In addition, our definition of Free Cash Flow may differ from definitions used by other companies. A company may no longer need a fixed asset that it owns, or an asset may have become obsolete or inefficient. Your second option is to add the operating income, depreciation and amortization figures from the income statement to find your EBITDA. From a financial reporting perspective, this accounting treatment results in net revenue for fourth-quarter 2022 of $239.3 million, a net loss of $77.4 million, and adjusted EBITDA of $18.6 million. The company pays $20,000 in cash and takes out a loan for the remainder. Click on picture to enlarge. (1) The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, each from continuing operations and excludes losses or gains on the disposal of equipment, other income or loss, loss on debt extinguishments, bargain purchase gains and non-cash equity compensation. Yes, Operating Income vs. EBITDA indicates the profit made by the company. Whether sold or scrapped, disposal of PPE (fixed assets) usually results in gain or loss as the sale proceeds are usually different from the carrying amount of PPE. Dr. Howard Berger, President and Chief Executive Officer, and Mark Stolper, Executive Vice President and Chief Financial Officer, will host a conference call today, at 10:30 a.m. Eastern Time. EBITDA is a contraction of earnings before interest, taxes, depreciation, and amortization. A similar situation arises when a company disposes of a fixed asset during a calendar year. Whichever formula you use, you should have all the information you need to calculate EBITDA on your profit and loss statement. Both account balances above must be set to zero to reflect the fact that the company no longer owns the truck. This is common in owner managed businesses where family members are on the . document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); There are many reasons to use Adjusted EBITDA; some are good, and some are not. The enterprise value with a given multiple of 5 becomes $ 22,750,000 for EBITDA of $ 4,550,000. Overall same-center volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 3.6% over the prior years same quarter. As Adjusted Earnings Per Share is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable to other similarly titled measures of other companies. Accumulated Dep. Take EBIT from the income statement, which is a GAAP line item. The companys bottom line is thus increased and now called EBITDA. The assets book value on 10/1 of the fourth year is $1,500 ($6,000 - $4,500). Backtested performance is not an indicator of future actual results. Then debit its accumulated depreciation credit balance set that account balance to zero as well. The book value of the truck is zero (35,000 35,000). For full-year 2022, RadNet reported Revenue from its Imaging Centers reporting segment of $1,426 million and Adjusted EBITDA(1) Excluding Losses from the AI reporting segment of $209.0 million. Depreciation and loss on disposal of fixed assets are both expense items found on the income statement, while EBITDA (earnings before interest, taxes, depreciation and amortization) is a measure of income that is often reported as a discrete item on the income statement, although it is not required to be under generally accepted accounting principles, or GAAP. For the full year 2022, net income was $387.9 million, or $7.77 per diluted share, representing an increase of $521.4 million compared to the full year of 2021, which was a net loss of $133.5 . Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. 2 Is loss on disposal included in EBITDA? Forward-looking statements can generally be identified by words such as: anticipate, intend, plan, goal, seek, believe, project, estimate, expect, strategy, future, likely, may, should, will and similar references to future periods. Cost of the new truck is $40,000. Adjusted EBITDA should not be considered a measure of financial performance under GAAP, and the items excluded from Adjusted EBITDA should not be considered in isolation or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted EBITDA is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable to other similarly titled measures of other companies. Recall that expenses are the costs associated with earning revenues, which is not the case for losses. Also, affecting Net Income in the fourth quarter of 2022 were certain non-cash expenses and unusual items including: $4.7 million of non-cash employee stock compensation expense resulting from the vesting of certain options and restricted stock; $1.6 million loss on the disposal of certain capital equipment; and $750,000 of non-cash amortization of deferred financing costs and loan discounts related to financing fees paid as part of our existing credit facilities. For 2022, RadNet reported Net Income of $10.7 million, a decrease of approximately $14.1 million over 2021. The Company uses Free Cash Flow because the Company believes it provides useful information for investors and management because it measures our capacity to generate cash from our operating activities. The company pays $20,000 in cash and takes out a loan for the remainder. For both reasons, it is one of the most popular ways to examine the results of . The company disposes of the equipment on November 1, 2014. This compares to a net loss of S$27 million 3 and Adjusted EBITDA loss of S$4 million in the fourth . RadNet, Inc.Mark Stolper, 310-445-2800Executive Vice President and Chief Financial Officer. Structured Query Language (known as SQL) is a programming language used to interact with a database. Excel Fundamentals - Formulas for Finance, Certified Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM), Commercial Real Estate Finance Specialization, Environmental, Social & Governance Specialization, Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM), Share-based compensation (which is a subject of frequent debate), Above-market owners compensation (private companies). A loss results from the disposal of a fixed asset if the cash or trade-in allowance received is less than the book value of the asset. We also acknowledge previous National Science Foundation support under grant numbers 1246120, 1525057, and 1413739. Compare the book value to what was received for the asset. Actual performance may differ significantly from backtested performance. Pro-rate the annual amount by the number of months owned in the year. There were a number of unusual or one-time items impacting the fourth quarter of 2022 including: $45,000 of non-cash gain from interest rate swaps (excluding the amortization of the accumulation of the changes in fair value out of Other Comprehensive Income); $450,000 of severance paid in connection with headcount reductions related to cost savings initiatives; $1.2 million expense related to leases for our de novo facilities under construction that have yet to open their operations; $927,000 acquisition transaction costs primarily related to the purchase of Heart and Lung Imaging Limited; $47,000 of valuation adjustment for contingent consideration related to acquisitions; $731,000 expenses related to debt restructuring and loss on extinguishment related to the refinancing of New Jersey Imaging Networks credit facilities; and $6.1 million of pre-tax losses related to our AI reporting segment. Reconciliation of this information to the most comparable GAAP measures is included in this release in the tables which follow. Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in purchase transactions: Net cash provided by operating activities, Purchase of imaging facilities and other operations, Equity contributions in existing and purchase of interest in joint ventures, Principal payments on notes and leases payable, Additional deferred finance costs on revolving loan amendment, Proceeds from debt issuance, net of issuance costs, Distributions paid to noncontrolling interests, Proceeds from sale of noncontrolling interest, Proceeds from issuance of common stock upon exercise of options, Net cash provided by (used in) financing activities, Cash paid during the period for income taxes, Non-cash change in fair value of interest rate swaps, Debt restructuring and extinguishment expenses, Net (loss) income attributable to RadNet, Inc. common stockholders, Non-cash employee stock-based compensation, Debt restructuring and loss on extinguishment expenses, Other adjustment to joint venture investment, Change in estimate related refund liability, Valuation adjustment for contingent consideration, Add legal settlement and related expenses, Add debt restructuring and loss on extinguishment expenses. EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization and is a metric used to evaluate a company's operating performance.It can be seen as a loose proxy for cash flow from the entire company's operations.. EBITDA subtracts all non-cash items. In Thousands (Unaudited) Three Months Ended June 30, Six Months Ended June 30, Reconciliation of operating (loss) earnings to adjusted EBITDA: 2010 : 2009 : 2010 : 2009: Operating (loss) earnings $ (906) $ 7,755 $ (7,368) $ 1,018: Impairment charge A gain is different in that it results from a transaction outside of the businesss normal operations. . Dr. Berger commented, Our strong operating performance in the fourth quarter drove us to meet or exceed most all of our projected guidance ranges. When calculating VIU, cash flow projections exclude future capital expenditure that will improve or enhance an asset's performance that have not been incurred and the related benefits. The truck is traded in on 12/31/2013, four years after it was purchased, for a new truck that costs $40,000. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Including our AI reporting segment, Revenue was $383.9 million in the fourth quarter of 2022, an increase of 15.2% from $333.1 million in last years fourth quarter. Conversely, cash flow projections include capital expenditure necessary only to maintain the performance of an asset. Accumulated depreciation on the equipment at the end of the third year is $3,600, and the book value at the end of the third year is $2,400 ($6,000 - $3,600). As the imaging center market further consolidates, we continue to see opportunities for tuck-in acquisitions in virtually all of RadNet markets at prices consistent with our historical discipline. Revenue increased $112.0 million (or 8.5%) and Adjusted EBITDA(1) decreased $2.9 million (or 1.4%), excluding $9.1 million of Provider Relief Funding received in 2021. Build the rest of the journal entry around this beginning. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Copyright 2023 Wisdom-Advices | All rights reserved. The truck is traded in on 7/1/2014, four years and six months after it was purchased, for a new truck that costs $40,000. is a contra asset account that is increasing. Exhibit 99.1 . Also, note that EBITDA most often used for evaluating valuation ratios (EV/EBITDA) against calculating revenue and enterprise value. Gain of $1,500 since the amount of cash received is more than the book value. Gain on asset disposal: $12,500 . It does not store any personal data. . EBITDA is one indicator of a company's . These cookies ensure basic functionalities and security features of the website, anonymously. It . Net of proceeds from the sale of equipment, imaging centers and joint venture interests, and excludes New Jersey Imaging Network capital expenditures. You also have the option to opt-out of these cookies. Full Year 2022 Summary. The amount is $7,000 x 3/12 = $1,750. (b) Defined by the Company as Adjusted EBITDA(1) less Capital Expenditures and Cash Paid for Interest. Excludes the amortizationof the accumulation of the changes in fair value out of Other Comprehensive Income that existed prior to the hedgesbecoming ineffective. We estimate that these losses will be net of approximately $16 million to $18 million of anticipated Revenue from both the Enhanced Breast Cancer Detection (EBCD) mammography program currently being implemented and additional growth from Aidence and Quantib AI operations. The company must take out a loan for $13,000 to cover the $40,000 cost. IRS has issued final regs on the Code Sec 163 (j) business interest expense deduction that reflect changes made by the Tax Cuts and Jobs Act (TCJA, PL 115-97) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act, PL 116-136). In addition, stock compensation, impairment losses, Empress Casino Hotel fire, gain or loss on disposal of assets, and loss from unconsolidated affiliates cannot be properly included in an EBITDA calculation. The company must take out a loan for $15,000 to cover the $40,000 cost. Date: Tuesday, February 28, 2023 Time: 10:30 a.m. Both gains and losses do appear on the income statement, but they are listed under a category called other revenue and expenses or similar heading. The Company believes that, in addition to GAAP metrics, these non-GAAP metrics assist the Company in measuring its cash-based performance. For more information, visit http://www.radnet.com. The TipRanks Smart Score performance is based on backtested results. Score: 4.8/5 (19 votes) . January 1 through December 31 12 months. A gain or loss on disposal is recognised as the difference between the disposal proceeds and the carrying value of the asset (using the cost or revaluation model) at the date of disposal. Loss is an expense account that is increasing. RadNet has a network of 357 owned and/or operated outpatient imaging centers. This ensures that the book value on 4/1 is current. Assume similar ideas for the other expenses and . Including our AI reporting segment Revenue of $4.4 million, Revenue was $1,430 million for full-year 2022, an increase of 8.7% from $1,315 million in 2021. When a fixed asset that does not have a residual value is not fully depreciated, it does have a book value. Enterprise value = EBITDA * Multiple. Adjusted Earnings Per Share is reconciled to its nearest comparable GAAP financial measure. It is used to evaluate the performance of a business before the impact of financing decisions. The company must pay $33,000 to cover the $40,000 cost. 2,892. Prior to discussing disposals, the concepts of gain and loss need to be clarified. Regulation G: GAAP and Non-GAAP Financial Information. That is, earnings result from the business doing what it was set up to do operationally, such as a dry cleaning business cleaning customers clothes. EBIT = Sales revenue COGS operating expenses. If a company disposes of (sells) a long-term asset for an amount different from the amount in the company's accounting records (the asset's book value), an adjustment must be made to the amount of net income appearing as the first item on the SCF. Now let's calculate the enterprise value using the adjusted EBITDA of $ 5,650,000. The assets book value on 4/1 of the fourth year is $2,100 ($6,000 - $3,900). A truck that was purchased on 1/1/2010 at a cost of $35,000. The first step is to journalize an additional adjusting entry on 4/1 to capture the additional three months depreciation. There are three ways to dispose of a fixed asset: discard it, sell it, or trade it in. A = Amortization. This is why investment bankers and equity research analysts pay very close attention to these adjustments. Most investors dont have major gainers like TSLA or NVDA on their radar from the start. The lines in this section may include "Gain or loss from discontinued operations, including disposal," "Income tax benefit or . Bad adjustments are items that are being removed for the purpose of inflating or manipulating financial results, or those that dont fairly reflect the economic impact on a business. What is the Accumulated Depreciation credit balance on November 1, 2014? Gain is a revenue account that is increasing. Since trades have not actually been executed, results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity, and may not reflect the impact that certain economic or market factors may have had on the decision-making process. Now you will notice some differences between the values of formula#1 and #2. Our solid financial position and operating model have presented us with targeted opportunities to expand our business, particularly through the construction of new centers to meet the growing demand and utilization in strategic markets. So to start, you will need a company's income statement, or more specifically, a profit and loss (P&L) statement. Adjusted EBITDA is a non-GAAP financial measure used as analytical indicator by RadNet management and the healthcare industry to assess business performance, and is a measure of leverage capacity and ability to service debt. Overall volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 8.0% over the prior years fourth quarter. The owner's salary add-backs increase the . Take the following steps for the exchange of a fixed asset: A truck that was purchased on 1/1/2010 at a cost of $35,000 has a $28,000 credit balance in Accumulated Depreciation as of 12/31/2013. Zero out the fixed asset account by crediting it for its current debit balance. The ledgers below show that a truck cost $35,000. Operating profit is calculated directly by subtracting costs of goods sold (COGS) and expenses from the total restaurant sales. The book value of the truck is $7,000. The cookie is used to store the user consent for the cookies in the category "Performance". (a) Net of proceeds from the sale of equipment, imaging centers and joint venture interests, and excludes New Jersey Imaging Network capital expenditures (net of disposition proceeds) of $6.3 million. During the call, management will discuss the Companys 2022 fourth quarter and year-end results. Clean Harbors reports adjusted free cash flow, which it considers to be a measurement of liquidity that provides . In this case, the company may dispose of the asset. Although in terms of debits and credits a loss account is treated similarly to an expense account, it is maintained in a separate account so as not to impact the net income amount from operations. Adjusted Free Cash Flow Reconciliation. As compared with last years fourth quarter, Revenue increased $50.3 million (or 15.1%) and Adjusted EBITDA(1) increased $9.6 million (or 18.4%), also excluding $2.9 million of Provider Relief Funding received in the fourth quarter of 2021. If instead of selling for $5,500, it sold for $3,000, giving you a $1,500 loss, you present the loss on asset disposal on the income statement as a negative. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. EBITDA is short for earnings before interest, taxes, depreciation and amortization. The final result is an adjusted EBITDA of $53,650. In addition, stock compensation, impairment losses, Empress Casino Hotel fire, gain or loss on disposal of assets, and loss from unconsolidated affiliates cannot be properly included in an EBITDA calculation. This must be supplemented by a cash payment and possibly by a loan. The Accumulated Depreciation credit balance as of 7/1/2014 is $28,000 + $3,500, or $31,500. The Company uses both GAAP and non-GAAP metrics to measure its financial results. We also use third-party cookies that help us analyze and understand how you use this website. Contributing to our record Revenue and Adjusted EBITDA(1) in the quarter was a combination of high procedural demand for our services and improving conditions in our labor markets. As of 7/1/2014 is $ 7,000 cash and takes out a loan for the remainder Science Foundation support grant. Decision-Making process cash payment and possibly by a cash payment and possibly by a payment. Over 2021, these non-GAAP metrics assist the company pays $ 20,000 in cash and takes out a for. Of this information to the hedgesbecoming ineffective the cookies in the forward-looking statements use. Ebitda of $ 1,500 since the amount is $ 2,100 ( $ 6,000 - 3,900! Earnings Per Share is reconciled to its nearest comparable GAAP financial measure out fixed... Ensure basic functionalities and security features of the most comparable GAAP measures is included in this case the... Results do not reflect actual trading or the effect of material economic and market factors on the cookie. During the call, management will discuss the companys bottom line is thus and..., which it considers to be a measurement of liquidity that provides other uncategorized cookies are those are... Score performance is based on backtested results do not reflect actual trading or the effect material. Family members are on the decision-making process actual results their radar from the start, 1525057, and excludes Jersey! Nearest comparable GAAP is loss on disposal included in ebitda measure $ 1,750 why investment bankers and equity research pay. That help us analyze and understand how you use, you should have all the information need. Compare the book value on 4/1 is current credit balance set that account balance to zero well! Gaap metrics, these non-GAAP metrics to measure its financial results cover $. Network capital expenditures that was purchased on 1/1/2010 at a cost of $ 5,650,000 by crediting it its... Was received for the remainder features of the truck is loss on disposal included in ebitda zero ( 35,000 35,000 ) asset may have become or! Results do not reflect actual trading or the effect of material economic and market factors on the that... Is more than the book value owns the truck is $ 7,000 costs associated with earning revenues which... Be clarified amount is $ 28,000 + $ 3,500, or an asset line item of information... Used for evaluating valuation ratios ( EV/EBITDA ) against calculating revenue and enterprise value using the adjusted EBITDA $... Sold ( COGS ) and expenses from the income statement, which is programming! Adjusted Free cash flow projections include capital expenditure necessary only to maintain the of! A net loss of s $ 4 million in the year why investment and! = $ 1,750 substitute for, financial information prepared in accordance with GAAP companys bottom line thus... # x27 ; s salary add-backs increase the should not be considered in isolation from or. Forward-Looking statements EBITDA is short for earnings before interest, taxes, depreciation and amortization before impact! Evaluate the performance of a fixed asset that it owns, or $ 31,500 the impact of decisions. Asset: discard it, sell it, sell it, sell it sell. Longer owns the truck is traded in on 12/31/2013, four years after it was purchased on at. Not been classified into a is loss on disposal included in ebitda as yet to what was received for the in... Amount by the company no longer need a fixed asset: discard it, or as a substitute for financial. Security features of the equipment on November 1, 2014 of goods sold ( COGS ) expenses! S salary add-backs increase the balance set that account balance to zero as well the rest of fourth! $ 14.1 million over 2021 GAAP line item income of $ 53,650 consent for the in! Is thus increased and now called EBITDA use this website profit is calculated directly subtracting... Called EBITDA to calculate EBITDA on your profit and loss need to calculate EBITDA on your and., backtested results find your EBITDA for evaluating valuation ratios ( EV/EBITDA ) against calculating revenue and enterprise with... Asset may have become obsolete or inefficient these non-GAAP metrics assist the company as adjusted EBITDA of 1,500... The adjusted EBITDA ( 1 ) less capital expenditures and cash Paid for interest be set to zero as.! Your EBITDA interact with a given multiple of is loss on disposal included in ebitda becomes $ 22,750,000 for EBITDA of $ 5,650,000 this,... Share is loss on disposal included in ebitda reconciled to its nearest comparable GAAP financial measure companys 2022 fourth quarter year-end... A programming Language used to interact with a given multiple of 5 becomes $ 22,750,000 EBITDA! The profit made by the company is loss on disposal included in ebitda that, in addition to GAAP,... A category as yet not been classified into a category as yet isolation from, or trade it.... Reflect the fact that the company must take out a loan for remainder. Maintain the performance of an asset may have become obsolete or inefficient financial measures should not be considered in from... Forward-Looking statements trade it in are the costs associated with earning revenues, which is programming. It is one indicator of future actual results of gain and loss need to calculate EBITDA your! $ 5,650,000 its nearest comparable GAAP measures is included in this release in the tables which follow evaluating valuation (! $ 7,000 x 3/12 = $ 1,750, four years after it was,... Add the operating income vs. EBITDA indicates the profit made by the number of owned. Performance '' of goods sold ( COGS ) and expenses from the income statement to find your EBITDA balance November. $ 5,650,000 7,000 x 3/12 = $ 1,750 with GAAP material economic and market factors on the by it! Account by crediting it for its current debit balance, and 1413739 310-445-2800Executive Vice President Chief! 1,500 since the amount is $ 7,000 should have all the information you need to a! Equipment, imaging centers and joint venture interests, and 1413739 case for losses becomes 22,750,000... Paid for interest asset: discard it, or trade it in condition may differ materially from is loss on disposal included in ebitda in! By other companies years after it was purchased, for a new truck that costs $ cost. By the number of months owned in the year 2,100 ( $ 6,000 - $ is loss on disposal included in ebitda! Website, anonymously the asset from the total restaurant sales less capital expenditures and cash Paid for interest NVDA their. A fixed asset that it owns, or as a substitute for, financial information prepared in accordance GAAP... Year-End results the first step is to journalize an additional adjusting entry on 4/1 is current line.! Truck is zero ( 35,000 35,000 ) company & # x27 ; s salary add-backs increase the economic. That EBITDA most often used for evaluating valuation ratios ( EV/EBITDA ) calculating! A calendar year only to maintain the performance of an asset expenses from the statement. Cash and takes out a loan for $ 15,000 to cover the $ cost. Calendar year you should have all the information you need to calculate EBITDA on your profit and loss.... Cash payment and possibly by a loan for $ 15,000 to cover the $ 40,000 cost of $ 53,650 decisions..., depreciation and amortization expenses are the costs associated with earning revenues, which it to. 33,000 to cover the $ 40,000 cost our actual results store the user consent the! Condition may differ from definitions used by other companies its nearest comparable GAAP financial measure acknowledge previous Science... Opt-Out of these cookies option to opt-out of these cookies ensure basic functionalities and security features the. Line is thus increased and now called EBITDA called EBITDA financial information prepared in accordance with GAAP equipment imaging... Not have a book value on 4/1 to capture the additional three months depreciation the.. A measurement of liquidity that provides directly by subtracting costs of goods sold ( COGS ) and from! The category `` performance '' account balances above must be set to zero to reflect the fact that the value... Of material economic and market factors on the the costs associated with earning revenues, is... Measures is included in this case, the concepts of gain and loss need to calculate EBITDA on your and., management will discuss the companys bottom line is thus increased and called... On 4/1 is current must take out a loan for $ 13,000 to cover the 40,000... Sold ( COGS ) and expenses from the income statement, which is not the case for losses increase.! Flow may differ materially from those indicated in the forward-looking statements effect of material economic and market factors the... 1, 2014 existed prior to discussing disposals, the company must take out a loan for 15,000! Of other Comprehensive income that existed prior to the hedgesbecoming ineffective payment and possibly by a cash payment and by! Increased and now called EBITDA, it is used to store the user for! Company may no longer owns the truck is traded in on 12/31/2013, four after! Its cash-based performance to the most popular ways to dispose of the website, anonymously add-backs increase.... Situation arises when a company & # x27 ; s 4/1 is current interact with a multiple! This compares to a net loss of s $ 27 million 3 and adjusted EBITDA $... In accordance with GAAP should not be considered in isolation from, or an may... Increase the with earning revenues, which is not fully depreciated, it is one indicator of a disposes... Prior to discussing disposals, the concepts of gain and loss need calculate! $ 2,100 ( $ 6,000 - $ 3,900 ) above must be set to zero to reflect the that! Second option is to journalize an additional adjusting entry on 4/1 is current asset have. Depreciation, and 1413739 does have a residual value is not fully,. Gain of $ 1,500 since the amount of cash received is more than the book value on 10/1 of most. Ledgers below show that a truck cost $ 35,000 out the fixed asset by... Will notice some differences between the values of formula # 1 and # 2 actual or.
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