Avi Steiner: Super helpful. And I certainly agree with that last comment. Happy to pay when the revenue is coming in. Two more for me. The first, Brian, I think you had historically said you would only buy back bonds when you had comfort around liquidity and the outlook. Just want to make sure I heard that right, and we should free the buyback as such. And I know it’s not a big number, but $15 million is the first we’ve seen in a bit. And on the buyback side, I’m curious what the rationale is for keeping those bonds outstanding and not retiring them. Is that a covenant, liquidity, or other consideration? Thanks.
Brian Coleman: So, on the buyback, I think you’re correct in characterizing it as something that we wouldn’t spend the liquidity on unless we thought it was worth the return. And buying back bonds are a function of a number of things, including what is the return, your comfort with liquidity, availability of bonds, or the liquidity of bonds in the marketplace. We also have to be very mindful of the windows of opportunities for us with a number of strategic activities going on including the divestiture process of Europe South and now the process, that’s been undertaken in in in Europe North. There are only a few windows where we are not in possession of MNPI and would be comfortable buying back bonds. And I think that also — the disciplined approach to an acceptable return and the limited windows of opportunity kind of, limit, the amount of bonds you can buy back.
And so that’s part of the reason why there’s only $15 million of repurchase — $50 million of repurchase. So, with respect to not retiring, that’s not a requirement. I mean, we could have the option to retire them, that’s final. Once you’re retire them, you can’t unretire them. So, I think just hold on onto them for now, gives us more optionality, whether or not ultimately that that leads to anything else I think is undetermined at this point. For accounting purposes, they’ll be eliminated upon consolidation. So, you will see a positive benefit in that the debt will come off the balance sheet and the interest expense associated there with will also come out of the income statement. I think I answered all your questions, but if I didn’t feel free to.
Scott Wells: Hey Avi, I’d just chip in one other thing about the confidence and liquidity profile, the technical way that we paid off the term loan, we actually generated about 6.5 million of savings in that and we also avoided payment of amortization, to the tune of about $20 million a year So that that’s really how to think about, you know, the kind of sources that the uses, obviously, we’re doing everything Brian just described.
Avi Steiner: Terrific. And my last question, and I really appreciate the time. Scott and for you, Brian, if you’d like, but you clearly have a methodical plan here to move the chains as it were, but as kind of I build my bridge from where Clear Channel is today to where the company would like to get to leverage wise. Even with asset sales, EBITDA growth in the core US business, so that that buybacks reported today, it seems like maybe little bit more work needs to be done. And I’m curious among the many of options you’re clearly looking at and thinking about has the company had discussions with some of its bigger debt and equity holders around perhaps raising equity, equity like instruments or entertaining debt for equity swaps at all, or is it just a little too early? And again, appreciate the time as always. Thank you.
Brian Coleman: Yeah, I’ll — I’ll — I’ll take a stab at that and then, have Scott or Dave way in if they want to go into more detail. Look, you hit, you hit, you hit upon some of the things that we’re looking at. So taking a step back, you know, our strategy, I’ll put in three categories. One is, even talk rough. You mentioned that that’s certainly something we’re focused on. That’s at the core of everything we do. And ultimately, you know, we need to drive growth in the businesses to change our leverage profile going forward. You mentioned M&A. So I think another category is M&A, but I would look at it in a broad way, a broad sense. It not only includes what we’ve done in Europe, South, the process we’ve launched in Europe, North, the strategic review we’ve announced in Latin America.
