Travel Leisure Co.

The free cash flow generation conversion from the travel membership business is very strong. One of the reasons we continue to like the business is the great margins of free cash flow generation. But that's one of the drivers as it relates to, you know, the 50% as opposed to the range we previously talked about. And then as I mentioned in the previous answer, as we continue to grow the portfolio, there's definitely timing in terms of if you think about sales in the second half of the year, we're able to get those receivables into the ABS conduit, most of them, not all of them. And then obviously in the first quarter of next year, and then we do the second deal, get them into the term transactions that are at a 90-plus percent advance rate. So In my mind, it's primarily timing as far as the growth and receivable portfolio. The one headwind we continue to have is on the corporate interest expense, right? That's obviously not timing. That's permanent. So, you know, with what's happening with interest rates compared to the model we have from the investor day, we are seeing higher interest expense. But, you know, most of it's just going to be the way we manage the portfolio and getting that into the ABS securitizations.

Okay, great. And then my follow-up is related to something happening away from you guys, the hostile or the sort of proposal from Choice to acquire Wyndham, your licensor of your brand for Blue Thread. You know, when you look at your license contract with Wyndham, what are the stipulations within those documents? What would happen if this transaction was to go forward to your agreement?

Yeah, without going through the whole legal document, basically any M&A would have no negative impact. Our agreements really do protect what we need to continue growing our successful and very valuable relationship with Wyndham Hotels.