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Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Segment Reporting Information by Category and Reportable Segment

The following table presents the Company’s revenue and gross margin (margin loss) by category and reportable segment for the three months ended June 30, 2022 and 2021:

 

 

Revenue(1)

 

 

Gross Margin (Margin Loss)

 

(In thousands of U.S. Dollars)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

IMAX Technology Network

 

 

 

 

 

 

 

 

 

 

 

 

IMAX DMR

 

$

27,581

 

 

$

11,793

 

 

$

18,000

 

 

$

6,861

 

JRSA, contingent rent

 

 

18,525

 

 

 

7,862

 

 

 

12,889

 

 

 

1,790

 

 

 

 

46,106

 

 

 

19,655

 

 

 

30,889

 

 

 

8,651

 

IMAX Technology Sales and Maintenance

 

 

 

 

 

 

 

 

 

 

 

 

IMAX Systems(2)

 

 

8,231

 

 

 

15,982

 

 

 

5,427

 

 

 

10,548

 

JRSA, fixed fees

 

 

498

 

 

 

1,002

 

 

 

(19

)

 

 

347

 

IMAX Maintenance

 

 

14,683

 

 

 

11,235

 

 

 

7,367

 

 

 

5,075

 

Other Theater Business(3)

 

 

920

 

 

 

483

 

 

 

46

 

 

 

142

 

 

 

 

24,332

 

 

 

28,702

 

 

 

12,821

 

 

 

16,112

 

Film Distribution and Post-Production

 

 

 

 

 

 

 

 

 

 

 

 

Film Distribution

 

 

841

 

 

 

194

 

 

 

(1,015

)

 

 

(54

)

Post-Production

 

 

1,122

 

 

 

1,396

 

 

 

488

 

 

 

660

 

 

 

 

1,963

 

 

 

1,590

 

 

 

(527

)

 

 

606

 

Sub-total for reportable segments

 

 

72,401

 

 

 

49,947

 

 

 

43,183

 

 

 

25,369

 

All Other(4)

 

 

1,567

 

 

 

1,008

 

 

 

853

 

 

 

234

 

Total

 

$

73,968

 

 

$

50,955

 

 

$

44,036

 

 

$

25,603

 

 

The following table presents the Company’s revenue and gross margin (margin loss) by category and reportable segment for the six months ended June 30, 2022 and 2021:

 

 

Revenue(1)

 

 

Gross Margin (Margin Loss)

 

(In thousands of U.S. Dollars)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

IMAX Technology Network

 

 

 

 

 

 

 

 

 

 

 

 

IMAX DMR

 

$

47,145

 

 

$

23,737

 

 

$

31,557

 

 

$

15,112

 

JRSA, contingent rent

 

 

31,168

 

 

 

16,221

 

 

 

19,087

 

 

 

3,673

 

 

 

 

78,313

 

 

 

39,958

 

 

 

50,644

 

 

 

18,785

 

IMAX Technology Sales and Maintenance

 

 

 

 

 

 

 

 

 

 

 

 

IMAX Systems(2)

 

 

16,849

 

 

 

21,881

 

 

 

9,403

 

 

 

13,560

 

JRSA, fixed fees

 

 

1,488

 

 

 

2,740

 

 

 

233

 

 

 

503

 

IMAX Maintenance

 

 

29,625

 

 

 

20,141

 

 

 

15,237

 

 

 

8,898

 

Other Theater Business(3)

 

 

1,590

 

 

 

920

 

 

 

146

 

 

 

205

 

 

 

 

49,552

 

 

 

45,682

 

 

 

25,019

 

 

 

23,166

 

Film Distribution and Post-Production

 

 

 

 

 

 

 

 

 

 

 

 

Film Distribution

 

 

1,422

 

 

 

416

 

 

 

(2,262

)

 

 

(315

)

Post-Production

 

 

1,947

 

 

 

1,987

 

 

 

874

 

 

 

896

 

 

 

 

3,369

 

 

 

2,403

 

 

 

(1,388

)

 

 

581

 

Sub-total for reportable segments

 

 

131,234

 

 

 

88,043

 

 

 

74,275

 

 

 

42,532

 

All Other(4)

 

 

2,770

 

 

 

1,666

 

 

 

1,532

 

 

 

352

 

Total

 

$

134,004

 

 

$

89,709

 

 

$

75,807

 

 

$

42,884

 

 

(1)
The Company’s largest customer represents 17% and 15%, respectively, of total Revenues for the three and six months ended June 30, 2022 (2021 — 20% and 25%, respectively). No single customer comprises more than 10% of the Company’s total Accounts Receivable as of June 30, 2022 and December 31, 2021.
(2)
The revenue from this segment includes the initial upfront payments and the present value of fixed minimum payments from sale and sales-type lease arrangements of IMAX Theater Systems, as well as the present value of estimated variable consideration from sales of IMAX Theater Systems. To a lesser extent, the revenue from this segment also includes finance income associated with these revenue streams.
(3)
The revenue from this segment principally includes after-market sales of IMAX Theater System parts and 3D glasses.
(4)
All Other includes the results from IMAX Enhanced and other ancillary activities. In the second quarter of 2022, the Company's internal reporting was updated to reclassify the results of IMAX Enhanced out of the New Business Initiatives segment into All Other for segment reporting purposes. Prior period comparatives have been revised to conform with the current period presentation.
Summary of Revenues By Geographic Area

The following table summarizes the Company's revenues by geographic area for the three and six months ended June 30, 2022 and 2021:

 

 

 

Three Months Ended

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

June 30,

 

(In thousands of U.S. Dollars)

 

2022

 

 

 

2021

 

 

2022

 

 

2021

 

United States

 

$

33,646

 

 

 

$

14,107

 

 

 

$

52,713

 

 

 

$

17,806

 

Greater China

 

 

11,237

 

 

 

 

27,913

 

 

 

 

32,713

 

 

 

 

53,431

 

Asia (excluding China)

 

 

11,357

 

 

 

 

3,610

 

 

 

 

17,124

 

 

 

 

7,912

 

Western Europe

 

 

10,701

 

 

 

 

2,157

 

 

 

 

17,762

 

 

 

 

3,526

 

Latin America

 

 

2,543

 

 

 

 

345

 

 

 

 

4,429

 

 

 

 

398

 

Canada(2)

 

 

1,968

 

 

 

 

90

 

 

 

 

3,740

 

 

 

 

(463

)

Russia/the CIS & Ukraine(1)

 

 

146

 

 

 

 

1,338

 

 

 

 

1,156

 

 

 

 

3,224

 

Rest of the World

 

 

2,370

 

 

 

 

1,395

 

 

 

 

4,367

 

 

 

 

3,875

 

Total

 

$

73,968

 

 

 

$

50,955

 

 

 

$

134,004

 

 

 

$

89,709

 

 

(1)
In addition to Russia, the CIS includes Azerbaijan, Belarus, Kazakhstan, and Kyrgyzstan. In March 2022, in response to the ongoing conflict between Russia and Ukraine and resulting sanctions, the Company suspended its operations in Russia and Belarus. As of June 30, 2022, the IMAX network includes 54 theaters in Russia, nine theaters in Ukraine, and one theater in Belarus.
(2)
For the six months ended June 30, 2021, the amount attributable to Canada includes a $0.5 million reversal of previously recorded revenue and a corresponding reduction in the net investment in lease as a result of a lease modification entered into during the period.