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Target Reports Second Quarter 2019 Earnings

08/21/19
Comparable Sales Increase of 3.4 Percent Drives EPS Growth of More Than 20 Percent
Company Raises Full-Year EPS Guidance by 15 Cents

MINNEAPOLIS, Aug. 21, 2019 /PRNewswire/ --  

  • Second quarter comparable sales grew 3.4 percent, driven by 2.4 percent traffic growth.
  • Comparable sales have grown approximately 10 percent over the last two years the best performance in more than a decade.
  • Second quarter comparable digital channel sales grew 34 percent.
  • Same-day fulfillment services (Order Pick Up, Drive Up and Shipt) accounted for nearly 1.5 percentage points of the Company's overall comparable sales growth.
  • Second quarter operating income of $1.324 billion was 16.9 percent higher than a year ago. Operating income margin rate improved 80 basis points compared with last year, reflecting year-over-year improvement in both gross margin and SG&A rates.
  • GAAP EPS from continuing operations and Adjusted EPS of $1.82 were up over 20 percent from last year and established new all-time highs for the Company.
  • Target now expects full-year 2019 GAAP EPS from continuing operations and Adjusted EPS of $5.90 to $6.20, compared with the prior range of $5.75 to $6.05.
  • For additional media materials, please visit: https://corporate.target.com/article/2019/08/q2-2019-earnings

Target Corporation (NYSE: TGT) today announced its second quarter 2019 performance, including comparable sales growth of 3.4 percent driven by a 2.4 percent increase in comparable traffic.  The Company reported GAAP earnings per share (EPS) from continuing operations of $1.82 in second quarter 2019, up 22.0 percent from $1.49 in second quarter 2018.  Second quarter Adjusted EPS of $1.82 was 23.9 percent higher than $1.47 in second quarter 2018. The attached tables provide a reconciliation of non-GAAP to GAAP measures. All earnings per share figures refer to diluted EPS.

Brian Cornell, chairman and CEO of Target, said, "We are really pleased with our second quarter performance, which demonstrates the strength of our strategy and the durable financial model we've built over the last several years. By appealing to shoppers through a compelling assortment, a suite of convenience-driven fulfillment options, competitive prices and an enjoyable shopping experience, we're increasing Target's relevancy and deepening the relationship between our guests and our brand. Traffic and sales continue to grow while our EPS reached an all-time high, driven by the strength of our team's execution and their focus on delivering for our guests. Because of our outstanding performance in the first half of the year and our confidence moving forward, we are increasing our guidance for full-year earnings per share."

Third Quarter and Full-Year 2019 Guidance

For both the third quarter and second half of 2019, Target expects comparable sales growth in line with the 3.4 percent comparable sales growth the company delivered in the second quarter of 2019. For the third quarter, the Company expects both GAAP EPS from continuing operations and Adjusted EPS of $1.04 to $1.24.

For full-year 2019, Target now expects GAAP EPS from continuing operations and Adjusted EPS of $5.90 to $6.20 compared with the prior range of $5.75 to $6.05. Third quarter and full-year 2019 GAAP EPS from continuing operations may include the impact of certain discrete items which will be excluded in calculating Adjusted EPS. The Company is not currently aware of any such discrete items.

Operating Results

Total revenue of $18.4 billion increased 3.6 percent from $17.8 billion last year, reflecting sales growth combined with a 6.3 percent increase in other revenue. Second quarter sales growth of 3.6 percent reflected comparable sales growth of 3.4 percent combined with the contribution from non-mature stores. Comparable digital sales grew 34 percent, contributing 1.8 percentage points to comparable sales growth.  Operating income was $1,324 million in second quarter 2019, up 16.9 percent from $1,133 million in 2018.

Second quarter operating income margin rate was 7.2 percent in 2019, compared with 6.4 percent in 2018. Second quarter gross margin rate was 30.6 percent, compared with 30.3 percent in 2018, reflecting the benefit of merchandising efforts to optimize costs, pricing, promotions and assortment, combined with the benefit of favorable category sales mix. This favorability was partially offset by higher digital fulfillment and supply chain costs. Second quarter SG&A expense rate was 21.2 percent in 2019, compared with 21.7 percent in 2018. This improvement reflected favorability in asset impairments, timing of certain expenses and other cost savings.

Interest Expense and Taxes from Continuing Operations

The Company's second quarter 2019 net interest expense was $120 million, compared with $115 million last year. Second quarter 2019 effective income tax rate from continuing operations was 23.0 percent, compared with 21.8 percent last year. Last year's effective income tax rate included benefits from the resolution of certain income tax matters unrelated to current period operations.

Shareholder Returns

The Company returned $669 million to shareholders in second quarter 2019, including:

  • Dividends of $328 million, compared with $330 million in second quarter 2018, reflecting a decline in share count partially offset by a 3.2 percent increase in the dividend per share.
  • Share repurchases totaling $341 million that retired 4.3 million shares of common stock at an average price of $80.02.

At the end of the second quarter, the Company had approximately $1.0 billion of remaining capacity under its current $5 billion share repurchase program.

For the trailing twelve months through second quarter 2019, after-tax return on invested capital (ROIC) was 15.2 percent, compared with 16.0 percent for the twelve months through second quarter 2018. Excluding the discrete impacts of the Tax Cuts and Jobs Act of 2017, ROIC was 15.0 percent for the trailing twelve months ended August 3, 2019, compared with 14.2 percent in the comparable prior-year period.  See the tables of this release for additional information about the Company's ROIC calculation.

Conference Call Details

Target will webcast its second quarter earnings conference call at 7:00 a.m. CDT today. Investors and the media are invited to listen to the call at investors.target.com (hover over "investors" then click on "events & presentations"). A telephone replay of the call will be available beginning at approximately 10:30 a.m. CDT today through the end of business on August 23, 2019. The replay number is 888-566-0623.

Miscellaneous

Statements in this release regarding third quarter and full-year 2019 earnings per share and comparable sales guidance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties which could cause the Company's actual results to differ materially. The most important risks and uncertainties are described in Item 1A of the Company's Form 10-K for the fiscal year ended February 2, 2019. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update any forward-looking statement.

About Target

Minneapolis-based Target Corporation (NYSE: TGT) serves guests at more than 1,800 stores and at Target.com. Since 1946, Target has given 5% of its profit to communities, which today equals millions of dollars a week. For the latest store count or for more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit Target.com/abullseyeview or follow @TargetNews on Twitter.

TARGET CORPORATION

 

Consolidated Statements of Operations

 
 

Three Months Ended

     

Six Months Ended

   

(millions, except per share data) (unaudited)

August 3,

2019

 

August 4,

2018

 

Change

 

August 3,

2019

 

August 4,

2018

 

Change

Sales

$

18,183

   

$

17,552

   

3.6

%

 

$

35,584

   

$

34,108

   

4.3

%

Other revenue

239

   

224

   

6.3

   

465

   

450

   

3.4

 

Total revenue

18,422

   

17,776

   

3.6

   

36,049

   

34,558

   

4.3

 

Cost of sales

12,625

   

12,239

   

3.1

   

24,874

   

23,865

   

4.2

 

Selling, general and administrative expenses

3,912

   

3,865

   

1.2

   

7,575

   

7,410

   

2.2

 

Depreciation and amortization (exclusive of depreciation included in cost of sales)

561

   

539

   

4.1

   

1,142

   

1,109

   

3.0

 

Operating income

1,324

   

1,133

   

16.9

   

2,458

   

2,174

   

13.1

 

Net interest expense

120

   

115

   

4.3

   

246

   

237

   

3.8

 

Net other (income) / expense

(13)

   

(4)

   

202.0

   

(27)

   

(12)

   

119.7

 

Earnings from continuing operations before income taxes

1,217

   

1,022

   

19.1

   

2,239

   

1,949

   

14.9

 

Provision for income taxes

279

   

223

   

25.2

   

509

   

433

   

17.5

 

Net earnings from continuing operations

938

   

799

   

17.4

   

1,730

   

1,516

   

14.1

 

Discontinued operations, net of tax

   

       

3

   

1

     

Net earnings

$

938

   

$

799

   

17.4

%

 

$

1,733

   

$

1,517

   

14.3

%

Basic earnings per share

                     

Continuing operations

$

1.83

   

$

1.50

   

21.9

%

 

$

3.37

   

$

2.84

   

18.7

%

Discontinued operations

   

       

0.01

   

     

Net earnings per share

$

1.83

   

$

1.50

   

21.9

%

 

$

3.37

   

$

2.84

   

18.8

%

Diluted earnings per share

                     

Continuing operations

$

1.82

   

$

1.49

   

22.0

%

 

$

3.34

   

$

2.81

   

18.7

%

Discontinued operations

   

       

0.01

   

     

Net earnings per share

$

1.82

   

$

1.49

   

22.0

%

 

$

3.35

   

$

2.82

   

18.9

%

Weighted average common shares outstanding

                     

Basic

512.1

   

531.7

   

(3.7)

%

 

513.9

   

534.3

   

(3.8)

%

Diluted

516.1

   

536.3

   

(3.8)

%

 

517.8

   

538.6

   

(3.9)

%

Antidilutive shares

   

       

   

     

Dividends declared per share

$

0.66

   

$

0.64

   

3.1

%

 

$

1.30

   

$

1.26

   

3.2

%

 

Note: Per share amounts may not foot due to rounding.

 

TARGET CORPORATION

 

Consolidated Statements of Financial Position

 

(millions, except footnotes) (unaudited)

August 3,

2019

 

February 2,

2019

 

August 4,

2018

Assets

         

Cash and cash equivalents

$

1,656

   

$

1,556

   

$

1,180

 

Inventory

9,122

   

9,497

   

9,112

 

Other current assets

1,341

   

1,466

   

1,211

 

Total current assets

12,119

   

12,519

   

11,503

 

Property and equipment

         

Land

6,054

   

6,064

   

6,074

 

Buildings and improvements

29,908

   

29,240

   

28,629

 

Fixtures and equipment

5,622

   

5,912

   

5,356

 

Computer hardware and software

2,627

   

2,544

   

2,575

 

Construction-in-progress

667

   

460

   

685

 

Accumulated depreciation

(18,866)

   

(18,687)

   

(18,147)

 

Property and equipment, net

26,012

   

25,533

   

25,172

 

Operating lease assets

2,062

   

1,965

   

1,976

 

Other noncurrent assets

1,373

   

1,273

   

1,345

 

Total assets

$

41,566

   

$

41,290

   

$

39,996

 

Liabilities and shareholders' investment

         

Accounts payable

$

9,152

   

$

9,761

   

$

9,116

 

Accrued and other current liabilities

4,059

   

4,201

   

3,878

 

Current portion of long-term debt and other borrowings

1,153

   

1,052

   

1,044

 

Total current liabilities

14,364

   

15,014

   

14,038

 

Long-term debt and other borrowings

10,365

   

10,223

   

10,108

 

Noncurrent operating lease liabilities

2,111

   

2,004

   

2,028

 

Deferred income taxes

1,082

   

972

   

828

 

Other noncurrent liabilities

1,808

   

1,780

   

1,827

 

Total noncurrent liabilities

15,366

   

14,979

   

14,791

 

Shareholders' investment

         

Common stock

43

   

43

   

44

 

Additional paid-in capital

6,114

   

6,042

   

5,788

 

Retained earnings

6,461

   

6,017

   

6,058

 

Accumulated other comprehensive loss

(782)

   

(805)

   

(723)

 

Total shareholders' investment

11,836

   

11,297

   

11,167

 

Total liabilities and shareholders' investment

$

41,566

   

$

41,290

   

$

39,996

 

Common Stock Authorized 6,000,000,000 shares, $0.0833 par value; 511,335,375, 517,761,600 and 526,112,846 shares issued and outstanding at August 3, 2019, February 2, 2019, and August 4, 2018, respectively.

Preferred Stock Authorized 5,000,000 shares, $0.01 par value; no shares were issued or outstanding during any period presented.

TARGET CORPORATION

 

Consolidated Statements of Cash Flows

 
   

Six Months Ended

(millions) (unaudited)

 

August 3,

2019

 

August 4,

2018

Operating activities

       

Net earnings

 

$

1,733

   

$

1,517

 

Earnings from discontinued operations, net of tax

 

3

   

1

 

Net earnings from continuing operations

 

1,730

   

1,516

 

Adjustments to reconcile net earnings to cash provided by operations

       

Depreciation and amortization

 

1,267

   

1,234

 

Share-based compensation expense

 

86

   

71

 

Deferred income taxes

 

104

   

129

 

Noncash losses / (gains) and other, net

 

42

   

99

 

Changes in operating accounts

       

Inventory

 

375

   

(515)

 

Other assets

 

64

   

1

 

Accounts payable

 

(731)

   

342

 

Accrued and other liabilities

 

(127)

   

(154)

 

Cash provided by operating activities—continuing operations

 

2,810

   

2,723

 

Cash provided by operating activities—discontinued operations

 

2

   

1

 

Cash provided by operations

 

2,812

   

2,724

 

Investing activities

       

Expenditures for property and equipment

 

(1,394)

   

(1,856)

 

Proceeds from disposal of property and equipment

 

10

   

15

 

Other investments

 

   

3

 

Cash required for investing activities

 

(1,384)

   

(1,838)

 

Financing activities

       

Additions to long-term debt

 

994

   

 

Reductions of long-term debt

 

(1,026)

   

(255)

 

Dividends paid

 

(658)

   

(665)

 

Repurchase of stock

 

(662)

   

(954)

 

Accelerated share repurchase pending final settlement

 

   

(525)

 

Stock option exercises

 

24

   

50

 

Cash required for financing activities

 

(1,328)

   

(2,349)

 

Net increase / (decrease) in cash and cash equivalents

 

100

   

(1,463)

 

Cash and cash equivalents at beginning of period

 

1,556

   

2,643

 

Cash and cash equivalents at end of period

 

$

1,656

   

$

1,180

 

 

TARGET CORPORATION

 

Operating Results

 
 

Three Months Ended

 

Six Months Ended

Rate Analysis
(unaudited)

August 3,

2019

 

August 4,

2018

 

August 3,

2019

 

August 4,

2018

Gross margin rate

30.6

%

 

30.3

%

 

30.1

%

 

30.0

%

SG&A expense rate

21.2

   

21.7

   

21.0

   

21.4

 

Depreciation and amortization (exclusive of depreciation included in cost of sales) expense rate

3.0

   

3.0

   

3.2

   

3.2

 

Operating income margin rate

7.2

   

6.4

   

6.8

   

6.3

 

Note:  Gross margin rate is calculated as gross margin (sales less cost of sales) divided by sales. All other rates are calculated by dividing the applicable amount by total revenue. Other revenue includes $168 million and $328 million of profit-sharing income under our credit card program agreement for the three and six months ended August 3, 2019, respectively, and $167 million and $333 million for the three and six months ended August 4, 2018, respectively.

 
 
 

Three Months Ended

 

Six Months Ended

Comparable Sales
(unaudited)

August 3,

2019

 

August 4,

2018

 

August 3,

2019

 

August 4,

2018

Comparable sales change

3.4

%

 

6.5

%

 

4.1

%

 

4.8

%

Drivers of change in comparable sales

             

Number of transactions

2.4

   

6.4

   

3.3

   

5.0

 

Average transaction amount

0.9

   

0.1

   

0.7

   

(0.3)

 

Note: Amounts may not foot due to rounding.

 
 
 

Three Months Ended

 

Six Months Ended

Contribution to Comparable Sales Change
(unaudited)

August 3,

2019

 

August 4,

2018

 

August 3,

2019

 

August 4,

2018

Stores channel comparable sales change

1.5

%

 

4.9

%

 

2.1

%

 

3.4

%

Digital channel contribution to comparable sales change

1.8

   

1.5

   

1.9

   

1.3

 

Total comparable sales change

3.4

%

 

6.5

%

 

4.1

%

 

4.8

%

Note: Amounts may not foot due to rounding.

 
 
 

Three Months Ended

 

Six Months Ended

Sales by Channel
(unaudited)

August 3,

2019

 

August 4,

2018

 

August 3,

2019

 

August 4,

2018

Stores originated

92.7

%

 

94.4

%

 

92.8

%

 

94.6

%

Digitally originated

7.3

   

5.6

   

7.2

   

5.4

 

Total

100

%

 

100

%

 

100

%

 

100

%

       
 
 

Three Months Ended

 

Six Months Ended

REDcard Penetration
(unaudited)

August 3,

2019

 

August 4,

2018

 

August 3,

2019

 

August 4,

2018

Target Debit Card

12.5

%

 

13.0

%

 

12.8

%

 

13.2

%

Target Credit Cards

10.7

   

10.9

   

10.6

   

10.8

 

Total REDcard Penetration

23.2

%

 

23.9

%

 

23.4

%

 

24.0

%

Note: Amounts may not foot due to rounding.

 

 
 

Number of Stores

 

Retail Square Feet(a)

Number of Stores and Retail Square Feet
(unaudited)

August 3,

2019

February 2,

2019

August 4,

2018

 

August 3,

2019

February 2,

2019

August 4,

2018

170,000 or more sq. ft.

272

 

272

 

274

   

48,619

 

48,604

 

48,952

 

50,000 to 169,999 sq. ft.

1,499

 

1,501

 

1,502

   

188,711

 

188,900

 

189,258

 

49,999 or less sq. ft.

82

 

71

 

59

   

2,357

 

2,077

 

1,644

 

Total

1,853

 

1,844

 

1,835

   

239,687

 

239,581

 

239,854

 
   

(a)

In thousands, reflects total square feet less office, distribution center, and vacant space.

TARGET CORPORATION

Reconciliation of Non-GAAP Financial Measures

To provide additional transparency, we have disclosed non-GAAP adjusted diluted earnings per share from continuing operations (Adjusted EPS). This metric excludes certain items presented below. We believe this information is useful in providing period-to-period comparisons of the results of our continuing operations. This measure is not in accordance with, or an alternative to, generally accepted accounting principles in the United States (GAAP). The most comparable GAAP measure is diluted earnings per share from continuing operations (GAAP EPS). Adjusted EPS should not be considered in isolation or as a substitution for analysis of our results as reported under GAAP. Other companies may calculate Adjusted EPS differently, limiting the usefulness of the measure for comparisons with other companies.

 

Three Months Ended

   
 

August 3, 2019

 

August 4, 2018

   

(millions, except per share data) (unaudited)

Pretax

 

Net of
Tax

 

Per Share
Amounts

 

Pretax

 

Net of
Tax

 

Per Share
Amounts

 

Change

GAAP diluted earnings per share from continuing operations

       

$

1.82

           

$

1.49

   

22.0

%

Adjustments

                         

Income tax matters (a)

   

   

   

   

(12)

   

(0.02)

     

Adjusted diluted earnings per share from continuing operations

       

$

1.82

           

$

1.47

   

23.9

%

                                             
                                             
 

Six Months Ended

   
 

August 3, 2019

 

August 4, 2018

   

(millions, except per share data) (unaudited)

Pretax

 

Net of
Tax

 

Per Share
Amounts

 

Pretax

 

Net of
Tax

 

Per Share
Amounts

 

Change

GAAP diluted earnings per share from continuing operations

       

$

3.34

           

$

2.81

   

18.7

%

Adjustments

                         

Income tax matters (a)

   

   

   

   

(18)

   

(0.03)

     

Adjusted diluted earnings per share from continuing operations

       

$

3.34

           

$

2.78

   

20.1

%

 

Note: Amounts may not foot due to rounding.

(a)

Represents benefits from the resolution of certain income tax matters unrelated to current period operations.

Earnings from continuing operations before interest expense and income taxes (EBIT) and earnings before interest expense, income taxes, depreciation and amortization (EBITDA) are non-GAAP financial measures which we believe provide meaningful information about our operational efficiency compared with our competitors by excluding the impact of differences in tax jurisdictions and structures, debt levels, and for EBITDA, capital investment. These measures are not in accordance with, or an alternative to, GAAP. The most comparable GAAP measure is net earnings from continuing operations. EBIT and EBITDA should not be considered in isolation or as a substitution for analysis of our results as reported under GAAP. Other companies may calculate EBIT and EBITDA differently, limiting the usefulness of the measure for comparisons with other companies.

EBIT and EBITDA

Three Months Ended

     

Six Months Ended

   

(millions) (unaudited)

August 3,

2019

 

August 4,

2018

 

Change

 

August 3,

2019

 

August 4,

2018

 

Change

Net earnings from continuing operations

$

938

   

$

799

   

17.4

%

 

$

1,730

   

$

1,516

   

14.1

%

+ Provision for income taxes

279

   

223

   

25.2

   

509

   

433

   

17.5

 

+ Net interest expense

120

   

115

   

4.3

   

246

   

237

   

3.8

 

EBIT

$

1,337

   

$

1,137

   

17.6

%

 

$

2,485

   

$

2,186

   

13.6

%

+ Total depreciation and amortization (a)

624

   

603

   

3.5

   

1,267

   

1,234

   

2.7

 

EBITDA

$

1,961

   

$

1,740

   

12.7

%

 

$

3,752

   

$

3,420

   

9.7

%

   

(a)

Represents total depreciation and amortization, including amounts classified within Depreciation and Amortization and within Cost of Sales.

We have also disclosed after-tax return on invested capital from continuing operations (ROIC), which is a ratio based on GAAP information. We believe this metric is useful in assessing the effectiveness of our capital allocation over time. Other companies may calculate ROIC differently, limiting the usefulness of the measure for comparisons with other companies.

After-Tax Return on Invested Capital

(dollars in millions) (unaudited)

   
   

Trailing Twelve Months

   

Numerator

 

August 3,

2019

 

August 4,
2018 (a)

   

Operating income

 

$

4,395

   

$

4,150

     

+ Net other income / (expense)

 

42

   

41

     

EBIT

 

4,437

   

4,191

     

+ Operating lease interest (b)

 

85

   

81

     

- Income taxes (c)(d)

 

937

   

589

     

Net operating profit after taxes

 

$

3,585

   

$

3,683

     
 
 

Denominator

 

August 3,

2019

 

August 4,

2018

 

July 29,

2017

Current portion of long-term debt and other borrowings

 

$

1,153

   

$

1,044

   

$

1,365

 

+ Noncurrent portion of long-term debt

 

10,365

   

10,108

   

10,706

 

+ Shareholders' equity

 

11,836

   

11,167

   

11,055

 

+ Operating lease liabilities (e)

 

2,285

   

2,183

   

2,032

 

- Cash and cash equivalents

 

1,656

   

1,180

   

2,291

 

- Net assets of discontinued operations (f)

 

   

   

10

 

Invested capital

 

$

23,983

   

$

23,322

   

$

22,857

 

Average invested capital (g)

 

$

23,652

   

$

23,090

     

After-tax return on invested capital (d)

 

15.2

%

 

16.0

%

   

After-tax return on invested capital excluding discrete impacts of Tax Act (d)

 

15.0

%

 

14.2

%

   
   

(a)

Consisted of 53 weeks.

(b)

Represents the add-back to operating income driven by the hypothetical interest expense we would incur if the property under our operating leases were owned or accounted for as finance leases. Calculated using the discount rate for each lease and recorded as a component of rent expense within SG&A Expenses. Operating lease interest is added back to operating income in the ROIC calculation to control for differences in capital structure between us and our competitors.

(c)

Calculated using the effective tax rates for continuing operations, which were 20.7 percent and 13.8 percent for the trailing twelve months ended August 3, 2019, and August 4, 2018, respectively. For the trailing twelve months ended August 3, 2019, and August 4, 2018, includes tax effect of $919 million and $578 million, respectively, related to EBIT, and $18 million and $11 million, respectively, related to operating lease interest.

(d)

The effective tax rate for the trailing twelve months ended August 3, 2019, and August 4, 2018, includes discrete tax benefits of $36 million and $343 million, respectively, related to the Tax Cuts and Jobs Act of 2017 (Tax Act).

(e)

Total short-term and long-term operating lease liabilities included within Accrued and Other Current Liabilities and Noncurrent Operating Lease Liabilities.

(f)

Included in Other Assets and Liabilities.

(g)

Average based on the invested capital at the end of the current period and the invested capital at the end of the comparable prior period.

 

Target Logo (PRNewsfoto/Target Corporation)

 

 

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SOURCE Target Corporation

John Hulbert, Investors, (612) 761-6627, Erin Conroy, Media, (612) 761-5928, Target Media Hotline, (612) 696-3400

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