Citrix Systems, Inc. (NASDAQ:CTXS) today reported financial
results for the fourth quarter and fiscal year ended December 31,
2010.
FINANCIAL RESULTS
In the fourth quarter of fiscal 2010, Citrix achieved revenue of
$530 million, compared to $451 million in the fourth quarter of
fiscal 2009, representing 17 percent revenue growth. For the fiscal
year 2010, Citrix reported annual revenues of $1.87 billion,
compared to $1.61 billion in the previous year, a 16 percent
increase.
GAAP Results
Net income for the fourth quarter of fiscal 2010 was $94
million, or $0.49 per diluted share, compared to $88 million, or
$0.47 per diluted share, for the fourth quarter of 2009. Annual net
income for 2010 was $277 million, or $1.46 per diluted share,
compared to $191 million, or $1.03 per diluted share in fiscal
2009.
Non-GAAP Results
Non-GAAP net income in the fourth quarter of fiscal 2010 was
$125 million, or $0.65 per diluted share, compared to $123 million,
or $0.66 per diluted share, in the comparable period last year.
Non-GAAP net income for both periods excludes the effects of
amortization of intangible assets primarily related to business
combinations, stock-based compensation expenses and charges
recorded in connection with the restructuring program that the
company implemented in January 2009 and the tax effects related to
those items.
Annual non-GAAP net income for 2010 was $396 million, or $2.08
per diluted share, compared to $334 million, or $1.81 per diluted
share, in 2009. Non-GAAP net income for both periods excludes the
effects of amortization of intangible assets primarily related to
business combinations, stock-based compensation expenses and
charges recorded in connection with the restructuring program that
the company implemented in January 2009 and the tax effects related
to those items.
“In 2010, we achieved stronger market leadership positions in
Desktop Virtualization, Web Collaboration and App Networking.
Citrix gained significant strategic visibility in the IT executive
suite, and we delivered solid operating leverage in our financial
model,” said Mark Templeton, president and chief executive officer
for Citrix.
“I’m very pleased with our results – a fantastic year.
“Our customers are telling us they want to simplify enterprise
computing, they want to embrace IT consumerization, and they are
ready to adopt more cloud services – all to transform IT to an
on-demand service. These three powerful market forces are driving a
need for Citrix virtual infrastructure and making our platform more
relevant and strategic.
“We will focus in 2011 on further leveraging our unique market
opportunity by broadening the reach of web collaboration, by
enabling public and private clouds, and driving mainstream adoption
of desktop virtualization.”
Q4 Financial Summary
In reviewing the fourth quarter results of 2010, compared to the
fourth quarter of 2009:
- Product license revenue increased 17
percent;
- Revenue from license updates grew 13
percent;
- Online services revenue grew 16
percent;
- Technical services revenue, which is
comprised of consulting, education and technical support, grew 40
percent;
- Revenue increased in the Americas’
region by 27 percent, the EMEA region by 7 percent and the Pacific
region by 15 percent;
- Deferred revenue totaled $779 million,
compared to $619 million on December 31, 2009;
- GAAP operating margin was 21 percent
for the quarter, and non-GAAP operating margin was 28 percent for
the quarter, excluding the effects of amortization of intangible
assets primarily related to business combinations, stock-based
compensation expense and costs associated with the 2009
restructuring program;
- Cash flow from operations was $179
million, compared with $178 million in the fourth quarter of 2009;
and
- The company repurchased 1.9 million
shares at an average price of $65.90.
Annual Financial Summary
In reviewing 2010 results compared to 2009 results:
- Product license revenue grew 15
percent;
- License updates revenue grew 13
percent;
- Online services revenue grew 17
percent;
- Technical services revenue, which is
comprised of consulting, education and technical support, grew 31
percent;
- Revenue increased in the Americas’
region by 20 percent, the EMEA region by 8 percent, and the Pacific
region by 21 percent;
- GAAP operating margin was 17 percent
for fiscal 2010, and non-GAAP operating margin was 26 percent,
excluding the effects of amortization of intangible assets
primarily related to business combinations, stock-based
compensation expense and costs associated with the 2009
restructuring program.
- Cash flow from operations was $616
million for fiscal 2010 compared with $484 million last year;
and
- During fiscal 2010, the company
repurchased 8.3 million shares at an average price of $53.14.
Financial Outlook for Fiscal Year 2011
Citrix management expects to achieve the following results
during its fiscal year 2011 ending December 31, 2011:
- Net revenue is expected to be in the
range of $2.10 billion to $2.14 billion;
- GAAP diluted earnings per share is
expected to be in the range of $1.78 to $1.84. Non-GAAP diluted
earnings per share is expected to be in the range of $2.29 to
$2.33, excluding $0.34 related to the effects of amortization of
intangible assets primarily related to business combinations, $0.45
related to the effects of stock-based compensation expenses,
charges recorded in conjunction with the company’s 2009
restructuring program, if any, and $(0.24) to $(0.34) for the
effect of the differential between the GAAP and non-GAAP tax rates
and tax effects related to these items.
The above statements are based on current expectations. These
statements are forward-looking, and actual results may differ
materially.
Financial Outlook for First Quarter 2011
Citrix management expects to achieve the following results
during its first fiscal quarter of 2011 ending March 31, 2011:
- Net revenue is expected to be in the
range of $470 million to $475 million; and
- GAAP diluted earnings per share is
expected to be in the range of $0.27 to $0.28. Non-GAAP diluted
earnings per share is expected to be in the range of $0.40 to
$0.41, excluding $0.08 related to the effects of amortization of
intangible assets primarily related to business combinations, $0.11
related to the effects of stock-based compensation expenses,
charges recorded in conjunction with the company’s 2009
restructuring program, if any, and $(0.05) to $(0.07) for the
effect of the differential between the GAAP and non-GAAP tax rates
and tax effects related to these items.
- Non-GAAP tax rate, which excludes the
effects of amortization of intangible assets primarily related to
business combinations, stock-based compensation expense and charges
recorded in conjunction with the company’s 2009 restructuring
program, if any, is expected to be in the range of 22% to 23%.
The above statements are based on current expectations. These
statements are forward-looking, and actual results may differ
materially.
Company, Product and Alliance Highlights
During the fourth quarter of 2010, Citrix announced:
- Entered into a definitive agreement to
acquire Netviewer AG, a privately held European
software-as-a-service (SaaS) vendor in collaboration and IT
services. Citrix currently expects this acquisition to close in the
first quarter of 2011.
- The worldwide availability of Citrix®
XenDesktop® 5, which supports a wide range of new consumer devices,
thousands of new third-party products and an entirely new
generation of web and SaaS applications. Citrix also announced a
new Desktop Transformation Model, which includes a variety of
technical services to accelerate desktop virtualization
implementations.
- Citrix Receiver™ for Chrome Notebooks,
which will allow Google customers to run their existing Windows
business applications directly on the new web-based Chrome
notebooks with a native user experience, fast performance and full
enterprise security.
- A new version of Citrix XenServer® with
significant new storage and networking innovations.
- Two additions to the Citrix OpenCloud™
platform, Access and Bridge, that extend the trust, performance and
security of the enterprise datacenter to any internal or external
cloud environment, regardless of hypervisor, network or application
type.
- A major release of Citrix Receiver that
adds extensive user experience enhancements to the company’s
universal software client for accessing any existing business
application, desktop or document on any device. Enhancements
include the ability to touch-enable existing Windows applications
on any touchscreen tablet and smartphone as well as support for a
broad range of new devices, such as the BlackBerry PlayBook, Cisco
Cius, Dell Streak and the Samsung Galaxy offerings.
- New Citrix NetScaler® VPX™ web
application delivery software certified to integrate with HP’s
high-performance 5400zl and 8200zl switch series to converge
datacenter switching and load balancing into a single device to
lower operational costs, increase application availability and
speed-up performance.
Conference Call Information
Citrix will host a conference call today at 4:45 p.m. ET to
discuss its financial results, quarterly highlights and business
outlook. The call will include a slide presentation, and
participants are encouraged to listen to and view the presentation
via webcast at http://www.citrix.com/investors.
The conference call may also be accessed by dialing: (888)
799-0519 or (706) 634-0155, using passcode: CITRIX. A replay of the
webcast can be viewed by visiting the Investor Relations section of
the Citrix corporate website at http://www.citrix.com/investors for
approximately 30 days. In addition, an audio replay of the
conference call will be available for approximately 15 days by
dialing (800) 642-1687 or (706) 645-9291 (passcode required:
16880191).
About Citrix
Citrix Systems, Inc. (NASDAQ:CTXS) is a leading provider of
virtual computing solutions that help companies deliver IT as an
on-demand service. Founded in 1989, Citrix combines virtualization,
networking, and cloud computing technologies into a full portfolio
of products that enable virtual workstyles for users and virtual
datacenters for IT. More than 230,000 organizations worldwide rely
on Citrix to help them build simpler and more cost-effective IT
environments. Citrix partners with over 10,000 companies in more
than 100 countries. Annual revenue in 2010 was $1.87 billion.
For Citrix Investors
This release contains forward-looking statements which are made
pursuant to the safe harbor provisions of Section 27A of the
Securities Act of 1933 and of Section 21E of the Securities
Exchange Act of 1934. The forward-looking statements in this
release do not constitute guarantees of future performance.
Investors are cautioned that statements in this press release,
which are not strictly historical statements, including, without
limitation, statements by Citrix's president and chief executive
officer, statements contained in the Financial Outlook for First
Quarter 2011 and Financial Outlook for Fiscal Year 2011 sections,
under the Non-GAAP Financial Measures Reconciliation section, and
statements regarding management's plans, objectives and strategies,
constitute forward-looking statements. Such forward-looking
statements are subject to a number of risks and uncertainties that
could cause actual results to differ materially from those
anticipated by the forward-looking statements, including, without
limitation, the impact of the global economy and uncertainty in the
IT spending environment, including Citrix's European markets; the
success and growth of the company's product lines, including risks
associated with successfully introducing new products into Citrix's
distribution channels, including XenDesktop; the company's product
concentration and its ability to develop and commercialize new
products and services, including XenDesktop and its other
virtualization offerings, while maintaining growth in its core
products, especially XenApp; disruptions due to changes in key
personnel and succession risks; seasonal fluctuations in the
company’s business; failure to execute Citrix's sales and marketing
plans; failure to successfully partner with key distributors,
resellers, system integrators, OEM's and strategic partners and the
company's reliance on and the success of those partners for the
marketing and distribution of the company's products; the company's
ability to maintain and expand its business in small sized and
large enterprise accounts; the size, timing and recognition of
revenue from significant orders; the success of investments in its
product groups, foreign operations and vertical and geographic
markets; Citrix's ability to develop server, application and
desktop virtualization products, and jointly market those products
with Microsoft; the introduction of new products by competitors or
the entry of new competitors into the markets for Citrix's products
as the enterprise software landscape evolves; the possibility that
the proposed acquisition of Netviewer will not close, that the
closing may be delayed or that the companies may be required to
modify aspects of the acquisition to close the acquisition; failure
to further develop and successfully market the technology and
products of acquired companies, including the possible failure to
achieve or maintain anticipated revenues and profits from
acquisitions, including the acquisition of Netviewer; the
management of anticipated future growth; the recruitment and
retention of qualified employees, including those of acquired
companies; risks in effectively controlling operating expenses,
including failure to manage unexpected expenses; impairment of the
value of the company's investments; the effect of new accounting
pronouncements on revenue and expense recognition; litigation,
including litigation challenging our intellectual property rights
or alleging the infringement of the intellectual property rights of
third parties; changes in the company's pricing and licensing
models, promotional programs and product mix, all of which may
impact Citrix's revenue recognition, including with respect to
XenDesktop and SaaS business models, or those of its competitors;
charges in the event of the impairment of assets acquired through
business combinations and licenses; competition, international
market readiness and execution and other risks associated with the
markets for Citrix's Web-based access, collaboration and customer
assistance services and for our Web application delivery
appliances; unanticipated changes in tax rates or exposure to
additional tax liabilities; risks of political and social turmoil;
and other risks detailed in the company's filings with the
Securities and Exchange Commission. Citrix assumes no obligation to
update any forward-looking information contained in this press
release or with respect to the announcements described herein.
Use of Non-GAAP Financial Measures
In Citrix’s earnings release, conference call, slide
presentation or webcast, Citrix may use or discuss non-GAAP
financial measures as defined by SEC Regulation G. The GAAP
financial measure most directly comparable to each non-GAAP
financial measure used or discussed and a reconciliation of the
differences between each non-GAAP financial measure and the
comparable GAAP financial measure are included in this press
release after the condensed consolidated financial statement or can
be found on the Investor Relations page of the Citrix corporate Web
site at http://www.citrix.com/investors.
Citrix®, XenDesktop®, Receiver™, XenServer®, OpenCloud™,
NetScaler®, and VPX™ are trademarks or registered trademarks of
Citrix Systems, Inc. and/or one or more of its subsidiaries, and
may be registered in the U.S. Patent and Trademark Office and in
other countries. All other trademarks and registered trademarks are
property of their respective owners.
CITRIX SYSTEMS, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data -
unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
2010
2009
2010 2009 Revenues: Product licenses $
196,255 $ 168,323 $ 619,452 $ 538,975 License updates 176,562
156,395 682,246 604,968 Online services 94,796 81,969 360,617
308,177 Technical services 62,111 44,473
212,347 161,968 Total net revenues 529,724
451,160 1,874,662 1,614,088 Cost of net revenues: Cost of
product license revenues 19,557 15,969 66,682 52,160 Cost of
services revenues 30,621 23,793 106,234 87,233 Amortization of
product related intangible assets 13,190 12,853
50,504 47,917 Total cost of net
revenues 63,368 52,615 223,420 187,310 Gross margin 466,356 398,545
1,651,242 1,426,778 Operating expenses: Research and
development 82,003 66,918 326,647 281,980 Sales, marketing and
services 197,899 180,101 729,754 679,053 General and administrative
70,047 64,328 258,875 239,623 Amortization of other intangible
assets 3,012 5,704 14,279 20,972 Restructuring 49
3,646 971 26,473 Total operating
expenses 353,010 320,697
1,330,526 1,248,101 Income from operations 113,346
77,848 320,716 178,677 Other income, net 2,596
3,352 13,104 15,215 Income before
income taxes 115,942 81,200 333,820 193,892 Income taxes
22,186 (6,948 ) 57,379 2,875 Net income
93,756 88,148 276,441 191,017 Net loss attributable to
non-controlling interest 624 -
624 - Net income attributable to Citrix Systems, Inc $
94,380 $ 88,148 $ 277,065 $ 191,017 Earnings
per common share – diluted $ 0.49 $ 0.47 $ 1.46 $
1.03 Weighted average shares outstanding – diluted 191,627
186,702 190,335 184,985
CITRIX SYSTEMS, INC.
Condensed Consolidated Balance
Sheets
(In thousands - unaudited)
December 31, 2010
December 31, 2009
ASSETS: Cash and cash equivalents $ 396,162 $ 261,443
Short-term investments 497,643 338,168 Accounts receivable, net
378,395 304,912 Other current assets, net 198,279
134,772 Total current assets 1,470,479 1,039,295
Long-term investments 791,854 607,646 Property and equipment, net
250,482 247,703 Goodwill and other intangible assets, net 1,099,244
1,113,014 Other long-term assets 91,541 83,489
Total assets $ 3,703,600 $ 3,091,147
LIABILITIES
AND STOCKHOLDERS’ EQUITY: Accounts payable and accrued expenses
$ 355,680 $ 278,850 Current portion of deferred revenues
664,332 555,514 Total current liabilities 1,020,012
834,364 Long-term portion of deferred revenues 114,638
63,336 Other liabilities 8,362 4,940 Stockholders' equity
2,560,588 2,188,507 Total liabilities and
stockholders’ equity $ 3,703,600 $ 3,091,147
CITRIX SYSTEMS, INC.
Condensed Consolidated Statement of
Cash Flows
(In thousands - unaudited)
Three Months
Ended
December 31,
2010
Year Ended
December
31, 2010
OPERATING ACTIVITIES $ 93,756 $ 276,441 Net Income
Adjustments to reconcile net income to net
cash provided by
Amortization and depreciation 35,532 138,158 Stock-based
compensation expense 19,852 103,758 Deferred income tax benefit
(46,676 ) (46,676 ) Provision for accounts receivable allowances
1,497 4,752 Other non-cash items (2,101 )
(4,933 ) Total adjustments to reconcile net income to net cash
Activities 8,104 195,059 provided by operating activities Changes
in operating assets and liabilities, net of the effects of
acquisitions: Accounts receivable (104,860 ) (79,058 ) Prepaid
expenses and other current assets 35,623 (38,511 ) Other assets 153
3,785 Deferred tax assets, net (1,304 ) 6,270 Accounts payable and
accrued expenses 48,836 90,781 Deferred revenues 98,797 160,121
Other liabilities 222 1,404
Total changes in operating assets and liabilities, net of the
effects of acquisitions 77,467 144,792
Net cash provided by operating activities 179,327 616,292
INVESTING ACTIVITIES Purchases of available-for-sale
investments, net of proceeds (99,229 ) (379,516 ) Proceeds from
repayments of trading securities - 44,560 Purchases of property and
equipment (22,275 ) (75,376 ) Purchases of other assets (5,985 )
(9,485 ) Cash paid for acquisitions, net of cash acquired 162
(20,510 ) Cash paid for licensing and core technology (3,833
) (16,715 ) Net cash used in investing activities
(131,160 ) (457,042 )
FINANCING ACTIVITIES Proceeds
from issuance of common stock under stock-based compensation plans
42,727 353,557 Excess tax benefit from exercise of stock options
17,066
60,164 Stock repurchases, net (108,833 ) (433,739 ) Other
(2,061 ) (6,298 ) Net cash used by financing
activities (51,101 ) (26,316 ) Effect of
exchange rate changes on cash and cash equivalents 108 1,785 Change
in cash and cash equivalents (2,826 ) 134,719
Cash and cash equivalents at beginning of period
398,988 261,443 Cash and cash
equivalents at end of period $ 396,162 $ 396,162
Reconciliation of Non-GAAP Financial
Measures to Comparable U.S. GAAP Measures
(Unaudited)
Pursuant to the requirements of Regulation G, the Company has
provided a reconciliation of each non-GAAP financial measure used
in this earnings release and related conference call, slide
presentation or webcast to the most directly comparable GAAP
financial measure. These measures differ from GAAP in that they
exclude amortization primarily related to business combinations,
stock-based compensation expenses, charges associated with the
Company’s 2009 restructuring program and the related tax effect of
those items. The Company's basis for these adjustments is described
below.
Management uses these non-GAAP measures for internal reporting
and forecasting purposes, when publicly providing its business
outlook, to evaluate the Company's performance and to evaluate and
compensate the Company's executives. The Company has provided these
non-GAAP financial measures in addition to GAAP financial results
because it believes that these non-GAAP financial measures provide
useful information to certain investors and financial analysts for
comparison across accounting periods not influenced by certain
non-cash items that are not used by management when evaluating the
Company's historical and prospective financial performance. In
addition, the Company has historically provided this or similar
information and understands that some investors and financial
analysts find this information helpful in analyzing the Company's
operating margins, operating expenses and net income and comparing
the Company's financial performance to that of its peer companies
and competitors.
Management typically excludes the amounts described above when
evaluating the Company's operating performance and believes that
the resulting non-GAAP measures are useful to investors and
financial analysts in assessing the Company's operating performance
due to the following factors:
• The Company does not acquire businesses on
a predictable cycle. The Company, therefore, believes that the
presentation of non-GAAP measures that adjust for the impact of
amortization and certain stock-based compensation expenses and the
related tax effects that are primarily related to business
combinations, provide investors and financial analysts with a
consistent basis for comparison across accounting periods and,
therefore, are useful to investors and financial analysts in
helping them to better understand the Company's operating results
and underlying operational trends.
• Amortization costs and the related tax
effects are fixed at the time of an acquisition, are then amortized
over a period of several years after the acquisition and generally
cannot be changed or influenced by management after the
acquisition.
• Although stock-based compensation is an
important aspect of the compensation of the Company's employees and
executives, stock-based compensation expense is generally fixed at
the time of grant, then amortized over a period of several years
after the grant of the stock-based instrument, and generally cannot
be changed or influenced by management after the grant.
• The charges incurred in conjunction with
the Company's 2009 restructuring program, which relate to
reductions in headcount and exit costs associated with
consolidating certain facilities, are not anticipated to be ongoing
costs and, thus, are outside of the normal operations of the
Company's business. The Company, therefore, believes that the
exclusion of these charges will better help investors and financial
analysts understand the Company's operating results and underlying
operational trends as compared to prior periods.
These non-GAAP financial measures are not prepared in accordance
with accounting principles generally accepted in the United States
("GAAP") and may differ from the non-GAAP information used by other
companies. There are significant limitations associated with the
use of non-GAAP financial measures. The additional non-GAAP
financial information presented here should be considered in
conjunction with, and not as a substitute for or superior to, the
financial information presented in accordance with GAAP (such as
net income and earnings per share) and should not be considered
measures of the Company's liquidity. Furthermore, the Company in
the future may exclude amortization primarily related to new
business combinations, additional charges related to its
restructuring program and the related tax effects from financial
measures that it releases, and the Company expects to continue to
incur stock-based compensation expenses.
CITRIX SYSTEMS, INC.
Non-GAAP Financial Measures
Reconciliation
(In thousands, except per share and
operating margin data - unaudited)
The following tables show the non-GAAP financial measures
used in this press release reconciled to the most directly
comparable GAAP financial measures.
Three Months Ended December 31,
2010
GAAP operating margin 21.4% Add: stock-based compensation 3.7% Add:
amortization of product related intangible assets 2.5% Add:
amortization of other intangible assets 0.6% Add: 2009
restructuring charges 0.0% Non-GAAP operating margin 28.2%
Three Months Ended December 31, 2010
2009 GAAP net income $ 94,380 $ 88,148 Add: stock-based
compensation 19,852 26,939 Add: amortization product related
intangible assets 13,190 12,853 Add: amortization of other
intangible assets 3,012 5,704 Add: 2009 restructuring charges 49
3,646 Less: tax effects related to above items (5,959 )
(13,871 ) Non-GAAP net income $ 124,524 $ 123,419
Three Months Ended December 31,
2010
2009 GAAP earnings per share – diluted $ 0.49
$ 0.47 Add: stock-based compensation 0.10 0.14 Add: amortization of
product related intangible assets 0.07 0.07 Add: amortization of
other intangible assets 0.02 0.03 Add: 2009 restructuring charges
0.00 0.02 Less: tax effects related to above items (0.03 )
(0.07 ) Non-GAAP earnings per share – diluted $ 0.65
$ 0.66
Twelve Months Ended December
31,
2010
GAAP operating margin
17.1%
Add: stock-based compensation
5.5%
Add: amortization of product related intangible assets 2.7% Add:
amortization of other intangible assets 0.8% Add: 2009
restructuring charges 0.1% Non-GAAP operating margin 26.2%
Twelve Months Ended December 31, 2010
2009 GAAP net income $ 277,065 $ 191,017 Add: stock-based
compensation 103,758 111,419 Add: amortization product related
intangible assets 50,504 47,917 Add: amortization of other
intangible assets 14,279 20,972 Add: 2009 restructuring charges 971
26,473 Less: tax effects related to above items (50,948 )
(63,641 ) Non-GAAP net income $ 395,629 $ 334,157
Twelve Months Ended December 31,
2010
2009 GAAP earnings per share – diluted $ 1.46
$ 1.03 Add: stock-based compensation 0.54 0.60 Add: amortization of
product related intangible assets 0.27 0.26 Add: amortization of
other intangible assets 0.07 0.11 Add: 2009 restructuring charges
0.01 0.14 Less: tax effects related to above items (0.27 )
(0.33 ) Non-GAAP earnings per share – diluted $ 2.08
$ 1.81
For the Three Months Ended
March 31,
For the Twelve Months Ended
December 31,
2011
2011 GAAP earnings per share - diluted $0.27
to $0.28 $1.78 to $1.84 Add: Adjustments to exclude the effects of
amortization of intangible assets 0.08 0.34 Add: Adjustments to
exclude the effects of expenses related to stock-based 0.11 0.45
compensation Less: Differential between the GAAP and non-GAAP tax
rates and tax effects related to above items (0.05) to (0.07)
(0.24) to (0.34) Non-GAAP earnings per
share - diluted $0.40 to $0.41 $2.29 to $2.33
Three Months Ended March 31, 2011 GAAP tax rate 18.0% to
19.0%
Add: tax effects of stock-based
compensation and amortization of
intangible assets
4.0% Non-GAAP tax rate 22.0% to 23.0%
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