And again, I feel like we’ve done a really solid job on the bookings team has become very adept and maximizing utilization during this window which can be challenging at times. But again, done a really nice job and we don’t really have too many shows at risk as I alluded to earlier. You also asked about the ability to replace shows. I agree with you. That feels less relevant this year as both teams seem to be doing well, knock on wood. It depends on the type of the orders what the schedule is. It needs to be an artist that can sell out in a short period of time, is a narrow pool of artists who could probably satisfy those criteria. It’s possible. And I don’t know that it’s probable, but it’s certainly possible to book an event to sense something opened up unexpectedly.
And with that, I’d like to defer to Phil if you could address the question on capital allocation.
Phil D’Ambrosio: Thanks Mike. Hi, David. So our capital allocation priorities remain unchanged. We have two; the first is opportunistically returning capital to our shareholders. And the second is debt paydown. Again since our spinoff last April, we’ve repurchased approximately 140 million of Class A shares outstanding, which represents about 10% of those Class A. shares outstanding. And we have remaining authorization for repurchases of $110 million. So on — a go-forward basis we will continue to opportunistically seek attractive opportunities to return capital to shareholders. Turning to debt paydown as Mike noted our debt balance at the end of March is almost 600 million. And as we mentioned last quarter on our earnings call in early February and the December quarter we paid down the revolver completely.
So on a go-forward basis, in terms of debt paydown we will simply continue to pay a quarterly amortization on our term loan of $4 million per quarter, but we’re not planning to pay down any more debt beyond that. So when you think about leverage as the company continues to grow and to generate more AOI, the company will naturally delever. And when you keep in mind a substantial level of activity on the repurchase front over these last 11 months, currently we’re focused on digesting that meaning we’re going to build our cash balance up again. And as Mike noted we sold most of our position at Townsquare last month and generated just over $50 million of cash. So on a go-forward basis, we will rebuild the cash balance that syncs very nicely with the seasonality of our business.
And at the same time, we’re going to keep our eye on opportunities to return capital to shareholders.
David Karnovsky: Thanks.
Phil D’Ambrosio: Thank you.
Operator: Your next question comes from the line of Logan Angress with Wolfe Research. Please go ahead.
Logan Angress: Hi. Thank you. First I’m curious with the Garden only available for a relatively fixed number of days throughout the year, but with more and more artists touring or at least watching this or have you seen that supply demand imbalance translate to pricing at the Garden. And then I’m curious obviously Christmas Spectacular has been a big success. I’m curious how you think about opportunities to potentially move more into owned and operated shows more year round or is the focus just to continue growing Christmas Spectacular? Thank you.
Mike Grau: Thank you, Logan for the questions. And in terms of your first question I think you’re right on the money. I think we speak speaking specifically to the arena at the Garden. We are very well-positioned in terms of supply and demand here on the supply side we’ll do about 245 total events at the arena in fiscal 2024 which as we mentioned previously would be an internally a record for us. That does equate to about 70% utilization relatively flat year-over-year. We managed to minimize the number of loading days and we’ve had some success in building having multimedia. So while number of events is up utilization is relatively flat. I think there’s some runway to improve that. But there is a scarcity of supply around it.
You’re absolutely correct in that regard. And then in terms of demand we do see more and more artists touring. We do see live experiences and live entertainment being very popular and the Garden as a premium venue artist one player we often have promoters that will book US first and then build the rest of the talk around that to make sure they can get it for us. So I think we do have some pricing power versus other venues in that regard. In terms of where we sit in the supply and demand curves. The point I would make that’s not necessarily a new dynamic is reflected in the rates that we charge currently. We re-examine our pricing continuously especially now doing while we’re in a budget process and within the context of these market dynamics.
But so it’s not a new dynamic, but we are very well-positioned in that regard. In terms of your second question on the Christmas Spectacular, the Christmas Spectacular is a very unique franchise with a very unique and kind of one-of-a-kind history. We did put up record revenues this past season. It’s bounced back very nicely from the pandemic. And the economics are definitely different than some of the other shows we run through the content ownership. Right now and you kind of alluded to this in response to an earlier question our focus is on maximizing profitability of the Christmas show through a number of shows through ticket yield twos to sell-through. And in terms of the show itself we will continue to make modest refinements to in terms of upgraded technology, content refinements whether it’s adding scene, modifying scene.
Example last season, we added some drones. We had it of course varies seems that the show all of which was very well received. So we’ll continue to refine and upgrade the show in that regard. And we will continue to remain focused on the Rockettes brand, but that’s where the focus is on growing the profitability of the existing Christmas show. We’re not — we don’t have any plans currently. We’ve developed more owned content or new productions in that regard. Thanks, Logan. Operator, we’ll take one last caller.
Operator: Your final question comes from the line of Paul Golding with Macquarie Capital. Please go ahead.
Q – Paul Golding: Thanks so much for taking the question. Mike was wondering, if you could elaborate a bit more on how the Oak View relationship is going and I think you referred to it in relation to sponsorship and finance. So wanted to get a broader view of how that’s driving the business and if you’re seeing any tangible uplift at the moment? Thanks.
