Franchise - Franchise Fee: $45,000. Royalty Fees: 4%. McDonald's is an American fast-food company, founded in 1940 as a restaurant operated by Richard and Maurice McDonald, in San Bernardino, California, United States. McDonald’s has been around for more than seven decades, and many franchises have been established in that time.

 
The meaning of FRANCHISE is the right or license granted to an individual or group to market a company's goods or services in a particular territory; also : a business granted such a right or license. . Honda gcv200 pressure washer wonpercent27t start

franchise n. (business) franchising nm. The business was growing and decided to open a franchise. L'azienda era in crescita e decise di aprire un franchising. franchise n. (commercial licence) franchising nm. This shop has a franchise to sell the large company's products. Pitch Perfect is an American musical comedy media franchise created by Kay Cannon, based on the non-fiction book Pitch Perfect: The Quest for Collegiate a Cappella Glory by Mickey Rapkin. Jason Moore directed the first film, Elizabeth Banks directed the second, and Trish Sie directed the third. Paul Brooks, Max Handelman, and Banks produced the …Florida Panthers forward Sam Reinhart speaks after his team beat the host New York Islanders 3-2 in overtime at Belmont Park on Saturday, Jan. 27, 2024.Reinh...For over 20+ years, Franchise Direct has established itself as an industry trailblazer, and we continue to raise the bar with our expansive selection of franchise businesses actively for sale. We're committed to our position as a global leader for partnering potential franchisees with the best franchise and business opportunities for sale. KLA Schools. Founded in: 2007. Franchising since: 2009. Franchise units: 17. Initial investment: from $1,100,000. Franchise Fee: $78,500. Royalty Fees: 6%. KLA Schools is an upscale preschool franchise that provides early childhood education for children three months of age up to age six.Shrek is an American media franchise made by DreamWorks Animation, loosely based on William Steig's 1990 picture book Shrek!.The series primarily focuses on Shrek, a bad-tempered but good-hearted ogre, who begrudgingly accepts a quest to rescue a princess, resulting in him finding friends and going on many subsequent adventures in a fairy tale …Sonic the Hedgehog is a video game series and media franchise created by the Japanese developers Yuji Naka, Naoto Ohshima, and Hirokazu Yasuhara for Sega.The franchise follows Sonic, an anthropomorphic blue hedgehog who battles the evil Doctor Eggman, a mad scientist.The main Sonic the Hedgehog games are platformers mostly developed …A franchise is a type of business that is operated by an individual (s) known as a franchisee using the trademark, branding and business model of a franchisor. In this business model, there is a legal and commercial relationship between the owner of the company (the franchisor) and the individual (the franchisee).Chucky is a longstanding horror franchise with the ability to adapt and tap into sociological fears, making it a unique and enduring series.; The Chucky series includes eight full-length films ...May 5, 2022 · Here is the top 138 best Sandwich Franchises you can start in USA: 1. Subway. Investments $147,050. Franchise fee $15,000. Year Brand Started – 1965. Year Franchising Started – 1974. Offices – 44608. Franchise details: Subway. whichfranchise.co.za is the leading website for franchise information, advice and opportunities in South Africa, and hence one of the topBecoming a franchise owner allows you to enter into a stable industry. 15. Hardee's. Hardee's is one of the more popular burger brands in America. Some of the benefits of owning a Hardee's restaurant include training, advertising assistance and loyalty program implementation.May 5, 2022 · Here is the top 138 best Sandwich Franchises you can start in USA: 1. Subway. Investments $147,050. Franchise fee $15,000. Year Brand Started – 1965. Year Franchising Started – 1974. Offices – 44608. Franchise details: Subway. Mar 17, 2021 · 6. McDonald’s. Initial franchise fee: $45,000. Estimated total initial investment: $1 million to $2.2 million. We don’t have to tell you that McDonald’s is the most popular fast-food ... We have many franchise owners who have expanded their operations to include multiple staff and large commercial contracts reaching annual sales of over $1,000,000! They’re able to do this because we have the proven, step-by-step systems to grow a successful business from day 1. Own a franchise now.For over 20+ years, Franchise Direct has established itself as an industry trailblazer, and we continue to raise the bar with our expansive selection of franchise businesses actively for sale. We're committed to our position as a global leader for partnering potential franchisees with the best franchise and business opportunities for sale. Florida Panthers forward Sam Reinhart speaks after his team beat the host New York Islanders 3-2 in overtime at Belmont Park on Saturday, Jan. 27, 2024.Reinh...Buying a franchise incorporates quite a few stages, and you might be feeling a bit overwhelmed. To alleviate your stress, we’ve created a step-by-step guide that covers the entire process: defining a franchise, what you need to consider, the franchise agreement, how to get started, and much more. Australia's #1 Website for Finding 100s of ...There are more than 1,000 franchise systems employing more than 710,000 people in the UK, according to the bfa. A bfa/NatWest Franchise Survey states that 97 per cent of franchises are profitable and register a £250,000 turnover. The franchise industry is flourishing, and is showing no signs of stopping any time soon. To determine this year’s Top 200 Franchises, franchise owners were asked 33 benchmark questions about their franchise company that focused on areas such as leadership, training, core values, work-life balance, profitability, their overall enjoyment of running the business, and more. Research for Franchise Business Review’s Top 200 ... Franchise Year of inception Total revenue (est. US$) Revenue breakdown (est. US$) Original medium Creator(s) Owner(s) $50 billion+; Pokémon: 1996 $88 billion: Licensed merchandise – $80.8 billion Pokémon mobile games – $6.13 billion Box office – $1.156 billion; Jet aircraft livery sales – $3 million; Video gameA franchise is an authorization for an individual or group to sell a company's products and services under its name. Unless given a formal franchise agreement, the individual wouldn't be allowed to sell …Resident Evil, or Biohazard in Japan and parts of Southeast Asia, is a Japanese horror game series and media franchise created by Capcom.It consists of survival horror, third-person shooter and first-person shooter games, with players typically surviving in environments inhabited by zombies and other frightening creatures. The franchise has …Oct 4, 2022 · Franchise details: Popeyes. Popeyes is consistently one of the top franchises to own in Entrepreneur's Franchise 500 Rankings. It's a well-known fast-food brand with a global presence, strong advertising strategies, and well-developed core philosophies. 6. Sonic Drive-In. Category: Fast-Food Franchise. Franchise fee: $45,000 Stage No. 3: Franchise application process. To make the process of starting a franchise as simple as possible, The UPS Store has broken down our approval process into four straightforward steps. Inquiry – you’ll attend one of our webinars and complete an application. Application – you’ll go through the interview process and complete a ...At this time, Domino’s is only considering internal franchisee candidates. In order to become a franchisee in the U.S., you must have at least one year of experience working as a Domino’s general manager or supervisor. To find a nearby Domino’s job and start the path towards owning your own store, visit jobs.dominos.com.Looking to buy a New Zealand franchise business or learn more about franchising? On this website, you can find a comprehensive Directory of over 275 different franchise brands for sale in NZ, as well as profiles of opportunities with information and advice on how to choose the right business, finding finance, legal and financial matters. The Directory includes NZ …With 2023's Scream 6 continuing on the beloved slasher franchise, fans are already eager for all the Scream 7 news. The original Scream was released in 1996 and revitalized the slasher genre while introducing a meta element to horror movies that changed the genre forever. Director Wes Craven returned to continue the story of Sidney Prescott …Franchise Direct allows you to get in touch with many of the best franchises to open and buy in the United States and internationally with just a few clicks of your mouse. …Learn more about The Maids franchise opportunities on the company website. #2. Two Maids: Best Employee Pay Model. Two Maids is a residential cleaning company franchise system that differentiates itself from many franchises in a couple of ways:. Pay for Performance: Employees get paid based on performance instead of hourly pay, …Alien vs. Predator (also known as Aliens versus Predator and AVP) is a science fiction action and horror media franchise created by comic book writers Randy Stradley and Chris Warner.The series is a crossover between, and part of, the larger Alien and Predator franchises, depicting the two species — Xenomorph (Alien) and Yautja (Predator) — as …Request a free video and info on how to franchise your business, and we will have the right franchise consultant contact you. By submitting this form I consent to receiving electronic information from iFranchise Group. To opt-out contact us at [email protected], call (708) 957-2300, or see communication preferences.Let’s begin with PinoyMoneyTalk’s list of 100 popular franchises in the Philippines with franchise fee of P1 million and below. Franchise Business. Franchise Type. Minimum Franchise Fee (in PHP) 1. Keno Lotto Express Outlet Franchise. Lotto. No …Jan 5, 2024 · A franchise is a business owned by an individual (franchisee) but branded and supervised by a larger company (franchisor). Common examples include Subway, 7-11, and Hilton Hotels. Purchasing a franchise grants you the right to use a tested business model, pricing, products, and marketing strategies. Fast X (also known as Fast & Furious 10) is a 2023 American action film directed by Louis Leterrier from a screenplay written by Dan Mazeau and Justin Lin, both of whom also co-wrote the story with Zach Dean.It is the sequel to F9 (2021), the main tenth installment, and the eleventh installment overall in the Fast & Furious franchise. It stars Vin Diesel as …Find the best franchises for sale in Ireland by industry, investment or location. Browse top franchise categories, trending franchises, new franchises and franchisee testimonials. Search the world's largest franchise directory with 100s of top franchises and start your franchise journey with FranchiseDirect.ie.The fact that The Beekeeper is doing well at the box office – and Statham’s 2023 starring vehicle Meg 2: The Trench achieved similar success at a time when many big-budget tentpoles were bombing – proves that Statham’s own franchises are better for his career than anyone else’s. Audiences will always be more eager to watch a Statham …The franchise was rebooted again in 2018, where it only included the original Halloween. Here is the order to watch this reboot: Halloween (1978) Halloween (2018) Halloween Kills (2021) Halloween ...Feb 8, 2023Back to the Future is an American science fiction comedy franchise created by Robert Zemeckis and Bob Gale.The franchise follows the adventures of a high school student, Marty McFly, and an eccentric scientist, Dr. Emmett "Doc" Brown, as they use a DeLorean time machine to time travel to different periods in the history of the fictional town of Hill …God of War is an action-adventure game franchise created by David Jaffe at Sony's Santa Monica Studio.It began in 2005 on the PlayStation 2 (PS2) video game console and has become a flagship series for PlayStation, consisting of nine installments across multiple platforms.Based on ancient mythologies, the story follows Kratos, a Spartan warrior and …Feb 8, 2023Franchise Opportunities for Sale From Across Australia - The Best Franchise Opportunities & Franchises for Sale | Franchisedirect.com.au Industry Accounting & Tax FranchisesPersona, previously marketed as Shin Megami Tensei: Persona outside of Japan, is a video game franchise primarily developed and published by Atlus, and owned by Sega. Centered around a series of role-playing video games, Persona is a spin-off from Atlus' Megami Tensei franchise. The first entry in the series, Revelations: Persona, was released in …Nov 30, 2018 · A franchise is a type of business that is operated by an individual (s) known as a franchisee using the trademark, branding and business model of a franchisor. In this business model, there is a legal and commercial relationship between the owner of the company (the franchisor) and the individual (the franchisee). A franchise is merely a temporary business investment involving renting or leasing an opportunity, not the purchase of a business for the purpose of ownership. It is classified as a wasting asset due to the finite term of the …Franchising, a business method that involves licensing of trademarks and methods of doing business to franchisees. Franchise, a privilege to operate a type of business such as a …IMPT Franchise Business Opportunity. IMPT is launching a ‘first of a kind’ Retail Partnership Network on the Blockchain. To be eligible, you must lock between 100,000 to 20,000,000 IMPT tokens, depending on the size of the country, leadership and area in which you operate. This is a privileged opportunity to be part of something truly ...Feb 8, 2023 · 2022 Top 100 Franchises Report. by Reneé Bailey January 27, 2022 | Franchise Direct Top 100 Global Franchises, Franchise Company Updates, Franchise Top 100 Articles. Each year since 2009, Franchise Direct has published its Top 100 Global Franchises Ranking, a snapshot of how a number of the most successful franchises in the world fared in the past year compared to the year before. This business opportunity is a hands-on, life investment to own and operate a quick-service restaurant. It often requires long hours and leading a team of mostly young, hourly-paid employees. It’s hard work – but it’s exceedingly rewarding. Learn more about the franchise opportunity from Chick-fil-A Franchisees themselves. Franchising since: 1963. Franchise units: 598. Initial investment: from $223,600. Royalty Fees: 7.5%. AAMCO has spent the last half-century establishing itself as the leader in transmission repair. AAMCO is the only brand in the industry with the expertise, technology, and trust to fix the cars of today and tomorrow.Jun 6, 2023 · A franchise is a type of license that grants a franchisee access to a franchisor's proprietary business knowledge, processes, and trademarks, thus allowing the franchisee to sell a product or service under the franchisor's name. Learn about the advantages, disadvantages, and examples of franchises in various industries. Nov 30, 2018 · A franchise is a type of business that is operated by an individual (s) known as a franchisee using the trademark, branding and business model of a franchisor. In this business model, there is a legal and commercial relationship between the owner of the company (the franchisor) and the individual (the franchisee). A franchise (or franchising) is a method of distributing products or services involving a franchisor, who establishes the brand’s trademark or trade name and a business system, and a franchisee, who pays a royalty and often an initial fee for the right to do business under the franchisor's name and system. Technically, the contract binding ...The British Franchise Association (BFA) ensures that locations of franchisor outlets are thoroughly considered and evenly spread to gain the largest possible amount of custom and to avoid treading on each other's toes. Also, many franchisors can afford to secure prime trading premises for their franchisees, such as on the high street and busy ...The Cost of Borrowing at Money Direct in Ontario is $15.00 per $100 advanced. On a $500.00 loan for 14 days, the total payback amount is $575. The maximum allowable cost of borrowing under the Payday Loan Act in Ontario is $15 per each $100 advanced. The Cost of Borrowing at Money Direct in Nova Scotia is $19.00 per $100 advanced.Whether you’re looking for low-cost franchises, food franchise opportunities or local franchises, you’ll find a brand that matches your criteria on BusinessesForSale.com. . We have UK franchise opportunities in nearly every area: Kent, London, Cornwall, Manchester, Glasgow... the list goes on.If you’re looking to buy a franchise in your local area, you …May 2, 2022 · It pays to do your research – starting with our top picks! In this article, we’ve compiled a list of the best home-based franchises for your consideration. Source: Snap-On Tools. 1. Snap-on Tools. Type: Professional tools and franchise. Investment: $175,146 – $411,941. Cash required: $38,126 – $54,288. Year after year, our number of stores grew. Today, it has over 3,000 networks of shops, including innovative tie-ups with leading convenience and petroleum stores, making it the most accessible and most franchised American brand in the Philippines. Check out Mister Donut’s franchise details now! 19. Waffle Time.Franchiseek helps promote global franchising and franchising news and franchise events can be viewed to keep you upto date with the latest trending franchises …Healthier 4U Vending. Kwik Dry Carpet & Air Duct Cleaning. Mosquito & Tick Away. DreamMaker Bath & Kitchen. Bloomin' Blinds. Footprints Floors is the perfect opportunity for those who want to ditch the corporate grind and own a business in the surging, recession-resistant home services industry.15 franchise opportunities. 1. McDonald’s. Initial investment: $1,263,000 to $2,235,000. Liquid cash requirement: $500,000. Ongoing royalty fee: 4%. Ad royalty fee: 4%+. We’re pretty positive ...When a business wants to increase its market share or geographical reach at a low cost, it may franchise its product and brand name. A franchise is a joint venture between a franchisor and a franchisee. The franchisor is the original business. It sells the right to use its name and idea. The franchisee buys this right … See moreMar 26, 2021 · What is the franchise business model? The franchise business model is totally based on the relationship between two sides: the franchisor and the franchisee. The franchisor is the person or company that owns the rights to a brand trademark. The franchisee is the one that pays a fee in order to use the franchisor’s trade name and operating ... Indiana Jones is an American media franchise consisting of five films and a prequel television series, along with games, comics, and tie-in novels, that depicts the adventures of Dr. Henry Walton "Indiana" Jones, Jr. (portrayed in all films by Harrison Ford), a fictional professor of archaeology.. The series began in 1981 with the film Raiders of the Lost Ark.Annual Franchise Tax Reports The annual franchise tax report is due May 15. If May 15 falls on a weekend or holiday, the due date will be the next business day. Tax Rates, Thresholds and Deduction Limits Franchise tax rates, thresholds and deduction limits vary by report year. Use the rate that corresponds to the year for which you are filing. To determine this year’s Top 200 Franchises, franchise owners were asked 33 benchmark questions about their franchise company that focused on areas such as leadership, training, core values, work-life balance, profitability, their overall enjoyment of running the business, and more. Research for Franchise Business Review’s Top 200 ... 15 franchise opportunities. 1. McDonald’s. Initial investment: $1,263,000 to $2,235,000. Liquid cash requirement: $500,000. Ongoing royalty fee: 4%. Ad royalty fee: 4%+. We’re pretty positive ...We have many franchise owners who have expanded their operations to include multiple staff and large commercial contracts reaching annual sales of over $1,000,000! They’re able to do this because we have the proven, step-by-step systems to grow a successful business from day 1. Own a franchise now.Amada Senior Care. Founded in: 2007. Franchising since: 2012. Franchise units: 105. Initial investment: from $82,150. Franchise Fee: $42,000 - $48,000. Royalty Fees: 5%. With a rapidly expanding senior population, non-medical in-home care franchises are perfectly positioned for huge growth. An Amada Senior Carebusiness, however, has …Let’s begin with PinoyMoneyTalk’s list of 100 popular franchises in the Philippines with franchise fee of P1 million and below. Franchise Business. Franchise Type. Minimum Franchise Fee (in PHP) 1. Keno Lotto Express Outlet Franchise. Lotto. No …Define franchise. franchise synonyms, franchise pronunciation, franchise translation, English dictionary definition of franchise. n. 1. A privilege or right granted ... The PoolZenia family is made up of passionate, hospitality-minded and professionals with strong... $50,001 - $100,000. REQUEST INFORMATION. Le Poké Station is Canada’s biggest Poké Bowl franchise. This opportunity is available in Ontario and Quebec only. $100,001 - $200,000. REQUEST INFORMATION.Lors du premier salon d’Afrique franchise solutions de Dakar prévu en novembre 2018, les franchiseurs, investisseurs, chefs d’entreprise professionnelle et …Learn more about The Maids franchise opportunities on the company website. #2. Two Maids: Best Employee Pay Model. Two Maids is a residential cleaning company franchise system that differentiates itself from many franchises in a couple of ways:. Pay for Performance: Employees get paid based on performance instead of hourly pay, …The franchise consultant might also decide a candidate isn’t cut out to follow the system that a brand has put in place, including rules for suppliers, logos, advertising, hours of operation ...Mar 5, 2020 · 16) Pizza Hut. It is a big competitor of Dominos as these are the two best brands for pizza. Pizza hut started its franchise in 1959, and its principal place of business is based in Texas. It is well known for its Italian-American cuisines such as pizza, pasta, garlic bread, and few side dishes plus desserts. Jul 20, 2021 · With a franchise, you can. The franchisor will teach you everything you need to know. • Support: Support is a major benefit of franchising. Franchisors help franchisees with ongoing education ... Franchise Fee: $7,500 - $30,000 Royalty Fees: 6% Samurai Sam's first restaurant was opened in 1994 by John Young, David Young, Kerry Phelps and Russ Sean in Scottsdale, Arizona. Since then, Samurai Sam's has become the industry-leading teriyaki franchise. The restaurant is a chain located in the western states, offering a menu of …Hey Franchise Fans! Welcome back to Gridiron Notes for Madden NFL 24! Today, we are excited to take you on a Deep Dive of all of the new features and updates coming to Franchise Mode for Xbox Series X|S, PlayStation®5, and PC. Our developers can’t wait to tell you about some of the new features including Mini Games, Commissioner tools, and …A franchise is an authorization for an individual or group to sell a company's products and services under its name. Unless given a formal franchise agreement, the individual wouldn't be allowed to sell …Hey Franchise Fans! Welcome back to Gridiron Notes for Madden NFL 24! Today, we are excited to take you on a Deep Dive of all of the new features and updates coming to Franchise Mode for Xbox Series X|S, PlayStation®5, and PC. Our developers can’t wait to tell you about some of the new features including Mini Games, Commissioner tools, and …Continue below to see our full list of the 100 top franchises in 2024, or take some time to get a closer look at our top 5 picks: 1 Apricot Lane. 2 Sunmed | Your CBD Store. 3 Mr. Electric. 4 Caring Transitions. 5 Kindermotion. Top 100 Franchises of 2024: Continue below to see our full list of the 100 top franchises in 2024, or take some time to get a closer look at our top 5 picks: 1 Apricot Lane. 2 Sunmed | Your CBD Store. 3 Mr. Electric. 4 Caring Transitions. 5 Kindermotion. Top 100 Franchises of 2024: Pirates of the Caribbean is a Disney media franchise encompassing numerous theme park rides, a series of films, and spin-off novels, as well as a number of related video games and other media publications. The franchise originated with Walt Disney's theme park ride of the same name, which opened at Disneyland in 1967 and was one of the last …

The meaning of FRANCHISE is the right or license granted to an individual or group to market a company's goods or services in a particular territory; also : a business granted such a right or license. . Crowd vvf mitteilung anleger aussetzung fondspreisberechnung.pdf

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Fast & Furious (also known as The Fast and the Furious) is an American media franchise centered on a series of action films that are largely concerned with street racing, heists, spies, and family.The franchise also includes short films, a television series, toys, video games, live shows, and theme park attractions. The films are distributed by Universal …The Franchise Rule gives prospective purchasers of franchises the material information they need in order to weigh the risks and benefits of such an investment. The Rule requires franchisors to provide all potential franchisees with a disclosure document containing 23 specific items of information about the offered franchise, its officers, and other franchisees.Additional InformationFranchise ... Feb 8, 2023Franchise Direct allows you to get in touch with many of the best franchises to open and buy in the United States and internationally with just a few clicks of your mouse. Franchise Direct is the global leader for connecting potential franchisees with dream franchise opportunities. With over 20+ years of experience, Franchise Direct offers an ...2. The cost of operations is lower than with many other businesses. Running a franchise is cheaper than running other businesses, such as a chain store. Franchises have lower overhead, since the ...List of franchise books. Here is a list of books about launching, running, and growing franchises to make operations successful. 1. Franchise MBA: Mastering the 4 Essential Steps to Owning a Franchise by Nick Neonakis, Sagar Rambhia, and Aditya Rengaswamy. The Franchise MBA is one of the bestselling books on franchising.Total Box Office. $550.3 million. Spy Kids is an American media franchise centered on a series of spy action comedy films created by Robert Rodriguez. The plot follows various children, who discover that their respective parents are spies and become involved in an espionage organization when their parents go missing.Hounds Town USA gives people the opportunity to escape the typical 9-5 grind and own a business in a thriving, recession-resilient industry, all while helping dogs live their best lives. Provide innovative services to real estate agents such as 3D Virtual Tours, Drone Aerial Videos, Virtual and Augmented Reality.Franchiseindia.com is world’s # 1 franchise website and an Entrepreneur’s daily dose. Under the aegis of Franchise India Holdings Ltd - Asia’s largest integrated franchise solutions company, the website provides every minute detail to entrepreneurs on aspects of franchising, franchise opportunities, business opportunities, partnerships, dealers, manufacturing, distribution, retail and ... Entrepreneur’s 45th annual Franchise 500® ranking shines a light on the unique challenges and changes that have shaped the franchise industry over the last year—and how franchisors have ... This business opportunity is a hands-on, life investment to own and operate a quick-service restaurant. It often requires long hours and leading a team of mostly young, hourly-paid employees. It’s hard work – but it’s exceedingly rewarding. Learn more about the franchise opportunity from Chick-fil-A Franchisees themselves. Squid Game season 2 will premiere in 2024, which is reassuring news after Netflix’s controversial approach to the franchise. A global hit of unmatched proportions, Squid Game became Netflix’s most-watched show of all time and opened the door for more Korean TV shows on the platform. A lot will have changed by the time Squid Game …Franchising: A Definition. According to the International Franchise Association (IFA), franchising is defined as an agreement or license between two legally independent parties which gives: A person or group of people (the franchisee) the right to market a product or service using the trademark or trade name of another business (the franchisor).Our goal at Franchise Gator is to make the process of finding, buying and starting a franchise business as easy as possible. Here’s how it works: Find Franchises. To get started, simply browse our directory to discover the best franchise opportunities. We’ve made it easy to browse by Industry & Category, Location, and Investment Levels .Jan 9, 2022 · McDonald’s is the biggest franchise in the world, with over 33,000 outlets. Statistics for 2019 reveal there were 773,603 franchised establishments in the US alone. Subway’s franchise revenue was $10.4 billion in 2018. Domino’s is the biggest US pizza franchise, with gross annual sales of $12.25 billion. .

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