Date of Report (Date of Earliest Event Reported): |
(State or other jurisdiction of incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
NO. | DESCRIPTION | ||
99.1 | |||
99.2 | |||
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99.5 | |||
101.INS | XBRL Instance Document — the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||
101.SCH | XBRL Taxonomy Extension Schema Document (filed electronically herewith). | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document (filed electronically herewith). | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document (filed electronically herewith). | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document (filed electronically herewith). | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document (filed electronically herewith). |
Trinity Industries, Inc. | ||
July 25, 2019 | By: | /s/ Melendy E. Lovett |
Name: Melendy E. Lovett | ||
Title: Senior Vice President and Chief Financial Officer |
NEWS RELEASE |
• | Reported quarterly total company revenue of $736.0 million, reflecting growth of 16% year over year |
• | Reported quarterly earnings from continuing operations per common diluted share ("EPS") of $0.29, an increase of 21% year over year |
• | Reported quarterly revenues from leasing and management services of $189.4 million with a 41.0% operating profit margin |
• | Leasing Group grew the wholly-owned and partially-owned lease fleet to 102,140 units, bringing the total net book value of the lease fleet (before deferred profit) to $7.4 billion |
• | Leasing Group reported lease fleet utilization of 97.8% |
• | Rail Products Group reported quarterly revenues of $712.3 million and a 9.5% operating profit margin |
• | Rail Products Group reported quarterly railcar orders and deliveries of 2,105 and 5,255, respectively, resulting in total railcar backlog of $2.9 billion at quarter-end |
• | Successfully executed a $528.3 million secured railcar financing transaction during the quarter |
• | Repurchased approximately 2.1 million shares at a cost of $44.0 million |
Investor & Media Contact: |
Jessica Greiner |
Vice President, Investor Relations and Communications |
Trinity Industries, Inc. |
(Investors) 214/631-4420 |
(Media Line) 214/589-8909 |
Three Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Revenues | $ | 736.0 | $ | 634.0 | |||
Operating costs: | |||||||
Cost of revenues | 578.5 | 481.9 | |||||
Selling, engineering, and administrative expenses | 69.8 | 75.6 | |||||
Gains on dispositions of property: | |||||||
Lease fleet sales | (18.7 | ) | (9.5 | ) | |||
Other | (0.6 | ) | (2.0 | ) | |||
629.0 | 546.0 | ||||||
Operating profit | 107.0 | 88.0 | |||||
Interest expense, net | 55.4 | 40.1 | |||||
Other, net | (0.1 | ) | (1.9 | ) | |||
Income from continuing operations before income taxes | 51.7 | 49.8 | |||||
Provision for income taxes | 14.1 | 12.5 | |||||
Net income from continuing operations | 37.6 | 37.3 | |||||
Income (loss) from discontinued operations, net of tax | (0.8 | ) | 28.2 | ||||
Net income | 36.8 | 65.5 | |||||
Net income attributable to noncontrolling interest | 0.4 | 1.4 | |||||
Net income attributable to Trinity Industries, Inc. | $ | 36.4 | $ | 64.1 | |||
Basic earnings per common share: | |||||||
Continuing operations | $ | 0.29 | $ | 0.24 | |||
Discontinued operations | (0.01 | ) | 0.19 | ||||
Basic net income attributable to Trinity Industries, Inc. | $ | 0.28 | $ | 0.43 | |||
Diluted earnings per common share: | |||||||
Continuing operations | $ | 0.29 | $ | 0.24 | |||
Discontinued operations | (0.01 | ) | 0.19 | ||||
Diluted net income attributable to Trinity Industries, Inc. | $ | 0.28 | $ | 0.43 | |||
Weighted average number of shares outstanding: | |||||||
Basic | 127.6 | 146.2 | |||||
Diluted | 129.2 | 147.0 |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Revenues | $ | 1,340.8 | $ | 1,167.2 | |||
Operating costs: | |||||||
Cost of revenues | 1,041.9 | 881.8 | |||||
Selling, engineering, and administrative expenses | 129.4 | 149.0 | |||||
Gains on dispositions of property: | |||||||
Lease fleet sales | (26.6 | ) | (11.6 | ) | |||
Other | (2.7 | ) | (2.1 | ) | |||
1,142.0 | 1,017.1 | ||||||
Operating profit | 198.8 | 150.1 | |||||
Interest expense, net | 106.8 | 82.5 | |||||
Other, net | 0.2 | (3.1 | ) | ||||
Income from continuing operations before income taxes | 91.8 | 70.7 | |||||
Provision for income taxes | 23.0 | 18.2 | |||||
Net income from continuing operations | 68.8 | 52.5 | |||||
Income (loss) from discontinued operations, net of tax | (1.9 | ) | 54.6 | ||||
Net income | 66.9 | 107.1 | |||||
Net income (loss) attributable to noncontrolling interest | (0.1 | ) | 2.8 | ||||
Net income attributable to Trinity Industries, Inc. | $ | 67.0 | $ | 104.3 | |||
Basic earnings per common share: | |||||||
Continuing operations | $ | 0.53 | $ | 0.33 | |||
Discontinued operations | (0.02 | ) | 0.37 | ||||
Basic net income attributable to Trinity Industries, Inc. | $ | 0.51 | $ | 0.70 | |||
Diluted earnings per common share: | |||||||
Continuing operations | $ | 0.52 | $ | 0.32 | |||
Discontinued operations | (0.01 | ) | 0.36 | ||||
Diluted net income attributable to Trinity Industries, Inc. | $ | 0.51 | $ | 0.68 | |||
Weighted average number of shares outstanding: | |||||||
Basic | 129.0 | 146.7 | |||||
Diluted | 130.7 | 150.2 |
Three Months Ended June 30, | |||||||
Revenues: | 2019 | 2018 | |||||
Railcar Leasing and Management Services Group | $ | 277.1 | $ | 213.4 | |||
Rail Products Group | 712.3 | 566.2 | |||||
All Other | 88.5 | 92.2 | |||||
Segment Totals before Eliminations | 1,077.9 | 871.8 | |||||
Eliminations - Lease subsidiary | (328.9 | ) | (228.5 | ) | |||
Eliminations - Other | (13.0 | ) | (9.3 | ) | |||
Consolidated Total | $ | 736.0 | $ | 634.0 | |||
Three Months Ended June 30, | |||||||
Operating profit (loss): | 2019 | 2018 | |||||
Railcar Leasing and Management Services Group | $ | 104.8 | $ | 91.8 | |||
Rail Products Group | 68.0 | 48.5 | |||||
All Other | 6.2 | 12.4 | |||||
Segment Totals before Eliminations and Corporate Expenses | 179.0 | 152.7 | |||||
Corporate | (30.6 | ) | (39.9 | ) | |||
Eliminations - Lease subsidiary | (41.6 | ) | (24.5 | ) | |||
Eliminations - Other | 0.2 | (0.3 | ) | ||||
Consolidated Total | $ | 107.0 | $ | 88.0 |
Six Months Ended June 30, | |||||||
Revenues: | 2019 | 2018 | |||||
Railcar Leasing and Management Services Group | $ | 477.5 | $ | 388.0 | |||
Rail Products Group | 1,315.9 | 1,154.3 | |||||
All Other | 174.9 | 169.5 | |||||
Segment Totals before Eliminations | 1,968.3 | 1,711.8 | |||||
Eliminations - Lease subsidiary | (599.0 | ) | (524.6 | ) | |||
Eliminations - Other | (28.5 | ) | (20.0 | ) | |||
Consolidated Total | $ | 1,340.8 | $ | 1,167.2 | |||
Six Months Ended June 30, | |||||||
Operating profit (loss): | 2019 | 2018 | |||||
Railcar Leasing and Management Services Group | $ | 190.6 | $ | 162.9 | |||
Rail Products Group | 118.6 | 100.0 | |||||
All Other | 12.8 | 18.2 | |||||
Segment Totals before Eliminations and Corporate Expenses | 322.0 | 281.1 | |||||
Corporate | (54.2 | ) | (77.6 | ) | |||
Eliminations - Lease subsidiary | (68.8 | ) | (53.2 | ) | |||
Eliminations - Other | (0.2 | ) | (0.2 | ) | |||
Consolidated Total | $ | 198.8 | $ | 150.1 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
($ in millions) | |||||||||||||||
Revenues: | |||||||||||||||
Leasing and management | $ | 189.4 | $ | 184.2 | $ | 376.5 | $ | 358.8 | |||||||
Sales of railcars owned one year or less at the time of sale(1) (2) | 87.7 | 29.2 | 101.0 | 29.2 | |||||||||||
Total revenues | $ | 277.1 | $ | 213.4 | $ | 477.5 | $ | 388.0 | |||||||
Operating profit: | |||||||||||||||
Leasing and management | $ | 77.7 | $ | 77.9 | $ | 154.8 | $ | 146.9 | |||||||
Railcar sales(1): | |||||||||||||||
Railcars owned one year or less at the time of sale | 8.4 | 4.4 | 9.2 | 4.4 | |||||||||||
Railcars owned more than one year at the time of sale | 18.7 | 9.5 | 26.6 | 11.6 | |||||||||||
Total operating profit | $ | 104.8 | $ | 91.8 | $ | 190.6 | $ | 162.9 | |||||||
Operating profit margin: | |||||||||||||||
Leasing and management | 41.0 | % | 42.3 | % | 41.1 | % | 40.9 | % | |||||||
Railcar sales | * | * | * | * | |||||||||||
Total operating profit margin | 37.8 | % | 43.0 | % | 39.9 | % | 42.0 | % | |||||||
Selected expense information(3): | |||||||||||||||
Depreciation | $ | 57.8 | $ | 47.0 | $ | 112.2 | $ | 92.1 | |||||||
Maintenance and compliance | $ | 26.5 | $ | 25.0 | $ | 54.3 | $ | 51.4 | |||||||
Rent | $ | 4.3 | $ | 9.9 | $ | 9.8 | $ | 20.0 | |||||||
Selling, engineering, and administrative expenses | $ | 12.7 | $ | 12.6 | $ | 25.5 | $ | 24.8 | |||||||
Interest | $ | 50.4 | $ | 32.3 | $ | 96.4 | $ | 63.8 |
June 30, 2019 | June 30 2018 | ||||
Leasing portfolio information: | |||||
Portfolio size (number of railcars): | |||||
Wholly-owned | 77,510 | 69,480 | |||
Partially-owned | 24,630 | 24,655 | |||
102,140 | 94,135 | ||||
Managed (third-party owned) | 22,510 | 27,150 | |||
124,650 | 121,285 | ||||
Portfolio utilization (Company-owned railcars) | 97.8 | % | 97.1 | % |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
(in millions) | |||||||
Proceeds from sales of leased railcars: | |||||||
Leasing Group: | |||||||
Railcars owned one year or less at the time of sale (2) | $ | 101.0 | $ | 29.2 | |||
Railcars owned more than one year at the time of sale | 99.9 | 56.4 | |||||
$ | 200.9 | $ | 85.6 |
June 30, 2019 | December 31, 2018 | ||||||
Cash and cash equivalents | $ | 102.8 | $ | 179.2 | |||
Receivables, net of allowance | 351.7 | 276.6 | |||||
Income tax receivable | 21.0 | 40.4 | |||||
Inventories | 600.5 | 524.7 | |||||
Restricted cash | 113.7 | 171.6 | |||||
Net property, plant, and equipment | 6,869.6 | 6,334.4 | |||||
Goodwill | 208.8 | 208.8 | |||||
Other assets | 307.8 | 253.5 | |||||
$ | 8,575.9 | $ | 7,989.2 | ||||
Accounts payable | $ | 217.7 | $ | 212.1 | |||
Accrued liabilities | 346.3 | 368.3 | |||||
Debt | 4,615.9 | 4,029.2 | |||||
Deferred income | — | 17.7 | |||||
Deferred income taxes | 769.0 | 743.1 | |||||
Other liabilities | 97.4 | 56.8 | |||||
Stockholders' equity: | |||||||
Trinity Industries, Inc. | 2,178.8 | 2,210.8 | |||||
Noncontrolling interest | 350.8 | 351.2 | |||||
2,529.6 | 2,562.0 | ||||||
$ | 8,575.9 | $ | 7,989.2 |
June 30, 2019 | December 31, 2018 | ||||||
Property, Plant, and Equipment | |||||||
Manufacturing/Corporate: | |||||||
Property, plant, and equipment | $ | 988.6 | $ | 963.2 | |||
Accumulated depreciation | (607.8 | ) | (592.3 | ) | |||
380.8 | 370.9 | ||||||
Leasing: | |||||||
Wholly-owned subsidiaries: | |||||||
Machinery and other | 13.8 | 13.5 | |||||
Equipment on lease | 6,568.2 | 5,934.8 | |||||
Accumulated depreciation | (1,031.9 | ) | (971.8 | ) | |||
5,550.1 | 4,976.5 | ||||||
Partially-owned subsidiaries: | |||||||
Equipment on lease | 2,390.7 | 2,371.9 | |||||
Accumulated depreciation | (590.1 | ) | (557.2 | ) | |||
1,800.6 | 1,814.7 | ||||||
Deferred profit on railcars sold to the Leasing Group | (1,078.8 | ) | (1,030.0 | ) | |||
Accumulated amortization | 216.9 | 202.3 | |||||
(861.9 | ) | (827.7 | ) | ||||
$ | 6,869.6 | $ | 6,334.4 |
June 30, 2019 | December 31, 2018 | ||||||
Debt | |||||||
Corporate - Recourse: | |||||||
Revolving credit facility | $ | — | $ | — | |||
Senior notes, net of unamortized discount of $0.2 and $0.3 | 399.8 | 399.7 | |||||
399.8 | 399.7 | ||||||
Less: unamortized debt issuance costs | (2.2 | ) | (2.3 | ) | |||
397.6 | 397.4 | ||||||
Leasing: | |||||||
Wholly-owned subsidiaries: | |||||||
Non-recourse: | |||||||
Secured railcar equipment notes | 1,787.3 | 1,301.3 | |||||
TILC warehouse facility | 511.1 | 374.8 | |||||
Promissory notes | 643.6 | 660.2 | |||||
2,942.0 | 2,336.3 | ||||||
Less: unamortized debt issuance costs | (22.6 | ) | (19.7 | ) | |||
2,919.4 | 2,316.6 | ||||||
Partially-owned subsidiaries - non-recourse: | |||||||
Secured railcar equipment notes | 1,310.7 | 1,327.9 | |||||
Less: unamortized debt issuance costs | (11.8 | ) | (12.7 | ) | |||
1,298.9 | 1,315.2 | ||||||
$ | 4,615.9 | $ | 4,029.2 |
June 30, 2019 | December 31, 2018 | ||||||
Leasing Debt Summary | |||||||
Total Recourse Debt | $ | — | $ | — | |||
Total Non-Recourse Debt | 4,218.3 | 3,631.8 | |||||
$ | 4,218.3 | $ | 3,631.8 | ||||
Total Leasing Debt | |||||||
Wholly-owned subsidiaries | $ | 2,919.4 | $ | 2,316.6 | |||
Partially-owned subsidiaries | 1,298.9 | 1,315.2 | |||||
$ | 4,218.3 | $ | 3,631.8 | ||||
Equipment on Lease(1) | |||||||
Wholly-owned subsidiaries | $ | 5,550.1 | $ | 4,976.5 | |||
Partially-owned subsidiaries | 1,800.6 | 1,814.7 | |||||
$ | 7,350.7 | $ | 6,791.2 | ||||
Total Leasing Debt as a % of Equipment on Lease | |||||||
Wholly-owned subsidiaries | 52.6 | % | 46.6 | % | |||
Partially-owned subsidiaries | 72.1 | % | 72.5 | % | |||
Combined | 57.4 | % | 53.5 | % |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Operating activities: | |||||||
Net income | $ | 66.9 | $ | 107.1 | |||
(Income) loss from discontinued operations, net of income taxes | 1.9 | (54.6 | ) | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 138.1 | 119.7 | |||||
Provision for deferred income taxes | 22.8 | 19.0 | |||||
Net gains on railcar lease fleet sales owned more than one year at the time of sale | (26.6 | ) | (11.6 | ) | |||
Other | 15.6 | 24.1 | |||||
Changes in operating assets and liabilities: | |||||||
(Increase) decrease in receivables | (55.7 | ) | 11.0 | ||||
(Increase) decrease in inventories | (75.8 | ) | 41.9 | ||||
Increase (decrease) in accounts payable and accrued liabilities | (46.1 | ) | (11.5 | ) | |||
Other | (38.2 | ) | (25.3 | ) | |||
Net cash provided by operating activities - continuing operations | 2.9 | 219.8 | |||||
Net cash provided by operating activities - discontinued operations | — | 128.5 | |||||
Net cash provided by operating activities | 2.9 | 348.3 | |||||
Investing activities: | |||||||
Proceeds from railcar lease fleet sales owned more than one year at the time of sale | 99.9 | 56.4 | |||||
Proceeds from disposition of property and other assets | 14.3 | 4.4 | |||||
Capital expenditures – leasing, net of sold lease fleet railcars owned one year or less with a net cost of $91.8 and $24.8 | (690.9 | ) | (503.2 | ) | |||
Capital expenditures - manufacturing and other | (34.0 | ) | (13.5 | ) | |||
(Increase) decrease in short-term marketable securities | — | 294.5 | |||||
Other | (1.2 | ) | 1.3 | ||||
Net cash used in investing activities - continuing operations | (611.9 | ) | (160.1 | ) | |||
Net cash used in investing activities - discontinued operations | — | (44.3 | ) | ||||
Net cash used in investing activities | (611.9 | ) | (204.4 | ) | |||
Financing activities: | |||||||
Payments to retire debt | (1,044.9 | ) | (674.5 | ) | |||
Proceeds from issuance of debt | 1,626.9 | 478.0 | |||||
Shares repurchased | (59.0 | ) | (102.2 | ) | |||
Dividends paid to common shareholders | (39.5 | ) | (39.3 | ) | |||
Purchase of shares to satisfy employee tax on vested stock | (7.9 | ) | (11.3 | ) | |||
Distributions to noncontrolling interest | (0.9 | ) | (10.3 | ) | |||
Other | — | (3.2 | ) | ||||
Net cash provided by (used in) financing activities | 474.7 | (362.8 | ) | ||||
Net decrease in cash, cash equivalents, and restricted cash | (134.3 | ) | (218.9 | ) | |||
Cash, cash equivalents, and restricted cash at beginning of period | 350.8 | 973.8 | |||||
Cash, cash equivalents, and restricted cash at end of period | $ | 216.5 | $ | 754.9 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(in millions, except per share amounts) | |||||||||||||||
Income from continuing operations | $ | 37.6 | $ | 37.3 | $ | 68.8 | $ | 52.5 | |||||||
Less: Net (income) loss attributable to noncontrolling interest | (0.4 | ) | (1.4 | ) | 0.1 | (2.8 | ) | ||||||||
Unvested restricted share participation - continuing operations | (0.3 | ) | (0.8 | ) | (0.9 | ) | (1.3 | ) | |||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | 36.9 | 35.1 | 68.0 | 48.4 | |||||||||||
Net income (loss) from discontinued operations, net of income taxes | (0.8 | ) | 28.2 | (1.9 | ) | 54.6 | |||||||||
Unvested restricted share participation - discontinued operations | — | (0.3 | ) | — | (0.6 | ) | |||||||||
Net income (loss) from discontinued operations attributable to Trinity Industries, Inc. | (0.8 | ) | 27.9 | (1.9 | ) | 54.0 | |||||||||
Net income attributable to Trinity Industries, Inc. | $ | 36.1 | $ | 63.0 | $ | 66.1 | $ | 102.4 | |||||||
Basic weighted average shares outstanding | 127.6 | 146.2 | 129.0 | 146.7 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Nonparticipating unvested restricted shares and stock options | 1.6 | 0.8 | 1.7 | 0.8 | |||||||||||
Convertible subordinated notes | — | — | — | 2.7 | |||||||||||
Diluted weighted average shares outstanding | 129.2 | 147.0 | 130.7 | 150.2 | |||||||||||
Basic earnings per common share: | |||||||||||||||
Income from continuing operations | $ | 0.29 | $ | 0.24 | $ | 0.53 | $ | 0.33 | |||||||
Income (loss) from discontinued operations | (0.01 | ) | 0.19 | (0.02 | ) | 0.37 | |||||||||
Basic net income attributable to Trinity Industries, Inc. | $ | 0.28 | $ | 0.43 | $ | 0.51 | $ | 0.70 | |||||||
Diluted earnings per common share: | |||||||||||||||
Income from continuing operations | $ | 0.29 | $ | 0.24 | $ | 0.52 | $ | 0.32 | |||||||
Income (loss) from discontinued operations | (0.01 | ) | 0.19 | (0.01 | ) | 0.36 | |||||||||
Diluted net income attributable to Trinity Industries, Inc. | $ | 0.28 | $ | 0.43 | $ | 0.51 | $ | 0.68 |
Three Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Net income | $ | 36.8 | $ | 65.5 | |||
Add: | |||||||
Interest expense | 57.0 | 43.8 | |||||
Provision for income taxes | 14.1 | 12.5 | |||||
Depreciation and amortization expense | 70.6 | 61.5 | |||||
Earnings before interest expense, income taxes, and depreciation and amortization expense | $ | 178.5 | $ | 183.3 |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Net income | $ | 66.9 | $ | 107.1 | |||
Add: | |||||||
Interest expense | 109.7 | 90.1 | |||||
Provision for income taxes | 23.0 | 18.2 | |||||
Depreciation and amortization expense | 138.1 | 119.7 | |||||
Earnings before interest expense, income taxes, and depreciation and amortization expense | $ | 337.7 | $ | 335.1 |
Total Company: | |
Total earnings per share(1) | $1.15 - $1.35 per share |
Corporate expense | $105 - $115 million |
Interest expense, net | $220 - $230 million |
Estimated tax rate | 26.5% |
Railcar Leasing and Management Services Group: | |
Leasing and Management revenues(2) | $760 - $775 million |
Leasing and Management operating profit(3) | $320 - $330 million |
Proceeds from sales of leased railcars to RIV partners and secondary market(4) | $350 million |
Rail Products Group: | |
Revenue | $3.0 - $3.2 billion |
Operating margin | 9.0% - 9.5% |
Railcar deliveries | 23,000 to 24,500 railcars |
Revenue elimination from sales to Leasing Group(5) | $1.5 billion |
Operating profit elimination from sales to Leasing Group(5) | $175 million |
All Other Group Operating Profit (6) | $15 - $20 million |
• | reducing Trinity’s cost of capital through a more optimized balance sheet, |
• | using a disciplined capital allocation framework to deploy capital to high-return accretive business investments, and |
• | delivering meaningful and steady return of capital to shareholders. |
• | scaling the lease fleet with discretion and utilizing a disciplined, tax- and capital-efficient approach to fund our growth, |
• | growing our maintenance services business to improve service levels and reduce fleet maintenance costs, and |
• | aligning our overall corporate costs to Trinity’s go-forward business needs. |
• | Stable recurring revenues |
• | Strong free cash flow generation |
• | A valuable commercial channel for organic growth |
• | Cost-advantaged railcar equipment sourcing, and |
• | Tax-advantaged lease fleet investment |
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