IRVINE, CA--(Marketwire -05/07/12)- Sun Healthcare Group, Inc. (SUNH - News) today announced its operating results for the first quarter ended March 31, 2012.
Highlights of continuing operations:
- consolidated revenues were $458.5 million for the quarter, down 1.7 percent as compared to the same period in 2011 primarily as a result of the CMS Final Rule for Medicare reimbursement that became effective on Oct. 1, 2011 (the "CMS Final Rule");
- consolidated adjusted EBITDAR was $52.3 million for the quarter representing an adjusted EBITDAR margin of 11.4 percent; and
- earnings per share was $0.07 for the quarter.
Regarding the Company's first-quarter results, William A. Mathies, Sun's chairman and chief executive officer, stated, "I am pleased with the Company's overall EBITDAR and EPS results for the quarter. The reimbursement changes effected by the CMS Final Rule continue to have a significant year-over-year impact on our operations. We also experienced less of the normal seasonal admissions and occupancy strength we expected to see during the winter and, as a result, our overall occupancy and skilled mix was softer than expected. Nevertheless, our ability to progress further through our cost-mitigation and therapy-delivery plans enabled us to achieve results in line with our expectations despite the dual challenges of the CMS Final Rule's impact and external demand drivers. Our results demonstrate our ability to manage through such significant challenges and are a direct function of the dedication of our thousands of caregivers and employees who continue to demonstrate Sun's focus on providing high-quality care for our patients and residents."
Segment Updates
Revenue in Sun's inpatient services business declined by $8.1 million, or 2.0 percent, from the prior year period to $405.8 million, primarily related to the impact of the CMS Final Rule offset by continued growth in revenues at SolAmor, Sun's hospice business. On a year-over-year basis, inpatient occupancy declined by 50 basis points. Compared to the fourth quarter of 2011, however, occupancy rose by 10 basis points to 87.2 percent and skilled mix rose by 90 basis points to 19.3 percent. Inpatient services adjusted EBITDAR declined by $12.6 million or 16.8 percent from the prior-year quarter to $62.4 million, and adjusted EBITDAR margin declined by 270 basis points to 15.4 percent. The Company's ongoing implementation of its mitigation activities in response to the CMS Final Rule continues to have its expected cost-savings impact.
As previously disclosed, the Company determined to exit certain inpatient operations at the end of 2011 and has, as a result, reclassified the results of nine centers as discontinued operations for the first quarter of 2012 and recast its results for prior periods to reflect this reclassification.
Included in the inpatient services business segment are revenues from SolAmor, which increased $1.0 million or 7.6 percent from $13.9 million in the first quarter of 2011 to $14.9 million in the first quarter of 2012. Virtually all of SolAmor's growth compared to the prior year was same-store, as the Company's Countryside acquisition celebrated its one-year anniversary on Jan. 1, 2012. SolAmor's adjusted EBITDAR was $3.3 million in the quarter, and adjusted EBITDAR margin was 22.5 percent.
SunDance, Sun's rehabilitation therapy services business, reported first-quarter revenues of $64.1 million, adjusted EBITDAR of $4.1 million and an adjusted EBITDAR margin of 6.5 percent, up 150 basis points year over year. Ongoing changes to SunDance's therapy-delivery processes in response to the CMS final rule continue to mitigate the rule's impact.
CareerStaff, Sun's medical staffing services business, reported for the quarter revenues of $22.9 million, adjusted EBITDAR of $1.8 million and adjusted EBITDAR margin of 7.8 percent, up 10 basis points year over year. On a sequential quarter basis, CareerStaff experienced 4.1 percent revenue growth while billable hours increased on both a sequential quarter and year-over-year basis.
Capital Structure and Cash Flow
At March 31, 2012, Sun had $44.8 million in cash and cash equivalents and $89.5 million of long-term debt. During the first quarter, Sun experienced an operating cash outflow of $2.6 million, largely related to timing differences of working capital items between the fourth quarter of 2011 and the first quarter of 2012, and used $10.0 million of cash for capital investments.
Conference Call
As previously announced, investors and the general public are invited to listen to a conference call with Sun's senior management on Tuesday, May 8, 2012, at 9 a.m. Pacific / 12 p.m. Eastern, to discuss the Company's first-quarter operating results for the period ended March 31, 2012.
To listen to the conference, dial (888) 280-4443 and refer to Sun Healthcare Group. A recording of the call will be available from 4 p.m. Eastern on May 8, 2012, through June 7, 2012, by calling (888) 203-1112 and using access code 4645807.
About Sun Healthcare Group, Inc.
Sun Healthcare Group, Inc. (SUNH - News) is a healthcare services company, serving principally the senior population, with consolidated annual revenues in excess of $1.9 billion and approximately 28,000 employees in 46 states. Sun's services are provided through its subsidiaries: as of March 31, 2012, SunBridge Healthcare and its subsidiaries' continuing operations include 158 skilled nursing centers, 13 combined skilled nursing, assisted and independent living centers, 10 assisted living centers, two independent living centers and seven mental health centers with an aggregate of 21,414 licensed beds in 23 states; SunDance Rehabilitation provides rehabilitation therapy services to affiliated and non-affiliated centers in 36 states; CareerStaff Unlimited provides medical staffing services in 40 states; and SolAmor Hospice provides hospice services in 11 states. For more information, go to www.sunh.com.
Forward-looking Statements
Statements made in this release that are not historical facts are "forward-looking" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as "anticipate," "believe," "plan," "estimate," "expect," "hope," "intend," "may" and similar expressions. Forward-looking statements in this release include all statements regarding the expected continuing effect of the Company's cost-mitigation and therapy-delivery plans to mitigate the impact on the Company's business of the CMS Final Rule. Factors that could cause actual results to differ are identified in filings made by the Company with the Securities and Exchange Commission and encompass changes in Medicare and Medicaid reimbursements, including with respect to the CMS Final Rule, and the Company's ability to mitigate the impact of such changes; the impact that healthcare reform legislation will have on the Company's business; the ability to maintain the occupancy rates and payor mix at the Company's healthcare centers; potential liability for losses not covered by, or in excess of, insurance; the effects of government regulations and investigations; the ability of the Company to collect its accounts receivable on a timely basis; the amount of the Company's indebtedness; covenants in debt agreements and leases that may restrict the Company's activities, including the Company's ability to make acquisitions and incur more indebtedness on favorable terms; the impact of the economic downturn on the business; increasing labor costs and the shortage of qualified healthcare personnel; and the Company's ability to receive increases in reimbursement rates from government payors to cover increased costs. More information on factors that could affect the Company's business and financial results are included in Sun's filings made with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which are available on Sun's web site, www.sunh.com. There may be additional risks of which the Company is presently unaware or that it currently deems immaterial.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond Sun's control. The Company cautions investors that any forward-looking statements made by Sun are not guarantees of future performance and are only made as of the date of this release. The Company disclaims any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
EBITDA, adjusted EBITDA, adjusted EBITDAR and free cash flow, as used in this press release and in the accompanying tables, which are non-GAAP financial measures, are each reconciled to their respective GAAP-recognized financial measures in the accompanying tables.
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
KEY INCOME STATEMENT FIGURES
CONSOLIDATED
(in thousands, except per share data)
For the For the
Three Months Three Months
Ended Ended
March 31, March 31,
2012 2011
------------- -------------
Revenue $ 458,493 $ 466,307
Center rent expense 36,377 35,692
Depreciation and amortization 8,430 7,449
Interest expense, net 4,411 4,999
Pre-tax income 3,047 16,237
Income tax expense 1,188 6,619
Income from continuing operations 1,859 9,618
Loss from discontinued operations (1,646) (1,506)
------------- -------------
Net income $ 213 $ 8,112
============= =============
Diluted earnings per share $ 0.01 $ 0.31
============= =============
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Adjusted EBITDAR $ 52,265 $ 64,513
Margin - Adjusted EBITDAR 11.4% 13.8%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Adjusted EBITDA $ 15,888 $ 28,821
Margin - Adjusted EBITDA 3.5% 6.2%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Pre-tax income from continuing operations $ 3,047 $ 16,237
Income tax expense $ 1,188 $ 6,619
Income from continuing operations $ 1,859 $ 9,618
Diluted earnings per share from continuing
operations $ 0.07 $ 0.37
----------------------------------------------------------------------------
See definitions of Adjusted EBITDA and Adjusted EBITDAR in the table
"Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITDAR."
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
March 31, December 31,
2012 2011
------------ -------------
(unaudited) (unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 44,771 $ 57,908
Restricted cash 14,325 15,706
Accounts receivable, net 206,813 202,229
Prepaid expenses and other assets 28,022 29,075
Assets held for sale 4,537 -
Deferred tax assets 63,993 63,170
------------ -------------
Total current assets 362,461 368,088
Property and equipment, net 146,033 148,298
Intangible assets, net 34,630 35,294
Goodwill 34,905 34,496
Restricted cash, non-current 353 353
Deferred tax assets 123,458 123,974
Other assets 42,825 45,163
------------ -------------
Total assets $ 744,665 $ 755,666
============ =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 48,836 $ 55,888
Accrued compensation and benefits 56,494 61,101
Accrued self-insurance obligations, current
portion 59,687 57,810
Other accrued liabilities 44,746 43,139
Current portion of long-term debt and capital
lease obligations 995 1,017
------------ -------------
Total current liabilities 210,758 218,955
Accrued self-insurance obligations, net of
current portion 152,921 157,267
Long-term debt and capital lease obligations,
net of current portion 88,500 88,768
Unfavorable lease obligations, net 6,492 7,110
Other long-term liabilities 58,454 58,110
------------ -------------
Total liabilities 517,125 530,210
Stockholders' equity:
Preferred stock of $.01 par value, authorized
3,333 shares, zero shares were issued and
outstanding as of March 31, 2012 and
December 31, 2011 - -
Common stock of $.01 par value, authorized
41,667 shares, 25,272 and 25,146 shares
issued and outstanding as of March 31, 2012
and December 31, 2011, respectively 253 251
Additional paid-in capital 728,801 726,861
Accumulated deficit (500,214) (500,427)
Accumulated other comprehensive loss, net (1,300) (1,229)
------------ -------------
227,540 225,456
------------ -------------
Total liabilities and stockholders'
equity $ 744,665 $ 755,666
============ =============
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)
For the For the
Three Months Three Months
Ended Ended
March 31, March 31,
2012 2011
------------ ------------
(unaudited) (unaudited)
Total net revenues $ 458,493 $ 466,307
------------ ------------
Costs and expenses:
Operating salaries and benefits 261,090 262,480
Self-insurance for workers' compensation and
general and professional liability insurance 15,317 14,557
Operating administrative costs 12,406 13,067
Other operating costs 96,566 91,135
Center rent expense 36,377 35,692
General and administrative expenses 16,041 15,379
Depreciation and amortization 8,430 7,449
Provision for losses on accounts receivable 4,808 5,176
Interest, net of interest income of $68 and
$58, respectively 4,411 4,999
Restructuring costs - 136
------------ ------------
Total costs and expenses 455,446 450,070
------------ ------------
Income before income taxes and discontinued
operations 3,047 16,237
Income tax expense 1,188 6,619
------------ ------------
Income from continuing operations 1,859 9,618
------------ ------------
Discontinued operations:
Loss from discontinued operations, net of
related taxes (1,646) (1,506)
------------ ------------
Loss from discontinued operations, net (1,646) (1,506)
------------ ------------
Net income $ 213 $ 8,112
============ ============
Basic income / (loss) per common and common
equivalent share:
Income from continuing operations $ 0.07 $ 0.37
Loss from discontinued operations, net (0.06) (0.05)
------------ ------------
Net income $ 0.01 $ 0.32
============ ============
Diluted income / (loss) per common and common
equivalent share:
Income from continuing operations $ 0.07 $ 0.37
Loss from discontinued operations, net (0.06) (0.06)
------------ ------------
Net income $ 0.01 $ 0.31
============ ============
Weighted average number of common and common
equivalent shares outstanding:
Basic 26,207 25,740
Diluted 26,207 25,838
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
For the For the
Three Months Three Months
Ended Ended
March 31, March 31,
2012 2011
------------ ------------
(unaudited) (unaudited)
Cash flows from operating activities:
Net income $ 213 $ 8,112
Adjustments to reconcile net loss to net cash
provided by operating activities, including
discontinued operations:
Depreciation and amortization 8,582 7,681
Amortization of favorable and unfavorable
lease intangibles (513) (484)
Provision for losses on accounts receivable 5,122 5,644
Stock-based compensation expense 2,232 1,449
Deferred taxes (260) 2,032
Changes in operating assets and liabilities,
net of acquisitions:
Accounts receivable (9,781) (5,393)
Restricted cash 1,381 (1,946)
Prepaid expenses and other assets 1,752 (249)
Accounts payable (6,036) (1,919)
Accrued compensation and benefits (4,607) 3,438
Accrued self-insurance obligations (2,469) (1,342)
Income taxes payable - 478
Other accrued liabilities 1,531 (731)
Other long-term liabilities 227 (727)
------------ ------------
Net cash (used for) provided by operating
activities (2,626) 16,043
------------ ------------
Cash flows from investing activities:
Capital expenditures (9,961) (8,837)
Acquisitions, net of cash acquired (260) -
------------ ------------
Net cash used for investing activities (10,221) (8,837)
------------ ------------
Cash flows from financing activities:
Principal repayments of long-term debt and
capital lease obligations (290) (2,798)
------------ ------------
Net cash used for financing activities (290) (2,798)
------------ ------------
Net (decrease) increase in cash and cash
equivalents (13,137) 4,408
Cash and cash equivalents at beginning of period 57,908 81,163
------------ ------------
Cash and cash equivalents at end of period $ 44,771 $ 85,571
============ ============
----------------------------------------------------------------------------
Reconciliation of net cash provided by operating activities
to free cash flow:
Net cash (used for) provided by operating
activities $ (2,626) $ 16,043
Capital expenditures (9,961) (8,837)
------------ ------------
Free cash flow $ (12,587) $ 7,206
============ ============
----------------------------------------------------------------------------
Free cash flow is defined as net cash flow provided by operating activities less cash used for capital expenditures.
Free cash flow is used by management to evaluate discretionary cash flow potentially available for principal repayment and other financing activities.
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA and ADJUSTED EBITDAR
(in thousands)
For the For the
Three Months Three Months
Ended Ended
March 31, March 31,
2012 2011
------------- -------------
(unaudited) (unaudited)
Total net revenues $ 458,493 $ 466,307
------------- -------------
Net income $ 213 $ 8,112
------------- -------------
Income from continuing operations 1,859 9,618
Income tax expense 1,188 6,619
Interest, net 4,411 4,999
Depreciation and amortization 8,430 7,449
------------- -------------
EBITDA $ 15,888 $ 28,685
Restructuring costs - 136
------------- -------------
Adjusted EBITDA $ 15,888 $ 28,821
Center rent expense 36,377 35,692
------------- -------------
Adjusted EBITDAR $ 52,265 $ 64,513
============= =============
EBITDA is defined as earnings before loss on discontinued operations, income taxes, interest, net, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before restructuring costs. Adjusted EBITDAR is defined as Adjusted EBITDA before center rent expense. Adjusted EBITDA and Adjusted EBITDAR are used by management to evaluate financial performance and resource allocation for each entity within the operating units and for the Company as a whole. Adjusted EBITDA and Adjusted EBITDAR are commonly used as analytical indicators within the healthcare industry and also serve as measures of leverage capacity and debt service ability. Adjusted EBITDA and Adjusted EBITDAR should not be considered as measures of financial performance under generally accepted accounting principles. As the items excluded from Adjusted EBITDA and Adjusted EBITDAR are significant components in understanding and assessing finance performance, Adjusted EBITDA and Adjusted EBITDAR should not be considered in isolation or as alternatives to net income, cash flows generated by or used in operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity. Because Adjusted EBITDA and Adjusted EBITDAR are not measurements determined in accordance with U.S. generally accepted accounting principles and are thus susceptible to varying calculations. Adjusted EBITDA and Adjusted EBITDAR as presented may not be comparable to other similarly titled measures of other companies.
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS TO ADJUSTED
EBITDA and ADJUSTED EBITDAR
($ in thousands)
For the Three Months Ended March 31, 2012
(unaudited)
Rehabili- Elimination
tation Medical of
Inpatient Therapy Staffing Other & Affiliated Consoli-
Services Services Services Corp Seg Revenue dated
-------- -------- --------- -------- -------- --------
Nonaffiliated
revenue $405,788 $ 30,629 $ 22,069 $ 7 $ - $458,493
Affiliated
revenue - 33,464 831 - (34,295) -
-------- -------- --------- -------- -------- --------
Total revenue $405,788 $ 64,093 $ 22,900 $ 7 $(34,295) $458,493
-------- -------- --------- -------- -------- --------
Income (loss)
from
continuing
operations $ 19,349 $ 3,762 $ 1,431 $(22,683) $ - $ 1,859
Income tax
expense - - - 1,188 - 1,188
Interest, net (19) - - 4,430 - 4,411
Depreciation
and
amortization 7,028 251 185 966 - 8,430
-------- -------- --------- -------- -------- --------
EBITDA $ 26,358 $ 4,013 $ 1,616 $(16,099) $ - $ 15,888
Restructuring
costs - - - - - -
-------- -------- --------- -------- -------- --------
Adjusted
EBITDA $ 26,358 $ 4,013 $ 1,616 $(16,099) $ - $ 15,888
Center rent
expense 36,075 134 168 - - 36,377
-------- -------- --------- -------- -------- --------
Adjusted
EBITDAR $ 62,433 $ 4,147 $ 1,784 $(16,099) $ - $ 52,265
======== ======== ========= ======== ======== ========
Adjusted EBITDA
margin 6.5% 6.3% 7.1% 3.5%
Adjusted
EBITDAR margin 15.4% 6.5% 7.8% 11.4%
See definitions of EBITDA, Adjusted EBITDA and Adjusted EBITDAR in the
table "Reconciliation of Net Income to Adjusted EBITDA and Adjusted
EBITDAR."
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS TO ADJUSTED
EBITDA and ADJUSTED EBITDAR
($ in thousands)
For the Three Months Ended March 31, 2011
(unaudited)
Rehabili- Elimination
tation Medical of
Inpatient Therapy Staffing Other & Affiliated Consoli-
Services Services Services Corp Seg Revenue dated
-------- -------- -------- -------- -------- --------
Nonaffiliated
revenue $413,888 $ 30,096 $ 22,316 $ 7 $ - $466,307
Affiliated
revenue - 32,694 623 - (33,317) -
-------- -------- -------- -------- -------- --------
Total revenue $413,888 $ 62,790 $ 22,939 $ 7 $(33,317) $466,307
-------- -------- -------- -------- -------- --------
Income (loss)
from continuing
operations $ 33,339 $ 2,772 $ 1,399 $(27,892) $ - $ 9,618
Income tax
expense - - - 6,619 - 6,619
Interest, net (6) - 1 5,004 - 4,999
Depreciation and
amortization 6,206 226 187 830 - 7,449
-------- -------- -------- -------- -------- --------
EBITDA $ 39,539 $ 2,998 $ 1,587 $(15,439) $ - $ 28,685
Restructuring
costs 136 - - - - 136
-------- -------- -------- -------- -------- --------
Adjusted
EBITDA $ 39,675 $ 2,998 $ 1,587 $(15,439) $ - $ 28,821
Center rent
expense 35,392 127 173 - - 35,692
-------- -------- -------- -------- -------- --------
Adjusted
EBITDAR $ 75,067 $ 3,125 $ 1,760 $(15,439) $ - $ 64,513
======== ======== ======== ======== ======== ========
Adjusted EBITDA
margin 9.6% 4.8% 6.9% 6.2%
Adjusted EBITDAR
margin 18.1% 5.0% 7.7% 13.8%
See definitions of EBITDA, Adjusted EBITDA and Adjusted EBITDAR
in the table "Reconciliation of Net Income to Adjusted EBITDA
and Adjusted EBITDAR."
Sun Healthcare Group, Inc. and Subsidiaries
Selected Operating Statistics
Continuing Operations
For the
Three Months Ended
March 31,
---------------------------
2012 2011
Consolidated Company
----------------------------------------------------------------------------
Revenues - Non-affiliated (in thousands)
Skilled Nursing and similar facilities $ 390,435 $ 399,554
Hospice 14,903 13,855
Other - Inpatient Services 450 479
--------- ---------
Inpatient Services 405,788 413,888
Rehabilitation Therapy Services 30,629 30,096
Medical Staffing Services 22,069 22,316
Other - non-core businesses 7 7
--------- ---------
Total $ 458,493 $ 466,307
========= =========
Revenue Mix - Non-affiliated (in
thousands)
Medicare $ 136,288 30% $ 151,251 32%
Medicaid 186,443 41% 177,645 38%
Private and Other 107,262 23% 109,284 24%
Managed Care / Insurance 23,337 5% 23,009 5%
Veterans 5,163 1% 5,118 1%
--------- ----- --------- -----
Total $ 458,493 100% $ 466,307 100%
========= ===== ========= =====
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Inpatient Services Stats
----------------------------------------------------------------------------
Number of centers: 190 190
Number of available beds: 20,779 20,818
Occupancy percent: 87.2% 87.7%
Payor Mix percentage based on patient days:
Medicare - SNF Beds 15.3% 15.8%
Managed care / Ins. - SNF Beds 4.0% 4.1%
--------- ---------
Total SNF skilled mix 19.3% 19.9%
--------- ---------
Medicare 14.0% 14.5%
Medicaid 63.3% 62.2%
Private and Other 17.8% 18.2%
Managed Care / Insurance 3.7% 3.8%
Veterans 1.2% 1.3%
Revenue Mix percent of revenues:
Medicare - SNF Beds 31.6% 34.9%
Managed care / Ins. - SNF Beds 6.1% 5.9%
--------- ---------
Total SNF skilled mix 37.7% 40.8%
--------- ---------
Medicare 32.4% 35.4%
Medicaid 45.9% 42.9%
Private and Other 14.7% 15.0%
Managed Care / Insurance 5.7% 5.5%
Veterans 1.3% 1.2%
Revenues Per Patient Day:
Medicare (Part A) $ 463.10 $ 522.11
Medicare Blended Rate (Part A & B) $ 506.02 $ 558.27
Medicaid $ 178.64 $ 173.69
Medicaid, net of provider taxes $ 161.61 $ 158.62
Private and Other $ 190.19 $ 196.17
Managed Care / Insurance $ 381.54 $ 368.69
Veterans $ 251.11 $ 245.52
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Rehab contracts
----------------------------------------------------------------------------
Affiliated 178 179
Non-affiliated 338 343
Average Qtrly Revenue per Contract (in
thousands) $ 124 $ 120
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