax of $66,023 and $56,857 for the twelve months ended March 31, 2019 and 2018, respectively, divided by invested capital. | ||
**** | Computed as Adjusted non-GAAP consolidated EFO, net of tax, divided by invested capital. | ||
View source version on businesswire.com: https://www.businesswire.com/news/home/20190501005366/en/