{"product_id":"sallybeautyholdings-swot-analysis","title":"Sally Beauty Holdings SWOT Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDive Deeper Into the Company’s Strategic Blueprint\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eSally Beauty’s strong retail footprint and specialized product mix position it well in the professional and DIY beauty markets, yet margin pressure, supply-chain risks, and rising competition challenge growth—our full SWOT unpacks these forces with financial context and strategic actions. Purchase the complete SWOT analysis to receive a professionally formatted Word report and editable Excel matrix for planning, pitching, or investment decisions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003etrengths\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDual-Segment Distribution Model\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cpsally beauty holdings operates through two segments serving diy retail customers and professional salon stylists letting it capture both consumer purchases bulk channels in cosmoprof sally together generated roughly billion net sales spreading demand across channels.\u003e\n\u003cpseparate brands for professionals and sally beauty consumers targeted marketing product assortments helping the company hold a combined global stores improve cross-segment inventory turnover.\u003e\n\u003cpthis bifurcated model diversifies revenue streams and reduces concentration risk: if one segment slows the other often offsets declines shown by mix stability at about consumer professional sales.\u003e\n\u003c\/pthis\u003e\u003c\/pseparate\u003e\u003c\/psally\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDominant Private Label Portfolio\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eSally Beauty’s owned brands generate higher margins than third-party lines, contributing roughly 38% of gross profit in FY2025 and lifting store-level gross margin by ~220 basis points year-over-year. These private labels create exclusive value and repeat purchases—private-label SKU turnover is 1.6x that of national brands—driving customer loyalty competitors can’t easily copy. As of late 2025, they remain the primary profitability engine and a clear retail differentiator.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eExtensive Physical Store Footprint\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSally Beauty operates about 4,000 stores worldwide (Q4 2024), giving it a dense physical footprint that doubles as retail and micro-distribution hubs for salon pros needing immediate stock.\u003c\/p\u003e\n\u003cp\u003eThis network supports omnichannel services—BOPIS (buy-online-pick-up-in-store) and same-day pickup—reducing shipping costs and improving conversion rates; stores account for ~60% of US sales (FY2024).\u003c\/p\u003e\n\u003cp\u003eCareful site placement in high-density, prime-demographic areas boosts walk-in traffic, brand visibility, and repeat purchases, helping stabilize local market share.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRobust Loyalty Program Integration\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe Sally Beauty Rewards program now functions as a mature data engine, driving repeat purchases and personalized marketing that lifted loyalty-customer revenue by ~18% in FY2024 (Sally Beauty Holdings 10-K, Feb 2025).\u003c\/p\u003e\n\u003cp\u003eUsing purchase-history and preference data, Sally runs targeted promos that grew basket size 7% and visit frequency 5% year-over-year in 2024, boosting same-store sales.\u003c\/p\u003e\n\u003cp\u003eThat data-driven approach deepens engagement with high-value segments, improving retention and ARPU (average revenue per user), and lowering acquisition cost per retained customer.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eMature data engine: loyalty revenue +18% (FY2024)\u003c\/li\u003e\n\u003cli\u003eBasket size +7%, visit frequency +5% (2024)\u003c\/li\u003e\n\u003cli\u003eHigher ARPU, lower acquisition cost per retained customer\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eProfessional Industry Authority\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eSally Beauty Holdings is a trusted education and pro-product authority, with Beauty Systems Group (BSG) serving over 63,000 professional customers and contributing roughly 30% of FY2024 revenue ($1.1B of $3.7B consolidated sales) — reinforcing its role in stylist training and business tools.\u003c\/p\u003e\n\u003cp\u003eThis pro-centric position raises a high entry barrier for general retailers, who lack BSG’s technical training, distribution scale, and long-standing supplier relationships.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e63,000+ BSG pro customers (2024)\u003c\/li\u003e\n\u003cli\u003eBSG ≈ $1.1B revenue in FY2024 (~30% of total)\u003c\/li\u003e\n\u003cli\u003eSpecialized training + supply chain = high barrier to entry\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSally Beauty: $3.7B sales, 6.3K stores, 38% private-label GP, $1.1B pro revenue\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cpsally beauty dual-channel model sally drove net sales in global stores q4 core markets private labels gross profit fy2025 loyalty revenue fy2024 bsg pro customers and fy2024.\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet sales 2024\u003c\/td\u003e\n\u003ctd\u003e$3.7B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGlobal stores (2024)\u003c\/td\u003e\n\u003ctd\u003e~6,300\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ4 2024 core stores\u003c\/td\u003e\n\u003ctd\u003e~4,000\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePrivate-label GP FY2025\u003c\/td\u003e\n\u003ctd\u003e~38%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLoyalty rev FY2024\u003c\/td\u003e\n\u003ctd\u003e+18%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBSG pro customers 2024\u003c\/td\u003e\n\u003ctd\u003e63,000+\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBSG revenue FY2024\u003c\/td\u003e\n\u003ctd\u003e$1.1B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/psally\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eProvides a concise SWOT assessment of Sally Beauty Holdings, outlining the company’s core strengths, operational weaknesses, market opportunities, and external threats to its competitive position.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eProvides a concise SWOT snapshot of Sally Beauty Holdings for rapid strategic alignment and quick stakeholder-ready visuals.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eW\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eeaknesses\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSignificant Debt Service Obligations\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe company carried about $1.2 billion in long-term debt at fiscal 2024 year-end (May 31, 2024), creating steady interest cash needs that require reliable operating cash flow.\u003c\/p\u003e\n\u003cp\u003eThis leverage reduces flexibility to pursue big acquisitions or capex in downturns, since higher debt service raises financing and refinancing risks.\u003c\/p\u003e\n\u003cp\u003eLeadership has prioritized debt management—deleveraging and cash conversion improvements—to protect credit metrics and investor confidence.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eVulnerability to Brick and Mortar Traffic\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cpdespite digital gains sally beauty holdings still relies heavily on store traffic: in fy2024 stores generated about of global net sales total so mall and strip-center footfall swings hit revenue directly.\u003e\u003cphigh fixed costs for us and international locations keep operating leverage high a drop in store sales would cut consolidated ebitda by roughly based on margins.\u003e\n\u003c\/phigh\u003e\u003c\/pdespite\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDependency on Key Professional Brands\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThe Beauty Systems Group depends on distribution deals with a few major professional brands (e.g., LOréal Professional, Wella) and in 2024 these suppliers represented an estimated 35–45% of professional category sales, so any shift to direct-to-consumer or rival distributors could create immediate inventory gaps and a 3–5% hit to consolidated gross margin. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eOperational Complexities in International Markets\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eExpanding outside North America exposes Sally Beauty Holdings to regulatory, logistical, and FX risks; in 2024, international revenue fell 6% YoY and represented ~12% of total sales, amplifying volatility.\u003c\/p\u003e\n\u003cp\u003eConsumer preferences and stronger local rivals in Europe and Latin America drove uneven store KPIs—European same-store sales declined 4% in 2024 while Latin America grew 2%—forcing heavier management oversight.\u003c\/p\u003e\n\u003cp\u003eThese complexities divert focus from the US core, raising SG\u0026amp;A by 1.8 percentage points in 2024 and compressing operating margin by ~120 basis points versus 2023.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eInternational sales ~12% of revenue (2024)\u003c\/li\u003e\n\u003cli\u003eIntl revenue -6% YoY (2024)\u003c\/li\u003e\n\u003cli\u003eEurope comp sales -4% (2024)\u003c\/li\u003e\n\u003cli\u003eSG\u0026amp;A +1.8 ppt; op margin -120 bps (2024 vs 2023)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePerception Gap in Premium Beauty\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eSally Beauty excels in hair color and pro supplies but trails in prestige cosmetics and skincare, where Sephora and Ulta captured 2024 US prestige beauty sales of about $22.5B vs Sally’s limited share; shoppers see Sally as value-focused, not luxury, which caps access to high-spending customers.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003ePerception: value over luxury\u003c\/li\u003e\n\u003cli\u003eMissed market: prestige skincare\/cosmetics\u003c\/li\u003e\n\u003cli\u003eCompetitors’ scale: Sephora\/Ulta lead\u003c\/li\u003e\n\u003cli\u003eRevenue impact: limits higher-margin sales\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh Debt, Store Exposure and Supplier Concentration Threaten SBH Margins\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eHeavy leverage ($1.2B long-term debt at FY2024 end) and high fixed costs from ~3,600 stores make SBH sensitive to footfall and sales drops; FY2024 stores = 62% of net sales ($2.35B of $3.79B) and a 10% sales fall would cut EBITDA ~ $120–150M. Concentration in pro-brand suppliers (35–45% of pro sales) and weak presence in prestige beauty limit margin upside; international sales fell 6% and were ~12% of revenue in 2024.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eLong-term debt\u003c\/td\u003e\n\u003ctd\u003e$1.2B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eStores % of sales\u003c\/td\u003e\n\u003ctd\u003e62% ($2.35B)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInternational % of sales\u003c\/td\u003e\n\u003ctd\u003e~12% (−6% YoY)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePro-brand concentration\u003c\/td\u003e\n\u003ctd\u003e35–45%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eWhat You See Is What You Get\u003c\/span\u003e\u003cbr\u003eSally Beauty Holdings SWOT Analysis\u003c\/h2\u003e\n\u003cp\u003eThis is the actual SWOT analysis document you’ll receive upon purchase—no surprises, just professional quality. The preview below is taken directly from the full SWOT report you'll get, and it reflects the same structured, editable content included in your download. Purchase unlocks the entire in-depth version with all strengths, weaknesses, opportunities, and threats fully detailed for Sally Beauty Holdings.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56752255762809,"sku":"sallybeautyholdings-swot-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/sallybeautyholdings-swot-analysis.png?v=1772238678","url":"https:\/\/matrixbcg.com\/products\/sallybeautyholdings-swot-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}