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Q2 Holdings, Inc. Announces Third Quarter 2019 Financial Results

AUSTIN, Texas--(BUSINESS WIRE)--

Revenue of $79.7 million, up 32 percent year-over-year and up 3 percent from the previous quarter.

Q2 Holdings, Inc. (QTWO), a leading provider of digital banking and lending solutions, today announced results for its third quarter ending Sept. 30, 2019.

Third Quarter 2019 Results

  • Revenue for the third quarter of $79.7 million, up 32 percent year-over-year and up 3 percent from the previous quarter.
  • GAAP gross margin for the third quarter of 49.3 percent, down from 50.2 percent in the prior-year quarter. Non-GAAP gross margin for the third quarter of 53.6 percent, down from 53.8 percent in the prior-year quarter.
  • GAAP net loss for the third quarter of $18.6 million, compared to GAAP net losses of $8.9 million for the prior-year quarter and $17.3 million for the second quarter of 2019. Adjusted EBITDA for the third quarter of $5.6 million, compared to $5.7 million in the prior-year quarter and $3.2 million in the second quarter of 2019.

“We were very pleased with the results in the quarter,” said Matt Flake, CEO of Q2. “We built on our sales momentum from the first half of the year, achieving record cross-sale bookings and signing a broad range of new deals that included the largest deal in Cloud Lending’s history. In October, we announced and closed our acquisition of PrecisionLender, a leading enterprise SaaS provider of data-driven sales enablement, pricing and portfolio management solutions. PrecisionLender brings an attractive growth profile to our business, and its employees and products substantially strengthen our commercial and data-analytics capabilities.”

Third Quarter Highlights

  • Signed a digital banking contract for Q2’s corporate solution with a top-five credit union in the United States.
  • Signed a digital lending contract utilizing Q2’s Cloud Lending platform with a top-20 financial services company, representing the largest deal in Cloud Lending’s history.
  • Exited the third quarter with approximately 14.1 million registered users on the Q2 platform, representing 14 percent year-over-year and 3 percent sequential growth from the second quarter.

“As disclosed previously, we consummated the acquisition of PrecisionLender on Oct. 31, 2019 for approximately $510 million, which we funded entirely from cash on hand,” said Jennifer Harris, CFO of Q2. “We are currently working through the purchase accounting with an independent valuation firm.”

Financial Outlook

Q2 Holdings is providing guidance for its fourth quarter 2019 as follows:

  • Total revenue, excluding the impact of the acquisition of PrecisionLender, of $84.4 million to $86.4 million, which represents year-over-year growth of 26 percent to 29 percent. We anticipate PrecisionLender will add approximately $3.5 million to $4.0 million in revenue to the fourth quarter prior to any related purchase accounting adjustments, bringing the gross revenue guide for the quarter to $87.9 million to $90.4 million on a combined basis, which represents year-over-year growth of 31 percent to 35 percent prior to any related purchase accounting adjustments. Given the recency of the PrecisionLender acquisition, we are not able to estimate the related purchase accounting at this time without unreasonable effort.
  • Adjusted EBITDA, excluding the impact of the acquisition of PrecisionLender, of $11.0 million to $13.0 million. The addition of PrecisionLender will reduce the total adjusted EBITDA guide for the fourth quarter to $7.7 million to $10.5 million. GAAP net loss is the most comparable GAAP measure to adjusted EBITDA. Adjusted EBITDA differs from GAAP net loss in that it excludes items such as depreciation and amortization, stock-based compensation, acquisition-related costs, interest, income taxes and unoccupied lease charges. Q2 Holdings is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Therefore, Q2 Holdings has not provided guidance for GAAP net loss or a reconciliation of the foregoing forward-looking adjusted EBITDA guidance to GAAP net loss.

Q2 Holdings is providing guidance for the full-year 2019 as follows:

  • Total revenue, excluding the impact of the acquisition of PrecisionLender, of $313.0 million to $315.0 million, which represents year-over-year growth of 30 percent to 31 percent. We anticipate PrecisionLender will add approximately $3.5 million to $4.0 million in revenue to the fourth quarter prior to any related purchase accounting adjustments, bringing the gross revenue guide for the year to $316.5 million to $319.0 million on a combined basis, which represents year-over-year growth of 31 percent to 32 percent prior to any related purchase accounting adjustments. Given the recency of the PrecisionLender acquisition, we are not able to estimate the related purchase accounting at this time without unreasonable effort.
  • Adjusted EBITDA, excluding the impact of the acquisition of PrecisionLender, of $20 million to $22 million. The addition of PrecisionLender decreases the Adjusted EBITDA guide for the full year to $16.7 million to $19.5 million on a combined basis. Adjusted EBITDA differs from GAAP net loss in that it excludes items such as depreciation and amortization, stock-based compensation, acquisition-related costs, interest, income taxes and unoccupied lease charges. Q2 Holdings is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Therefore, Q2 Holdings has not provided guidance for GAAP net loss or a reconciliation of the foregoing forward-looking adjusted EBITDA guidance to GAAP net loss.

Conference Call Details

 

Date:

Nov. 7, 2019

Time:

8:30 a.m. EST

Hosts:

Matt Flake, CEO & President / Jennifer Harris, CFO

Dial in:

US toll free: 1-833-241-4254

 

International: 1-647-689-4205

Conference ID:

4377947

Please join the conference call at least 10 minutes early to ensure the line is connected. A live webcast of the conference call and financial results will be accessible from the investor relations section of the Q2 website at http://investors.q2ebanking.com/.

An archived replay of the webcast will be available at this website on a temporary basis shortly after the call.

About Q2 Holdings, Inc.

Q2, a financial experience company headquartered in Austin, Texas, builds stronger communities by strengthening financial institutions that serve them. We empower banks, credit unions, and other financial services providers to be the ever-present companion on an account holder’s financial journey—helping our customers unlock new opportunities, grow their businesses, and improve efficiencies. To learn more about Q2, visit www.q2ebanking.com.

Use of Non-GAAP Measures

Q2 uses the following non-GAAP financial measures: adjusted EBITDA; non-GAAP gross margin; non-GAAP gross profit; non-GAAP sales and marketing expense; non-GAAP research and development expense; non-GAAP general and administrative expense; non-GAAP operating loss; and, non-GAAP net loss. Management believes that these non-GAAP financial measures are useful measures of operating performance because they exclude items that Q2 does not consider indicative of its core performance.

In the case of adjusted EBITDA, Q2 adjusts net loss for such items as interest, taxes, depreciation and amortization, stock-based compensation, acquisition-related costs, amortization of technology and intangibles, and unoccupied lease charges. In the case of non-GAAP gross margin and non-GAAP gross profit, Q2 adjusts gross profit and gross margin for stock-based compensation and amortization of acquired technology. In the case of non-GAAP sales and marketing expense, non-GAAP research and development expense, and non-GAAP general and administrative expense, Q2 adjusts the corresponding GAAP expense to exclude stock-based compensation. In the case of non-GAAP operating loss and non-GAAP net loss, Q2 adjusts operating loss and net loss, respectively, for stock-based compensation, acquisition related-costs, amortization of acquired technology, amortization of acquired intangibles, and unoccupied lease charges.

These non-GAAP measures should be considered in addition to, not as a substitute for or superior to, the closest GAAP measures, or other financial measures prepared in accordance with GAAP. A reconciliation to the closest GAAP measures of these non-GAAP measures is contained in tabular form on the attached unaudited condensed consolidated financial statements.

Q2’s management uses these non-GAAP measures as measures of operating performance; to prepare Q2’s annual operating budget; to allocate resources to enhance the financial performance of Q2’s business; to evaluate the effectiveness of Q2’s business strategies; to provide consistency and comparability with past financial performance; to facilitate a comparison of Q2’s results with those of other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results; and in communication with our board of directors concerning Q2’s financial performance.

Forward-looking Statements

This press release contains forward-looking statements, including statements about positive sales and bookings momentum, the benefits of the PrecisionLender acquisition and its ability to drive growth and strengthen Q2’s commercial and data-analytics capabilities, PrecisionLender’s fourth quarter revenue and Q2’s quarterly and annual financial guidance. The forward-looking statements contained in this press release are based upon Q2’s historical performance and its current plans, estimates and expectations and are not a representation that such plans, estimates or expectations will be achieved. Factors that could cause actual results to differ materially from those described herein include risks related to: (a) the risk of increased competition in its existing markets and as it enters new sections of the market with Tier 1 customers, new markets with Alt-FIs and FinTechs and new products and services; (b) the risk that the market for Q2’s solutions does not grow as anticipated, in particular with respect to Tier 1 customers and Alt-FI and FinTech customers; (c) the risk that Q2’s increased focus on selling to larger Tier 1 customers may result in greater uncertainty and variability in Q2’s business and sales results; (d) the risk that changes in Q2’s market, business or sales organization negatively impacts its ability to sell its products and services; (e) the challenges and costs associated with selling, implementing and supporting Q2’s solutions, particularly for larger customers with more complex requirements and longer implementation processes; (f) the risk that errors, interruptions or delays in Q2’s products or services or Web hosting negatively impacts Q2’s business and sales; (g) risks associated with data breaches and breaches of security measures within Q2’s products, systems and infrastructure and the resultant harm to Q2’s business and its ability to sell its products and services; (h) the impact that a slowdown in the economy, financial markets, and credit markets may have on Q2’s customers and Q2’s business sales cycles, prospects and customers’ spending decisions and timing of implementation decisions, particularly in regions where a significant number of Q2’s customers are concentrated; (i) the difficulties and risks associated with developing and selling complex new solutions and enhancements with the technical and regulatory specifications and functionality required by customers and governmental authorities; (j) the risks inherent in technology and implementation partnerships that could cause harm to Q2’s business; (k) the difficulties and costs Q2 may encounter with complex implementations of its solutions and the resulting impact on reputation and the timing of its revenue from any delayed implementations; (l) the risk that Q2 will not be able to maintain historical contract terms such as pricing and duration; (m) the risks associated with managing growth and the challenges associated with improving operations and hiring, retaining and motivating employees to support such growth; (n) the risk that modifications or negotiations of contractual arrangements will be necessary during Q2’s implementations of its solutions or the general risks associated with the complexity of Q2’s customer arrangements; (o) the risks associated with integrating acquired companies and successfully selling and maintaining their solutions; (p) the risks associated with anticipated higher operating expenses in 2019 and beyond; (q) litigation related to intellectual property and other matters and any related claims, negotiations and settlements; (r) the risks associated with further consolidation in the financial services industry; (s) risks associated with selling our solutions internationally; and (t) the impact on our cash holdings of the PrecisionLender acquisition and the risk that our debt repayment obligations may adversely affect our financial condition and cash flows from operations in the future and that we may not be able to obtain capital when desired or needed on favorable terms.

Additional information relating to the uncertainty affecting the Q2 business are contained in Q2’s filings with the Securities and Exchange Commission. These documents are available on the SEC Filings section of the Investor Relations section of Q2’s website at http://investors.q2ebanking.com/. These forward-looking statements represent Q2’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Q2 disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

 
Q2 Holdings, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
 

September 30,

December, 31

2019

2018

(unaudited)

(unaudited)

Assets
Current assets:
Cash and cash equivalents

$

601,156

 

$

108,341

 

Restricted cash

 

2,152

 

 

1,815

 

Investments

 

35,696

 

 

68,979

 

Accounts receivable, net

 

24,349

 

 

19,668

 

Contract assets, current portion

 

826

 

 

598

 

Prepaid expenses and other current assets

 

6,114

 

 

3,983

 

Deferred solution and other costs, current portion

 

13,902

 

 

10,501

 

Deferred implementation costs, current portion

 

4,638

 

 

4,427

 

Total current assets

 

688,833

 

 

218,312

 

Property and equipment, net

 

39,917

 

 

34,994

 

Right of use assets

 

29,159

 

 

-

 

Deferred solution and other costs, net of current portion

 

25,384

 

 

16,761

 

Deferred implementation costs, net of current portion

 

14,884

 

 

9,948

 

Intangible assets, net

 

54,167

 

 

63,296

 

Goodwill

 

107,857

 

 

107,907

 

Contract assets, net of current portion

 

13,981

 

 

10,272

 

Other long-term assets

 

3,502

 

 

2,230

 

Total assets

$

977,684

 

$

463,720

 

 
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued liabilities

$

56,659

 

$

31,150

 

Deferred revenues, current portion

 

52,047

 

 

42,531

 

Lease liabilities, current portion

 

7,472

 

 

-

 

Total current liabilities

 

116,178

 

 

73,681

 

Convertible notes, net of current portion

 

419,326

 

 

182,723

 

Deferred revenues, net of current portion

 

25,391

 

 

23,063

 

Deferred rent, net of current portion

 

-

 

 

8,151

 

Lease liabilities, net of current portion

 

30,309

 

 

-

 

Other long-term liabilities

 

4,639

 

 

17,202

 

Total liabilities

 

595,843

 

 

304,820

 

 
Stockholders' equity:
Common stock

 

5

 

 

4

 

Additional paid-in capital

 

609,327

 

 

331,355

 

Accumulated other comprehensive income/(loss)

 

142

 

 

(37

)

Accumulated deficit

 

(227,633

)

 

(172,422

)

Total stockholders' equity

 

381,841

 

 

158,900

 

Total liabilities and stockholders' equity

$

977,684

 

$

463,720

 

Q2 Holdings, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(in thousands, except per share data)
 

Three Months Ended September 30,

Nine Months Ended September 30,

2019

2018

2019

2018

(unaudited)

(unaudited)

(unaudited)

(unaudited)

 
Revenues

$

79,702

 

$

60,541

 

$

228,644

 

$

173,923

 

Cost of revenues (1) (2)

 

40,447

 

 

30,140

 

 

117,683

 

 

86,420

 

Gross profit

 

39,255

 

 

30,401

 

 

110,961

 

 

87,503

 

 
Operating expenses:
Sales and marketing (1)

 

15,700

 

 

11,467

 

 

47,371

 

 

34,541

 

Research and development (1)

 

19,617

 

 

12,904

 

 

56,392

 

 

35,817

 

General and administrative (1)

 

13,418

 

 

11,237

 

 

41,357

 

 

32,331

 

Acquisition related costs

 

2,758

 

 

1,811

 

 

7,453

 

 

2,325

 

Amortization of acquired intangibles

 

912

 

 

251

 

 

3,032

 

 

987

 

Unoccupied lease charges (3)

 

244

 

 

-

 

 

244

 

 

658

 

Total operating expenses

 

52,649

 

 

37,670

 

 

155,849

 

 

106,659

 

Loss from operations

 

(13,394

)

 

(7,269

)

 

(44,888

)

 

(19,156

)

Other income (expense), net

 

(5,206

)

 

(1,877

)

 

(10,630

)

 

(5,005

)

Loss before income taxes

 

(18,600

)

 

(9,146

)

 

(55,518

)

 

(24,161

)

Benefit from income taxes

 

31

 

 

287

 

 

307

 

 

627

 

Net loss

$

(18,569

)

$

(8,859

)

$

(55,211

)

$

(23,534

)

Other comprehensive loss:
Unrealized gain on available-for-sale investments

 

37

 

 

78

 

 

247

 

 

56

 

Foreign currency translation adjustment

 

(59

)

 

-

 

 

(68

)

 

-

 

Comprehensive loss

$

(18,591

)

$

(8,781

)

$

(55,032

)

$

(23,478

)

Net loss per common share:
Net loss per common share, basic and diluted

$

(0.39

)

$

(0.21

)

$

(1.21

)

$

(0.55

)

Weighted average common shares outstanding, basic and diluted

 

47,782

 

 

42,993

 

 

45,519

 

 

42,597

 

 
 

(1)Includes stock-based compensation expenses as follows:

Three Months Ended September 30,

Nine Months Ended September 30,

2019

2018

2019

2018

Cost of revenues

$

1,478

 

$

1,240

 

$

4,454

 

$

3,320

 

Sales and marketing

 

2,060

 

 

1,474

 

 

5,462

 

 

4,128

 

Research and development

 

2,598

 

 

1,758

 

 

7,083

 

 

4,680

 

General and administrative

 

3,934

 

 

3,026

 

 

11,536

 

 

8,469

 

Total stock-based compensation expenses

$

10,070

 

$

7,498

 

$

28,535

 

$

20,597

 

 

(2) Includes amortization of acquired technology of $1.9 million and $0.9 million for the three months ended September 30, 2019 and 2018, respectively,

and $5.5 million and $2.7 million for the nine months ended September 30, 2019 and 2018, respectively.

(3) Unoccupied lease charges include costs related to the early exit from one of our Atlanta facilities and a portion of our south Austin facility, partially offset by anticipated sublease income from these facilities.

Q2 Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

 

Nine Months Ended September 30,

2019

2018

(unaudited)

(unaudited)

Cash flows from operating activities:
Net loss

$

(55,211

)

$

(23,534

)

Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of deferred implementation, solution and other costs

 

9,670

 

 

6,234

 

Depreciation and amortization

 

17,728

 

 

11,441

 

Amortization of debt issuance costs

 

1,004

 

 

587

 

Amortization of debt discount

 

10,150

 

 

5,370

 

Amortization of premiums on investments

 

124

 

 

2

 

Stock-based compensation expenses

 

29,376

 

 

20,597

 

Deferred income taxes

 

(341

)

 

(429

)

Other non-cash charges

 

651

 

 

771

 

Changes in operating assets and liabilities

 

(14,479

)

 

(24,899

)

Net cash used in operating activities

 

(1,328

)

 

(3,860

)

Cash flows from investing activities:
Net maturities (purchases) of investments

 

33,405

 

 

(44,498

)

Purchases of property and equipment

 

(12,490

)

 

(12,174

)

Business combinations and asset acquisitions, net of cash acquired

 

-

 

 

(150

)

Purchases of intangible assets

 

(288

)

 

(46

)

Net cash provided by (used in) investing activities

 

20,627

 

 

(56,868

)

Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs

 

195,289

 

 

-

 

Proceeds from issuance of convertible notes, net of issuance costs

 

307,016

 

 

223,167

 

Purchase of capped call transactions

 

(40,765

)

 

-

 

Purchase of convertible notes bond hedge

 

-

 

 

(41,699

)

Proceeds from issuance of warrants

 

-

 

 

22,379

 

Proceeds from exercise of stock options to purchase common stock

 

12,313

 

 

10,699

 

Net cash provided by financing activities

 

473,853

 

 

214,546

 

Net increase in cash, cash equivalents, and restricted cash

 

493,152

 

 

153,818

 

Cash, cash equivalents, and restricted cash, beginning of period

 

110,156

 

 

60,276

 

Cash, cash equivalents, and restricted cash, end of period

$

603,308

 

$

214,094

 

Q2 Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Measures
(in thousands, except per share data)
 

Three Months Ended September 30,

Nine Months Ended September 30,

2019

2018

2019

2018

(unaudited)

(unaudited)

(unaudited)

(unaudited)

GAAP gross profit

$

39,255

 

$

30,401

 

$

110,961

 

$

87,503

 

Stock-based compensation

 

1,478

 

 

1,240

 

 

4,454

 

 

3,320

 

Amortization of acquired technology

 

1,941

 

 

912

 

 

5,514

 

 

2,736

 

Acquisition related costs

 

27

 

 

-

 

 

98

 

 

-

 

Non-GAAP gross profit

$

42,701

 

$

32,553

 

$

121,027

 

$

93,559

 

 
Non-GAAP gross margin:
Non-GAAP gross profit

$

42,701

 

$

32,553

 

$

121,027

 

$

93,559

 

GAAP revenue

 

79,702

 

 

60,541

 

 

228,644

 

 

173,923

 

Non-GAAP gross margin

 

53.6

%

 

53.8

%

 

52.9

%

 

53.8

%

 
GAAP sales and marketing expense

$

15,700

 

$

11,467

 

$

47,371

 

$

34,541

 

Stock-based compensation

 

(2,060

)

 

(1,474

)

 

(5,462

)

 

(4,128

)

Non-GAAP sales and marketing expense

$

13,640

 

$

9,993

 

$

41,909

 

$

30,413

 

 
GAAP research and development expense

$

19,617

 

$

12,904

 

$

56,392

 

$

35,817

 

Stock-based compensation

 

(2,598

)

 

(1,758

)

 

(7,083

)

 

(4,680

)

Non-GAAP research and development expense

$

17,019

 

$

11,146

 

$

49,309

 

$

31,137

 

 
GAAP general and administrative expense

$

13,418

 

$

11,237

 

$

41,357

 

$

32,331

 

Stock-based compensation

 

(3,934

)

 

(3,026

)

 

(11,536

)

 

(8,469

)

Non-GAAP general and administrative expense

$

9,484

 

$

8,211

 

$

29,821

 

$

23,862

 

 
GAAP operating loss

$

(13,394

)

$

(7,269

)

$

(44,888

)

$

(19,156

)

Stock-based compensation

 

10,070

 

 

7,498

 

 

28,535

 

 

20,597

 

Acquisition related costs

 

2,784

 

 

1,811

 

 

7,550

 

 

2,325

 

Amortization of acquired technology

 

1,941

 

 

912

 

 

5,514

 

 

2,736

 

Amortization of acquired intangibles

 

912

 

 

251

 

 

3,032

 

 

987

 

Unoccupied lease charges

 

244

 

 

-

 

 

244

 

 

658

 

Non-GAAP operating income (loss)

$

2,557

 

$

3,203

 

$

(13

)

$

8,147

 

 
GAAP net loss

$

(18,569

)

$

(8,859

)

$

(55,211

)

$

(23,534

)

Stock-based compensation

 

10,070

 

 

7,498

 

 

28,535

 

 

20,597

 

Acquisition related costs

 

2,784

 

 

1,811

 

 

7,550

 

 

2,325

 

Amortization of acquired technology

 

1,941

 

 

912

 

 

5,514

 

 

2,736

 

Amortization of acquired intangibles

 

912

 

 

251

 

 

3,032

 

 

987

 

Unoccupied lease charges

 

244

 

 

-

 

 

244

 

 

658

 

Amortization of debt discount and issuance costs

 

5,380

 

 

2,523

 

 

11,153

 

 

5,957

 

Non-GAAP net income

$

2,762

 

$

4,136

 

$

817

 

$

9,726

 

 
Reconciliation from diluted weighted-average number of common shares
as reported to pro forma diluted weighted average number of common shares
Diluted weighted-average number of common shares, as reported

 

47,782

 

 

42,993

 

 

45,519

 

 

42,597

 

Weighted-average effect of potentially dilutive shares

 

2,560

 

 

2,386

 

 

2,600

 

 

2,277

 

Pro forma diluted weighted-average number of common shares

 

50,342

 

 

45,379

 

 

48,119

 

 

44,874

 

 
Calculation of non-GAAP income per share:
Non-GAAP net income

$

2,762

 

$

4,136

 

$

817

 

$

9,726

 

Pro forma diluted weighted-average number of common shares

 

50,342

 

 

45,379

 

 

48,119

 

 

44,874

 

Non-GAAP net income per share

$

0.05

 

$

0.09

 

$

0.02

 

$

0.22

 

 
Reconciliation of GAAP net loss to adjusted EBITDA:
GAAP net loss

$

(18,569

)

$

(8,859

)

$

(55,211

)

$

(23,534

)

Depreciation and amortization

 

5,932

 

 

3,689

 

 

17,728

 

 

11,441

 

Stock-based compensation

 

10,070

 

 

7,498

 

 

28,535

 

 

20,597

 

Benefit from income taxes

 

(31

)

 

(287

)

 

(307

)

 

(627

)

Interest (income) expense, net

 

5,157

 

 

1,877

 

 

10,508

 

 

5,005

 

Acquisition related costs

 

2,784

 

 

1,811

 

 

7,550

 

 

2,325

 

Unoccupied lease charges

 

244

 

 

-

 

 

244

 

 

658

 

Adjusted EBITDA

$

5,587

 

$

5,729

 

$

9,047

 

$

15,865

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20191106006004/en/