For our marketing reservation, we obviously operate these over a very long-term period, and our contractual obligation to our franchisees is to ensure that we break even over the long term. But if you go back and take a look in our history, we've had more of an investment and then repayment cycles versus operating these every year around a break even. So if you were to go back the last couple of years, we ran some pretty hefty surpluses, especially through the pandemic when some of the marketing with the more elevated leisure travel wasn't needed. And so we've come into this year with a pretty hefty cumulative surplus. So this year we're expected to be in a deficit of just under $40 million, but we're still in a net surplus for that fund. We should end the year somewhere between $25 million and $30 million surplus. So over time, as we look for areas of investment, which makes sense to continue to drive our value proposition capabilities, we may overspend that going forward.

Nov 4, 2024 / CFO / receipt, needs a key / David Wiltshire, CFO | earnings call 2024-11-04 | transcript 88a7ce05-35d8-491d-ae17-479bba97bb0d | chars 27928-28916 | segment 28