AMC Entertainment Inc. ($AMC) has had one hell of a stretch that’s culminated in a major extension of its runway. According to the company's annual report, which it filed March 12, the company estimates that it has enough cash to make it through the end of March 2022. "This requires that the Company achieves [sic] significant increases in attendance levels beginning in the third quarter of 2021 and ultimately reaching 90% of pre COVID-19 attendance levels by the fourth quarter of 2021 and through the first quarter of 2022, as the vaccine rollout continues and more Hollywood product is released in its theatres." In other words, the company’s assumptions haven’t changed much since January.

Indeed, when we discussed AMC in January, we pointed out how management assumed the following just to make it through 2021:

Specifically, the company estimated that, together with proceeds from continued at-the-market equity programs and additional landlord concessions, it would require the following attendance levels:

10% of Pre-COVID 2019 attendance during Q121

15% of Pre-COVID 2019 attendance during Q221

65% of Pre-COVID 2019 attendance during Q321

90% of Pre-COVID 2019 attendance during Q421

Here’s what that looks like:

And, luckily, there’s been some (relatively) good news on that front! Management’s comments on the Q420 earnings call suggest that attendance has, in fact, been growing in recent weeks…

TO READ MORE OF THIS ARTICLE, YOU MUST BE A PAYING SUBSCRIBER.