Gentex Corporation (NASDAQ: GNTX), a leading supplier of
digital vision, connected car, dimmable glass and fire protection
technologies, today reported financial results for the three and
six months ended June 30, 2020.
2nd Quarter 2020 Summary
- Net Sales decline of 51%
quarter over quarter despite a 69% and 62% quarter over quarter
decline in light vehicle production in North America and Europe,
respectively.
- Severance related costs of
$8.8 million recognized during the quarter in order to achieve an
estimated $35 million in annualized savings.
- Positive cash flow from
operations of $39.2 million despite the significantly lower sales
levels.
- Balance Sheet remains
strong with total cash and investments of $585 million and debt of
only $75 million.
For the second quarter of 2020, the Company
reported net sales of $229.9 million, which was a decline of 51%
compared to net sales of $468.7 million in the second quarter of
2019. The impact of the COVID-19 pandemic created extended
shutdowns in the automotive industry for much of the quarter in
various parts of Asia, Europe, and North America. Global light
vehicle production ended the second quarter of 2020 down 45%, when
compared to the second quarter of 2019. However, the majority of
the light vehicle production declines occurred in Europe, which
experienced a 62% quarter over quarter reduction, and in North
America, which experienced a 69% quarter over quarter
reduction.
"The impact of COVID-19, government enacted
shutdowns in certain countries and states, and the resultant
economic impact led to the most severe change in demand in a very
short period of time that Gentex has ever experienced. In fact, our
forecast in early March for the second quarter of 2020 was
estimating a 6% growth rate for the Company," said President and
CEO Steve Downing. “A deeper dive into the global vehicle
production environment provides compelling information about what
happened in the quarter. For instance, while the China market
expanded by 9% in the second quarter, our historical revenue from
China has been less than 10% of sales, so this provided very little
help to offset the losses in our primary markets. The Company’s
primary markets include North America, Europe, Japan and Korea and
together these regions were down approximately 59% for the second
quarter of 2020. While these production numbers are incredibly
sobering, the silver lining is that we are continuing to find ways
to significantly outperform our primary underlying markets."
For the second quarter of 2020, the gross margin
was 19.1%, compared to a gross margin of 37.7% for the second
quarter of 2019. Gross margin declined on a quarter over quarter
basis as a result of the lost sales and manufacturing
inefficiencies due to the COVID-19 pandemic and the related
shutdowns, severance related costs of $3.9 million, and annual
customer price reductions. When adjusted for the expenses related
to severance, the Adjusted Gross Margin for the quarter was
20.8%.
Operating expenses during the second quarter of
2020 increased by 4% to $50.7 million which included severance
related costs of $4.9 million. This compared to operating expenses
of $48.6 million in the second quarter of 2019. When adjusted for
the expenses related to severance, Adjusted Operating Expenses in
the second quarter of 2020 were down 6% when compared with
operating expenses in the second quarter of 2019, which was
primarily driven by reductions in wages and discretionary
spending.
The Company had a loss from operations of $6.7
million for the second quarter of 2020 as compared to income from
operations of $127.9 million for the second quarter of 2019. The
quarter over quarter reduction in operating income was primarily
the result of the lost sales due to the COVID-19 pandemic and the
impact this had on gross margins in the second quarter. Adjusted
Operating Income was $2.1 million for the second quarter, which
reflected adjustments for the impact of severance related costs of
$8.8 million in the quarter, of which $3.9 million were in cost of
goods sold related areas and $4.9 million were in operating expense
related areas.
During the second quarter of 2020, the Company
recognized a tax benefit of $1.5 million, compared to a tax expense
of $21.3 million during the second quarter of 2019.
The Company had a net loss of $2.4 million for
the second quarter of 2020 which compared to net income of $109.0
million in the second quarter of 2019. The reduction in net income
was driven by the lost sales due to the COVID-19 pandemic and
resultant change in profitability in the second quarter described
above. Adjusted Net Income was $4.6 million during the second
quarter of 2020, when adjusting for the impact of the severance
related costs, net of tax.
The Company had a loss per diluted share for the
second quarter of 2020 of $0.01 which compared to earnings per
diluted share of $0.42 for the second quarter of 2019, primarily as
a result of the COVID-19 pandemic and the related shutdowns.
Adjusted Earnings per Diluted Share were $0.02 per share for the
second quarter of 2020, when adjusting for the impact of the
severance related costs.
Automotive net sales in the second quarter of
2020 were $222.1 million, compared with automotive net sales of
$456.6 million in the second quarter of 2019. The 51% quarter over
quarter decrease in automotive sales was driven primarily by a 51%
quarter over quarter decrease in interior auto-dimming mirror unit
shipments as a result of the overall 45% decrease in global light
vehicle production, and the more severe decreases in Europe and
North America, stemming from the COVID-19 pandemic.
Other net sales in the second quarter of 2020,
which includes dimmable aircraft windows and fire protection
products, were $7.9 million, a decrease of 35% compared to other
net sales of $12.1 million in the second quarter of 2019.
Share Repurchases
The Company did not repurchase any common stock
during the quarter as efforts were focused on preservation of
capital given the unknown impact of the COVID-19 pandemic on
customers and the resultant impact on the Company's operations and
financial results. Provided that business begins to return to more
normalized levels, the Company will consider the appropriateness of
any share repurchases in the second half of 2020. This
determination will take into account macroeconomic issues
(including the impact of the COVID-19 pandemic), market trends, and
other factors that the Company deems appropriate. As of June 30,
2020, the Company has 13.0 million shares remaining available for
repurchase under the previously announced share repurchase
plan.
Future Estimates
The Company’s current forecast for light vehicle
production for the second half and full year 2020 is based on the
mid-July 2020 IHS Markit forecast for light vehicle production in
North America, Europe, Japan/Korea and China. Based on this
information, light vehicle production for the second half and full
year 2020 in the Company's primary regions are expected to decline
approximately 7% for the second half of 2020 and 20% for the full
year 2020, when compared to the same periods in 2019, as further
detailed below:
Light Vehicle Production (per IHS Markit mid-July light
vehicle production forecast) |
(in Millions) |
Region |
2H 2020 |
2H 2019 |
% Change |
|
Calendar Year 2020 |
Calendar Year 2019 |
% Change |
North America |
7.74 |
|
7.83 |
|
(1 |
)% |
|
12.62 |
|
16.31 |
|
(23 |
)% |
Europe |
9.05 |
|
9.83 |
|
(8 |
)% |
|
15.85 |
|
21.11 |
|
(25 |
)% |
Japan and
Korea |
5.45 |
|
6.38 |
|
(15 |
)% |
|
10.53 |
|
13.11 |
|
(20 |
)% |
China |
12.26 |
|
13.15 |
|
(7 |
)% |
|
21.52 |
|
24.67 |
|
(13 |
)% |
Total Light Vehicle Production |
34.50 |
|
37.19 |
|
(7 |
)% |
|
60.52 |
|
75.20 |
|
(20 |
)% |
Based on this light vehicle production forecast
and the structural changes that the Company has made over the last
several months, the Company is providing guidance estimates for the
second half of 2020, as opposed to only updating full year
guidance. Given the magnitude of changes this year, the Company
believes this guidance is a more accurate representation of the new
cost structure and financial performance not only for the remainder
of 2020, but should also provide better visibility heading into
2021. The Company's current estimate is that net sales for the
second half of 2020 will be between $865 and $915 million. The
Company is also providing additional updated guidance for the
second half of 2020 as shown in the table below:
2020 Guidance |
Item |
2nd Half 2020 As of July 24,
2020 |
Net Sales |
$865m - $915m |
Gross
Margin |
36% - 37% |
Operating
Expenses |
$88m - $93m |
Tax
Rate |
17% - 19% |
Capital
Expenditures |
$30m - $40m |
Depreciation & Amortization |
$52m - $55m |
Based on uncertainty regarding the COVID-19
pandemic, overall economic conditions globally, vehicle production
trends, and consumer demand for vehicles, the Company is
withholding revenue guidance for 2021 until better data becomes
available. Despite the fact that the Company is withholding
guidance for 2021, the Company remains confident in its ability to
continue to outperform its primary underlying markets.
"With the onset of COVID-19, government driven
shutdowns, and the obvious change in demand we estimated that we
would be facing in the second quarter, the Company began to look at
cost optimization concepts very early in the second quarter. This
led to the lower estimates for operating expenses, capital
expenditures and depreciation and amortization levels that we
provided in our first quarter conference call. However, as the
quarter progressed, we quickly realized that those changes would
not be sufficient given the drastic shift in demand we were
experiencing. Our updated estimates for the second half of 2020,
from above, represent the planning, idea generation, and fast but
thorough execution of many cost containment initiatives we have
made to adjust the Company to our new levels of revenue,” said
Downing. “Despite the fact that the second half of 2020 revenue
will be lower than we were expecting at the beginning of this year,
we are optimistic that the forecasted improvements in light vehicle
production throughout the second half of the year, in addition to
our significant cost initiatives achieved during the second
quarter, will allow the Company to return to more normalized gross
and operating margins during the second half of the year. Our cost
containment efforts were all undertaken with the very clear
objective that we need to protect the most critical resources
necessary to continue our launch of sold programs and to support
the team that leads our research and development as they are
imperative to the future growth of the Company. We believe that
this strategy of creating cost savings while protecting our future
growth opportunities will provide above market returns for our
shareholders over the next several years,” concluded Downing.
Non-GAAP Financial Measures
The financial information provided is in
accordance with Generally Accepted Accounting Principles ("GAAP").
Still, the Company believes that it is useful to provide non-GAAP:
gross profit ("Adjusted Gross Profit"), gross margin ("Adjusted
Gross Margin"), operating expenses ("Adjusted Operating Expenses"),
operating (loss) income ("Adjusted Operating Income"), net (loss)
income ("Adjusted Net Income"); and earnings per diluted share
("Adjusted Earnings per Diluted Share") with the adjustments set
forth in the "Reconciliation of Non-GAAP Measures" table below.
This non-GAAP financial information allows investors to evaluate
current performance in the Company's core business in relation to
historical performance by excluding the impact of certain COVID-19
related severance expenses.
Management uses such non-GAAP information
internally to help assess performance in the current period versus
prior periods in the Company's core business. A reconciliation of
the Adjusted Gross Profit, Adjusted Gross Margin, Adjusted
Operating Expenses, Adjusted Operating Income, Adjusted Net Income,
and Adjusted Earnings per Diluted Share is provided in the attached
"Reconciliation of non-GAAP Measures" table below. Like all
non-GAAP financial measures, these non-GAAP measures are intended
to supplement, not to replace, GAAP measures. All non-GAAP
financial measures are subject to inherent limitations because not
all of the expenses required by GAAP are included.
Safe Harbor for Forward-Looking Statements
This news release contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. The statements
contained in this communication that are not purely historical are
forward-looking statements. Forward-looking statements give the
Company’s current expectations or forecasts of future events. These
forward-looking statements generally can be identified by the use
of words such as “anticipate”, “believe”, “could”, “estimate”,
“expect”, “forecast”, “goal”, “hope”, “may”, “plan”, “poised”,
“project”, “will”, and variations of such words and similar
expressions. Such statements are subject to risks and uncertainties
that are often difficult to predict and beyond the Company’s
control, and could cause the Company’s results to differ materially
from those described. These risks and uncertainties include,
without limitation: changes in general industry or regional market
conditions; changes in consumer and customer preferences for our
products (such as cameras replacing mirrors and/or autonomous
driving); our ability to be awarded new business; continued
uncertainty in pricing negotiations with customers; loss of
business from increased competition; changes in strategic
relationships; customer bankruptcies or divestiture of customer
brands; fluctuation in vehicle production schedules (including the
impact of customer employee strikes); changes in product mix; raw
material shortages; higher raw material, fuel, energy and other
costs; unfavorable fluctuations in currencies or interest rates in
the regions in which we operate; costs or difficulties related to
the integration and/or ability to maximize the value of any new or
acquired technologies and businesses; changes in regulatory
conditions; warranty and recall claims and other litigation and
customer reactions thereto; possible adverse results of pending or
future litigation or infringement claims; changes in tax laws;
import and export duty and tariff rates in or with the countries
with which we conduct business; negative impact of any governmental
investigations and associated litigation including securities
litigation relating to the conduct of our business; the length and
severity of the COVID-19 (coronavirus) pandemic, including its
impact across our business on demand, operations, and the global
supply chain. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
they are made. The Company undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise, except as required
by law or the rules of the NASDAQ Global Select Market.
Accordingly, any forward-looking statement should be read in
conjunction with the additional information about risks and
uncertainties identified under the heading “Risk Factors” in the
Company’s latest Form 10-K and Form 10-Q filed with the SEC, which
risks and uncertainties now include the impacts of COVID-19
(coronavirus) pandemic that has affected, and will continue to
affect, general economic and industry conditions, customers,
suppliers, and the regulatory environment in which the Company
operates. Includes content supplied by IHS Markit Light Vehicle
Production Forecast of July 16, 2020
(http://www.gentex.com/forecast-disclaimer).
Second Quarter Conference
Call
A conference call related to this news release
will be simulcast live on the internet beginning at 9:30 a.m. ET
today, July 24, 2020. The dial-in number to participate in the call
is 844-389-8658, passcode
6134327. Participants may listen to the call via
audio streaming at www.gentex.com or by
visiting https://edge.media-server.com/mmc/p/3gg7fu6k. A
webcast replay will be available approximately 24 hours after the
conclusion of the call
at http://ir.gentex.com/events-and-presentations/upcoming-past-events.
About the Company
Founded in 1974, Gentex Corporation (The NASDAQ
Global Select Market: GNTX) is a leading supplier of digital
vision, connected car, dimmable glass and fire protection
technologies. Visit the Company’s web site at www.gentex.com.
Contact Information:Gentex Investor &
Media ContactJosh O'Berski(616)772-1590 x5814
GENTEX
CORPORATIONAUTO-DIMMING MIRROR
SHIPMENTS(Thousands)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2020 |
|
2019 |
|
% Change |
|
2020 |
|
2019 |
|
% Change |
North American Interior Mirrors |
787 |
|
|
2,206 |
|
|
(64 |
)% |
|
2,806 |
|
|
4,433 |
|
|
(37 |
)% |
North American Exterior
Mirrors |
455 |
|
|
1,320 |
|
|
(66 |
)% |
|
1,689 |
|
|
2,549 |
|
|
(34 |
)% |
Total North American Mirror Units |
1,242 |
|
|
3,526 |
|
|
(65 |
)% |
|
4,495 |
|
|
6,981 |
|
|
(36 |
)% |
International Interior
Mirrors |
2,916 |
|
|
5,339 |
|
|
(45 |
)% |
|
7,948 |
|
|
10,596 |
|
|
(25 |
)% |
International Exterior
Mirrors |
1,102 |
|
|
1,953 |
|
|
(44 |
)% |
|
3,211 |
|
|
3,924 |
|
|
(18 |
)% |
Total International Mirror Units |
4,018 |
|
|
7,293 |
|
|
(45 |
)% |
|
11,159 |
|
|
14,520 |
|
|
(23 |
)% |
Total Interior Mirrors |
3,703 |
|
|
7,545 |
|
|
(51 |
)% |
|
10,754 |
|
|
15,028 |
|
|
(28 |
)% |
Total Exterior Mirrors |
1,557 |
|
|
3,273 |
|
|
(52 |
)% |
|
4,900 |
|
|
6,473 |
|
|
(24 |
)% |
Total Auto-Dimming Mirror Units |
5,260 |
|
|
10,819 |
|
|
(51 |
)% |
|
15,654 |
|
|
21,501 |
|
|
(27 |
)% |
Note: Percent change and amounts may not total due to
rounding.
GENTEX CORPORATION AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
INCOME
|
(Unaudited) |
|
(Unaudited) |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net Sales |
$ |
229,925,556 |
|
|
$ |
468,711,354 |
|
$ |
683,687,281 |
|
$ |
937,300,351 |
|
|
|
|
|
|
|
|
|
Cost of Goods Sold |
185,980,748 |
|
|
292,173,750 |
|
483,154,994 |
|
591,118,243 |
|
Gross Profit |
43,944,808 |
|
|
176,537,604 |
|
200,532,287 |
|
346,182,108 |
|
|
|
|
|
|
|
|
|
Engineering, Research & Development |
28,992,968 |
|
|
28,359,343 |
|
58,608,390 |
|
56,448,524 |
|
Selling, General & Administrative |
21,690,096 |
|
|
20,273,295 |
|
43,634,987 |
|
40,232,286 |
|
Operating Expenses |
50,683,064 |
|
|
48,632,638 |
|
102,243,377 |
|
96,680,810 |
|
|
|
|
|
|
|
|
|
(Loss) Income from Operations |
(6,738,256 |
) |
|
127,904,966 |
|
98,288,910 |
|
249,501,298 |
|
|
|
|
|
|
|
|
|
Other Income |
2,866,229 |
|
|
2,377,578 |
|
5,113,712 |
|
5,689,788 |
|
(Loss) Income before Income
Taxes |
(3,872,027 |
) |
|
130,282,544 |
|
103,402,622 |
|
255,191,086 |
|
|
|
|
|
|
|
|
|
Provision for Income
Taxes |
(1,497,994 |
) |
|
21,323,919 |
|
16,270,854 |
|
41,952,050 |
|
|
|
|
|
|
|
|
|
Net Income |
$ |
(2,374,033 |
) |
|
$ |
108,958,625 |
|
$ |
87,131,768 |
|
$ |
213,239,036 |
|
|
|
|
|
|
|
|
|
Earnings Per Share(1) |
|
|
|
|
|
|
|
Basic |
$ |
(0.01 |
) |
|
$ |
0.42 |
|
$ |
0.35 |
|
$ |
0.82 |
|
Diluted |
$ |
(0.01 |
) |
|
$ |
0.42 |
|
$ |
0.35 |
|
$ |
0.82 |
|
Weighted Average Shares |
|
|
|
|
|
|
|
Basic |
241,684,323 |
|
|
255,219,868 |
|
243,983,276 |
|
256,350,600 |
|
Diluted |
242,545,795 |
|
|
256,579,621 |
|
245,068,656 |
|
257,694,885 |
|
|
|
|
|
|
|
|
|
Cash Dividends Declared per
Share |
$ |
0.120 |
|
|
$ |
0.115 |
|
$ |
0.240 |
|
$ |
0.230 |
|
|
|
|
|
|
|
|
|
(1) Earnings Per Share has been adjusted to exclude the portion of
net (loss) income allocated to participating securities as a result
of share-based payment awards. |
GENTEX CORPORATION AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS
|
(Unaudited) |
|
|
|
June 30, 2020 |
|
December 31, 2019 |
ASSETS |
|
|
|
Cash and Cash Equivalents |
$ |
343,811,484 |
|
|
$ |
296,321,622 |
|
Short-Term Investments |
70,015,164 |
|
|
140,384,053 |
|
Accounts Receivable, net |
170,643,014 |
|
|
235,410,326 |
|
Inventories |
259,728,189 |
|
|
248,941,855 |
|
Other Current Assets |
15,128,837 |
|
|
29,319,036 |
|
Total Current Assets |
859,326,688 |
|
|
950,376,892 |
|
|
|
|
|
Plant and Equipment - Net |
485,314,868 |
|
|
498,316,100 |
|
|
|
|
|
Goodwill |
309,033,022 |
|
|
307,365,845 |
|
Long-Term Investments |
171,134,695 |
|
|
139,909,323 |
|
Intangible Assets |
251,725,000 |
|
|
250,375,000 |
|
Patents and Other Assets |
24,507,260 |
|
|
22,460,033 |
|
Total Other Assets |
756,399,977 |
|
|
720,110,201 |
|
|
|
|
|
Total Assets |
$ |
2,101,041,533 |
|
|
$ |
2,168,803,193 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
INVESTMENT |
|
|
|
Current Liabilities |
$ |
217,631,097 |
|
|
$ |
171,846,800 |
|
Other Non-current Liabilities |
10,306,855 |
|
|
7,414,424 |
|
Deferred Income Taxes |
50,496,168 |
|
|
51,454,149 |
|
Shareholders' Investment |
1,822,607,413 |
|
|
1,938,087,820 |
|
Total Liabilities &
Shareholders' Investment |
$ |
2,101,041,533 |
|
|
$ |
2,168,803,193 |
|
GENTEX
CORPORATIONRECONCILIATION OF NON-GAAP
MEASURES(Unaudited)
In this press release the Company has provided
information regarding certain non-GAAP financial measures, which
are reconciled to their closest GAAP financial measure in the
following schedules.
Non-GAAP Financial Measures:
The Company has presented Adjusted Gross Profit, Adjusted Gross
Margin, Adjusted Operating Expenses, and Adjusted Operating Income
as supplemental measures of the Company's performance. Current
quarter Adjusted Gross Profit, Adjusted Operating Expenses, and
Adjusted Operating Income exclude certain severance related costs
set forth in the table below. Current quarter Adjusted Gross Margin
is defined as Adjusted Gross Profit divided by Net Sales.
|
(Unaudited) |
|
Three Months Ended June 30, |
|
2020 |
|
2019 |
|
|
Gross Profit - GAAP |
$ |
43,944,808 |
|
|
$ |
176,537,604 |
|
Severance Related Costs |
3,927,906 |
|
|
— |
|
Adjusted Gross Profit -
(Non-GAAP) |
$ |
47,872,714 |
|
|
$ |
176,537,604 |
|
|
|
|
|
Gross Margin - GAAP |
19.1 |
% |
|
37.7 |
% |
Adjusted Gross Margin -
(Non-GAAP) |
20.8 |
% |
|
37.7 |
% |
|
|
|
|
Operating Expenses - GAAP |
$ |
50,683,064 |
|
|
$ |
48,632,638 |
|
Less: Severance Related
Costs |
(4,905,449 |
) |
|
— |
|
Adjusted Operating Expenses -
(Non-GAAP) |
$ |
45,777,615 |
|
|
$ |
48,632,638 |
|
|
|
|
|
|
|
|
|
Operating (Loss) Income -
GAAP |
$ |
(6,738,256 |
) |
|
$ |
127,904,966 |
|
Severance Related Costs -
Overhead |
3,927,906 |
|
|
— |
|
Severance Related Costs -
Operating |
4,905,449 |
|
|
— |
|
Adjusted Operating Income -
(Non-GAAP) |
$ |
2,095,099 |
|
|
$ |
127,904,966 |
|
|
|
|
|
|
|
|
|
Adjusted Net Income and Adjusted
Earnings per Diluted Share: Adjusted Net Income and
Adjusted Earnings per Diluted Share are presented as supplemental
measures of the Company's performance. Adjusted Net Income is
defined as Net (Loss) Income adjusted for severance related costs
during the second quarter of 2020. Adjusted Earnings per Diluted
Share is defined as Adjusted Net Income divided by weighted average
diluted shares outstanding.
|
(Unaudited) |
|
Three Months Ended June 30, |
|
|
2020 |
|
|
2019 |
|
|
Net (Loss) Income - GAAP |
$ |
(2,374,033 |
) |
|
|
$ |
108,958,625 |
|
Severance related costs |
|
8,833,355 |
|
|
|
|
— |
|
Tax Impact of Adjusting Items (at effective tax rate of 21% in each
period) |
|
(1,855,005 |
) |
|
|
|
— |
|
Adjusted Net Income (Loss) -
(Non-GAAP) |
$ |
4,604,317 |
|
|
|
$ |
108,958,625 |
|
|
|
|
|
Adjusted Earnings Per
Share(1): |
|
|
|
Basic |
$ |
0.02 |
|
|
|
$ |
0.42 |
|
Diluted |
|
0.02 |
|
|
|
|
0.42 |
|
|
|
|
|
Weighted Average Shares |
|
|
|
Basic |
|
241,684,323 |
|
|
|
|
255,219,868 |
|
Diluted |
|
242,545,795 |
|
|
|
|
256,579,622 |
|
|
|
|
|
(1) Adjusted Earnings Per Share for the three months ended June 30,
2019 has been adjusted to exclude the portion of net (loss) income
allocated to participating securities as a result of share-based
payment awards. |
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