Delaware
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58-2412516
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(State or other jurisdiction
of incorporation)
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(IRS Employer
Identification No.)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02.
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Results of Operations and Financial Condition
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Item 9.01.
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Financial Statements and Exhibits.
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Exhibit No.
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Description
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99.1
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Press Release dated March 13, 2012
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Greenway Medical Technologies, Inc. | |||
Date: March 13, 2012
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By:
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/s/ William G. Esslinger, Jr. | |
William G. Esslinger, Jr. | |||
Vice President, General Counsel and Secretary |
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●
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Second-quarter and YTD total revenue was $29.1 million and $54.8 million respectively, representing increases of 30% and 41% over the respective year-ago periods.
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●
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Adjusted EBITDA was $1.3 million for the second quarter of FY2012.Adjusted EBITDA is a non-GAAP measure that is described and reconciled to net loss below and is not a substitute for the GAAP equivalent.
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●
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Partner Services, introduced at Greenway’s PrimeLEADER user conference in September 2011, has garnered significant interest culminating in the launch of the Greenway Marketplace at the recent HIMSS Annual Conference. Partner Services is an enhancement to our innovation platform that accelerates delivery of complementary technologies by opening up the platform’s API (application programming interface) to qualified third parties. Greenway believes this platform further differentiates the company and its solutions from its peers.
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●
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In November, the company conducted its National Services Conference where more than 200 Greenway team members received four days of training and certification regarding new HIPAA 5010 EDI transaction set standards, EHR Meaningful Use Stage 1, a preview of Stage 2, ICD 10 as well as new Greenway innovations and services.
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●
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In October, the company closed the acquisition of CySolutionsand has since completed integrating the acquired technology and ramped-up marketing efforts in the federally qualified health center (FQHC), community health center (CHC) and rural health center (RHC)markets. Greenway believes these marketsare not only large and growing but provide a framework for developing coordinated care and accountable care initiatives as well as patient-centered medical home strategies. Acquisition costs in connection with this transaction totaled $123,000 and are reflected in computation of Adjusted EBITDA.
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December 31
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June 30,
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|||||||
2011
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2011
|
|||||||
Assets
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||||||||
Current assets:
|
||||||||
Cash and cash equivalents
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$ | 3,548 | $ | 5,722 | ||||
Short-term investments
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4,758 | 10,447 | ||||||
Accounts receivable, net of $585 and $539 allowance for doubtful
accounts at June 30, 11 and December 31, 2011 (unaudited), respectively
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16,109 | 18,112 | ||||||
Inventory
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733 | 460 | ||||||
Prepaids and other current assets
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2,650 | 1,705 | ||||||
Deferred tax assets
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1,406 | 476 | ||||||
Total current assets
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29,204 | 36,922 | ||||||
Property and equipment, net
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14,475 | 9,632 | ||||||
Acquired intangibles, net
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573 | - | ||||||
Software development cost, net
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12,091 | 6,811 | ||||||
Deferred tax assets - noncurrent
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28,198 | 28,751 | ||||||
Goodwill
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440 | - | ||||||
Other assets
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40 | 40 | ||||||
Total assets
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$ | 85,021 | $ | 82,156 | ||||
Liabilities and shareholders’ deficit
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||||||||
Current liabilities:
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||||||||
Accounts payable
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$ | 7,545 | $ | 7,902 | ||||
Accrued liabilities
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7,715 | 5,900 | ||||||
Deferred revenue
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9,152 | 8,672 | ||||||
Total current liabilities
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24,412 | 22,474 | ||||||
Obligation for purchased technology
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272 | 349 | ||||||
Convertible preferred stock, at fair value
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130,420 | 158,817 | ||||||
Shareholders’ equity (deficit):
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||||||||
Common stock
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11,537 | 11,498 | ||||||
Additional paid-in capital
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60,678 | 59,038 | ||||||
Accumulated deficit
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(142,298 | ) | (170,020 | ) | ||||
Total shareholders’ equity (deficit)
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(70,083 | ) | (99,484 | ) | ||||
Total liabilities, convertible preferred and shareholders’ deficit
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$ | 85,021 | $ | 82,156 |
Three Months Ended
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Six Months Ended
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|||||||||||||||
December 31,
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December 31,
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December 31,
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December 31,
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|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Revenue:
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||||||||||||||||
System sales
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$ | 9,205 | $ | 8,596 | $ | 15,854 | $ | 13,056 | ||||||||
Training and consulting services
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6,301 | 4,349 | 12,904 | 7,766 | ||||||||||||
Support services
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7,710 | 5,360 | 14,767 | 10,208 | ||||||||||||
Electronic data interchange and business services
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5,906 | 4,016 | 11,248 | 7,798 | ||||||||||||
Total revenue
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29,122 | 22,321 | 54,773 | 38,828 | ||||||||||||
Cost of revenue:
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||||||||||||||||
System sales
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2,761 | 2,390 | 4,608 | 3,611 | ||||||||||||
Training and consulting services
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4,560 | 3,176 | 8,992 | 6,087 | ||||||||||||
Support services
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2,672 | 1,655 | 4,929 | 2,905 | ||||||||||||
Electronic data interchange and business services
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4,153 | 3,044 | 7,975 | 5,623 | ||||||||||||
Total cost of revenue
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14,146 | 10,265 | 26,504 | 18,226 | ||||||||||||
Gross profit
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14,976 | 12,056 | 28,269 | 20,602 | ||||||||||||
Operating expenses:
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||||||||||||||||
Sales, general and administrative
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11,482 | 8,926 | 22,160 | 17,523 | ||||||||||||
Research and development
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3,844 | 1,519 | 7,008 | 3,343 | ||||||||||||
Total operating expenses
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15,326 | 10,445 | 29,168 | 20,866 | ||||||||||||
Operating income (loss)
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(350 | ) | 1,611 | (899 | ) | (264 | ) | |||||||||
Interest income (expense), net
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- | 5 | (8 | ) | 25 | |||||||||||
Other (expense), net
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(48 | ) | (10 | ) | (87 | ) | (29 | ) | ||||||||
Income (loss) before provision for income taxes
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(398 | ) | 1,606 | (994 | ) | (268 | ) | |||||||||
Provision (benefit) for income taxes
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(130 | ) | 25 | (320 | ) | 31 | ||||||||||
Net income (loss)
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(268 | ) | 1,581 | (674 | ) | (299 | ) | |||||||||
Preferred stock dividends and change in fair value
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37,772 | (13,232 | ) | 42,105 | (34,346 | ) | ||||||||||
Income (loss) available to common shareholders
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$ | 37,504 | $ | (11,651 | ) | $ | 41,431 | $ | (34,645 | ) | ||||||
Per share data:
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||||||||||||||||
Net income (loss) per share available to common shareholders:
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||||||||||||||||
Basic
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$ | 3.19 | $ | (1.01 | ) | $ | 3.54 | $ | (3.00 | ) | ||||||
Diluted
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$ | 1.70 | $ | (1.01 | ) | $ | 3.15 | $ | (3.00 | ) | ||||||
Weighted average number of common shares outstanding
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||||||||||||||||
Basic
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11,740,352 | 11,591,349 | 11,713,144 | 11,540,055 | ||||||||||||
Diluted
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22,044,115 | 11,591,349 | 13,142,157 | 11,540,055 | ||||||||||||
Pro forma net loss per share:
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||||||||||||||||
Basic and diluted (unaudited)
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$ | (0.01 | ) | $ | (0.03 | ) | ||||||||||
Pro forma weighted average number of common shares outstanding:
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||||||||||||||||
Basic and diluted (unaudited)
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20,582,464 | 20,555,256 |
Three months ended
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Six months ended
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|||||||||||||||
December 31,
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December 31,
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|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(Unaudited)
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(Unaudited)
|
|||||||||||||||
Reconciliation of net income (loss) to Adjusted EBITDA:
|
||||||||||||||||
Net income (loss)
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$ | (268 | ) | $ | 1,581 | $ | (674 | ) | $ | (299 | ) | |||||
Stock-based compensation
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423 | 556 | 1,480 | 834 | ||||||||||||
Acquisition costs
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123 | - | 123 | - | ||||||||||||
Depreciation and amortization
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1,149 | 215 | 1,609 | 388 | ||||||||||||
Interest (income) expense, net
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- | (5 | ) | 8 | (25 | ) | ||||||||||
Provision (benefit) for income taxes
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(130 | ) | 25 | (320 | ) | 31 | ||||||||||
Adjusted EBITDA
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$ | 1,297 | $ | 2,372 | $ | 2,226 | $ | 929 |
Six Months Ended
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||||||||
December 31,
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December 31,
|
|||||||
2011
|
2010
|
|||||||
|
||||||||
Cash flows from operating activities:
|
||||||||
Net loss
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$ | (674 | ) | $ | (299 | ) | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
||||||||
Net stock compensation expense
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1,480 | 834 | ||||||
Deferred income tax benefit
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(377 | ) | - | |||||
Depreciation and amortization
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1,609 | 388 | ||||||
Provision for bad debts
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570 | 300 | ||||||
Changes in current assets and liabilities:
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||||||||
Accounts receivable
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1,432 | (2,804 | ) | |||||
Inventory
|
(273 | ) | (129 | ) | ||||
Prepaids and other current assets
|
(945 | ) | (337 | ) | ||||
Accounts payable and accrued liabilities
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504 | (135 | ) | |||||
Deferred revenue
|
480 | 473 | ||||||
Net cash provided by (used in) operating activities
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3,806 | (1,709 | ) | |||||
Cash flows from investing activities:
|
||||||||
Sales of short-term investments
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5,689 | - | ||||||
Purchases of property and equipment
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(2,953 | ) | (1,551 | ) | ||||
Acquired technology and other intangibles
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(3,000 | ) | - | |||||
Capitalized software development cost
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(5,838 | ) | (1,948 | ) | ||||
Net cash used in investing activities
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(6,102 | ) | (3,499 | ) | ||||
Cash flows from financing activities:
|
||||||||
Payments on capital leases
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- | (12 | ) | |||||
Payments on obligation for acquired technology
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(77 | ) | (133 | ) | ||||
Proceeds from exercise of stock options and warrants, net of
issuance costs
|
199 | 418 | ||||||
Net cash provided by financing activities
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122 | 273 | ||||||
Net decrease in cash and cash equivalents
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(2,174 | ) | (4,935 | ) | ||||
Cash and cash equivalents at beginning of period
|
5,722 | 19,179 | ||||||
Cash and cash equivalents at end of period
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$ | 3,548 | $ | 14,244 | ||||
Supplemental cash flow information:
|
||||||||
Cash paid for interest
|
$ | 3 | $ | 2 | ||||
Cash paid for taxes
|
$ | 58 | $ | 30 | ||||
Non-cash investing and financing activities:
|
||||||||
Common stock and obligations for future payments at fair value,
|
||||||||
given in exchange for acquisitions of technology and other intangibles
|
$ | 954 | $ | 974 |
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