JACK IN THE BOX INC

Previous wording

Founded in 1951, Jack in the Box Inc. (the “Company”) operates and franchises Jack in the Box® and Del Taco® quick-service restaurants. As of April 13, 2025, we operated and franchised 2,183 Jack in the Box quick-service restaurants, primarily in the western and southern United States, including two in Guam and two in Mexico, and 591 Del Taco quick-service restaurants across 17 states.

Current wording

Founded in 1951, Jack in the Box Inc. (the “Company”) operates and franchises Jack in the Box® and Del Taco® quick-service restaurants. As of July 6, 2025, we operated and franchised 2,168 Jack in the Box quick-service restaurants, primarily in the western and southern United States, including two in Guam and three in Mexico, and 585 Del Taco quick-service restaurants across 17 states.

Previous wording

Company restaurant sales decreased $3.8 million, or 3.9% for the quarter, and $2.1 million, or 0.9% year-to-date, compared to the prior year. The following table presents the approximate impact of changes in AUVs and the number of restaurants on company restaurant sales (in millions):

Current wording

Company restaurant sales decreased $6.2 million, or 6.2% for the quarter, and $8.4 million, or 2.5% year-to-date, compared to the prior year. The following table presents the approximate impact of changes in AUVs and the number of restaurants on company restaurant sales (in millions):

Previous wording

Same-store sales at company-operated restaurants decreased 4.0% in the quarter and by 1.9% year-to-date compared to a year ago. The following table summarizes the change versus a year ago:

Current wording

Same-store sales at company-operated restaurants decreased 6.4% in the quarter and by 3.3% year-to-date compared to a year ago. The following table summarizes the change versus a year ago:

Previous wording

(1)Includes price increases of approximately 3.6% in the quarter and 4.5% year-to-date.

Current wording

(1)Includes price increases of approximately 2.3% in the quarter and 3.8% year-to-date.

Previous wording

Food and packaging costs, as a percentage of company restaurant sales, decreased 1.0% in the quarter, and 2.6% year-to-date compared to the prior year, due mainly to a 1.0% and 2.4% benefit, respectively, from a new beverage contract with funding retroactive to January 1, 2024, the majority of which is non-recurring, as well as menu price increases, partially offset by commodity inflation and unfavorable menu item mix. Commodity inflation was 3.4% in the quarter, and 3.1% year-to-date, with the greatest impacts for the quarter in beef and poultry, and the greatest impacts for the year-to-date period in beef, beverages and cheese.

Current wording

Food and packaging costs, as a percentage of company restaurant sales, decreased 0.6% in the quarter, and 2.0% year-to-date compared to the prior year, due mainly to a 0.9% and 2.0% benefit, respectively, from a new beverage contract with funding retroactive to January 1, 2024, as well as menu price increases, partially offset by commodity inflation and unfavorable menu item mix. Commodity inflation was 4.0% in the quarter, and 3.3% year-to-date, with the greatest impacts for the quarter in beef, poultry, and eggs, and the greatest impacts for the year-to-date period in beef, beverages, eggs, and poultry.

Previous wording

Payroll and employee benefit costs, as a percentage of company restaurant sales, increased 3.2% in the quarter, and 2.8% year-to-date compared to the prior year. During the quarter and on a year-to-date basis, increases in wage inflation were partially offset by a decrease in incentive compensation due to lower achievement levels compared to the prior year. Labor inflation was approximately 10.6% in the quarter and 12.9% year-to-date, primarily due to the wage increases required in California effective April 1, 2024 under AB 1228.

Current wording

Payroll and employee benefit costs, as a percentage of company restaurant sales, increased 2.2% in the quarter, and 2.6% year-to-date compared to the prior year. During the quarter and on a year-to-date basis, increases were primarily due to additional FUTA taxes in California as well as wage inflation. The increases were partially offset by a decrease in incentive compensation due to lower achievement levels compared to the prior year. Labor inflation was approximately 1.5% in the quarter and 9.5% year-to-date. The year-to-date inflation was primarily due to the wage increases required in California effective April 1, 2024 under AB 1228.

Previous wording

Occupancy and other costs, as a percentage of company restaurant sales, increased 1.7% in the quarter, and 1.4% year-to-date compared to the prior year primarily due to higher rent, utilities, and other operating costs including delivery fees.

Current wording

Occupancy and other costs, as a percentage of company restaurant sales, increased 1.6% in the quarter, and 1.4% year-to-date compared to the prior year. The increases on both a quarter-to-date and year-to-date basis were primarily due to sales deleverage, higher rent, utilities, and other operating costs including delivery fees.

Previous wording

Franchise rental revenues decreased $1.7 million, or 2.1% in the quarter, and $1.5 million, or 0.8% year-to-date, compared to the prior year. For the quarter, the decrease was primarily due to lower percentage rent of $4.3 million, partially offset by lease termination fees of $3.4 million. The decrease year-to-date was primarily due to lower percentage rent of $6.0 million, partially offset by lease termination fees of $3.4 million and higher pass through property tax revenue of $1.2 million.

Current wording

Franchise rental revenues decreased $5.6 million, or 6.8% in the quarter, and $7.1 million, or 2.7% year-to-date, compared to the prior year. Decreases in both periods were primarily due to lower percentage rent of $6.8 million and $12.7 million, respectively, partially offset by lease termination fees of $1.8 million and $5.2 million, respectively, and year-to-date higher pass through property tax revenue of $1.2 million.

Previous wording

Franchise royalties and other decreased $1.8 million, or 3.8% in the quarter, and $1.5 million, or 1.4% year-to-date compared to the prior year primarily due to lower royalty income driven by lower sales.

Current wording

Franchise royalties and other decreased $3.2 million, or 6.7% in the quarter, and $4.7 million, or 3.0% year-to-date compared to the prior year primarily due to lower royalty income driven by lower sales.

Previous wording

Franchise occupancy expenses, primarily rent, increased $0.3 million, or 0.6% in the quarter and $3.0 million, or 2.6% year-to-date compared to the prior year. On a year-to-date basis, this was primarily due to higher pass through property tax expense and common area maintenance costs of $1.8 million and higher operating lease costs of $1.4 million.

Current wording

Franchise occupancy expenses, primarily rent, decreased $0.2 million, or 0.4% in the quarter and increased $2.8 million, or 1.7% year-to-date compared to the prior year. On a year-to-date basis, the increase was driven by higher pass through property tax expense and common area maintenance costs of $1.8 million and higher operating lease costs of $1.4 million.

Previous wording

Franchise support and other costs increased $0.4 million, or 16.0% and was essentially flat year-to-date compared to the prior year.

Current wording

Franchise support and other costs increased $0.4 million, or 14.5% and $0.4 million, or 4.4% year-to-date compared to the prior year.

Previous wording

Franchise advertising and other service expenses decreased $4.0 million, or 7.6% in the quarter, and $4.9 million or 4.0% year-to-date compared to the prior year. The decrease is primarily due to lower sales driving lower marketing expenses, as well as lower franchise IT support costs and digital processing fees.

Current wording

Franchise advertising and other service expenses decreased $4.8 million, or 9.1% in the quarter, and $9.7 million or 5.5% year-to-date compared to the prior year. The decrease is primarily due to lower sales driving lower marketing expenses, as well as lower franchise IT support costs.

Previous wording

Company restaurant sales decreased $20.8 million or 30.5% in the quarter and $45.1 million or 28.2% year-to-date compared to the prior year primarily due to the refranchising of 47 company-operated restaurants since the second quarter of 2024 and decreases in same-store sales compared to the prior year. The following table presents the approximate impact of changes in AUVs and the number of restaurants on company restaurant sales for each respective period on company restaurant sales (in millions):

Current wording

Company restaurant sales decreased $19.3 million or 29.2% in the quarter and $64.4 million or 28.5% year-to-date compared to the prior year primarily due to the refranchising of 47 company-operated restaurants since the third quarter of 2024 and decreases in same-store sales compared to the prior year. The following table presents the approximate impact of changes in AUVs and the number of restaurants on company restaurant sales for each respective period on company restaurant sales (in millions):

Previous wording

Same-store sales at company-operated restaurants decreased 1.7% in the quarter and 2.2% year-to-date compared to a year ago. The following table summarizes the change versus a year ago:

Current wording

Same-store sales at company-operated restaurants decreased 2.2% in both the quarter and year-to-date periods compared to a year ago. The following table summarizes the change versus a year ago:

Previous wording

(1)Includes price increases of approximately 6.6%in the quarter and 7.2% year-to-date.

Current wording

(1)Includes price increases of approximately 4.1%in the quarter and 6.3% year-to-date.

Previous wording

Food and packaging costs, as a percentage of company restaurant sales, decreased 1.0% in the quarter and 1.5% year-to-date. The decrease for the quarter compared to the prior year was primarily due to menu price increases and favorable beverage funding, partially offset by commodity inflation. For the year-to date period, the decrease was primarily due to menu price increases and favorable beverage funding, partially offset by commodity inflation and unfavorable menu item mix. Commodity inflation was 5.7% in the quarter and 3.6% year-to-date. The greatest impacts on both the quarter and year-to-date inflation was seen in beef, poultry and cheese.

Current wording

Food and packaging costs, as a percentage of company restaurant sales, increased 1.0% in the quarter and decreased 0.8% year-to-date. The increase for the quarter was primarily due to unfavorable menu item mix and commodity inflation. For the year-to-date period, the decrease was primarily due to menu price increases and favorable beverage funding, partially offset by commodity inflation and unfavorable menu item mix. Commodity inflation was 4.7% in the quarter and 3.9% year-to-date. The greatest impacts on both the quarter and year-to-date inflation was seen in beef, poultry, cheese, and beverages.

Previous wording

Payroll and employee benefit costs, as a percentage of company restaurant sales, increased 3.3% in the quarter and 3.1% year-to-date, compared to the prior year due to labor inflation, which was 11.7% in the quarter and 13.8% year-to-date.

Current wording

Payroll and employee benefit costs, as a percentage of company restaurant sales, increased 1.0% in the quarter and 2.4% year-to-date, compared to the prior year. The increase was primarily due to higher insurance and CA unemployment payroll tax adjustment, partially offset by wage deflation. There was labor deflation of 0.5% in the quarter and inflation of 9.2% year-to-date.

Previous wording

Franchise rental revenues increased $2.2 million, or 34.9%, in the quarter and $5.3 million, or 38.4% year-to-date compared to the prior year primarily due to higher rental income and property tax revenue resulting from new subleases related to the 47 restaurants refranchised since the second quarter of 2024.

Current wording

Franchise rental revenues increased $1.6 million, or 23.2%, in the quarter and $6.9 million, or 33.3% year-to-date compared to the prior year primarily due to higher rental income and property tax revenue resulting from new subleases related to the 47 restaurants refranchised since the third quarter of 2024.

Previous wording

Franchise royalties and other increased $0.6 million, or 8.5%, in the quarter and $1.1 million, or 6.1% year-to-date, compared to the prior year primarily due to higher franchise restaurant sales resulting from the 47 restaurants refranchised since the second quarter of 2024.

Current wording

Franchise royalties and other increased $0.7 million, or 9.3%, in the quarter and $1.8 million, or 7.1% year-to-date, compared to the prior year primarily due to higher franchise restaurant sales resulting from refranchising.

Previous wording

Franchise contributions for advertising and other services revenues decreased $0.1 million, or 2.1%, in the quarter and $0.2 million, or 1.1% year-to-date compared to the prior year primarily due to lower IT support revenue, partially offset by increased franchise marketing contributions resulting from the 47 restaurants refranchised since the second quarter of 2024.

Current wording

Franchise contributions for advertising and other services revenues increased $0.2 million, or 2.3%, in the quarter and was essentially flat year-to-date compared to the prior year primarily due to increased franchise marketing contributions resulting from the 47 restaurants refranchised since the third quarter of 2024, partially offset by lower IT support revenue.

Previous wording

Franchise occupancy expenses, primarily rent, increased $2.2 million, or 34.7%, in the quarter and $5.6 million, or 41.3% year-to-date, compared to the prior year primarily due to higher operating lease costs in the current year from refranchising.

Current wording

Franchise occupancy expenses, primarily rent, increased $1.5 million, or 20.9%, in the quarter and $7.1 million, or 34.4% year-to-date, compared to the prior year primarily due to higher operating lease costs in the current year from refranchising.

Previous wording

Franchise support and other costs increased $0.6 million, or 54.6%, in the quarter and $1.1 million, or 41.3% year-to-date compared to the prior year primarily due to higher bad debt expense and franchise support costs resulting from the 47 restaurants refranchised since the second quarter of 2024.

Current wording

Franchise support and other costs increased $0.5 million, or 56.5%, in the quarter and $1.6 million, or 45.5% year-to-date compared to the prior year primarily due to higher bad debt expense.

Previous wording

Franchise advertising and other service expenses increased $0.2 million, or 2.6%, in the quarter and decreased $0.1 million, or 0.8% year-to-date, compared to the prior year. For both the quarter and year-to-date periods, there were increases in marketing expense resulting from the 47 restaurants refranchised since the second quarter of 2024. For the year-to-date period, these were offset by lower expenses from equipment sales.

Current wording

Franchise advertising and other service expenses decreased $0.2 million, or 2.4%, in the quarter and $0.3 million, or 1.3% year-to-date, compared to the prior year. For both the quarter and year-to-date periods, decreases in IT costs were partially offset by increases in marketing expense resulting from the 47 restaurants refranchised since the third quarter of 2024. For the year-to-date period, a decrease in equipment sales to franchisees also contributed to the decrease.

Previous wording

Depreciation and amortization for the quarter ended April 13, 2025 decreased $1.7 million in the quarter and $1.9 million year-to-date compared to the prior year period primarily due to the 47 Del Taco restaurants refranchised since a year ago, as well as certain Jack in the Box franchise assets becoming fully depreciated. These decreases were partially offset by increases for new technology assets and new company operated restaurants.

Current wording

Depreciation and amortization for the quarter ended July 6, 2025 decreased $1.0 million in the quarter and $2.9 million year-to-date compared to the prior year period primarily due to the 47 Del Taco restaurants refranchised since a year ago, as well as certain Jack in the Box franchise assets becoming fully depreciated. These decreases were partially offset by increases for new technology assets and new company operated restaurants.

Previous wording

Advertising costs mainly represent company contributions to our marketing funds and are generally determined as a percentage of company-operated restaurant sales. Advertising costs increased $0.1 million in the quarter and $0.3 million on a year-to-date basis as compared to the prior year, primarily due to an increase in expenses related to new markets and third party digital sponsorships, partially offset by a decrease in company-operated restaurant sales in the current year.

Current wording

Advertising costs mainly represent company contributions to our marketing funds and are generally determined as a percentage of company-operated restaurant sales. Advertising costs decreased $0.9 million in the quarter and $0.6 million on a year-to-date basis as compared to the prior year, primarily due to a decrease in company-operated restaurant sales in the current year, partially offset by an increase in expenses related to new markets and third party digital sponsorships.

Previous wording

Incentive compensation decreased by $1.0 million in the quarter and $1.0 million on a year-to-date basis as compared to the prior year, primarily due to lower achievement levels compared to the prior year for the Company’s annual incentive plan.

Current wording

Incentive compensation decreased by $2.0 million in the quarter and $3.1 million on a year-to-date basis as compared to the prior year, primarily due to lower achievement levels for the Company’s annual incentive plan.

Previous wording

Share-based compensation decreased by $2.8 million in the quarter and $4.0 million on a year-to-date basis as compared to the prior year, primarily due to current year forfeitures and lower achievement levels for performance-based equity awards.

Current wording

Share-based compensation decreased by $0.2 million in the quarter and $4.2 million on a year-to-date basis as compared to the prior year, primarily due to current year forfeitures and lower achievement levels for performance-based awards.

Previous wording

The cash surrender value of our company-owned life insurance (“COLI”) policies, net of changes in our non-qualified deferred compensation obligation supported by these policies, are subject to market fluctuations. The changes in market values had an unfavorable impact of $2.6 million in the quarter and $8.9 million on a year-to-date basis, compared to the prior year.

Current wording

The cash surrender value of our company-owned life insurance (“COLI”) policies, net of changes in our non-qualified deferred compensation obligation supported by these policies, are subject to market fluctuations. The changes in market values had a favorable impact of $2.8 million in the quarter and an unfavorable impact of $6.0 million on a year-to-date basis, compared to the prior year.

Previous wording

Litigation matters increased $0.3 million in the quarter and $0.5 million on a year-to-date basis as compared to the prior year, primarily due to the timing of litigation developments. Refer to Note 14, Commitments and Contingencies, in the condensed consolidated financial statements for additional information related to the legal matters.

Current wording

Litigation matters were essentially flat in the quarter, and increased $0.5 million on a year-to-date basis as compared to the prior year, primarily due to the timing of litigation developments. Refer to Note 14, Commitments and Contingencies, in the condensed consolidated financial statements for additional information related to the legal matters.

Previous wording

As of the March 16, 2025 testing date, the balance of the Del Taco reporting unit goodwill was $25.3 million. During the second quarter of 2025, the Company identified triggering events that indicated the goodwill allocated to the Del Taco reporting unit might be impaired. The triggering events related to i) continued negative trend in Del Taco same store sales, ii) unfavorable changes in the economic environment specifically impacting our industry, including inflation and interest rates, iii) the potential for a divestment of Del Taco, and iv) a sustained lower share price. As a result, the Company performed a quantitative test over the Del Taco reporting unit, noting that the fair value of the reporting unit was less than the carrying value, which resulted in an impairment of goodwill of $25.3 million.

Current wording

During the second quarter of 2025, the Company had identified additional triggering events that indicated the goodwill allocated to the Del Taco reporting unit might be further impaired, including i) continued negative trend in Del Taco same store sales, ii) unfavorable changes in the economic environment specifically impacting our industry, including inflation and interest rates, iii) the potential for a divestment of Del Taco, and iv) a sustained lower share price. As a result, the Company performed a quantitative test over the Del Taco reporting unit, noting that the fair value of the reporting unit was less than the carrying value, which resulted in an impairment of goodwill of $25.3 million for the second quarter of 2025. The valuation used a blended approach with a discounted cash flow analysis in conjunction with a market approach. Assumptions and estimates used in determining fair value include future revenues, operating costs, new store openings, capital expenditures, a discount rate that approximates the Company’s weighted average cost of capital and a selection of comparable companies. The Company determined that there was no such triggering event for the Jack in the Box reporting unit.

Previous wording

Other operating expenses, net decreased $1.1 million in the quarter and $2.7 million on a year-to-date basis. For the quarter, the decrease was primarily due to the decrease of integration and strategic initiatives of $4.0 million, partially offset by $1.1 million of restaurant impairment charges. For the year-to-date period, the decrease was primarily due to the decrease of integration and strategic initiatives of $8.2 million, partially offset by a $2.4 million acquisition gain in the prior year and $1.9 million of restaurant impairment charges in the current year.

Current wording

Other operating expenses, net decreased less than $0.1 million in the quarter and $2.9 million on a year-to-date basis. For the quarter, the decrease was primarily due to the decrease of integration and strategic initiatives of $2.7 million, partially offset by $1.8 million of higher costs for closed restaurants as well as $0.6 million of higher operating restaurant impairment charges. For the year-to-date period, the decrease was primarily due to the decrease of integration and strategic initiatives of $10.9 million, partially offset by $2.9 million of additional costs of closed restaurants, $2.5 million of additional operating restaurant impairment charges, and a $2.4 million acquisition gain in the prior year.

Previous wording

For the year-to-date period in 2025, the Company sold 13 Del Taco company-operated restaurants, for which the Company recognized a net gain on the sale of company-operated restaurants of $2.8 million. For the year-to-date period in 2024, the net loss on the sale of company-operated restaurants of $1.3 million, was comprised of a $2.2 million impairment of assets held for sale related to a Del Taco refranchising transaction, partially offset by additional proceeds received in connection with the extension of franchise agreements and the resolution of certain contingencies related to the sale of restaurants in prior years.

Current wording

For the year-to-date period in 2025, the Company sold 13 Del Taco company-operated restaurants, for which the Company recognized a net gain on the sale of company-operated restaurants of $2.6 million. For the year-to-date period in 2024, the net loss on the sale of company-operated restaurants of $1.4 million, was comprised of a $2.2 million impairment of assets held for sale related to a Del Taco refranchising transaction, partially offset by additional proceeds received in connection with the extension of franchise agreements and the resolution of certain contingencies related to the sale of restaurants in prior years.

Previous wording

Interest expense, net, decreased $0.2 million in the quarter and $0.3 million year-to-date as compared to the prior year. This decrease was primarily due to lower average borrowings, resulting in a decrease of $0.3 million and $0.7 million, respectively, in interest expense compared to the prior year. Partially offsetting this was a decrease in interest income of $0.4 million year-to-date due to lower investment balances compared to the prior year.

Current wording

Interest expense, net, decreased $0.5 million in the quarter and $0.8 million year-to-date as compared to the prior year. This decrease was primarily due to lower average borrowings, resulting in a decrease of $0.3 million and $0.9 million, respectively, in interest expense.

Previous wording

For the second quarter and year-to-date fiscal year 2025, the Company recorded income tax benefits of $34.6 million and $20.2 million, respectively, resulting in effective tax rates of 19.5% and 15.7%, respectively. The effective tax rates for such periods differed from the U.S. statutory tax rate primarily due to non-deductible goodwill impairment and non-deductible losses from the market performance of insurance products used to fund certain non-qualified retirement plans.

Current wording

For the third quarter and year-to-date fiscal year 2025, the Company recorded income tax benefits of $0.5 million and $20.8 million, respectively, resulting in effective tax rates of (2.4%) and 19.3%, respectively. The effective tax rates for such periods differed from the U.S. statutory tax rate primarily due to non-deductible goodwill impairment partially offset by non-taxable gains from the market performance of insurance products used to fund certain non-qualified retirement plans.

Previous wording

For the second quarter and year-to-date fiscal year 2024, the Company recorded income tax expenses of $9.0 million and $23.2 million, respectively, resulting in effective tax rates of 26.5% and 26.7%, respectively. The effective tax rates for such periods differed from the U.S. statutory tax rate primarily due to non-deductible goodwill attributable to refranchising transactions and non-deductible officers’ compensation substantially offset by non-taxable gains from the market performance of insurance products used to fund certain non-qualified retirement plans.

Current wording

For the third quarter and year-to-date fiscal year 2024, the Company recorded income tax expenses of $0.1 million and $23.3 million, respectively, resulting in effective tax rates of (0.1%) and (66.0%), respectively. The effective tax rates for such periods differed from the U.S. statutory tax rate primarily due to the impairment of non-deductible goodwill partially offset by the reversal of state deferred tax liabilities on basis difference of investments in subsidiaries and non-taxable gains from the market performance of insurance products used to fund certain non-qualified retirement plans.

Previous wording

As of April 13, 2025, the Company had $45.6 million of cash and restricted cash on its consolidated balance sheet and available borrowings of $96.5 million under our $150.0 million Variable Funding Notes. The Company continually assesses the optimal sources and uses of cash for our business. We review our balance sheet for any undervalued assets and pursue opportunities for capital sources, including the sale of our owned Jack in the Box properties and refranchising, primarily for Del Taco in the near term.

Current wording

As of July 6, 2025, the Company had $68.1 million of cash and restricted cash on its consolidated balance sheet and available borrowings of $96.5 million under our $150.0 million Variable Funding Notes. The Company continually assesses the optimal sources and uses of cash for our business. We review our balance sheet for any undervalued assets and pursue opportunities for capital sources, including the sale of our owned Jack in the Box properties.

Previous wording

Operating Activities. Operating cash flows increased $74.9 million compared with a year ago. This is primarily due to a favorable change in working capital of $92.1 million, partially offset by lower net income, when adjusted for non-cash items, of $17.2 million. The favorable change in working capital is primarily a result of $50.3 million paid in 2024 for fiscal 2023 income tax payments deferred in connection with the Southern California winter storm disaster declaration, $35.0 million received in the current year in connection with the a new supply chain contract, and $25.5 million paid in 2024 in connection with the Torrez settlement.

Current wording

Operating Activities. Operating cash flows increased $89.4 million compared with a year ago primarily due to a favorable change in working capital of $114.7 million, partially offset by lower net income, when adjusted for non-cash items, of $25.4 million. The favorable change in working capital is primarily a result of $50.3 million paid in 2024 for fiscal 2023 income tax payments deferred in connection with the Southern California winter storm disaster declaration, $35.0 million received in the current year in connection with the a new supply chain contract, and $25.5 million paid in 2024 in connection with the Torrez settlement.

Previous wording

Investing Activities. Cash flows used in investing activities decreased by $23.4 million compared with a year ago primarily due to higher proceeds from the sale of property of $13.6 million, higher proceeds from the sale of Del Taco restaurants to franchisees of $3.7 million in the current year, death benefit proceeds received of $3.3 million in the current year, lower purchases of assets intended for sale or leaseback of $3.2 million in the current year, and lower purchases of property and equipment of $1.3 million in the current year.

Current wording

Investing Activities. Cash flows used in investing activities decreased by $6.1 million compared with a year ago primarily due to lower spending for assets intended for sale or leaseback of $9.7 million in the current year, higher proceeds from the sale of property of $4.2 million in the current year, higher proceeds from the sale of Del Taco restaurants to franchisees of $3.5 million in the current year, and death benefit proceeds received of $3.3 million in the current year, partially offset by acquisition of 18 Colorado restaurants for $7.2 million, lower proceeds received from assets held for sale and leaseback of $4.4 million, and higher purchases of property and equipment of $3.1 million in the current year.

Previous wording

Capital expenditures decreased $1.3 million primarily due to a decrease in corporate technology spending due to the completion of our new enterprise resource planning software implementation last year as well as a decrease in restaurant facility expenditures. These decreases were partially offset by an increase in restaurant information technology related to the rollout of a new POS system for Jack in the Box company restaurants and investments in digital and other restaurant technology enhancements.

Current wording

Capital expenditures increased $3.1 million primarily due to an increase in restaurant information technology related to the rollout of a new POS system for Jack in the Box company restaurants as well as investments in digital and other restaurant technology enhancements. These increases were partially offset by decreases in corporate technology spending due to the completion of our new enterprise resource planning software implementation last year.

Previous wording

Financing Activities. Cash flows used in financing activities decreased by $30.1 million compared with a year ago. The change is primarily due to a $35.0 million decrease in stock repurchases compared with a year ago, partially offset by a $6.0 million repayment in the current year on the Variable Funding Notes.

Current wording

Financing Activities. Cash flows used in financing activities decreased by $53.6 million compared with a year ago. The change is primarily due to a $50.0 million decrease in stock repurchases compared with a year ago and a $9.0 million decrease in dividends compared with a year ago, partially offset by a $6.0 million repayment in the current year on the Variable Funding Notes.