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Jack in the Box Inc. Reports First Quarter FY 2013 Earnings; Updates Guidance for FY 2013



  Jack in the Box Inc. Reports First Quarter FY 2013 Earnings; Updates
  Guidance for FY 2013

Business Wire

SAN DIEGO -- February 20, 2013

Jack in the Box Inc. (NASDAQ: JACK) today reported earnings from continuing
operations of $23.9 million, or $0.54 per diluted share, for the first quarter
ended January 20, 2013, compared with earnings from continuing operations of
$12.0 million, or $0.27 per diluted share, for the first quarter of fiscal
2012.

Operating earnings per share, a non-GAAP measure which the company defines as
diluted earnings per share from continuing operations on a GAAP basis
excluding restructuring charges and gains from refranchising, were $0.54 per
share in the first quarter of fiscal 2013 compared with $0.25 per share in the
prior year quarter. Gains from refranchising contributed approximately $0.01
per diluted share for the quarter as compared with approximately $0.02 per
diluted share in the prior year quarter.

A reconciliation of non-GAAP measurements to GAAP results is provided below
with additional information included in the attachment to this release.
Figures may not add due to rounding.

                                          16 Weeks Ended
                                          January 20,   January 22,
                                          2013          2012
Diluted earnings per share from           $  0.54       $  0.27
continuing operations – GAAP
Plus: Restructuring charges                  0.01          −
Less: Gains from refranchising               (0.01  )      (0.02  )
Operating earnings per share – Non-GAAP   $  0.54       $  0.25    

During the first quarter of 2013, the company continued to review and refine
its organization to create a structure that more efficiently supports its
business model. As a result, restructuring charges of $0.8 million, or
approximately $0.01 per diluted share, were recorded during the first quarter
of 2013. These charges are included in “impairment and other charges, net” in
the accompanying consolidated statements of earnings.

As previously announced, during the fourth quarter of 2012, the company began
outsourcing its distribution business, and the transition was completed in the
first quarter of fiscal 2013. As a result of the outsourcing, the company
recorded an after-tax charge totaling $3.3 million in the first quarter of
fiscal 2013, which reduced diluted net earnings per share by approximately
$0.07. This charge and the results of operations for the distribution business
are included in discontinued operations in the accompanying consolidated
statements of earnings for all periods presented.

Increase in same-store sales:

                    16 Weeks Ended       16 Weeks Ended
                                        
                    January 20, 2013     January 22, 2012
Jack in the Box®:
     Company        2.1       %          5.3       %
     Franchise      1.8       %          2.8       %
     System         1.9       %          3.6       %
Qdoba®:
     Company        1.5       %          3.5       %
     Franchise      0.5       %          4.0       %
     System         1.0       %          3.8       %

Linda A. Lang, chairman and chief executive officer, said, “Jack in the Box
company same-store sales increased 2.1 percent and system same-store sales
increased 1.9 percent in the first quarter. Jack in the Box system same-store
sales growth for the quarter exceeded that of the QSR sandwich segment for the
comparable period, according to The NPD Group’s SalesTrack Weekly for the
16-week time period ended January 20, 2013. Included in this segment are the
top 15 sandwich and QSR burger chain competitors.

“Qdoba same-store sales in the first quarter increased 1.5 percent for company
restaurants, driven by transaction and catering growth. One of our key
priorities for 2013 is to drive traffic at Qdoba, and we believe our
promotional efforts aimed at differentiating the brand resulted in the
improvement in traffic and sales trends.

“Numerous companies in both the restaurant and retail space have reported some
weakening in sales in the last part of January and first half of February
which has been attributed to higher payroll taxes, delayed tax refunds and the
rapid increase in gas prices over the last month. Our sales guidance for the
second quarter reflects the softness we’ve seen thus far in the quarter and
the uncertainty surrounding consumer spending,” Lang said.

Consolidated restaurant operating margin improved by 220 basis points to 15.7
percent of sales in the first quarter of 2013, compared with 13.5 percent of
sales in the year-ago quarter. Restaurant operating margin increased 320 basis
points to 17.1% of sales for Jack in the Box and decreased 40 basis points to
11.6% of sales for Qdoba.

Food and packaging costs in the quarter were 130 basis points lower than prior
year. The decrease resulted from the benefit of price increases, favorable
product mix at Jack in the Box, and a greater proportion of Qdoba company
restaurants which combined to more than offset slight commodity inflation and
the impact of promotional activity at Qdoba. Overall commodity costs were up
less than 1 percent in the quarter.

Payroll and employee benefits costs were 40 basis points lower than the
year-ago quarter, reflecting leverage from same-store sales increases, the
favorable impact of recent acquisitions of Qdoba franchised restaurants, and a
modest benefit from refranchising Jack in the Box restaurants.

Occupancy and other costs decreased 50 basis points in the first quarter due
primarily to leverage from same-store sales increases and the favorable impact
of recent acquisitions of Qdoba franchised restaurants.

SG&A expense for the first quarter increased by $1.6 million and was 14.5
percent of revenues as compared to 14.4 percent in the prior year quarter.
Mark-to-market adjustments on investments supporting the company’s
non-qualified retirement plans positively impacted SG&A by $1.3 million in the
first quarter as compared to a positive impact of $3.2 million in last year’s
first quarter, resulting in a year-over-year increase in SG&A of $1.9 million.
The increase in SG&A was also due to higher incentive compensation, increased
G&A related to Qdoba growth, and higher pension costs which were partially
offset by the benefit of the company’s restructuring activities as well as
lower advertising and overhead costs resulting from the Jack in the Box
refranchising strategy.

Impairment and other charges decreased $1.1 million in the quarter compared to
a year ago primarily due to income of $2.1 million recognized in 2013 in
connection with the resolution of two eminent domain matters involving Jack in
the Box restaurants.

Gains on the sale of company-operated Jack in the Box restaurants were $0.7
million in the 2013 quarter, or approximately $0.01 per diluted share, which
primarily represented additional proceeds received as a result of the
extension of underlying franchise and lease agreements for previously sold
restaurants. This compares to gains of $1.1 million, or approximately $0.02
per diluted share, in the year-ago quarter.

The tax rate for the first quarter of 2013 was 30.2 percent versus 34.3
percent for the first quarter of 2012. The lower tax rate in the first quarter
of fiscal 2013 was due primarily to legislation that retroactively reinstated
Work Opportunity Tax Credits, as well as the market performance of insurance
investment products used to fund certain non-qualified retirement plans.
Changes in the cash value of the insurance products are not deductible or
taxable. The company now expects its full year tax rate to be approximately 35
to 36 percent as a result of the reinstated tax credits.

The company repurchased approximately 985,000 shares of its common stock in
the first quarter at an average price of $27.26 per share for an aggregate
cost of $26.9 million, leaving $50 million remaining under a $100 million
stock-buyback program authorized by the company’s board of directors that
expires in November 2013, and $100 million remaining under an authorization
that expires in November 2014.

Restaurant openings

Nine new Jack in the Box restaurants opened in the first quarter of fiscal
2013, including six franchised locations, compared with 16 new restaurants
opened system-wide during the same quarter last year, of which 11 were
franchised.

In the first quarter, 17 Qdoba restaurants opened, including 14 franchised
locations, versus 15 new restaurants in the year-ago quarter, of which 9 were
franchised. The company also acquired 6 Qdoba restaurants from franchisees in
the quarter.

At January 20, 2013, the company’s system total comprised 2,255 Jack in the
Box restaurants, including 1,704 franchised locations, and 636 Qdoba
restaurants, including 311 franchised locations.

Guidance

The following guidance and underlying assumptions reflect the company’s
current expectations for the second quarter ending April 14, 2013, and the
fiscal year ending September 29, 2013. Fiscal 2013 is a 52-week year, with 16
weeks in the first quarter, and 12 weeks in each of the second, third and
fourth quarters.

Second quarter fiscal year 2013 guidance

  * Same-store sales are expected to be approximately flat at Jack in the Box
    company restaurants versus a 5.6 percent increase in the year-ago quarter.
  * Same-store sales are expected to be flat to down 2 percent at Qdoba
    company restaurants versus a 3.8 percent increase in the year-ago quarter.

Fiscal year 2013 guidance

  * Same-store sales are expected to increase approximately 1.5 to 2.5 percent
    at Jack in the Box company restaurants.
  * Same-store sales are expected to increase approximately 1.0 to 2.0 percent
    at Qdoba company restaurants.
  * Overall commodity costs are expected to increase by approximately 2 to 3
    percent for the full year.
  * Restaurant operating margin for the full year is expected to range from
    approximately 15.5 to 16.0 percent, depending on same-store sales and
    commodity inflation.
  * SG&A as a percentage of revenue is expected to be in the mid-14 percent
    range as compared to 14.7% in fiscal 2012. G&A as a percentage of
    system-wide sales is expected to decline to approximately 4.3% in fiscal
    2013 from 4.6% in fiscal 2012.
  * Impairment and other charges as a percentage of revenue are expected to be
    approximately 50 to 70 basis points, excluding restructuring charges.
  * The company no longer provides guidance with respect to refranchising
    gains or proceeds.
  * 20 to 25 new Jack in the Box restaurants are expected to open, including
    approximately 10 company locations.
  * 70 to 85 new Qdoba restaurants are expected to open, of which
    approximately 40 to 45 are expected to be company locations.
  * Capital expenditures are expected to be $95 to $105 million.
  * The tax rate is expected to be approximately 35 to 36 percent.
  * Operating earnings per share, which the company defines as diluted
    earnings per share from continuing operations on a GAAP basis excluding
    restructuring charges and gains from refranchising, are now expected to
    range from $1.48 to $1.63 in fiscal 2013 as compared to operating earnings
    per share of $1.20 in fiscal 2012.
  * Diluted earnings per share includes approximately $0.04 of incentive
    payments to Jack in the Box franchisees in fiscal 2013 to complete the
    installation of new signage as compared to $0.11 in fiscal 2012 to
    complete the re-image program.

Conference call

The company will host a conference call for financial analysts and investors
on Thursday, February 21, 2013, beginning at 8:30 a.m. PT (11:30 a.m. ET). The
conference call will be broadcast live over the Internet via the Jack in the
Box website. To access the live call through the Internet, log onto the
Investors section of the Jack in the Box Inc. website at
http://investors.jackinthebox.com at least 15 minutes prior to the event in
order to download and install any necessary audio software. A replay of the
call will be available through the Jack in the Box Inc. corporate website for
21 days, beginning at approximately 11:30 a.m. PT on February 21.

About Jack in the Box Inc.

Jack in the Box Inc. (NASDAQ: JACK), based in San Diego, is a restaurant
company that operates and franchises Jack in the Box^® restaurants, one of the
nation’s largest hamburger chains, with more than 2,200 restaurants in 21
states. Additionally, through a wholly owned subsidiary, the company operates
and franchises Qdoba Mexican Grill^®, a leader in fast-casual dining, with
more than 600 restaurants in 44 states, the District of Columbia and Canada.
For more information on Jack in the Box and Qdoba, including franchising
opportunities, visit www.jackinthebox.com or www.qdoba.com.

Safe harbor statement

This press release contains forward-looking statements within the meaning of
the federal securities laws. Such statements are subject to substantial risks
and uncertainties. A variety of factors could cause the company’s actual
results to differ materially from those expressed in the forward-looking
statements, including the following: the success of new products and marketing
initiatives; the impact of competition, unemployment, trends in consumer
spending patterns and commodity costs; the company’s ability to achieve and
manage its planned expansion, such as the availability of a sufficient number
of suitable new restaurant sites, the performance of new restaurants, and
risks relating to expansion into new markets; and stock market volatility.
These and other factors are discussed in the company’s annual report on Form
10-K and its periodic reports on Form 10-Q filed with the Securities and
Exchange Commission which are available online at
http://investors.jackinthebox.com or in hard copy upon request. The company
undertakes no obligation to update or revise any forward-looking statement,
whether as the result of new information or otherwise.

                    JACK IN THE BOX INC. AND SUBSIDIARIES
           RECONCILIATION OF NON-GAAP MEASUREMENTS TO GAAP RESULTS
                                 (Unaudited)

Operating earnings per share, a non-GAAP measure, is defined by the company as
diluted earnings per share from continuing operations on a GAAP basis
excluding restructuring charges and gains from refranchising. Management
believes this non-GAAP financial measure provides important supplemental
information to assist investors in analyzing the performance of the company’s
core business. In addition, the company uses operating earnings per share in
establishing performance goals for purposes of executive compensation. The
company encourages investors to rely upon its GAAP numbers but includes this
non-GAAP financial measure as a supplemental metric to assist investors. This
non-GAAP financial measure should not be considered as a substitute for, or
superior to, financial measures calculated in accordance with GAAP. In
addition, this non-GAAP financial measure used by the company may be
calculated differently from, and therefore may not be comparable to, similarly
titled measures used by other companies.

Below is a reconciliation of non-GAAP operating earnings per share to the most
directly comparable GAAP measure, diluted earnings per share from continuing
operations. Figures may not add due to rounding.

                                          16 Weeks Ended
                                          January 20,   January 22,
                                          2013          2012
Diluted earnings per share from           $  0.54       $  0.27
continuing operations – GAAP
Plus: Restructuring charges                  0.01          −
Less: Gains from refranchising               (0.01  )      (0.02  )
Operating earnings per share – Non-GAAP   $  0.54       $  0.25    

                                                                  
JACK IN THE BOX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share data)
(Unaudited)
                                                                    
                                       Sixteen Weeks Ended
                                       January 20,                 January 22,

                                       2013                        2012
Revenues:
Company restaurant sales               $ 360,094                   $ 364,102
Franchise revenues                       105,429                     93,819   
                                         465,523                     457,921  
Operating costs and expenses,
net:
Company restaurant costs:
Food and packaging                       116,101                     122,107
Payroll and employee benefits            104,064                     106,811
Occupancy and other                      83,354                      85,943   
Total company restaurant costs           303,519                     314,861
Franchise costs                          52,488                      49,859
Selling, general and                     67,336                      65,717
administrative expenses
Impairment and other charges,            3,263                       4,351
net
Gains on the sale of                     (748    )                   (1,122  )
company-operated restaurants
                                         425,858                     433,666  
Earnings from operations                 39,665                      24,255
Interest expense, net                    5,365                       6,057    
Earnings from continuing
operations and before income             34,300                      18,198
taxes
Income taxes                             10,356                      6,248    
Earnings from continuing                 23,944                      11,950
operations
Losses from discontinued
operations, net of income tax            (3,255  )                   —        
benefit
Net earnings                           $ 20,689                    $ 11,950   
                                                                    
Net earnings per share - basic:
Earnings from continuing               $ 0.56                      $ 0.27
operations
Losses from discontinued                 (0.08   )                   —        
operations
Net earnings per share                 $ 0.48                      $ 0.27     
Net earnings per share -
diluted:
Earnings from continuing               $ 0.54                      $ 0.27
operations
Losses from discontinued                 (0.07   )                   —        
operations
Net earnings per share                 $ 0.47                      $ 0.27     
                                                                    
Weighted-average shares
outstanding:
Basic                                    42,997                      43,863
Diluted                                  44,356                      44,659
                                                                    

                                                                
JACK IN THE BOX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share data)
(Unaudited)
 
                                   January 20,                   September 30,

                                   2013                          2012
ASSETS
Current assets:
Cash and cash equivalents          $ 9,542                       $ 8,469
Accounts and other                   40,489                        78,798
receivables, net
Inventories                          8,235                         7,752
Prepaid expenses                     20,543                        32,821
Deferred income taxes                26,931                        26,932
Assets held for sale and             44,847                        45,443
leaseback
Assets of discontinued               —                             30,591
operations held for sale
Other current assets                 671                           375        
Total current assets                 151,258                       231,181    
Property and equipment, at           1,528,889                     1,529,650
cost
Less accumulated
depreciation and                     (729,755  )                   (708,858  )
amortization
Property and equipment, net          799,134                       820,792    
Goodwill                             147,283                       140,622
Other assets, net                    279,614                       271,130    
                                   $ 1,377,289                   $ 1,463,725  
                                                                  
LIABILITIES AND
STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of              $ 20,976                      $ 15,952
long-term debt
Accounts payable                     38,231                        94,713
Accrued liabilities                  150,579                       164,637    
Total current liabilities            209,786                       275,302    
Long-term debt, net of               374,947                       405,276
current maturities
Other long-term liabilities          367,387                       371,202
Stockholders’ equity:
Preferred stock $0.01 par
value, 15,000,000 shares             —                             —
authorized, none issued
Common stock $0.01 par
value, 175,000,000 shares
authorized, 76,427,051 and           764                           758
75,827,894 issued,
respectively
Capital in excess of par             236,672                       221,100
value
Retained earnings                    1,141,360                     1,120,671
Accumulated other                    (132,168  )                   (136,013  )
comprehensive loss
Treasury stock, at cost,
32,941,042 and 31,955,606            (821,459  )                   (794,571  )
shares, respectively
Total stockholders’ equity           425,169                       411,945    
                                   $ 1,377,289                   $ 1,463,725  
                                                                  

                                                                 
JACK IN THE BOX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
 
                                     Sixteen Weeks Ended
                                     January 20,                  January 22,

                                     2013                         2012
Cash flows from operating
activities:
Net earnings                         $ 20,689                     $ 11,950
Adjustments to reconcile net
earnings to net cash provided
by operating activities:
Depreciation and amortization          30,016                       29,534
Deferred finance cost                  729                          788
amortization
Deferred income taxes                  (1,370   )                   (1,203   )
Share-based compensation               4,062                        2,022
expense
Pension and postretirement             9,584                        8,212
expense
Gains on cash surrender value
of company-owned life                  (2,836   )                   (6,742   )
insurance
Gains on the sale of                   (748     )                   (1,122   )
company-operated restaurants
(Gains) losses on the
disposition of property and            (832     )                   1,083
equipment
Impairment charges and other           4,458                        1,199
Loss on early retirement of            939                          —
debt
Changes in assets and
liabilities, excluding
acquisitions and dispositions:
Accounts and other receivables         38,766                       8,630
Inventories                            26,361                       (6,462   )
Prepaid expenses and other             11,980                       (1,412   )
current assets
Accounts payable                       (33,966  )                   2,222
Accrued liabilities                    (9,141   )                   (21,849  )
Pension and postretirement             (5,525   )                   (996     )
contributions
Other                                  (3,201   )                   1,938     
Cash flows provided by                 89,965                       27,792    
operating activities
Cash flows from investing
activities:
Purchases of property and              (21,394  )                   (26,945  )
equipment
Purchases of assets intended           (13,357  )                   (11,046  )
for sale and leaseback
Proceeds from sale and                 13,513                       3,143
leaseback of assets
Proceeds from the sale of              833                          1,249
company-operated restaurants
Collections on notes                   1,848                        3,539
receivable
Disbursements for loans to             —                            (2,604   )
franchisees
Acquisitions of                        (7,800   )                   (6,195   )
franchise-operated restaurants
Other                                  2,042                        14        
Cash flows used in investing           (24,315  )                   (38,845  )
activities
Cash flows from financing
activities:
Borrowings on revolving credit         385,148                      222,020
facilities
Repayments of borrowings on            (445,148 )                   (191,295 )
revolving credit facilities
Proceeds from issuance of debt         200,000                      —
Principal repayments on debt           (165,305 )                   (5,380   )
Debt issuance costs                    (4,386   )                   —
Proceeds from issuance of              10,733                       785
common stock
Repurchases of common stock            (26,888  )                   (6,901   )
Excess tax benefits from
share-based compensation               675                          191
arrangements
Change in book overdraft               (19,406  )                   (6,147   )
Cash flows provided by (used           (64,577  )                   13,273    
in) financing activities
Net increase in cash and cash          1,073                        2,220
equivalents
Cash and cash equivalents at           8,469                        11,424    
beginning of period
Cash and cash equivalents at         $ 9,542                      $ 13,644    
end of period
                                                                   

 
JACK IN THE BOX INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(Unaudited)
 
 
The following table presents certain income and expense items included in our
consolidated statements of earnings as a percentage of total revenues, unless
otherwise indicated.  Percentages may not add due to rounding.
                                                                   
CONSOLIDATED STATEMENTS OF EARNINGS DATA
 
                                   Sixteen Weeks Ended
                                   January                           January
                                   20,                               22,

                                   2013                              2012
Revenues:
Company restaurant                 77.4  %                           79.5  %
sales
Franchise revenues                 22.6  %                           20.5  %
Total revenues                     100.0 %                           100.0 %
Operating costs and
expenses, net:
Company restaurant
costs:
Food and packaging(1)              32.2  %                           33.5  %
Payroll and employee               28.9  %                           29.3  %
benefits(1)
Occupancy and other(1)             23.1  %                           23.6  %
Total company                      84.3  %                           86.5  %
restaurant costs(1)
Franchise costs(1)                 49.8  %                           53.1  %
Selling, general and
administrative                     14.5  %                           14.4  %
expenses
Impairment and other               0.7   %                           1.0   %
charges, net
Gains on the sale of
company-operated                   (0.2  )%                          (0.2  )%
restaurants
Earnings from                      8.5   %                           5.3   %
operations
Income tax rate(2)                 30.2  %                           34.3  %

(1)     As a percentage of the related sales and/or revenues.
(2)     As a percentage of earnings from continuing operations and before
        income taxes.
         
         

The following table presents Jack in the Box and Qdoba company restaurant
sales, costs and costs as a percentage of the related sales. Percentages may
not add due to rounding.

                                                                       
SUPPLEMENTAL COMPANY-OPERATED RESTAURANTS STATEMENTS OF EARNINGS DATA
(Dollars in thousands)
 
                       Sixteen Weeks Ended
                       January 20, 2013                 January 22, 2012
Jack in the Box:                      
Company                $ 267,176                        $ 294,353
restaurant sales
Company
restaurant
costs:
Food and                 87,798        32.9 %             101,591       34.5 %
packaging
Payroll and
employee                 77,002        28.8 %             86,569        29.4 %
benefits
Occupancy and            56,588        21.2 %             65,291        22.2 %
other
Total company          $ 221,388       82.9 %           $ 253,451       86.1 %
restaurant costs
Qdoba:
Company                $ 92,918                         $ 69,749
restaurant sales
Company
restaurant
costs:
Food and                 28,303        30.5 %             20,516        29.4 %
packaging
Payroll and
employee                 27,062        29.1 %             20,242        29.0 %
benefits
Occupancy and            26,766        28.8 %             20,652        29.6 %
other
Total company          $ 82,131        88.4 %           $ 61,410        88.0 %
restaurant costs
                                                                         

 
JACK IN THE BOX INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(Unaudited)
 
The following table summarizes the changes in the number and mix of Jack in the Box and Qdoba company
and franchise restaurants in each fiscal year:
                                                                                             
                    January 20, 2013                            January 22, 2012
                    Company       Franchise       Total         Company       Franchise       Total
Jack in the
Box:
Beginning of        547           1,703           2,250         629           1,592           2,221
year
New                 3             6               9             5             11              16
Acquired from       1             (1     )        —             —             —               —
franchisees
Closed              —             (4     )        (4    )       —             (1     )        (1    )
End of period       551           1,704           2,255         634           1,602           2,236  
% of Jack in
the Box             24   %        76     %        100   %       28   %        72     %        100   %
system
% of
consolidated        63   %        85     %        78    %       71   %        83     %        79    %
system
Qdoba:
Beginning of        316           311             627           245           338             583
year
New                 3             14              17            6             9               15
Acquired from       6             (6     )        —             11            (11    )        —
franchisees
Closed              —             (8     )        (8    )       —             (1     )        (1    )
End of period       325           311             636           262           335             597    
% of Qdoba          51   %        49     %        100   %       44   %        56     %        100   %
system
% of
consolidated        37   %        15     %        22    %       29   %        17     %        21    %
system
Consolidated:                                                                                  
Total system        876           2,015           2,891         896           1,937           2,833  
% of
consolidated        30   %        70     %        100   %       32   %        68     %        100   %
system

Contact:

Jack in the Box Inc.
Investor Contact:
Carol DiRaimo, (858) 571-2407
or
Media Contact:
Brian Luscomb, (858) 571-2291
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