Core Insights - Natural Grocers is promoting end-of-summer celebrations with special deals and recipes, emphasizing affordability and convenience for customers [1][2][3] Promotions and Events - From August 29 to September 4, Natural Grocers is offering discounts of up to 40% on select items, with adjusted store hours on Labor Day [2][10] - September is designated as Organic Month, featuring discounts and educational initiatives to promote organic products [4][9] Product Offerings - The company highlights seasonal recipes that are easy to prepare, allowing customers to enjoy summer flavors without extensive cooking [3][7] - Specific promotional products include Organic Nitro Cold-Brew Coffee, Clif Bars, Angie's Select Popcorn, and Everyone's 3-in-1 Kids Soap, with various pricing [6][7] Community Engagement - Natural Grocers is collaborating with the Rodale Institute to support regenerative organic farming, encouraging customer donations and participation in training programs [7][9] Company Overview - Founded in 1955, Natural Grocers specializes in natural and organic groceries, adhering to strict quality standards and offering USDA-certified organic produce [9] - The company operates 169 stores across 21 states, focusing on a smaller-store format to maintain affordability and a clean shopping environment [9]

Summary of Natural Grocers by Vitamin Cottage (NGVC) Conference Call Company Overview - **Company Name**: Natural Grocers by Vitamin Cottage (NGVC) - **Founded**: 1955 - **Public Trading**: NYSE - **Number of Stores**: 169 stores in 21 states, all west of the Mississippi excluding California - **TTM Revenue**: Approximately $1.3 billion - **TTM Adjusted EBITDA**: Approximately $96 million - **Employee Count**: About 4,000 employees [4][10] Core Business Model and Differentiation - **Focus**: Specialty retailer in the natural and organic grocery space - **Nutrition Education**: Extensive free science-based nutrition education programs offered to customers, including one-on-one health coaching [5][30] - **Product Standards**: Highest product standards in the industry, including 100% organic produce, free-range eggs, and humanely raised meat [7][26] - **Pricing Strategy**: Competitive pricing, often lower than competitors, achieved through a small store format that enhances operational efficiency [8][23] - **Store Format**: Small store format of approximately 10,500 square feet, allowing flexibility and close customer contact [11][12] Community Engagement - **Community Support**: Over $4 million in product donations to food banks and nearly $1 million in monetary donations in 2024 [10] - **Market Presence**: Successful in various community types, particularly rural and health-oriented outdoor communities [19][20] Competitive Landscape - **Primary Competitors**: Conventional grocers, Sprouts, and Whole Foods - **Market Trends**: Strong wellness trend towards healthy eating and living, positioning NGVC as an authentic player in the market [25][26] - **Customer Trust**: High customer trust due to strict product standards, allowing NGVC to differentiate itself from competitors [27] Financial Performance - **Same Store Sales Growth**: 8.4% year-to-date, with traffic growth of 5.4% and basket size growth of 2.9% [39][41] - **Store Economics**: Average investment per store is around $3.6 million, with expected year one sales of approximately $5 million and EBITDA margins of 10.5% to 11% by year five [45][47] Expansion Plans - **Store Growth**: Planning to open 2 new stores in the current fiscal year and 6 to 8 in the next fiscal year, with a focus on prudent growth [50][55] - **Market Analysis**: Identified 75 potential communities for future expansion, focusing on grocery deserts and healthy demographics [56][58] Marketing Strategy - **Marketing Approach**: Combination of brand advertising, community events, and a focus on the Empower loyalty program, which has an 82% penetration rate [71][73] - **Target Audience**: Emphasis on engaging younger audiences through social media and health-focused messaging [78] Shareholder Returns - **Capital Allocation**: Commitment to returning value to shareholders through dividends and prudent capital allocation, with a history of returning $116 million since 2019 [62][67] Conclusion - **Future Outlook**: NGVC is well-positioned for growth with a strong focus on community engagement, product quality, and customer education, while maintaining a competitive edge in pricing and store format [55][88]

Core Insights - The Kropp family's journey into organic farming highlights the benefits of sustainable practices, emphasizing healing for both the land and the community [1][2] - Natural Grocers supports this narrative through its "Meet Your Farmer" series, showcasing farmers dedicated to innovative and responsible food production [4][5] Company Overview - Natural Grocers by Vitamin Cottage, Inc. is a specialty retailer focused on natural and organic groceries, founded in 1955, with 169 stores across 21 states [8][10] - The company adheres to strict quality guidelines, ensuring products are free from artificial additives and only sells USDA-certified organic produce [8] Educational Initiatives - Natural Grocers emphasizes nutrition education as a founding principle, offering resources like the good4uSM Health Hotline, recipes, and health coaching [6][10] - The company promotes its educational content through various platforms, aiming to empower communities in making informed food choices [6][7] Community Engagement - The "Meet Your Farmer" series aims to inspire consumers to rethink food production and embrace sustainable practices [4][5] - Natural Grocers has invested over $15 million in employee compensation and community initiatives in fiscal year 2024, reflecting its commitment to community and crew [10]

Core Insights - Natural Grocers will close its Arbor Walk location in Austin on October 2, 2025, due to unsuccessful lease renewal negotiations, while other locations in the Austin area and Texas will remain open [1][2][3] Company Overview - Natural Grocers, founded in 1955, is a specialty retailer of natural and organic groceries, body care products, and dietary supplements, with strict quality guidelines for its products [5] - The company operates 169 stores across 21 states and is headquartered in Lakewood, Colorado [5] Store Closure Details - The Arbor Walk store has been operational since 2010 and is the second location in Austin, contributing to a total of four stores in the region [2] - Storewide closing sales will begin on September 2, 2025, offering 25% off all items, with all sales being final [1][2] Community Commitment - The company expresses disappointment over the closure but emphasizes its commitment to the Austin community and plans to strengthen its presence in the area [3] - Natural Grocers is supporting its employees during the transition by identifying transfer opportunities or providing severance and health benefits [3]

Core Insights - The article emphasizes a data-oriented approach to investment analysis, highlighting the importance of independent opinions and insights in identifying medium-term investment opportunities [1]. Group 1 - The analyst has over 20 years of experience in various investment sectors including stocks, fixed income, forex, cryptocurrency, commodities futures, and options [1]. - The focus is on discovering medium-term investment opportunities through a unique analytical approach [1].

Group 1 - The analyst rated Natural Grocers by Vitamin Cottage (NYSE: NGVC) a "Hold" despite a valuation showing a 12% upside, anticipating discounted prices for the upcoming earnings release [1] - The analyst's investment strategy combines a top-down view of the global economy with a bottom-up analysis of individual companies, focusing on strong economies and quality companies with solid momentum [1] - The analyst has five years of experience in the investment field and holds an MBA in Macroeconomics and Portfolio Management, indicating a strong foundation in economic analysis [1] Group 2 - The article does not contain any specific financial data or performance metrics related to Natural Grocers or the broader industry [2][3]

Core Insights - Natural Grocers is celebrating its 70th anniversary with a special coffee launch, the Pecan Caramel Pie coffee, priced at $7.99 for a limited time during the anniversary event [1][4]. - The coffee is made from Fair Trade™ certified and organic ingredients, emphasizing the company's commitment to quality and ethical sourcing [2][6]. - The anniversary celebration includes various promotions, giveaways, and a sweepstakes with over $194,000 in prizes, including a Mustang Mach-E® Premium [4][11]. Product Details - The Pecan Caramel Pie coffee is described as rich, smooth, and perfect for various occasions, crafted by a trusted employee-owned roaster [2][6]. - The coffee will be available in a limited-edition 10 oz package featuring a disco-inspired design and a 70th anniversary seal [3][6]. - The product is made from 100% Arabica beans and is free from synthetic colors, artificial additives, and preservatives [7]. Company Overview - Natural Grocers, founded in 1955, operates 169 stores across 21 states, focusing on natural and organic groceries, body care products, and dietary supplements [6]. - The company adheres to strict quality guidelines, ensuring that its products do not contain artificial flavors, preservatives, or sweeteners [6]. - Natural Grocers is committed to community and employee welfare, having invested over $15 million in employee compensation in fiscal year 2024 [6].

Financial Data and Key Metrics Changes - Third quarter net sales increased by 6.3% year-over-year to $328.7 million, with daily average comparable store sales rising by 7.4% [11] - Operating income grew by 21.3% to $15.6 million, while net income increased by 26% to $11.6 million [13] - Diluted earnings per share rose by 25% to $0.50, and adjusted EBITDA increased by 10.1% to $24.4 million [13] Business Line Data and Key Metrics Changes - Daily average comparable transaction count increased by 4.8%, and transaction size grew by 2.4%, primarily due to modest product cost inflation [12] - Net sales penetration of the Empower Rewards program reached 82%, up from 80% a year ago, indicating improved customer loyalty [8] Market Data and Key Metrics Changes - Sales performance was strong across geographies and product categories, particularly in differentiated offerings like meat, dairy, and produce [6] - The company faced a temporary disruption in product distribution due to a cybersecurity incident with its primary distributor, UNFI, which adversely impacted net sales by approximately $3.5 million to $4 million [7] Company Strategy and Development Direction - The company plans to accelerate store unit growth, aiming to open six to eight new stores in fiscal 2026, with five future new stores already signed and negotiations ongoing for another five sites [9][10] - The revised outlook includes two new store openings and three store relocations or remodels, with capital expenditures projected between $30 million and $33 million [14] Management's Comments on Operating Environment and Future Outlook - Management has not observed any indicators of softer demand or trade down in consumer behavior despite monitoring trends closely [12] - The company remains focused on enhancing customer engagement through the Empower Rewards program and expanding its selection of Natural Grocers brand products [14] Other Important Information - The company ended the third quarter with $13.2 million in cash and cash equivalents, no outstanding borrowings, and $69.5 million available on its revolving credit facility [13] - The company celebrated its 70th anniversary, encouraging community engagement during the anniversary period [18] Q&A Session Summary - No questions were raised during the Q&A session, leading to a conclusion of the call [16]

Core Viewpoint - Natural Grocers By Vitamin Cottage reported strong profitability and comparable store performance in Q3 FY2025, despite a temporary supply chain disruption impacting sales [1][5][13] Financial Performance - Diluted earnings per share (GAAP) for Q3 FY2025 were $0.50, exceeding analyst expectations of $0.49, and representing a 25% increase year-over-year [2][5] - Revenue (GAAP) was $328.7 million, which was below the consensus estimate of $335.0 million, but showed a 6.3% increase from $309.1 million in Q3 FY2024 [2][5] - Adjusted EBITDA rose to $24.4 million, a 10.1% increase from the previous year [7] - Operating margin improved to 4.7%, up from 4.2% in Q3 FY2024 [7] - Net income (GAAP) grew 26% to $11.6 million [7] Operational Insights - Comparable store sales increased by 7.4%, driven by a 4.8% rise in transaction count and a 2.4% increase in average transaction size [6] - The company faced a one-time cybersecurity incident that reduced sales by approximately $3.5 million to $4.0 million, impacting daily average comparable store sales by 1.0–1.5 percentage points [5][11] Strategic Focus - Natural Grocers operates 169 stores across 21 states, emphasizing natural and organic products with strict product standards [3][4] - The company is focused on expanding free nutrition education programs and promoting environmental practices [4] - The Npower loyalty program achieved 81% penetration in sales in Q2 FY2025, contributing to customer engagement [10] Future Outlook - Management raised fiscal 2025 guidance, projecting comparable store sales growth of 7.25–7.75% and diluted EPS (GAAP) of $1.90–$1.95 [13] - Planned capital expenditures for FY2025 were adjusted to $30–33 million, reflecting a reduction in new store openings [13] - Six to eight new store openings are anticipated for FY2026 [13]

Executive Summary [Third Quarter Fiscal 2025 Highlights](index=1&type=section&id=Highlights%20for%20Third%20Quarter%20Fiscal%202025%20Compared%20to%20Third%20Quarter%20Fiscal%202024) Natural Grocers exceeded expectations in Q3 FY25, delivering strong results across key metrics including a 7.4% increase in daily average comparable sales and a 25% increase in diluted EPS, leading to an upward revision of the fiscal 2025 outlook. The company also managed a temporary disruption from a distributor's cybersecurity incident - Third quarter performance exceeded expectations with outstanding results across all key metrics, including daily average comparable sales growth of **7.4%** and a **25%** increase in diluted earnings per share[3](index=3&type=chunk) - The company raised its fiscal 2025 outlook for daily average comparable store sales growth and diluted earnings per share based on strong Q3 results[3](index=3&type=chunk) - A temporary cybersecurity incident at primary distributor United Natural Foods, Inc. (UNFI) adversely impacted Q3 FY25 daily average comparable store sales by **1.0 to 1.5 percentage points** and diluted EPS by **$0.04 to $0.05**, but operations have substantially normalized[3](index=3&type=chunk) Key Financial Highlights (Q3 FY25 vs Q3 FY24) | Metric | Q3 FY25 | Change YoY | | :-------------------------------- | :---------- | :--------- | | Net sales | $328.7 million | +6.3% | | Daily average comparable store sales growth | 7.4% | N/A | | Net income | $11.6 million | +26.0% | | Diluted earnings per share | $0.50 | +25.0% | | Adjusted EBITDA | $24.4 million | +10.1% | Operating Results [Third Quarter Fiscal 2025 Performance](index=1&type=section&id=Operating%20Results%20%E2%80%94%20Third%20Quarter%20Fiscal%202025%20Compared%20to%20Third%20Quarter%20Fiscal%202024) The company reported robust third-quarter results with significant increases in net sales, comparable store sales, gross profit, and net income, demonstrating strong operational leverage and effective promotional strategies despite a minor impact from a cybersecurity incident Third Quarter Fiscal 2025 Key Financials | Metric | Q3 FY25 (in millions) | Q3 FY24 (in millions) | YoY Change | | :-------------------------------- | :-------------------- | :-------------------- | :--------- | | Net sales | $328.7 | $309.1 | +6.3% | | Daily average comparable store sales growth | 7.4% | N/A | N/A | | Gross profit | $98.3 | $90.3 | +8.8% | | Gross margin | 29.9% | 29.2% | +70 bps | | Operating income | $15.6 | $12.8 | +21.3% | | Operating margin | 4.7% | 4.2% | +50 bps | | Net income | $11.6 | $9.2 | +26.0% | | Diluted earnings per share | $0.50 | $0.40 | +25.0% | | Adjusted EBITDA | $24.4 | $22.2 | +10.1% | - The increase in gross margin was primarily attributed to **effective promotions**[5](index=5&type=chunk) - Store expenses as a percentage of net sales decreased to **21.8%** from **21.9%**, reflecting expense leverage[6](index=6&type=chunk) - Administrative expenses increased **14.7%** to **$10.9 million**, driven by higher technology and compensation expenses, rising to **3.3% of net sales** from **3.1%**[8](index=8&type=chunk) [First Nine Months Fiscal 2025 Performance](index=2&type=section&id=Operating%20Results%20%E2%80%94%20First%20Nine%20Months%20Fiscal%202025%20Compared%20to%20First%20Nine%20Months%20Fiscal%202024) For the first nine months of fiscal 2025, the company achieved substantial growth in net sales, comparable store sales, gross profit, and net income, reflecting sustained strong performance and improved operating efficiency First Nine Months Fiscal 2025 Key Financials | Metric | 9M FY25 (in millions) | 9M FY24 (in millions) | YoY Change | | :-------------------------------- | :-------------------- | :-------------------- | :--------- | | Net sales | $994.7 | $918.9 | +8.2% | | Daily average comparable store sales growth | 8.4% | N/A | N/A | | Gross profit | $298.9 | $269.4 | +10.9% | | Gross margin | 30.0% | 29.3% | +70 bps | | Operating income | $46.5 | $34.9 | +33.2% | | Operating margin | 4.7% | 3.8% | +90 bps | | Net income | $34.6 | $24.9 | +39.0% | | Diluted earnings per share | $1.49 | $1.08 | +37.9% | | Adjusted EBITDA | $73.5 | $60.6 | +21.2% | - The increase in gross margin was driven by **higher product margin** primarily attributed to effective promotions, and **store occupancy cost leverage**[12](index=12&type=chunk) - Store expenses as a percentage of net sales decreased to **21.9%** from **22.3%**, reflecting expense leverage[13](index=13&type=chunk) - Administrative expenses increased **17.6%** to **$33.5 million**, primarily driven by higher compensation and technology expenses, rising to **3.4% of net sales** from **3.1%**[14](index=14&type=chunk) Financial Position and Capital Allocation [Balance Sheet and Cash Flow Summary](index=2&type=section&id=Balance%20Sheet%20and%20Cash%20Flow) As of June 30, 2025, the company reported a healthy cash balance and no outstanding borrowings on its revolving credit facility, supported by strong cash generation from operations which funded capital expenditures for store growth - The Company had **$13.2 million** in cash and cash equivalents as of June 30, 2025[17](index=17&type=chunk) - There were no outstanding borrowings on its **$72.5 million** revolving credit facility[17](index=17&type=chunk) - During the first nine months of fiscal 2025, the Company generated **$39.7 million** in cash from operations[17](index=17&type=chunk) - Net capital expenditures for the first nine months of fiscal 2025 were **$22.9 million**, primarily for new and relocated/remodeled stores[17](index=17&type=chunk) [Dividend Announcement](index=2&type=section&id=Dividend%20Announcement) The company announced the declaration of a quarterly cash dividend of $0.12 per common share, payable in September 2025 - A quarterly cash dividend of **$0.12 per common share** was declared[18](index=18&type=chunk) - The dividend will be paid on September 17, 2025, to stockholders of record as of September 2, 2025[18](index=18&type=chunk) Growth and Outlook [Store Growth and Development](index=2&type=section&id=Growth%20and%20Development) The company ended the third quarter with 169 stores across 21 states and has recently remodeled one store, indicating ongoing investment in its retail footprint - The Company ended the third quarter with **169 stores** in **21 states**[19](index=19&type=chunk) - Since June 30, 2025, one store has been remodeled[19](index=19&type=chunk) [Fiscal 2025 and 2026 Outlook](index=3&type=section&id=Outlook) Natural Grocers has raised its fiscal 2025 outlook for comparable store sales growth and diluted EPS, while adjusting its store development plans and providing initial new store targets for fiscal 2026 Updated Fiscal 2025 and New Fiscal 2026 Outlook | Metric | Prior Outlook (FY25) | Updated Outlook (FY25) | Outlook (FY26) | | :--------------------------------- | :------------------- | :--------------------- | :------------- | | Number of new stores | 3 to 4 | 2 | 6 to 8 | | Number of relocations/remodels | 2 to 4 | 3 | N/A | | Daily average comparable store sales growth | 6.5% to 7.5% | 7.25% to 7.75% | N/A | | Diluted earnings per share | $1.78 to $1.86 | $1.90 to $1.95 | N/A | | Capital expenditures (in millions) | $36 to $44 | $30 to $33 | N/A | Company Overview and Disclosures [About Natural Grocers by Vitamin Cottage](index=3&type=section&id=About%20Natural%20Grocers%20by%20Vitamin%20Cottage) Natural Grocers is an expanding specialty retailer focused on natural and organic products, adhering to strict quality guidelines, offering nutrition education, and operating in a flexible, smaller-store format - Natural Grocers by Vitamin Cottage, Inc. is an expanding specialty retailer of natural and organic groceries, body care products, and dietary supplements[22](index=22&type=chunk) - The company adheres to **strict quality guidelines**, selling only USDA certified organic produce, exclusively pasture-raised, non-confinement dairy products, and free-range eggs, and avoiding artificial ingredients[22](index=22&type=chunk) - Natural Grocers offers **affordable prices** in a shopper-friendly retail environment and provides extensive **free science-based nutrition education programs**[22](index=22&type=chunk) - The company, founded in 1955, currently operates **169 stores** in **21 states**[22](index=22&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) The release contains forward-looking statements based on management's current expectations, which are subject to various risks and uncertainties that could cause actual results to differ materially. The company disclaims any obligation to update these statements - Statements in the release are 'forward-looking statements' based on management's current expectations and are subject to uncertainty and changes in circumstances[24](index=24&type=chunk) - Actual results could differ materially due to various factors including political, economic, inflationary, competitive, market, and regulatory risks detailed in the Company's SEC filings (Form 10-K and 10-Q)[24](index=24&type=chunk)[25](index=25&type=chunk) - The Company undertakes no obligation to publicly update forward-looking statements, except as required by securities laws[24](index=24&type=chunk) Consolidated Financial Statements (GAAP) [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) The consolidated statements of income show the company's revenues, expenses, and net income for the three and nine months ended June 30, 2025, highlighting significant year-over-year growth in profitability Consolidated Statements of Income (Selected Data) | Metric (in thousands) | Q3 FY25 | Q3 FY24 | 9M FY25 | 9M FY24 | | :-------------------- | :------ | :------ | :------ | :------ | | Net sales | $328,705 | $309,082 | $994,695 | $918,924 | | Gross profit | $98,279 | $90,331 | $298,851 | $269,448 | | Operating income | $15,587 | $12,847 | $46,488 | $34,911 | | Net income | $11,605 | $9,209 | $34,644 | $24,925 | | Diluted EPS | $0.50 | $0.40 | $1.49 | $1.08 | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheets provide a snapshot of the company's assets, liabilities, and stockholders' equity as of June 30, 2025, and September 30, 2024, indicating a stable financial structure with increased equity Consolidated Balance Sheets (Selected Data) | Metric (in thousands) | June 30, 2025 | September 30, 2024 | | :-------------------- | :------------ | :----------------- | | Total assets | $658,997 | $655,476 | | Total liabilities | $456,496 | $481,222 | | Total stockholders' equity | $202,501 | $174,254 | | Cash and cash equivalents | $13,178 | $8,871 | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The consolidated statements of cash flows detail the cash generated from operating, investing, and financing activities for the nine months ended June 30, 2025, showing positive cash flow from operations Consolidated Statements of Cash Flows (Selected Data) | Metric (in thousands) | 9M FY25 | 9M FY24 | | :-------------------------------- | :------ | :------ | | Net cash provided by operating activities | $39,677 | $49,280 | | Net cash used in investing activities | $(22,942) | $(31,808) | | Net cash used in financing activities | $(12,428) | $(21,899) | | Net increase (decrease) in cash | $4,307 | $(4,427) | | Cash and cash equivalents, end of period | $13,178 | $13,915 | Non-GAAP Financial Measures [EBITDA and Adjusted EBITDA Reconciliation](index=7&type=section&id=EBITDA%20and%20Adjusted%20EBITDA) The company reconciles net income to EBITDA and Adjusted EBITDA, showing significant year-over-year growth in both non-GAAP measures for the third quarter and first nine months of fiscal 2025, reflecting improved operational performance EBITDA and Adjusted EBITDA Reconciliation | Metric (in thousands) | Q3 FY25 | Q3 FY24 | 9M FY25 | 9M FY24 | | :-------------------- | :------ | :------ | :------ | :------ | | Net income | $11,605 | $9,209 | $34,644 | $24,925 | | EBITDA | $23,540 | $20,692 | $70,279 | $57,909 | | Adjusted EBITDA | $24,385 | $22,156 | $73,500 | $60,635 | - EBITDA increased **13.8%** to **$23.5 million** for Q3 FY25 and **21.4%** to **$70.3 million** for 9M FY25[35](index=35&type=chunk) - Adjusted EBITDA increased **10.1%** to **$24.4 million** for Q3 FY25 and **21.2%** to **$73.5 million** for 9M FY25[36](index=36&type=chunk) [Management's Rationale and Limitations](index=7&type=section&id=Management%20believes%20some%20investors'%20understanding%20of%20our%20performance%20is%20enhanced%20by%20including%20EBITDA%20and%20Adjusted%20EBITDA) Management uses EBITDA and Adjusted EBITDA as supplemental measures to assess operating performance and compare store performance consistently, but acknowledges their limitations as analytical tools that do not represent cash expenditures or substitute for GAAP results - Management believes EBITDA and Adjusted EBITDA enhance understanding of operating performance by removing non-cash depreciation/amortization and items not directly from core operations, assisting in consistent store performance comparison[37](index=37&type=chunk)[38](index=38&type=chunk) - EBITDA is a component of a measure in the company's financial covenants under its credit facility[37](index=37&type=chunk) - Limitations include not reflecting cash expenditures for capital, working capital, debt service, or taxes, and not accounting for asset replacement costs, thus they should not be considered in isolation or as a substitute for GAAP results[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)