The Ballin’ Burritos

Kyl e Gra nt , Th e od o re K a t s ou l i s , L a u ra R i ke r, Emi ly S l o a n , Mi ke S my t h
...
Mission Statement
“Food With Integrity”
“Food With Integrity” is Chipotle’s commitment to finding our very best ingredient...
Business Model
Strategy Description
Chipotle’s business strategy is comprised of four components:
1) To increase consumer ...
Financial Analysis
“Food with Integrity” lies at the heart of Chipotle’s philosophy, and not surprisingly, it has increase...
business. Chipotle’s profit margin currently stands at about 10.5%, which is below the industry average of
13.3%. If Chipo...
Competitive and Business Factors
Industry, Trends, and Major Competitors
Chipotle prides itself on being a restaurant diff...
4. Quality of food
Chipotle prides itself on serving the healthiest, high quality food in the “fast casual” industry.
In 2...
Major Ethical and Social Responsibility Issues
The biggest ethical and social responsibility issues faced by Chipotle revo...
Customer Analysis
The customer value proposition is to serve food fast, while using high-quality ingredients, in a friendl...
Value Drivers
Brand Equity
Chipotle has one of the strongest brands in its industry because of the steps that management h...
Menu
People love to have the option to make things with their own personal preference of style and flavor. For
this reason...
Balanced Scorecard
Balance Scorecard Measurement Profile #1
Strategy Level
Measurement Name: Percentage Customer Retention...
Balanced Scorecard Measurement Profile #4
Strategy Level
Measurement Name: Strategic Ingredients
BSC perspective that meas...
References
Chipotle 10-K Annual Report Filed on 02/10/2012
http://www.chipotle.com/en-US/fwi/fwi.aspx
http://www.chipotle....
Upcoming SlideShare
Loading in …5
×

Chipotle Balanced Scorecard Paper

12,933 views

Published on

For my Managerial Accounting course, our team was charged with creating a strategy map and providing an analysis of a publicly-traded company's mission statement, business model, financials, competitive and business factors, consumer analysis, and key value drivers. We selected Chipotle.

  • Be the first to comment

Chipotle Balanced Scorecard Paper

  1. 1. The Ballin’ Burritos Kyl e Gra nt , Th e od o re K a t s ou l i s , L a u ra R i ke r, Emi ly S l o a n , Mi ke S my t h CHIPOTLE BALANCED SCORECARD CASE PROJECT December 13, 2012
  2. 2. Mission Statement “Food With Integrity” “Food With Integrity” is Chipotle’s commitment to finding our very best ingredients raised with respect for the animals, the environment, and the farmers. Chipotle’s goal is to be a socially responsible company, and to provide high quality food for its consumers. It makes every possible effort to use natural ingredients to emphasize its commitment to maintaining its status as a “fast-casual” restaurant that makes healthy food at an affordable price. 1
  3. 3. Business Model Strategy Description Chipotle’s business strategy is comprised of four components: 1) To increase consumer awareness with regards to the importance and benefits consuming of naturally-raised produce. 2) To vigorously seek out expansion into the European markets. 3) To continue to grow and foster new relationships with food suppliers. 4) To continue incurring only minimal amounts of expenses relating to marketing and other advertising expenses. Each of these elements helps Chipotle maintain its focus to run a business that creates a memorable and healthy experience for each and every customer. The “fast-casual” style of Chipotle entices people to come in and enjoy their meal at the restaurant or take it to go and have at home. Differentiation of Products & services Chipotle’s product line consists of:burritos, fajita burritos, burrito bowls, tacos, quesadillas, and salads. Each item can come with chicken, pork, carnitas, barbacoa, steak, or simply vegetables. Extra sides Chipotle offers include chips and guacamole. Additional toppings consist of: rice, beans, fourdifferent types of salsa, sour cream, cheese, and lettuce.Quesadillas are made on request.Soft drinks and fruit drinks are typically served at all restaurants, and some locations serve beer and margaritas. In May 2010, Chipotleintroduced a children’s menu that proved popular and was soon put into effect at most locations. The majority of the food is made on site in the individual restaurants. There are no freezers, microwave ovens, or can openers at any of the locations. Chipotle’s service is providing “Food with Integrity”combined with excellent customer service. It makes conscious efforts to make food that is fresh and environmentally safe. Chipotle’s main product line is the five menu items it offers internationally. Of course, some locations serve variations of the same drink and meat options, but they all follow a consistent product focus. Operations All of the Chipotle restaurants are company-owned, not franchised. There are 1262 restaurants throughout the United States and Canada, spread out over 43 states, Ontario, and Washington D.C. The restaurant has even expanded into Europe, namely England in May 2010 and France in May 2012. In 2011, Chipotle opened an Asian-style “fast-casual” restaurant in Washington, D.C. to sell food inspired by Thai, Malaysian, and Vietnamese cuisine. This new restaurant is in its testing period to determine whether or not Chipotle will eventually want to expand this food style into more locations. 2
  4. 4. Financial Analysis “Food with Integrity” lies at the heart of Chipotle’s philosophy, and not surprisingly, it has increased various costs in Chipotle’s financial statements. The important thing to focus on is whether or not these costs are offset by the revenue and customer satisfaction. Some key aspects of the financial statements to concentrate on are the financial leverage, efficiency, profitability, and return on investment. Chipotle is an industry leader in its intangibles, like goodwill, in addition to being a pioneer in the new “fast casual” industry. One of the many great aspects of Chipotle is that it can easily cover any debt it incurs, which when combined with its available cash and short-term investments (which amount to $456.2 million), make it a very flexible company going forward. According to its 10K, Chipotle operated 1,230 restaurants as of December 31, 2011 and planned on opening around 160 new establishments over the course of 2012. For comparison, the company successfully opened 150 new restaurants in 2011 while only closing 4 in the entire country. This is good because it shows the consistency and reliability of Chipotle’s management. In general, any company that wants to be successful should try and keep their financial leverage as low and manageable as possible. Chipotle is no exception as its 0.26 debt to equity ratio (TTM) puts it in the top five percentile in its industry. In addition, Chipotle’s current ratio is an astounding 4.12! Restaurants can easily go out of business for various reasons, so not having large amounts of debt is great because they can remain flexible. These two statistics show that Chipotle is committed to being able to absorb any unforeseen problems and to working to expand its locations across the globe. Risks are an integral part of any company’s market analysis, and Chipotle does a great job of minimizing its risks. With a beta of about 0.5, this company really understands how to plan and react when obstacles arise in the world of business. Opening so many new restaurants, while losing so few, is a testament to Chipotle’s ability to overcome the many risks that plague the restaurant business. In its 10K, Chipotle lists some main risk factors as “delay or cancellation of new site development by developers and landlords, which may become increasingly common during periods of economic uncertainty or tight credit; our potential inability to locate and secure new restaurant sites in locations that we believe to be attractive; and a lack of availability of, or inability to obtain, adequate supplies of ingredients that meet our quality standards.” Again, Chipotle’s flexibility gives it a stellar reputation amongst landlords because they know that if they lease out a space, they are going to get paid. Chipotle is a great company to work with because of their pursuit of ethical integrity and their large bank account. Because they are not saddled by debt, Chipotle can overcome the many risks of opening new restaurants. The one risk which they have no control over is the cost and availability of their product. Their “Food with Integrity” initiative forces them rely upon organic foods that are growing more expensive by the month. Due to the fact that Chipotle provides its food fresh, the company does not have to deal with much inventory. That being said, its inventory turnover stands at around 204.23 times per year. Both its stock price and inventory turnover are to testament to how well Steve Ellis runs his company. If that was not enough, Chipotle’s return on investment is in the top ten percentile of its industry at 21.70% (TTM). A lot of this is due to the fact that Chipotle is very flexible and able to fund its own expansion. “While operations continue to provide cash, our primary use of cash is in new restaurant development.” As was said before, Chipotle sets the example in how to properly run a business in the “fast casual” industry. Unfortunately, the ever-increasing cost of high-quality food and supplies may be detrimental to their 3
  5. 5. business. Chipotle’s profit margin currently stands at about 10.5%, which is below the industry average of 13.3%. If Chipotle can find a solution to offset the increasing costs, then they will be able to keep succeeding. Overall, what is evident is that Chipotle always wants to be prepared, and they understand the importance of constantly taking action to ensure continued success. Chipotle has been, and will continue to be, a very strong firm in financial markets. With a stock price of over $267 (as of 11/29/12), this company provides a great model for others to follow in managing assets and growing its business. Its 2011 EPS of $6.76 per share is great in comparison to its industry, which averaged only $3.67 earnings per share. In addition, its EPS growth from the past quarter vs. the same quarter from a year ago is a 19.47% increase, with projected EPS growth over the next year to be a 17.10% increase. This is not as good as it has been in the past for Chipotle, but it is still nonetheless a strong statistic to keep an eye on. One piece of information that is a bit concerning is Chipotle’s price to earnings ratio (P/E) of 31.47. This could be an indicator that Chipotle’s enormous growth over the past few years might be slowing down a bit. Other competitors, such as Domino’s and Jack in the Box, which owns rival Qdoba, have P/E’s of 23.3 and 19.1, respectively. Again, the P/E ratio is not in any way indicative of how well a company is doing, but rather it is saying that the market likely views the stock as being over-valued. 4
  6. 6. Competitive and Business Factors Industry, Trends, and Major Competitors Chipotle prides itself on being a restaurant different from the typical “fast food” joints such as McDonalds and Wendys. It is being categorized into a fast growing industry known as “fast casual.” It is currently the fastest growing food industry, and it shows no signs of stopping. It was jumpstarted after the health food craze began and more people looked to healthier alternatives to fast food. For most people, the “fast casual” restaurants provided this. The industry has many different varieties of restaurants, including Mexican food, Italian food, sandwich shops, and bakeries. With the growing amount of “fast casual” restaurants being created, the industry shows no signs of slowing down. The major trends within the industry include healthy food choices, menu diversity, using locally grown produce, and converting known restaurants into the “fast casual” business model. Since the “fast casual” food industry is relatively up and coming, Chipotle finds itself competing against two different sets of food franchises. Its direct competition includes restaurants with the same types of food, such as Taco Bell Corporation, Moe’s Southwest Grill, and other up and coming restaurants who look to sell Mexican food. Chipotle is also in competition with other restaurant who sell food other than Mexican food. These include Domino’s, Jack in the Box, and Sonic. Because of the ever growing competition from so many different franchises in the food industry, Chipotle must continue with its current business strategy but devote enough time and money into research and development into the changing trends of the industry. Critical Success Factors (CSF) In order to increase market share and be successful, Chipotle must be certain to continue pursuing the current strategies that have worked for them. In addition to their initiative to serve healthier food options, they are expanding their “Food With Integrity” campaign. This has fared well with customers, who believe in sustainable food and supporting local farmers. By continuing with this campaign and initiating others like it in the future, the Chipotle market share can be increased. Strengths and Weaknesses Strengths: 1. Current Market Standing The firm’s biggest strength is its current market standing. It has a good following within the “fast casual” industry, based on its successful campaigns to bring healthier food and support local farms with sustainable farming techniques. This allows the restaurants to be competitive with other franchises within the industry. 2. Innovative Menu The food served Chipotle, although simple, allows for enough variety to satisfy many customers. The style is set up like a Subway restaurant where the customer goes down a buffet style line and is able to customize any food order with the main entrée, toppings, and sides they desire. By creating this kind of environment to serve Mexican food, Chipotle was able to create a market niche for itself. The menu continues to be updated with current market and social trends. For example, gluten free items have recently been added to many locations across the country. 3. “Food With Integrity” Campaign – Social & Ethical Awareness Consumers have embraced the Chipotle ideals and support the decisions that go along with the “Food With Integrity” campaign. It highlights the company’s commitment to providing the healthiest food to its customers, while also supporting the businesses of the local farmers. This combination has been a rapid success for Chipotle, and the company will only continue building off of this reputation to show the high standards of the company. 5
  7. 7. 4. Quality of food Chipotle prides itself on serving the healthiest, high quality food in the “fast casual” industry. In 2000, they began serving only naturally raised pork which was followed in 2002 to their commitment to serve only naturally raised chickens. Chipotle made headlines when they were the first restaurant to start using zero trans fat oil to cook their food in. If the restaurants continue using high quality ingredients and hiring members for their research and development team who are able to predict these big trends before competitors, Chipotle will stay on top of the market. Weaknesses: 1. Risk of Opening New Restaurants Chipotle’s biggest weakness is the risks associated with a restaurant chain like theirs. Expanding Chipotles and increasing sales and profits depends mainly on the ability to open new and profitable restaurants. Because of the volatility of the economy and the rise of many other franchises similar to Chipotle, this could lead to many unpredictable factors that hinder growth. Chipotle plans to open between 155 and 165 new restaurants in 2012, but many factors that have prevented the opening of new restaurants in the past may occur again; some factors include inability to find new sites, shortage of construction workers and materials, and trouble with leasing. Conversely, if these new restaurants are opened but fail to bring in revenue, it could negatively impact the existing restaurants. This is a major weakness of Chipotle. 2. Volatility of Supply Costs Since the health food market is ever growing and changing, it is hard to predict what the cost of food and supplies will be. The menu at Chipotle relies on having the freshest and healthiest ingredients, so it will have to be aware of the changing supply costs. 3. Higher Prices The current customer base of Chipotle is willing to pay the slightly higher prices for the food served at the restaurants. They understand the mission of Chipotle, and are willing to support it. However, persuading new customers to the industry that paying slightly higher prices is worth it for higher quality food may prove to be difficult. 4. Supplier Relationships The criteria set forth by the “Food With Integrity” campaign limits the suppliers that Chipotle can utilize. The suppliers must match the standards of high-quality, healthy, and naturally grown food. Since these suppliers are vital to the company, it must be sure to form strong relationships that can last the duration of Chipotle’s existence. Competitive Threats Chipotle faces many competitive threats from being a member in the rapidly growing “fast casual industry”. Some of the threats include competition from new and existing restaurants in the industry who want to succeed in the health food market, price wars with these competitors, substitutes or new ideas for “fast casual” restaurants, and continued economic slowdown which would affect the number of consumers willing to pay higher prices for fast food. Opportunities for Competitive Advantage Some opportunities that Chipotle has for competitive advantage is the continued branding and market differentiation with their “Food With Integrity” campaign and the continuation of growth in their industry. Both of these opportunities could mean increased sales and revenue for Chipotle in the future. 6
  8. 8. Major Ethical and Social Responsibility Issues The biggest ethical and social responsibility issues faced by Chipotle revolve around their “Food With Integrity” campaign. Since Chipotle uses this as their central marketing campaign and pillar of the restaurant, they must be sure to find food suppliers who match up to these standards. To be sure that their restaurants are using the best available ingredients, Chipotle executives spend time with the farmers in the fields where the crops are grown and where the animals are raised in order to guarantee it is being done in an ethical and sustainable way. In addition, as of December 2011 all Chipotle restaurants were serving only naturally raised meats. This is a big responsibility for the restaurant to maintain this promise to its consumers so that it is viewed as ethical and socially responsible. Chipotle has done well with their ethical and social responsibility in the past, and has been said to be one of the best companies to work for. They are not only responsible with their consumers but they also treat their employees well, which is a recipe for success. Major Business Risks The major business risks are aligned with the “weaknesses” of the restaurant, as discussed above. Their risks center around the fact that continued success is solely based on opening new restaurants that are profitable and thrive against all of the other competitors. There are many factors in the business cycle that could hinder this growth and prosperity, all of which would be regarded as business risks for Chipotle. Chipotle also runs the risk of failed partnerships with their suppliers. If anything were to happen to hinder the relationships that Chipotle has with the farmers who supply their naturally grown food, the restaurant’s operations would be at risk. 7
  9. 9. Customer Analysis The customer value proposition is to serve food fast, while using high-quality ingredients, in a friendly environment. Target Market The target market is 18-34 year olds with at least a Bachelor’s degree. They belong to the upper middle class because they need to have a high enough income where they can afford a $7 burrito. If they did not have as much money to spend on food, they would more likely eat at Taco Bell or McDonalds, where they can get more value. Also, it is important that they appeal to the working class because it is a popular lunch spot. When workers have an hour lunch break, a meal at Chipotle perfectly fills that time slot by not being too fast or too slow. Strategies and Market Segments Chipotle positions itself in the market with their slogan “Food With Integrity”. This means that they appeal to the health conscious crowd, which is hard to do in today’s market. However, they are able to appeal to the crowd that may not be as health conscious with their old marketing campaign of large burritos for a reasonable price. This is a good value for the consumer, and something that is definitely important for teenagers and young adults. Market Share Unfortunately, the restaurant industry does not accurately determine what share of the market Chipotle has. All restaurants are grouped together in the restaurant industry, while Chipotle’s market is more defined as “fast casual”. The market cap is a better indicator to determine how large of a competitor Chipotle is and how they compare to other companies in their relative market. Chipotle has a market cap of $8.31 billion, while McDonalds has one of $87.39 billion, Jack in the Box’s, owner of Qdoba, is $1.18 billion, and Yum!’s, owner of Pizza Hut, KFC, and Taco Bell, is $30.31 billion. This shows that Chipotle has a relatively firm position in today’s market of “fast casual” restaurants, and its improvements and marketing strategies likely will cause an increase in their share. New Product Introductions and Product Plans Although Chipotle is not introducing any new products to their current menu at Chipotle restaurants, they have begun to break out into new markets. First, they have begun to expand globally. At first, Chipotle restaurants were only in the United States.That being said, they have placed two in Canada and two in London in recent years. Second, they have recently attempted to break into the Asian food market with a new type of store called shop house stores. If they are able to create as good of a product in the Asian food market as they did in the Mexican food market, they will become wildly successful. Both of these new ideas are areas they look to expand on in years to come. In terms of changes they are making to the Chipotle we know today, they are looking to open between 155 and 165 restaurants in the United States in 2012, in an attempt to make Chipotle available to more people. They are also changing their slogan to “Food with Integrity” instead of the large burrito pictures they have promoted in the past. This means they are making the switch from promoting the good value of their food to the quality and naturalness of their food. 8
  10. 10. Value Drivers Brand Equity Chipotle has one of the strongest brands in its industry because of the steps that management hastaken since their founding. Through these efforts they have managed to create a strong, yet consistent brand. However Chipotle did not achieve this through aggressive advertising as most other companies in their industry, but rather through a few simple traditional advertisements which tell its simple story and organic aspirations. Its strongest tools in this strategy areits efficient and complete use of its website along with its in-store packaging and atmosphere. This practice has led to Chipotle to generate a remarkable amount of word-of-mouth buzz;in which Chipotle’s cuisine essentially sells itself. This result stems directly from founder Steve Ells’ belief that “advertising is not believable”, and relies on tools such as word-of-mouth as well as free product giveaways instead of traditional advertising. This, coupled with the small amount of advertising that highlights the quality of Chipotle’s ingredients, Chipotle has been able to establish a very strong and loyal customer base. Quality Chipotle recognizes that one of the things that separate it from its competitors is its ability to offer food that is in league with a healthier lifestyle and to provide a fast-food option that differs from the norm, thusit treats the quality of the ingredients as one of its most important value drivers. This a very stable and well established company mission that goes on to influence every single Chipotle restaurant to use naturally raised meats and fresh, local organic produce whenever possible. In 2011 it nearly doubled their use of organic produce such as lettuce, peppers, and tomatoes, to nearly 10 million pounds. None of Chipotle’s cheese uses any dyes or artificial flavors and is grated daily. In addition to keeping ingredients fresh and limit waste in the stores, Chipotle makes fresh batches of rice every hour and the dressing is made twice a day. When it comes to meat, pork in particular, Chipotle not only meets USDA standards, but actually surpasses them by implementing some of its own additions. Things like never feeding pigs antibiotics and letting them sleep in padded pen are just two of many. It has boasted being able to serve 100% naturally raised pork, chicken, and beef since 2011. Chipotle’s emphasis on quality does not end with its supplies, but extends to its food preparation and packaging as well. The bowls and napkins it uses are made from 99% recycled materials, while its basket liners are merely unbleached slips of paper. When preparing guacamole,employees mash avocadoes by hand as opposed to using a food processor, as well as marinating their naturally raised pork carnitas overnight. The combinations of all these various steps to maintain and improve quality has led to an environmentally-friendly packaged, classically prepared, and great tasting product that offer customers a better option to traditional fast food; it has led to “Food with Integrity.” 9
  11. 11. Menu People love to have the option to make things with their own personal preference of style and flavor. For this reason, Chipotle has created an important value driver in their simple, easy to use, and customizable menu options. In fact, they boast an incredible 65,000 potential combinations that can be chosen from as they interactively make the dish of their choosing. Of course not every customer is in the mood for creating their entire meal from scratch, so traditional restaurant style options are also available. Culture An important facet to any company is the facilitation and development of its employees and their improvement as well as advancement. With this idea put into practice, Chipotle has added another value driver in the form of its culture. “Identifying and empowering top performing employees” is an important priority, says founder Steve Ells in order to develop future leaders from within. Under this system, the best store managers, who often start on the service line making near minimum wage, may work their way up to be coming “restaurateurs” who are commonly compensated six figures annually. By rewarding its employees’ successes,Chipotle has not only paved a road for individuals to become future executives, but has also added value to the employees through the opportunities it provides. 10
  12. 12. Balanced Scorecard Balance Scorecard Measurement Profile #1 Strategy Level Measurement Name: Percentage Customer Retention BSC perspective that measurement is included in: Internal Perspective Measurement that is relevant to the firm’s strategy to: Menu Leadership – continued devotion to making quality food, first to market new health trends. Is this viewed as a leading (driver) or lagging (outcome) measure? Lagging. Explain the logic underlying the measure. The goal for the “Food With Integrity” program is to attract a loyal customer base and maintain its relationship with suppliers. This requires an understanding of customers’ wants and needs in the “fast-casual” food industry. If Chipotle is successful in targeting consistent customers, sales and brand allegiance will increase. Data source – How would the firm collect this measurement information? Accounting information system that will monitor customer activity and supplier history. How often would the measurement be reported? Monthly. Balanced Scorecard Measurement Profile #2 Strategy Level Measurement Name: Revenue Growth BSC perspective that measurement is included in: Financial Perspective Measurement that is relevant to the firm’s strategy to: Expanding location base. Is this viewed as a leading or lagging outcome? Lagging. Explain this logic underlying the measure. The goal for expanding the location base is to spread Chipotle’s message and increase its share in the market. This would lead to increased revenue growth. Data source – How would the firm collect this measurement information? Accounting system that will monitor revenue for individual locations. How often would the measurement be reported? Monthly. Balanced Scorecard Measurement Profile #3 Strategy Level Measurement Name: Operations and Management Processes BSC perspective that measurement is included in: Internal Perspective Measurement that is relevant to the firm’s strategy to: Achieving operational efficiency. Is this viewed as a leading or lagging outcome? Lagging. Explain this logic underlying the measure. The goal for attaining operational efficiency is to allow Chipotle to perform at its most effective level possible. Data source – How would the firm collect this measurement information? Accounting system that will monitor price and quantity variance in the supplies the company uses in production. How often would the measurement be reported? Monthly. 11
  13. 13. Balanced Scorecard Measurement Profile #4 Strategy Level Measurement Name: Strategic Ingredients BSC perspective that measurement is included in: Learning and Growth Perspective Measurement that is relevant to the firm’s strategy to: Succeed in fostering a sustainable and environmentally aware legacy. Is this viewed as a leading or lagging outcome? Lagging. Explain this logic underlying the measure. The goal for functioning as an environmentally aware and sustainable company is to attract a consumer base that is likely to favor socially responsible companies over alternative dining options. Using healthy and safe food will help Chipotle succeed its ultimate goal of building a lasting brand. Data source – How would the firm collect this measurement information? System that will monitor how suppliers make their ingredients and how the food is then prepared to ensure that it meets Chipotle’s high standards. How often would the measurement be reported? Monthly. 12
  14. 14. References Chipotle 10-K Annual Report Filed on 02/10/2012 http://www.chipotle.com/en-US/fwi/fwi.aspx http://www.chipotle.com/en-us/company/about_us.aspx http://www.chipotle.com/en-US/chipotle_story/chipotle_story.aspx http://www.chipotle.com/enUS/chipotle_story/where_did_we_come_from/where_did_we_come_from.aspx http://chipotleburritobowl.blogspot.com/p/swot.html http://finance.yahoo.com/q/co?s=cmg+Competitors http://www.franchisehelp.com/industry-reports/fast-food-industry-report http://www.franchisedirect.com/foodfranchises/fastcasualrestaurantfranchisestudy/14/260 http://www.ohiodominican.edu/uploadedFiles/Library/CoursePages/Courses/Bus/Bus498/SWOT%20 Matrix%20and%20Organizational%20Strategic%20Plan%20Paper.pdf http://seekingalpha.com/article/901961-chipotle-gets-einhorned-why-david-einhorn-s-thesis-is-flawed 13

×