Cash flow Monash IVF Group Limited

Equities

MVF

AU000000MVF3

Healthcare Facilities & Services

Market Closed - Australian S.E. Other stock markets 04:10:17 06/03/26 pm AEDT			5-day change	1st Jan Change
0.6600 ^AUD	-0.75%		-5.04%	-10.20%

04/03	Monash IVF Group Limited, H1 2026 Earnings Call, Feb 26, 2026
02/03	Organic Growth in Australia's Healthcare Services Likely Due to Increased Availability of Bulk-Billing General Practitioners, Jefferies Says	MT

1ccfe483af31.a3wOQqTghZhdndGHiJIfeo3PIUQXauXPCzZx44eWG54.AB5FK-yt0ccf_uLOufl8CfX4ezNIW9CIaQU8rs_ZdashFkh686-32zjW4Q

Published financial data: MONASH IVF GROUP LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: June	2021	2022	2023	2024	2025
Revenues	184M	192M	214M	255M	272M
Other Revenues, Total	-	-	-	265K	-
Total Revenues	184M	192M	214M	255M	272M
Cost of Goods Sold, Total	117M	126M	141M	169M	182M
Gross Profit	66.4M	66.48M	72.83M	85.76M	90.31M
Selling General & Admin Expenses, Total	14.3M	18.41M	18.21M	20.65M	23.82M
Depreciation & Amortization - (IS)	10.7M	12.35M	12.88M	18.58M	22.02M
Amortization of Goodwill and Intangible Assets - (IS)	2.19M	2.43M	2.46M	-	-
Other Operating Expenses	5.19M	4.92M	4.28M	6.62M	306K
Other Operating Expenses, Total	32.38M	38.12M	37.84M	45.85M	46.14M
Operating Income	34.01M	28.37M	35M	39.92M	44.17M
Interest Expense, Total	-2.45M	-2.15M	-3.3M	-5.37M	-7.39M
Interest And Investment Income	1K	4K	25K	56K	101K
Net Interest Expenses	-2.45M	-2.15M	-3.28M	-5.31M	-7.29M
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	31.56M	26.22M	31.72M	34.61M	36.88M
Restructuring Charges	-	-	-	-	-
Merger & Related Restructuring Charges	-	-	-1.88M	-762K	-
Gain (Loss) On Sale Of Investments	-	-	-	-	-761K
Insurance Settlements	-	-	-	19.9M	-
Legal Settlements	-	-	-	-64.4M	-
Other Unusual Items	4.38M	-	-	-	-
EBT, Incl. Unusual Items	35.94M	26.22M	29.84M	-10.66M	36.12M
Income Tax Expense	10.44M	7.72M	7.87M	-4.71M	10.45M
Earnings From Continuing Operations	25.5M	18.5M	21.97M	-5.95M	25.68M
Net Income to Company	25.5M	18.5M	21.97M	-5.95M	25.68M
Minority Interest	-357K	-96K	-127K	-578K	-668K
Net Income - (IS)	25.15M	18.41M	21.84M	-6.53M	25.01M
Net Income to Common Incl Extra Items	25.15M	18.41M	21.84M	-6.53M	25.01M
Net Income to Common Excl. Extra Items	25.15M	18.41M	21.84M	-6.53M	25.01M
Per Share Items
Net EPS - Basic	0.06	0.05	0.06	-0.02	0.06
Basic EPS - Continuing Operations	0.06	0.05	0.06	-0.02	0.06
Basic Weighted Average Shares Outstanding	390M	390M	390M	390M	390M
Net EPS - Diluted	0.06	0.05	0.06	-0.02	0.06
Diluted EPS - Continuing Operations	0.06	0.05	0.06	-0.02	0.06
Diluted Weighted Average Shares Outstanding	391M	392M	392M	390M	391M
Normalized Basic EPS	0.05	0.04	0.05	0.05	0.06
Normalized Diluted EPS	0.05	0.04	0.05	0.05	0.06
Dividend Per Share	0.04	0.04	0.04	0.05	0.03
Payout Ratio	52.23	91.02	78.5	-280.73	79.46
Supplemental Items
EBITDA	38.21M	33.12M	40.4M	46.59M	53.01M
EBITA	34.01M	28.37M	35M	39.92M	44.17M
EBIT	34.01M	28.37M	35M	39.92M	44.17M
EBITDAR	38.3M	33.19M	40.41M	-	-
Effective Tax Rate - (Ratio)	29.03	29.44	26.38	44.17	28.92
Total Current Taxes	11.24M	7.78M	6.43M	10.6M	1.28M
Total Deferred Taxes	-894K	-305K	1.36M	-15.05M	9.09M
Normalized Net Income	19.37M	16.29M	19.7M	21.05M	22.38M
Interest on Long-Term Debt	2.45M	2.15M	3.3M	5.37M	7.39M
Supplemental Operating Expense Items
Marketing Expenses	6.39M	6.43M	6.92M	7.72M	8.06M
Selling and Marketing Expenses	6.39M	6.43M	6.92M	7.72M	8.06M
General and Administrative Expenses	7.92M	11.97M	11.29M	12.94M	15.76M
Net Rental Expense, Total	89K	73K	9K	-	-
Imputed Operating Lease Interest Expense	33.72K	20.39K	2.68K	-	-
Imputed Operating Lease Depreciation	55.28K	52.61K	6.32K	-	-
Stock-Based Comp., COGS (Total)	114K	251K	318K	405K	767K
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	114K	251K	318K	405K	767K

Fiscal Period: June	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	8.76M	7.87M	8M	11.33M	9.43M
Total Cash And Short Term Investments	8.76M	7.87M	8M	11.33M	9.43M
Accounts Receivable, Total	4.2M	4.22M	5.11M	7.21M	7.91M
Other Receivables	2.38M	4.23M	5.42M	23.38M	6.05M
Total Receivables	6.58M	8.45M	10.52M	30.59M	13.96M
Inventory	4.22M	5.25M	6.43M	8.18M	9M
Prepaid Expenses	2.94M	4.06M	4.98M	5.68M	9.3M
Other Current Assets, Total	-	-	-	-	-
Total Current Assets	22.5M	25.64M	29.94M	55.78M	41.68M
Gross Property Plant And Equipment	138M	177M	194M	234M	259M
Accumulated Depreciation	-71M	-82.35M	-84.59M	-96.19M	-113M
Net Property Plant And Equipment	67.29M	95.06M	109M	138M	146M
Long-term Investments	942K	1.05M	1.58M	1.8M	1.34M
Goodwill	233M	233M	255M	273M	273M
Other Intangibles, Total	26.81M	25.72M	25.32M	23.97M	23.88M
Deferred Tax Assets Long-Term	-	-	370K	15.28M	6.13M
Other Long-Term Assets, Total	460K	169K	166K	173K	182K
Total Assets	351M	381M	422M	508M	493M
Liabilities
Accounts Payable, Total	2.24M	3.34M	1.86M	3.08M	5.78M
Accrued Expenses, Total	19.73M	18.1M	22.13M	26.45M	29.34M
Current Portion of Long-Term Debt	1.63M	-	-	-	27K
Current Portion of Leases	5.84M	7.13M	6.33M	7.99M	9.72M
Current Income Taxes Payable	3.14M	457K	1.23M	1.48M	-
Unearned Revenue Current, Total	7.3M	8.66M	9.24M	12.92M	12.18M
Other Current Liabilities	1.2M	483K	5.71M	66.91M	4.36M
Total Current Liabilities	41.08M	38.18M	46.5M	119M	61.41M
Long-Term Debt	-	9.76M	38.87M	59.56M	98.78M
Long-Term Leases	38.52M	60.34M	54.84M	67.82M	71.78M
Pension & Other Post Retirement Benefits	1.24M	1.43M	1.41M	1.66M	1.17M
Deferred Tax Liability Non Current	769K	731K	-	-	-
Other Non Current Liabilities	628K	488K	5.2M	13.95M	9.05M
Total Liabilities	82.24M	111M	147M	262M	242M
Common Stock, Total	507M	507M	507M	507M	507M
Retained Earnings	-103M	-102M	-97.38M	-122M	-117M
Comprehensive Income and Other	-137M	-137M	-136M	-143M	-143M
Total Common Equity	267M	268M	273M	242M	246M
Minority Interest	2.26M	1.98M	1.87M	4.75M	4.14M
Total Equity	269M	270M	275M	247M	250M
Total Liabilities And Equity	351M	381M	422M	508M	493M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	390M	390M	390M	390M	390M
ECS Total Common Shares Outstanding	390M	390M	390M	390M	390M
Book Value / Share	0.68	0.69	0.7	0.62	0.63
Tangible Book Value	6.7M	9.02M	-7.25M	-55.42M	-50.96M
Tangible Book Value Per Share	0.02	0.02	-0.02	-0.14	-0.13
Total Debt	45.99M	77.23M	100M	135M	180M
Net Debt	37.23M	69.36M	92.03M	124M	171M
Debt Equivalent Oper. Leases	712K	584K	72K	-	-
Minority Interest, Total (Incl. Fin. Div)	2.26M	1.98M	1.87M	4.75M	4.14M
Equity Method Investments, Total	942K	1.05M	1.28M	1.59M	1.34M
Account Code - Inventory Valuation	5	-	5	5	5
Inventories - Raw Materials, Total	4.22M	5.25M	6.43M	8.18M	9M
Machinery, Total	68.2M	78.4M	102M	109M	118M
Full Time Employees	669	768	867	997	892
Accumulated Allowance for Doubtful Accounts (Supple)	831K	846K	625K	625K	725K

Fiscal Period: June	2021	2022	2023	2024	2025
Net Income	25.15M	18.41M	21.84M	-6.53M	25.01M
Depreciation & Amortization - CF	10.7M	12.35M	12.88M	16.38M	19.94M
Depreciation & Amortization, Total	10.7M	12.35M	12.88M	16.38M	19.94M
Amortization of Deferred Charges, Total - (CF)	2.53M	2.49M	2.66M	2.58M	2.4M
Asset Writedown & Restructuring Costs	-	-	-	-	-
Provision for Credit Losses	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-
Stock-Based Compensation (CF)	-	-	-	-	-
Provision and Write-off of Bad Debts	84K	15K	-221K	-	-
Other Operating Activities, Total	2.15M	4.06M	3.35M	3.03M	4.36M
Change In Accounts Receivable	640K	-2.7M	-2.98M	-20.57M	15.44M
Change In Inventories	-268K	-1.04M	-1.18M	-1.75M	-825K
Change In Accounts Payable	-1.96M	678K	1.96M	69.28M	-62.82M
Change in Unearned Revenues	-	-	-	3.68M	-738K
Change In Income Taxes	3.56M	-2.72M	-328K	-	-
Change In Deferred Taxes	-	-	-	-14.91M	9.14M
Change in Other Net Operating Assets	1.47M	350K	1.15M	1.32M	991K
Cash from Operations	44.05M	31.89M	39.12M	52.52M	12.9M
Capital Expenditure	-10.03M	-11.76M	-27.79M	-20.82M	-12.43M
Cash Acquisitions	-1.25M	-3.4M	-12.72M	-17.13M	-3.04M
Sale (Purchase) of Intangible assets	-	-	-	-853K	-1.99M
Investment in Marketable and Equity Securities, Total	-	-	-	-	35K
Cash from Investing	-11.29M	-15.16M	-40.51M	-38.8M	-17.43M
Long-Term Debt Issued, Total	-	26.5M	42M	28.5M	65M
Total Debt Issued	-	26.5M	42M	28.5M	65M
Long-Term Debt Repaid, Total	-25.22M	-26.76M	-22.18M	-18.01M	-38.45M
Total Debt Repaid	-25.22M	-26.76M	-22.18M	-18.01M	-38.45M
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-13.13M	-16.75M	-17.14M	-18.32M	-19.87M
Common & Preferred Stock Dividends Paid	-13.13M	-16.75M	-17.14M	-18.32M	-19.87M
Other Financing Activities, Total	-725K	-613K	-1.17M	-2.56M	-4.02M
Cash from Financing	-39.08M	-17.63M	1.51M	-10.39M	2.67M
Foreign Exchange Rate Adjustments	-	15K	9K	-	-43K
Net Change in Cash	-6.31M	-887K	131K	3.33M	-1.91M
Supplemental Items
Cash Interest Paid	725K	613K	1.17M	2.56M	4.02M
Cash Income Tax Paid (Refund)	7.27M	9.83M	9.42M	9.84M	2.88M
Levered Free Cash Flow	22.96M	13.12M	12.84M	67.44M	-15.3M
Unlevered Free Cash Flow	24.15M	14.41M	14.71M	70.4M	-11.01M
Change In Net Working Capital	82K	6.6M	-4.96M	-48.14M	46.97M
Net Debt Issued / Repaid	-25.22M	-263K	19.82M	10.49M	26.55M

Fiscal Period: June	2021	2022	2023	2024	2025
Profitability
Return on Assets	6.07	4.85	5.45	5.36	5.52
Return on Total Capital	6.81	5.36	6.06	6.59	6.79
Return On Equity %	9.79	6.87	8.06	-2.28	10.33
Return on Common Equity	9.74	6.89	8.07	-2.53	10.25
Margin Analysis
Gross Profit Margin %	36.16	34.57	34.1	33.6	33.21
SG&A Margin	7.79	9.57	8.53	8.09	8.76
EBITDA Margin %	20.81	17.22	18.92	18.25	19.5
EBITA Margin %	18.52	14.75	16.38	15.64	16.24
EBIT Margin %	18.52	14.75	16.38	15.64	16.24
Income From Continuing Operations Margin %	13.89	9.62	10.28	-2.33	9.44
Net Income Margin %	13.7	9.57	10.22	-2.56	9.2
Net Avail. For Common Margin %	13.7	9.57	10.22	-2.56	9.2
Normalized Net Income Margin	10.55	8.47	9.22	8.25	8.23
Levered Free Cash Flow Margin	12.5	6.82	6.01	26.42	-5.63
Unlevered Free Cash Flow Margin	13.15	7.49	6.89	27.59	-4.05
Asset Turnover
Asset Turnover	0.52	0.53	0.53	0.55	0.54
Fixed Assets Turnover	2.99	2.37	2.09	2.06	1.91
Receivables Turnover (Average Receivables)	48.1	45.68	45.79	38.64	35.96
Inventory Turnover (Average Inventory)	28.71	26.57	24.09	23.2	21.14
Short Term Liquidity
Current Ratio	0.55	0.67	0.64	0.47	0.68
Quick Ratio	0.37	0.43	0.4	0.35	0.38
Operating Cash Flow to Current Liabilities	1.07	0.84	0.84	0.44	0.21
Days Sales Outstanding (Average Receivables)	7.59	7.99	7.97	9.47	10.15
Days Outstanding Inventory (Average Inventory)	12.71	13.74	15.15	15.77	17.27
Average Days Payable Outstanding	8.19	8.04	6.68	5.27	8.85
Cash Conversion Cycle (Average Days)	12.12	13.69	16.44	19.98	18.56
Long Term Solvency
Total Debt/Equity	17.1	28.62	36.37	54.88	72
Total Debt / Total Capital	14.6	22.25	26.67	35.43	41.86
LT Debt/Equity	14.32	25.97	34.07	51.64	68.11
Long-Term Debt / Total Capital	12.23	20.19	24.98	33.34	39.6
Total Liabilities / Total Assets	23.42	29.13	34.8	51.49	49.16
EBIT / Interest Expense	13.87	13.19	10.59	7.44	5.98
EBITDA / Interest Expense	18.24	18.93	14.49	10.49	8.68
(EBITDA - Capex) / Interest Expense	14.14	13.46	6.08	6.61	6.99
Total Debt / EBITDA	1.03	1.9	2.09	2.4	2.81
Net Debt / EBITDA	0.83	1.7	1.92	2.2	2.67
Total Debt / (EBITDA - Capex)	1.33	2.67	4.98	3.82	3.49
Net Debt / (EBITDA - Capex)	1.07	2.39	4.58	3.5	3.31
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	26.26	4.73	11.07	19.38	6.54
Gross Profit, 1 Yr. Growth %	30.38	0.13	9.55	17.43	5.3
EBITDA, 1 Yr. Growth %	47.9	-12.38	21.99	15.31	2.44K
EBITA, 1 Yr. Growth %	52.02	-15.55	23.36	14.06	-1.06K
EBIT, 1 Yr. Growth %	52.02	-15.55	23.36	14.06	-1.06K
Earnings From Cont. Operations, 1 Yr. Growth %	116.88	-27.97	18.72	-127.08	-531.6
Net Income, 1 Yr. Growth %	114.46	-27.34	18.65	-129.89	-483.15
Normalized Net Income, 1 Yr. Growth %	86.56	-14.73	20.89	6.87	-431.05
Diluted EPS Before Extra, 1 Yr. Growth %	42.23	-27.69	19.15	-130.36	-476.49
Accounts Receivable, 1 Yr. Growth %	22.21	0.52	21.01	20.46	9.72
Inventory, 1 Yr. Growth %	6.79	24.59	22.38	27.18	10.09
Net Property, Plant and Equip., 1 Yr. Growth %	20.97	41.27	15.07	26.26	5.74
Total Assets, 1 Yr. Growth %	0.61	8.66	10.79	20.52	-3.12
Tangible Book Value, 1 Yr. Growth %	-154.24	30.54	-180.35	664.31	-8.05
Common Equity, 1 Yr. Growth %	6.75	0.65	1.97	-11.46	1.81
Cash From Operations, 1 Yr. Growth %	41.75	-27.49	22.68	34.24	-75.43
Capital Expenditures, 1 Yr. Growth %	33.65	18.13	136.24	-19.08	-40.28
Levered Free Cash Flow, 1 Yr. Growth %	7.3	-41.53	-2.13	423.25	-138.62
Unlevered Free Cash Flow, 1 Yr. Growth %	-2.06	-39.01	2.08	377.06	-125.84
Dividend Per Share, 1 Yr. Growth %	100	4.76	0	13.64	-48
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	9.91	14.99	7.86	15.21	12.78
Gross Profit, 2 Yr. CAGR %	12.08	14.26	4.73	13.58	11.2
EBITDA, 2 Yr. CAGR %	2.39	13.21	3.39	18.61	14.55
EBITA, 2 Yr. CAGR %	1.92	12.61	2.07	18.62	12.35
EBIT, 2 Yr. CAGR %	1.92	12.61	2.07	18.62	12.35
Earnings From Cont. Operations, 2 Yr. CAGR %	13.48	25.43	-7.53	-43.3	8.12
Net Income, 2 Yr. CAGR %	12.55	25.29	-7.15	-40.45	7.01
Normalized Net Income, 2 Yr. CAGR %	3.35	25.28	1.53	13.67	6.6
Diluted EPS Before Extra, 2 Yr. CAGR %	-12.71	2.2	-7.18	-39.86	6.9
Accounts Receivable, 2 Yr. CAGR %	23.39	10.84	10.29	30.7	14.97
Inventory, 2 Yr. CAGR %	2.9	15.35	23.48	24.76	18.33
Net Property, Plant and Equip., 2 Yr. CAGR %	101.8	30.73	27.5	20.53	15.54
Total Assets, 2 Yr. CAGR %	10.04	4.45	9.72	15.55	8.06
Tangible Book Value, 2 Yr. CAGR %	-71.74	-14.54	2.42	147.82	165.1
Common Equity, 2 Yr. CAGR %	24.08	3.56	1.31	-4.98	-5.06
Cash From Operations, 2 Yr. CAGR %	15.38	1.29	-5.68	28.33	-42.57
Capital Expenditures, 2 Yr. CAGR %	23.9	25.18	67.05	33.04	-30.48
Levered Free Cash Flow, 2 Yr. CAGR %	6.33	-21.69	-24.35	126.73	8.97
Unlevered Free Cash Flow, 2 Yr. CAGR %	3.17	-23.55	-21.1	121.04	-13.64
Dividend Per Share, 2 Yr. CAGR %	-16.33	44.75	2.35	6.6	-23.13
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	6.82	8.16	13.67	11.6	12.24
Gross Profit, 3 Yr. CAGR %	3.47	7.95	12.67	8.91	10.75
EBITDA, 3 Yr. CAGR %	1.04	-3.15	16.07	7.22	16.98
EBITA, 3 Yr. CAGR %	0.85	-4.67	16.08	5.92	15.91
EBIT, 3 Yr. CAGR %	0.85	-4.67	16.08	5.92	15.91
Earnings From Cont. Operations, 3 Yr. CAGR %	6.39	-2.25	23.15	-38.59	11.54
Net Income, 3 Yr. CAGR %	5.6	-2.49	23.03	-36.37	10.76
Normalized Net Income, 3 Yr. CAGR %	1.22	-3.5	23.8	3.28	11.17
Diluted EPS Before Extra, 3 Yr. CAGR %	-10.98	-17.6	7.56	-36.05	10.84
Accounts Receivable, 3 Yr. CAGR %	9.31	15.24	14.13	19.75	23.3
Inventory, 3 Yr. CAGR %	3.05	9.67	17.65	24.7	19.66
Net Property, Plant and Equip., 3 Yr. CAGR %	58.39	79.19	25.28	27.08	15.39
Total Assets, 3 Yr. CAGR %	6.51	9.5	6.52	13.21	8.96
Tangible Book Value, 3 Yr. CAGR %	-57.85	-52.44	-16.28	100.14	78.08
Common Equity, 3 Yr. CAGR %	16.98	15.65	3.03	-3.14	-2.77
Cash From Operations, 3 Yr. CAGR %	19.32	-1.23	7.97	6.09	-26.04
Capital Expenditures, 3 Yr. CAGR %	15.22	21.64	54.69	27.87	1.87
Levered Free Cash Flow, 3 Yr. CAGR %	22.23	-13.55	-15.65	44.32	5.27
Unlevered Free Cash Flow, 3 Yr. CAGR %	17.94	-14.04	-15.82	43.9	-8.59
Dividend Per Share, 3 Yr. CAGR %	-11.21	-9.82	27.96	5.98	-16.08
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	3.24	4.38	7.23	10.92	13.34
Gross Profit, 5 Yr. CAGR %	-0.88	-0.57	3.97	10.17	12.14
EBITDA, 5 Yr. CAGR %	-4.88	-7.24	1.75	5.03	15.46
EBITA, 5 Yr. CAGR %	-5.6	-8.66	1.09	4.04	14.58
EBIT, 5 Yr. CAGR %	-5.6	-8.66	1.09	4.04	14.58
Earnings From Cont. Operations, 5 Yr. CAGR %	-2.38	-8.98	0.73	-21.38	16.9
Net Income, 5 Yr. CAGR %	-2.66	-9.08	0.45	-19.95	16.36
Normalized Net Income, 5 Yr. CAGR %	-5.26	-8.73	1.07	3.03	16.61
Diluted EPS Before Extra, 5 Yr. CAGR %	-12.1	-17.77	-9.2	-27.35	7.3
Accounts Receivable, 5 Yr. CAGR %	5.2	2.82	9.7	21.19	18.15
Inventory, 5 Yr. CAGR %	-	9.08	10.78	15.47	17.92
Net Property, Plant and Equip., 5 Yr. CAGR %	34.58	41.51	45.22	52.91	21.29
Total Assets, 5 Yr. CAGR %	4.08	5.8	7.74	11.88	7.13
Tangible Book Value, 5 Yr. CAGR %	-41.65	-37.03	-39.51	-7.96	32.76
Common Equity, 5 Yr. CAGR %	11.48	10.38	10.4	6.91	-0.28
Cash From Operations, 5 Yr. CAGR %	-0.05	4.24	8.57	9.68	-16.12
Capital Expenditures, 5 Yr. CAGR %	4.11	12.24	33.48	26.08	10.62
Levered Free Cash Flow, 5 Yr. CAGR %	-0.9	3.97	0.42	27.13	-6.48
Unlevered Free Cash Flow, 5 Yr. CAGR %	-1.97	2.29	-0.01	25.42	-14.9
Dividend Per Share, 5 Yr. CAGR %	-13.15	-12.94	-6.01	-3.58	4.36