AMC Entertainment Holdings, Inc. (AMC): Business Model Canvas [Dec-2025 Updated]

You're looking at a company that, despite posting record per-patron spending-like $7.95 for food and beverage in Q2 2025-is still wrestling with a mountain of debt, evidenced by $337.6 million in interest expense over the first nine months of 2025. This isn't just about popcorn anymore; it's about event-style content and premium experiences driving their $3,560.6 million revenue run rate for the same nine months. Honestly, understanding the Business Model Canvas for AMC Entertainment Holdings, Inc. defintely requires mapping how they balance that unique retail investor relationship against massive fixed costs like $664.8 million in operating leases. Dive in below to see the nine blocks that explain how this cinema giant is navigating its high-wire financial act.

AMC Entertainment Holdings, Inc. (AMC) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships that keep AMC Entertainment Holdings, Inc. operating and growing in late 2025. These aren't just vendor agreements; they are strategic alliances that directly impact screen quality, content flow, and per-patron spending.

Major Hollywood Studios for Film Supply

The relationship with major studios remains the bedrock of the business, ensuring a steady pipeline of content. The success of the year is heavily tied to their release schedules. For instance, the North American industry box office was down about 11.1% year-over-year in the third quarter of 2025, which softened AMC's results, showing the dependency on studio output timing. Management, however, anticipates a much stronger film slate for the full year ahead in 2026, building on the momentum from Q2 2025 when consolidated revenue grew 35.6% year-over-year to $1.4 billion.

High-Profile Artists for Direct Distribution Deals

AMC Entertainment is actively pursuing direct distribution deals, moving beyond traditional studio windows. This strategy is proving lucrative when successful. The Taylor Swift | The Official Release Party of a Showgirl event was an unprecedented success, generating more than $50 million in global box office revenue in just one weekend, demonstrating the power of this partnership type. Following this, AMC also showcased the KPop Demon Hunters in October and planned a special two-night engagement for the Stranger Things series finale at approximately 200 U.S. theatres, requiring attendees to purchase a $20 food and beverage credit.

• The Billie Eilish album release was another example of a direct distribution deal executed a year prior to the Q2 2025 earnings call.
• The success of these unique events drives higher per-patron spending; for example, the Q2 2025 consolidated revenue per patron hit an unprecedented $22.26.

IMAX and Dolby Cinema for Premium Large Format (PLF) Technology

Investment in Premium Large Format (PLF) experiences is central to AMC's strategy to increase revenue per guest and command a price premium. These premium auditoriums operate at close to three times the occupancy of a regular auditorium. The company continues to roll out more IMAX, Dolby Cinema, Prime, iSense, XL, and Laser equipped screens, with projected net capital expenditures for 2025 (growth and maintenance, net of lease incentives) set between $175-$225 million.

Here's a look at the scale of the PLF footprint based on end-of-2023/early-2025 data:

Real Estate Landlords for Long-Term Theater Leases

The physical footprint is secured through long-term agreements with real estate landlords. A key financial focus has been restructuring liabilities tied to these locations. AMC completed refinancing transactions in July 2025 that allowed them to fully redeem all of their 2026 debt maturities. Furthermore, the company is managing its long-term lease obligations, which have been declining for the fifth consecutive year as of late 2025, even as interest expense has moved higher for the third straight year.

The balance sheet remains a focus regarding future obligations:

• Debt maturing in 2027 is approximately $525 million.
• The company is planning capital expenditures for 2025 in the range of $175-$225 million.

Concession Suppliers for High-Margin Food and Beverage Products

Concessions are a vital source of high-margin revenue, complementing ticket sales. Food and beverage revenue hit an all-time high of $500 million in Q2 2025. The revenue per guest metric highlights this success; in Q2 2025, food and beverage revenue per guest reached a record $7.95. Even in a softer Q3 2025, domestic food and beverage revenue per patron was $7.74, the second highest in the company's history, and the consolidated contribution margin per patron was up 9.2% year-over-year.

Partnerships are also used to drive immediate concession sales:

• The Stranger Things finale required a $20 food and beverage credit purchase to secure a seat.
• The new AMC Popcorn Pass, launched December 1, 2025, offers Stubs members 50% off large popcorn daily through the end of 2026.
• As of December 31, 2024, MacGuffins Bar and Lounges offered alcohol in 383 U.S. theatres and 226 International theatres.

AMC Entertainment Holdings, Inc. (AMC) - Canvas Business Model: Key Activities

You're looking at the core actions AMC Entertainment Holdings, Inc. (AMC) must execute daily to keep the lights on and, more importantly, to execute its strategy. These aren't just things they do; these are the things they must do well to survive and thrive in this evolving landscape.

Operating a global circuit of approximately 860 theaters and 9,600 screens

The sheer scale of the operation is a primary activity. AMC must manage a massive physical footprint spanning the United States and Europe, primarily through its ownership of Odeon Cinemas. As of the second quarter of 2025, the company reported operating approximately 860 theatres globally, housing around 9,700 screens across the globe. This network is the foundation upon which all other activities rest. It requires constant oversight on everything from staffing to maintenance across different regulatory environments. Honestly, keeping that many locations running smoothly is a feat in itself.

Securing and distributing first-run Hollywood and alternative content

This is the core product delivery. AMC's activity involves negotiating with major studios to secure the rights to the latest Hollywood blockbusters and managing the scheduling of diverse alternative content. The success of this activity directly impacts attendance, which was up 25.6% in global attendance in Q2 2025, welcoming nearly 63 million moviegoers worldwide. The company is clearly focused on maximizing the value of the content it secures, evidenced by record per-patron revenue metrics.

Enhancing the in-theater experience via the AMC Go Plan investment

AMC actively works to differentiate its offering from home viewing, a key activity driven by strategic investment. The AMC Go Plan, announced in the fall of 2024, focuses on seating upgrades, theatre renovations, and expanding Premium Large Format (PLF) offerings. This focus on premium experiences is paying off in attendance share; for instance, AMC recorded 33% of its attendance in premium auditoriums on Saturday, April 5, 2025. This operational focus translates directly into higher revenue per guest.

Managing significant debt and executing financial restructuring

This is arguably the most critical, high-stakes activity for AMC's management. The company has been relentlessly focused on fortifying its balance sheet following its transformative July 2025 refinancing transactions. This involved securing approximately $244 million in new financing and pushing a staggering amount of debt maturity, originally due in 2026, out to 2029 and 2030. The total debt stood at $4.063B as of September 30, 2025. The activity here is about managing leverage and liquidity, as seen by the cash balance of $365.8 million at the end of Q3 2025. They are actively working to reduce leverage, having already equitized at least $143 million of existing debt.

Driving high-margin food and beverage sales per patron

Maximizing concession revenue is a vital activity, as these sales carry significantly higher margins than ticket sales. The company has set multiple records in this area. In Q2 2025, consolidated food and beverage revenue per guest hit a record of $7.95. By Q3 2025, the consolidated figure was $7.74, which was the second-highest in the company's 105-year history. The U.S. segment specifically achieved $8.55 per patron in Q3 2025. This operational success is what drove the total consolidated revenue per patron to an unprecedented $22.26 in Q2 2025.

Here's a quick look at how these key activities are reflected in the recent financial performance metrics that result from them:

The company is clearly using its operational strength, particularly in per-patron spending, to fund the necessary financial maneuvers to secure its long-term runway. Finance needs to track the cash position closely; cash and equivalents were $423.7 million at the end of Q2 2025, dropping to $365.8 million by the end of Q3 2025. Finance: draft 13-week cash view by Friday.

AMC Entertainment Holdings, Inc. (AMC) - Canvas Business Model: Key Resources

You're looking at the core assets that AMC Entertainment Holdings, Inc. (AMC) relies on to operate its global cinema business as of late 2025. These aren't just buildings; they are the physical, financial, and intangible foundations supporting their revenue generation.

The physical footprint remains a massive resource. As of the third quarter ending September 30, 2025, AMC owned or operated approximately 860 theaters and 9,600 screens across the globe, making it the largest movie exhibitor in the U.S., Europe, and the world. This scale is critical for securing first-run film bookings and negotiating favorable terms with major studios.

Here's a quick look at the scale of their physical presence:

The company heavily invests in differentiating its viewing environments, which drives higher ticket prices. Premium Large Format (PLF) auditoriums are a key resource here. For instance, on Saturday, April 5, 2025, AMC recorded 33% of its total attendance in premium auditoriums, which includes PLF experiences like IMAX, Dolby, and PRIME at AMC, alongside premium RealD 3D showtimes. This over-indexing confirms guest preference for these premium experiences.

Financially, liquidity is always a key resource to monitor. As of September 30, 2025, AMC reported Cash and cash equivalents of $365.8 million, excluding restricted cash of $51.1 million. This cash position, bolstered by recent refinancing activity in July 2025, is what keeps the lights on and funds necessary capital expenditures.

Intangible assets are just as important, especially customer engagement tools. The AMC Stubs loyalty program is central to driving repeat business. While the exact total membership count isn't immediately available, the structure shows its depth:

• AMC Stubs Insider: The free-to-join base tier.
• AMC Stubs Premiere GO!: An achievable upgrade tier, free of charge, earned by seeing at least 8 movies or earning 5,000 points in a calendar year.
• AMC Stubs Premiere: Costs $17.99 per year, offering immediate benefits like 5x points per dollar spent.
• AMC Stubs A-List: The top tier, allowing members to see up to 3 movies per week in every available format for one monthly fee.

Furthermore, AMC has introduced specific, high-value perks to drive concession sales among members. For example, the AMC Popcorn Pass, available to all Stubs members for a one-time purchase of $29.99, offers up to 50% off one large popcorn every day through the end of 2026.

Finally, the brand recognition itself is a resource, heavily influenced by its unique position as a favorite among retail investors, often referred to as the meme-stock investor base. This base has historically provided significant capital access through equity issuances, which was a critical lifeline following the pandemic closures.

Finance: draft 13-week cash view by Friday.

AMC Entertainment Holdings, Inc. (AMC) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose AMC Entertainment Holdings, Inc. over other options, especially as the company focuses on premiumization and unique events. The numbers from the third quarter of 2025 definitely show where the value is being captured.

Premium, differentiated moviegoing experience (recliner seats, laser projection)

The push for a better seat and better picture is clearly working when you look at the revenue metrics. AMC Entertainment Holdings, Inc. has heavily deployed its signature power-recliner seats and laser projection technology across its footprint of approximately 860 theatres globally as of August 2025. This focus on premium auditoriums is a key differentiator; for instance, these premium spaces were reported to be operating at close to three times the occupancy of a regular auditorium during the second quarter of 2025. This preference translates directly into higher revenue capture per ticket.

The success of this strategy is visible when comparing the admissions revenue per patron year-over-year and against historical benchmarks:

• Admissions revenue per patron hit an all-time record of $12.25 in the third quarter of 2025.
• This figure was 50% higher than the domestic admissions revenue per patron recorded in the third quarter of 2019.
• For context, in the second quarter of 2025, the consolidated admissions revenue per patron was $12.14.

High-quality, high-margin food and beverage options

Food and beverage (F&B) is a major profit driver, and the data shows guests are spending more on these items. The strategy here is to offer enhanced choices that carry better margins than standard concessions. The third quarter of 2025 saw F&B revenue per patron reach $7.74, which was the second-highest in the company's 105-year history.

When you combine the premium ticket price with the higher F&B spend, the total value proposition per customer becomes quite substantial. Here's a quick look at how the revenue per patron stacked up across the first three quarters of 2025:

The underlying profitability of this is supported by the contribution margin figures. The consolidated contribution margin per patron was approximately 54% higher than pre-pandemic levels in 2019. Domestically, the contribution margin per patron saw an even greater lift, coming in 57.5% higher than in the third quarter of 2019.

Exclusive access to event-style content (e.g., concert films)

AMC Entertainment Holdings, Inc. uses its platform to host unique, limited-time theatrical events that drive attendance even when the traditional film slate is soft. A prime example from the third quarter of 2025 was the one-weekend screening of TAYLOR SWIFT | THE OFFICIAL RELEASE PARTY OF A SHOWGIRL. This event was showcased on approximately 6,500 movie theatre screens across 56 countries.

The financial impact of this type of exclusive content was significant for that period:

• The event generated some $50 million in total box office receipts.
• Domestically, the event accounted for $34 million in box office.
• Internationally, it brought in another $16 million.

Social and cultural destination for out-of-home entertainment

The value proposition extends beyond the seat and the snack; it's about being the primary choice for out-of-home entertainment. The company's ability to command higher prices and capture more market share demonstrates its perceived value as a destination. In the third quarter of 2025, AMC increased its market share to approximately 24% of the domestic box office, even as the domestic industry box office declined by 11.1% year-over-year.

This suggests that when consumers choose to go out, a larger percentage of them are choosing AMC Entertainment Holdings, Inc. venues. The total consolidated revenue for the third quarter of 2025 was $1.3 billion, which was up 7.5% year-over-year.

AMC Entertainment Holdings, Inc. (AMC) - Canvas Business Model: Customer Relationships

Automated engagement for AMC Entertainment Holdings, Inc. centers heavily on its tiered loyalty and subscription ecosystem, designed to capture repeat business and gather customer data.

As of the end of 2024, the combined total enrollment across the AMC Stubs tiers-A-List, Premiere, and Insider-stood at approximately 35 million member households. These Stubs members were responsible for about 49% of U.S. market attendance for the year ended December 31, 2024. The program structure evolved in 2025 with the introduction of AMC Stubs Premiere GO! on January 1, 2025, an achievable upgrade for Insider members who visit at least 8 movies or earn 5,000 AMC Stubs points in a calendar year. This new tier offers benefits like 2x points per $1 spent and waived online ticket fees for purchases of 4+ tickets simultaneously. Furthermore, a new, high-value offering, the AMC Popcorn Pass, rolled out around December 1, 2025, priced at $29.99 for access to 50% off a large popcorn bucket daily through the end of 2026. This is supported by the fact that AMC's gross margin on concessions reached a high of 80% through the first nine months of 2025, meaning discounted popcorn still contributes significantly to margin, especially when driving ancillary sales.

The high-touch experience is driven by the company's focus on premium formats, which command higher spending and occupancy rates.

• Premium auditoriums operate at close to three times the occupancy of a regular auditorium.
• On Saturday, April 5, 2025, 33% of AMC's U.S. attendance came from its Premium Large Format (PLF) screens and RealD 3D screens.
• The subscription tier, AMC Stubs A-List, which allows up to three movies per week including premium formats, had 28 percent of its enrolled members under the age of 30.

The success of this premiumization strategy is reflected in the per-patron spending metrics recorded in the second quarter of 2025.

These records validate the strategy of delivering an elevated out-of-home entertainment experience.

Direct digital engagement is managed through the mobile app and website for ticketing and information dissemination. As of Q2 2025, the 'AMC Theatres: Movies & More' app saw its weekly active users climb to approximately 568.6K by the end of June. Estimates suggested a daily download rate of about 4,333 people for AMC's mobile apps in late 2025, an increase over the 30-day moving average of 2,455 daily downloads. The app is a key channel for event promotion, such as providing details for the special Stranger Things finale screenings scheduled for December 31, 2025.

Community-driven engagement with retail investors, often referred to as Apes, remains a distinct, albeit non-traditional, relationship for AMC Entertainment Holdings, Inc. This group provided crucial liquidity through equity raises, which were instrumental in the company's survival. In the broader U.S. equity market in 2025, retail investors consistently accounted for approximately 20-21% of daily trading volume. For context on institutional ownership, which contrasts with the retail base, institutions held about 44% of the company as of early 2025, with The Vanguard Group, Inc. holding 8.5% and BlackRock, Inc. holding 6.2% of shares outstanding.

AMC Entertainment Holdings, Inc. (AMC) - Canvas Business Model: Channels

You're looking at how AMC Entertainment Holdings, Inc. gets its product-the movie-going experience-to the customer base as of late 2025. The channels are a mix of physical presence and digital touchpoints.

Physical theater locations across the U.S. and international markets remain the core channel. As of September 30, 2025, AMC owned or operated approximately 860 theatres across the globe, encompassing about 9,600 screens worldwide. Domestically, the footprint was reported at 534 AMC Theatres locations as of October 08, 2025. This physical network has seen strategic pruning; the company reported a net reduction of 139 locations since 2020, resulting from 204 closures offset by 65 openings reported through Q2 2025.

Here is a breakdown of the physical footprint:

The digital front is critical for driving attendance to these physical locations. The AMC website and mobile app serve as primary points of transaction and engagement. This digital ecosystem is tightly integrated with the AMC Stubs loyalty program. For the year ended December 31, 2024, which sets the baseline for 2025 digital behavior, approximately 70% of U.S. tickets were purchased online. Critically, of those online purchases, about 85% were made directly through AMC's own website and mobile apps, showing strong channel capture. The loyalty program itself is a channel driver; as of December 31, 2024, the combined A-List, Premiere, and Insider programs had approximately 35 million member households, representing about 49% of U.S. market attendance for that year. In Q2 2025, about half of total U.S. ticket-buying guests were Stubs members. The app and website are also used to promote special events, such as the Stranger Things finale engagement held at 200 U.S. AMC locations on December 31, 2025.

AMC also utilizes a direct distribution channel for self-distributed content like concert films. This initiative, AMC Theatres Distribution, was launched in 2023 and continues to be a focus, with Q3 2025 results reflecting the strength of these innovative distribution abilities.

The final key channel involves third-party ticketing platforms (e.g., Fandango). While AMC drives the majority of its online sales directly, tickets are also purchased through these external vendors. The company's strategy focuses on maximizing direct sales through its owned digital properties to better control the guest experience and data capture.

You can see the digital capture effort here:

• U.S. Online Ticket Purchase Share (2024 baseline): 70% of total U.S. tickets.
• Direct Digital Capture Rate (of online sales, 2024 baseline): 85% purchased via AMC website/app.
• Stubs Loyalty Program Penetration (Q2 2025): About 50% of U.S. ticket-buying guests.
• Special Event Channel Reach (Stranger Things finale, Dec 2025): 200 U.S. locations.

Finance: draft 13-week cash view by Friday.

AMC Entertainment Holdings, Inc. (AMC) - Canvas Business Model: Customer Segments

You're analyzing the core audience for AMC Entertainment Holdings, Inc. as of late 2025. The company clearly segments its patrons based on their viewing habits and commitment level, which directly impacts how they price and market their offerings.

Core moviegoers seeking first-run Hollywood films represent the foundational base. While the industry faced a weak start, Q2 2025 saw global attendance reach nearly 63 million guests, a 25.6% increase over the prior year period. To keep these guests coming back, AMC is focused on the quality of the experience; for instance, the U.S. admissions revenue per patron hit a record $12.25 in the third quarter of 2025. Still, the domestic industry box office in Q3 2025 was down 11.1% year-over-year, showing the ongoing challenge of drawing consistent foot traffic. AMC management projects the full-year 2025 box office could be $500 million to $900 million higher than 2024.

Next, you have the premium format enthusiasts willing to pay surcharges for PLF. These guests clearly value the enhanced experience, which AMC is actively expanding. On Saturday, April 5, 2025, a strong indicator of this segment's value, 33% of AMC's U.S. attendance came from its Premium Large Format (PLF) screens and RealD 3D auditoriums. These patrons drive up per-guest spending; for example, consolidated total revenue per patron hit an unprecedented $22.26 in Q2 2025.

The company also targets event-driven audiences for concerts, live sports, and non-traditional content, using its distribution arm to create unique, high-draw events. A prime example from Q3 2025 was the one-weekend screening of TAYLOR SWIFT | THE OFFICIAL RELEASE PARTY OF A. SHOWGIRL. This event was showcased on approximately 6,500 movie theatre screens across 56 countries and generated some $50 million in box office receipts ($34 million domestically and $16 million internationally). This shows a segment willing to pay for exclusive, limited-time theatrical events.

Finally, the segment of retail investors who are also loyal customers is critical for recurring revenue and data capture. The AMC Stubs loyalty program is central here. As of a recent report, the U.S. AMC Stubs program stands at more than 12 million member households, providing insights into the habits of more than 30 million moviegoers. The tiered structure caters to different levels of engagement, from the free Insider tier to the paid A-List subscription.

Here's a quick look at the metrics tied to these highly engaged loyalty customers:

The A-List service, which allows members to see up to three movies weekly for a fixed monthly fee, is designed to foster consistent engagement. The company is actively working to grow this base, aiming for 50 million loyalty customers globally in the foreseeable future.

You can see the breakdown of overall revenue by segment for the Trailing Twelve Months ending June 30, 2025, which helps quantify the importance of each group:

• Admissions: $2.70B
• Food and Beverage: $1.72B
• Other: $494.30M

AMC Entertainment Holdings, Inc. (AMC) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep the lights on and the projectors running at AMC Entertainment Holdings, Inc. (AMC). Honestly, for a company with this many physical locations, the cost structure is heavily weighted toward fixed commitments, which means revenue needs to be consistent just to cover the basics.

The fixed cost base is substantial, driven heavily by real estate obligations. For the nine months ended September 30, 2025, the reported Rent expense alone hit $664.8 million. That number represents the cost of keeping the vast majority of AMC's approximately 860 theaters operational globally. This is a classic fixed cost in the exhibition business; whether the house is full or empty, that rent payment is due.

Then you have the financial structure costs, which have been a major focus area, especially after recent capital activity. Interest expense on corporate borrowings was $337.6 million for the same nine-month period in 2025. You'll see that despite efforts to strengthen the balance sheet, including a transformative July 2025 refinancing, the interest burden remains significant.

Here's a quick look at some of the major cost categories from the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2025, all amounts in millions:

The variable costs are tied directly to the box office performance. Film exhibition costs-the split of the ticket revenue you give to the movie studios-are the primary variable expense. While the specific line item for film rental isn't isolated in the requested format, the overall 'Operating costs and expenses' before depreciation and amortization were $3,578.1 million for the nine months ended September 30, 2025. A significant portion of the Admissions operating costs, which were $949.3 million for the nine months, goes to the studios.

Labor and utility costs fall under the broader operating expenses. These are semi-variable; you need a baseline staff and utilities to open the doors, but staffing levels and energy usage fluctuate based on daily attendance and operating hours. For the nine months ended September 30, 2025, the 'Operating expense, excluding depreciation and amortization below' was $1,316.3 million. This category absorbs the day-to-day costs of running the theaters.

To be fair, AMC is actively managing the physical footprint, which directly impacts those fixed lease costs. For instance, in 2025, they closed 17 net locations. That's a direct action aimed at reducing the fixed cost base over time.

You can also see how these costs stack up against revenue in the third quarter of 2025:

• Total Revenues (Q3 2025): $1,300.2 million.
• Total Operating Costs and Expenses (Q3 2025): $1,264.4 million.
• Interest Expense: Corporate Borrowings (Q3 2025): $119.0 million.
• Net loss for Q3 2025: $(298.2) million.

Finance: draft 13-week cash view by Friday.

AMC Entertainment Holdings, Inc. (AMC) - Canvas Business Model: Revenue Streams

You're looking at the core ways AMC Entertainment Holdings, Inc. brings in cash as of late 2025. It's a mix of the classic movie theater model and some newer, event-driven income streams. Honestly, the per-patron spending is where the real story is right now.

The total revenue for the first nine months of the fiscal year, ending September 30, 2025, reached $3,560.6 million.

The primary drivers of this revenue fall into a few key categories, with per-patron metrics showing significant yield improvement:

• Admissions revenue (Q2 2025 record: $12.14 per patron)
• Food & Beverage revenue (Q2 2025 record: $7.95 per patron)

The company continues to monetize its premium offerings through specific charges. Surcharges from Premium Large Format (PLF) screens, like IMAX and Dolby Cinema, are a crucial component, as these auditoriums run at significantly higher occupancy and command higher ticket prices than standard screens.

Alternative content distribution fees are also becoming a notable, albeit episodic, revenue source. For example, the one-weekend screening event for the Taylor Swift theatrical release in October 2025 generated approximately $50 million in box office receipts.

Here's a look at how some of these key revenue metrics stacked up across the second and third quarters of 2025:

The shift in per-patron spending, especially in admissions, shows the success of AMC Entertainment Holdings, Inc.'s premiumization strategy. Even when overall industry box office softened in Q3 2025, the higher per-ticket price helped stabilize the admissions revenue stream.

Other revenue components that feed into the top line include:

• Rental income from third-party operators in some locations.
• Revenue from loyalty programs and ancillary services.
• Fees related to distribution agreements for non-traditional film content.

To be fair, the Q3 2025 total revenue of $1,300.2 million was slightly below the Q3 2024 figure of $1,348.8 million, reflecting industry softness, but the per-patron achievements are defintely the focus for future growth.

Finance: draft 13-week cash view by Friday.