8-K

0000950170-24-021210.txt : 20240227 0000950170-24-021210.hdr.sgml : 20240227 20240227162414 ACCESSION NUMBER: 0000950170-24-021210 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240227 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240227 DATE AS OF CHANGE: 20240227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMAX CORP CENTRAL INDEX KEY: 0000921582 STANDARD INDUSTRIAL CLASSIFICATION: PHOTOGRAPHIC EQUIPMENT & SUPPLIES [3861] ORGANIZATION NAME: 08 Industrial Applications and Services IRS NUMBER: 980140269 STATE OF INCORPORATION: A6 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35066 FILM NUMBER: 24687176 BUSINESS ADDRESS: STREET 1: 2525 SPEAKMAN DRIVE CITY: MISSISSAUGA STATE: A6 ZIP: L5K 1B1 BUSINESS PHONE: 9054036500 MAIL ADDRESS: STREET 1: 2525 SPEAKMAN DRIVE CITY: MISSISSAUGA STATE: A6 ZIP: L5K 1B1 8-K 1 imax-20240227.htm 8-K 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

February 27, 2024

Date of report (Date of earliest event reported)

IMAX Corporation

(Exact Name of Registrant as Specified in Its Charter)

    (State or Other Jurisdiction
of Incorporation)

    (Commission
File Number)

    (I.R.S. Employer
Identification Number)


2525 Speakman Drive	902 Broadway, Floor 20
Mississauga, Ontario, Canada L5K 1B1	New York, New York, USA 10010
(905) 403-6457	(212) 821-0142

(Address of principal executive offices, zip code, telephone numbers)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

    Title of each class

    Trading
Symbol(s)

    Name of each exchange
on which registered

    Common Shares, no par value

    IMAX

    The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter):

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On February 27, 2024, IMAX Corporation (the “Company”) issued a press release announcing the Company’s financial and operating results for the quarter and year ended December 31, 2023, a copy of which is attached as Exhibit 99.1.

The information in this current report on Form 8-K, including the Exhibit attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits

(d)

Exhibits


Exhibit No.		Description

99.1		Press Release dated February 27, 2024.

104		Cover Page Interactive Data File (formatted as inline XBRL).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	IMAX Corporation
	(Registrant)

Date: February 27, 2024	By:	/s/ Richard L. Gelfond
	Name:	Richard L. Gelfond
	Title:	Chief Executive Officer & Director

EX-99.1 2 imax-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

IMAX CORPORATION REPORTS Q4 AND FULL-YEAR 2023 RESULTS

•

Global entertainment technology platform delivers over 25% YoY growth in FY23 across Revenue, Net Income, Adjusted EBITDA(1) and Adjusted EPS(1)(2)

•

Full-Year GAAP EPS of $0.46, up from a loss of ($0.40) in FY22; Full-Year Adjusted EPS of $0.94, up from $0.06 in FY22

•

Net Income of $25 million in FY23 increased from a loss of $(23) million in 2022 while Adjusted EBITDA(2) increases to $128 million in FY23, up 52% from $84 million in FY22

•

System sales activity increases 174% YoY to 129 signings worldwide in FY23

•

Company delivers on high end of guidance with 128 system installations in FY23, up from 92 in FY22

•

IMAX achieves global box office of approximately $1.1 billion, approaching previous record

•

Full-Year cash from operations more than triples to $59 million in FY23, up from $17 million FY22

NEW YORK, NY — February 27, 2024 — IMAX Corporation (NYSE: IMAX) today reported financial results for the Fourth Quarter and Full-Year 2023, highlighted by strong top and bottom-line growth for the full-year.

“IMAX delivered excellent results in 2023 — we grew Net Income by $48 million, Adjusted EPS by 88 cents, Adjusted EBITDA by 52%, and system installations by nearly 40% — on the strength of demand for our technology, our unique premium model, and a clear preference among consumers worldwide for awe-inspiring IMAX experiences,” said Rich Gelfond, CEO of IMAX.

“As the entertainment landscape transforms, it is clear that IMAX is among its premier, in-demand destinations. We drove significant expansion and diversification of our global footprint, with a record 61 of our system installations coming from strategic Rest of World markets such as Japan, South Korea and Europe. Even as we deliver an outsized share of the global box office, we estimate the current IMAX network is only at 47% penetration — with the opportunity to open nearly 2,000 additional locations worldwide.”

“Our strong network growth is a direct result of our global content strategy, which has yielded the biggest and most diverse portfolio of IMAX Experiences ever. 2023 saw IMAX deliver a record at the North American box office, highest grossing year ever for local language films and overall box office approaching our best year ever. We are strategically managing our content portfolio to drive greater share of Hollywood releases, grow local language, accelerate our pipeline of IMAX Documentaries, and push further into emerging verticals including music and gaming, live experiences and recurring programming.”

“Through our global technology platform, IMAX powers awe-inspiring experiences for audiences around the world — capitalizing on the limitlessness of human imagination and need for shared experiences. We look forward to further capturing this opportunity, growing our network and content portfolio, to deliver results for our shareholders.”

_______________

(1)

Non-GAAP Financial Measure. See the discussion at the end of this earnings release for a description of the non-GAAP financial measures used herein, as well as reconciliations to the most comparable GAAP amounts.

(2)

Attributable to common shareholders.

Fourth Quarter and December Full-Year Financial Highlights


	Three Months Ended								Year Ended
	December 31,								December 31,
In millions of U.S. Dollars, except per share data	2023			2022			YoY % Change		2023			2022			YoY % Change

Total Revenue	$	86.0		$	98.0		(12%)		$	374.8		$	300.8		25%

Gross Margin	$	43.7		$	48.8		(11%)		$	214.3		$	156.4		37%
Gross Margin (%)		51	%		50	%				57	%		52	%

Adjusted EBITDA - attributable to common shareholders(1)(3)	$	23.0		$	27.8		(17%)		$	128.2		$	84.5		52%
Adjusted EBITDA Margin (%) - attributable to common shareholders(1)(3)		28	%		31	%	(8%)			37	%		30	%	22%

Total Adjusted EBITDA(1)(3)(4)	$	25.2		$	31.5		(20%)		$	144.0		$	95.7		51%
Total Adjusted EBITDA Margin (%)(1)(3)(4)		29	%		32	%	(9%)			38	%		32	%	21%

Net Income (Loss)(2)	$	2.5		$	2.6		(3%)		$	25.3		$	(22.8	)	N/A
Net Income (Loss) per share(2) - basic and diluted	$	0.05		$	0.05			—	$	0.46		$	(0.40	)	N/A

Adjusted Net Income(1)(2)	$	9.3		$	10.6		(12%)		$	52.1		$	3.2		N/A
Adjusted Earnings Per Share(1)(2)	$	0.17		$	0.19		(11%)		$	0.94		$	0.06		N/A

Weighted average shares outstanding (in millions)(5):
Basic		54.0			54.8		(2%)			54.3			56.7		(4%)
Diluted		55.0			55.7		(1%)			55.1			57.4		(4%)

_______________

(1)

(2)

Attributable to common shareholders.

(3)

Per Credit Facility.

(4)

Total Adjusted EBITDA is equivalent to Total Adjusted EBITDA Attributable to Non-controlling Interests and Common Shareholders.

(5)

Reflects weighted average shares outstanding used in Adjusted Earnings Per Share calculation.

Fourth Quarter and Full Year Segment Results(1)


	Content Solutions									Technology Products and Services

	Revenue			Gross Margin			Gross Margin %			Revenue			Gross Margin				Gross Margin %
4Q23	$	19.1		$	9.7			51	%	$	62.5			$	29.9			48	%
4Q22		29.3			12.1			41	%		66.1				35.2			53	%
% change		(35	%)		(20	%)					(5	%)			(15	%)

FY23	$	126.7		$	74.1			58	%	$	234.3			$	129.9			55	%
FY22		101.8			51.2			50	%		192.4				101.1			53	%
% change		24	%		45	%					22	%			28	%

_______________

(1)

Please refer to the Company’s Form 10-K for the year ended December 31, 2023 for additional segment information.

Content Solutions Segment

•

Content Solutions revenue of $126.7 million increased 24% year-over-year for the full year 2023 while Q4 revenue of $19.1 million decreased 35% year-over-year. Gross box office from IMAX locations for full year 2023 of approximately $1.1 billion was up 25% while Q4 2023 of $170 million was down 32% year-over-year. IMAX set numerous records for box office during 2023 including:

Highest full year local language box office of $227 million

Highest full year domestic box office of $393 million

Highest Q3 box office of $347 million

•

Gross margin for Content Solutions of $74.1 million for the full year 2023 increased 45% year-over-year while Q4 gross margin of $9.7 million decreased 20% year-over-year. The Company saw significant margin expansion for the full year 2023 (up 800 basis points) and Q4 2023 (up 1000 basis points) driven by the operating leverage in our business along with our disciplined cost management.

Technology Products and Services Segment

•

Technology Products and Services revenues and gross margin for full year 2023 increased 22% year-over-year to $234.3 million and 28% year-over-year to $129.9 million, respectively. Q4 revenue and gross margin decreased 5% year-over-year to $62.5 million and 15% year-over-year to $29.9 million, respectively.

•

For the full year 2023 the Company installed 128 systems compared to 92 systems in full year 2022. Of those, 75 systems were under sales and hybrid JRSA arrangements, compared to 46 systems in the prior year.

•

During the fourth quarter the Company installed 69 systems compared to 52 systems in the fourth quarter of 2022. Of those, 38 systems were under sales and hybrid JRSA arrangements, compared to 24 systems in the prior year.

•

Commercial network growth accelerated with the number of IMAX locations increasing 4% year-over-year to 1,693. The Company ended 2023 with a backlog of 450 IMAX systems.

Operating Cash Flow and Liquidity

Net cash provided by operating activities for full year 2023 was $58.6 million compared to $17.3 million in the prior period with the increase reflecting the higher profits year-over-year and improvements in working capital.

As of December 31, 2023, the Company’s available liquidity was $407 million. The Company's liquidity includes cash and cash equivalents of $76 million, $276 million in available borrowing capacity under the Credit Facility, and $55 million in available borrowing capacity under IMAX China’s revolving facilities. Total debt, excluding deferred financing costs, was $257 million as of December 31, 2023.

In 2021, the Company issued $230.0 million of 0.500% Convertible Senior Notes due 2026 (“Convertible Notes”). In connection with the pricing of the Convertible Notes, the Company entered into privately negotiated capped call transactions with an initial cap price of $37.2750 per share of the Company's common shares.

Share Count and Capital Return

The weighted average basic and diluted shares outstanding used in the calculation of adjusted EPS for the full year of 2023 were 54.3 million and 55.1 million, respectively, compared to 56.7 million and 57.4 million, respectively for the full year 2022, a decrease year-over-year of 4% for both basic and diluted shares outstanding.

For the full year 2023, the Company repurchased 1.6 million common shares at an average price of $16.45 per share, for a total of $26.4 million, excluding commission, with $24.2 million of repurchases coming in the fourth quarter of 2023. Subsequent to year-end, the Company repurchased 1.2 million common shares at an average price of $13.99 per share, for a total of $16.2 million, excluding commission, year-to-date through February 26, 2024.

On June 14, 2023, the Company announced a 3-year extension to its share-repurchase program through June 30, 2026. The current share-repurchase program authorizes the Company to repurchase up to $400.0 million of its common shares, of which approximately $151.0 million remains available.

2024 Guidance

The Company expects the following for the full year 2024:

•

IMAX Gross Box Office: Similar to 2023

•

System Installations: 120 to 150 Systems

•

Total Consolidated Adjusted EBITDA Margin: High 30’s percent

Supplemental Materials

For more information about the Company’s results, please refer to the IMAX Investor Relations website located at investors.imax.com.

Investor Relations Website and Social Media

On a monthly basis, the Company posts quarter-to-date box office results on the IMAX Investor Relations website located at investors.imax.com. The Company expects to provide such updates within five business days of month-end, although the Company may change this timing without notice.

The Company may post additional information on the Company’s corporate and Investor Relations website which may be material to investors. Accordingly, investors, media and others interested in the Company should monitor the Company’s website in addition to the Company’s press releases, SEC filings and public conference calls and webcasts, for additional information about the Company.

Conference Call

The Company will host a conference call today at 4:30 PM ET to discuss its full year and fourth quarter 2023 financial results. This call is being webcast and can be accessed at investors.imax.com. To access the call via telephone, interested parties please pre-register here: https://register.vevent.com/register/BI5eba9aa253da46dfb62bb6d573394a9d and you will be provided with a dial-in number and unique pin. To avoid delays, we encourage participants to dial into the conference call ten minutes ahead of the scheduled start time. A replay of the call will be available via webcast at investors.imax.com.

About IMAX Corporation

IMAX, an innovator in entertainment technology, combines proprietary software, architecture, and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX systems to connect with audiences in extraordinary ways, making IMAX's network among the most important and successful theatrical distribution platforms for major event films around the globe.

IMAX is headquartered in New York, Toronto, and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of December 31, 2023, there were 1,772 IMAX systems (1,693 commercial multiplexes, 12 commercial destinations, 67 institutional) operating in 90 countries and territories. Shares of IMAX China Holding, Inc., a subsidiary of IMAX Corporation, trade on the Hong Kong Stock Exchange under the stock code “1970”.

IMAX®, IMAX® 3D, Experience It In IMAX®, The IMAX Experience®, DMR®, Filmed For IMAX®, IMAX LIVETM, IMAX Enhanced® are trademarks and trade names of IMAX Corporation or its subsidiaries that are registered or otherwise protected under laws of various jurisdictions. For more information, visit www.imax.com. You can also connect with IMAX on Instagram (www.instagram.com/company/imax), Facebook (www.facebook.com/imax), LinkedIn (www.linkedin.com/company/imax), X (www.twitter.com/imax), and YouTube (www.youtube.com/imaxmovies).

For additional information please contact:

    Investors:
IMAX Corporation, New York
Jennifer Horsley
212-821-0154
jhorsley@IMAX.com

    Media: 
IMAX Corporation, New York
Mark Jafar
212-821-0102
mjafar@imax.com

   

Forward-Looking Statements

This earnings release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. These forward-looking statements include, but are not limited to, business and technology strategies and measures to implement strategies, competitive strengths, goals, expansion and growth of business, operations and technology, future capital expenditures (including the amount and nature thereof), industry prospects and consumer behavior, plans and references to the future success of IMAX Corporation together with its consolidated subsidiaries (the “Company”) and expectations regarding the Company's future operating, financial and technological results. These forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform with the expectations and predictions of the Company is subject to a number of risks and uncertainties, including, but not limited to, risks associated with investments and operations in foreign jurisdictions and any future international expansion, including those related to economic, political and regulatory policies of local governments and laws and policies of the United States and Canada, as well as geopolitical conflicts; risks related to the Company’s growth and operations in China; the performance of IMAX remastered films and other films released to the IMAX network; the signing of IMAX System agreements; conditions, changes and developments in the commercial exhibition industry; risks related to currency fluctuations; the potential impact of increased competition in the markets within which the Company operates, including competitive actions by other companies; the failure to respond to change and advancements in digital technology; risks relating to consolidation among commercial exhibitors and studios; risks related to brand extensions and new business initiatives; conditions in the in-home and out-of-home entertainment industries; the opportunities (or lack thereof) that may be presented to and pursued by the Company; risks related to cyber-security and data privacy; risks related to the Company’s inability to protect the Company’s intellectual property; risks related to climate change; risks related to weather conditions and natural disasters that may disrupt or harm the Company’s business; risks related to the Company’s indebtedness and compliance with its debt agreements; general economic, market or business conditions; risks related to political, economic and social instability; the failure to convert system backlog into revenue; changes in laws or regulations; any statements of belief and any statements of assumptions underlying any of the foregoing; other factors and risks outlined in the Company's periodic filings with the SEC; and other factors, many of which are beyond the control of the Company. Consequently, all of the forward-looking statements made in this earnings release are qualified by these cautionary statements, and actual results or anticipated developments by the Company may not be realized, and even if substantially realized, may not have the expected consequences to, or effects on, the Company. These factors, other risks and uncertainties and financial details are discussed in the Company’s most recent Annual Report on Form 10-K. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Primary Reporting Groups

The Company’s Chief Executive Officer (“CEO”) is its Chief Operating Decision Maker (“CODM”), as such term is defined under U.S. GAAP. The CODM, along with other members of management, assesses segment performance based on segment revenues and gross margins. Selling, general and administrative expenses, research and development costs, the amortization of intangible assets, provision for (reversal of) current expected credit losses, certain write-downs, interest income, interest expense, and income tax (expense) benefit are not allocated to the Company’s segments.

In the first quarter of 2023, the Company revised its internal segment reporting, including the information provided to the CODM to assess segment performance and allocate resources.

The Company has the following reportable segments:

(i)

Content Solutions, which principally includes the digital remastering of films and other content into IMAX formats for distribution to the IMAX network. To a lesser extent, the Content Solutions segment also earns revenue from the distribution of large-format documentary films and exclusive experiences ranging from live performances to interactive events with leading artists and creators, as well as film post-production services.

(ii)

Technology Products and Services, which includes results from the sale or lease of IMAX Systems, as well as from the maintenance of IMAX Systems. To a lesser extent, the Technology Product and Services segment also earns revenue from certain ancillary theater business activities, including after-market sales of IMAX System parts and 3D glasses.

Transactions between segments are valued at exchange value. Inter-segment profits are eliminated upon consolidation, as well as for the disclosures below.

IMAX Network and Backlog


	Three Months Ended December 31,				Year Ended December 31,
System Signings(1):	2023		2022		2023		2022
Sales Arrangements		10		11		64		21
Hybrid JRSA		—		—		—		3
Traditional JRSA		25		1		65		23
Total IMAX System signings		35		12		129		47

	Three Months Ended December 31,				Year Ended December 31,
System Installations(2):	2023		2022		2023		2022
Sales Arrangements		35		21		70		38
Hybrid JRSA		3		3		5		8
Traditional JRSA		31		28		53		46
Total IMAX System installations		69		52		128		92


	Year Ended December 31,
System Backlog:	2023		2022
Sales Arrangements		164		162
Hybrid JRSA		103		120
Traditional JRSA		183		168
Total System backlog		450		450

	Year Ended December 31,
System Network:	2023		2022
Commercial Multiplex Systems
Sales Arrangements		769		702
Hybrid JRSA		138		151
Traditional JRSA		786		780
Total Commercial Multiplex Systems		1,693		1,633
Commercial Destination Systems		12		12
Institutional Systems		67		71
Total System network		1,772		1,716

______________

(1) System signings include new signings of 32 in Q4 2023, 9 in Q4 2022, 108 in the full year 2023 and 30 in the full year 2022.

(2) System installations include new systems installations of 47 in Q4 2023, 21 in Q4 2022, 86 in the full year 2023 and 56 in the full year 2022.

IMAX CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars, except per share amounts)


		Three Months Ended
		December 31,						Year Ended
		(Unaudited)						December 31,
		2023			2022			2023			2022
Revenues
Technology sales		$	35,337		$	33,888		$	100,792		$	69,158
Image enhancement and maintenance services			35,508			44,094			189,752			161,379
Technology rentals			12,954			18,060			75,566			61,786
Finance income			2,219			2,004			8,729			8,482
			86,018			98,046			374,839			300,805
Costs and expenses applicable to revenues
Technology sales			17,805			17,346			46,756			37,610
Image enhancement and maintenance services			18,586			25,575			88,056			81,834
Technology rentals			5,939			6,278			25,686			25,006
			42,330			49,199			160,498			144,450
Gross margin			43,688			48,847			214,341			156,355
Selling, general and administrative expenses			35,070			37,862			144,406			138,043
Research and development			2,722			1,633			10,110			5,300
Amortization of intangible assets			1,250			1,417			4,578			4,829
Credit loss expense (reversal), net			170			398			1,759			8,547
Asset impairments			144			—			144			4,470
Restructuring and executive transition costs			1,593			—			2,946			—
Income (loss) from operations			2,739			7,537			50,398			(4,834	)
Realized and unrealized investment gains (losses)			29			(29	)		465			70
Retirement benefits non-service expense			(179	)		(139	)		(411	)		(556	)
Interest income			648			252			2,486			1,428
Interest expense			(1,776	)		(1,523	)		(6,821	)		(5,877	)
Income (loss) before taxes			1,461			6,098			46,117			(9,769	)
Income tax recovery (expense)			1,850			(2,017	)		(13,051	)		(10,108	)
Net income (loss)			3,311			4,081			33,066			(19,877	)
Net income attributable to non-controlling interests			(771	)		(1,468	)		(7,731	)		(2,923	)
Net income (loss) attributable to common shareholders		$	2,540		$	2,613		$	25,335		$	(22,800	)

Net income (loss) per share attributable to common shareholders
	Basic	$	0.05		$	0.05		$	0.47		$	(0.40	)
	Diluted	$	0.05		$	0.05		$	0.46		$	(0.40	)

Weighted average shares outstanding (in thousands):
	Basic		53,973			54,816			54,310			56,674
	Diluted		54,983			55,659			55,146			56,674
Additional Disclosure:
Depreciation and amortization		$	13,545		$	13,998		$	60,022		$	56,661
Amortization of deferred financing costs		$	493		$	712		$	2,235		$	3,177

IMAX CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands of dollars, except share amounts)


	As of December 31,
	2023			2022
Assets
Cash and cash equivalents	$	76,200		$	97,401
Accounts receivable, net of allowance for credit losses		136,259			136,142
Financing receivables, net of allowance for credit losses		127,154			129,384
Variable consideration receivable, net of allowance for credit losses		64,338			44,024
Inventories		31,584			31,534
Prepaid expenses		12,345			12,343
Film assets, net of accumulated amortization		6,786			5,277
Property, plant and equipment, net of accumulated depreciation		243,299			252,896
Investment in equity securities		—			1,035
Other assets		20,879			15,665
Deferred income tax assets, net of valuation allowance		7,988			9,900
Goodwill		52,815			52,815
Other intangible assets, net of accumulated amortization		35,022			32,738
Total assets	$	814,669		$	821,154
Liabilities
Accounts payable	$	26,386		$	25,237
Accrued and other liabilities		111,013			117,286
Deferred revenue		67,105			70,940
Revolving credit facility borrowings, net of unamortized debt issuance costs		22,924			36,111
Convertible notes and other borrowings, net of unamortized discounts and debt issuance costs		229,131			226,912
Deferred income tax liabilities		12,521			14,900
Total liabilities		469,080			491,386
Commitments, contingencies and guarantees
Non-controlling interests		658			722
Shareholders' equity
Capital stock common shares — no par value. Authorized — unlimited number.
53,260,276 issued and outstanding (December 31, 2022 — 54,148,614 issued and outstanding)		389,048			376,715
Other equity		185,087			185,678
Statutory surplus reserve		3,932			3,932
Accumulated deficit		(292,845	)		(293,124	)
Accumulated other comprehensive loss		(12,081	)		(9,846	)
Total shareholders' equity attributable to common shareholders		273,141			263,355
Non-controlling interests		71,790			65,691
Total shareholders' equity		344,931			329,046
Total liabilities and shareholders' equity	$	814,669		$	821,154

IMAX CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of dollars)


	Years Ended December 31,
	2023			2022
Operating Activities
Net income (loss)	$	33,066		$	(19,877	)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization		60,022			56,661
Amortization of deferred financing costs		2,235			3,177
Credit loss expense, net		1,759			8,547
Write-downs, including asset impairments		1,884			7,176
Deferred income tax benefit		(1,447	)		(2,073	)
Share-based and other non-cash compensation		24,230			27,573
Unrealized foreign currency exchange (gain) loss		(212	)		1,108
Realized and unrealized investment gain		(465	)		(70	)
Changes in assets and liabilities:
Accounts receivable		(1,907	)		(29,003	)
Inventories		(285	)		(5,529	)
Film assets		(20,394	)		(19,598	)
Deferred revenue		(3,882	)		(11,572	)
Changes in other operating assets and liabilities		(35,989	)		801
Net cash provided by operating activities		58,615			17,321
Investing Activities
Purchase of property, plant and equipment		(6,491	)		(8,424	)
Investment in equipment for joint revenue sharing arrangements		(18,000	)		(19,803	)
Interest in film classified as a financial instrument		—			(4,731	)
Acquisition of other intangible assets		(8,344	)		(4,394	)
Proceeds from sale of equity securities		1,045			—
Acquisition of SSIMWAVE Inc., net of cash and cash equivalents acquired		—			(15,939	)
Net cash used in investing activities		(31,790	)		(53,291	)
Financing Activities
Proceeds from revolving credit facility borrowings		39,717			37,871
Repayments of revolving credit facility borrowings		(53,248	)		(3,600	)
Proceeds from other borrowings		322			—
Repayment of other borrowings		(53	)		—
Credit facility amendment fees paid		(46	)		(2,279	)
Repurchase of common shares, IMAX Corporation		(26,823	)		(80,124	)
Repurchase of common shares, IMAX China		(15	)		(3,043	)
Taxes withheld and paid on employee stock awards vested		(6,466	)		(3,687	)
Principal payment under finance lease obligations		(480	)		(948	)
Dividends paid to non-controlling interests		(1,438	)		(2,704	)
Net cash used in financing activities		(48,530	)		(58,514	)
Effects of exchange rate changes on cash		504			2,174
Decrease in cash and cash equivalents during year		(21,201	)		(92,310	)
Cash and cash equivalents, beginning of year		97,401			189,711
Cash and cash equivalents, end of year	$	76,200		$	97,401

Segment Revenue and Gross Margin


(In thousands of dollars)	Three Months Ended				Years Ended
	December 31,				December 31,
	2023		2022		2023		2022
Revenue
Content Solutions		19,093		29,320		126,698		101,820
Technology Products and Services		62,490		66,107		234,303		192,368
Sub-total for reportable segments		81,583		95,427		361,001		294,188
All Other(1)		4,435		2,619		13,838		6,617
Total	$	86,018	$	98,046	$	374,839	$	300,805

Gross Margin
Content Solutions		9,709		12,122		74,106		51,240
Technology Products and Services		29,880		35,179		129,946		101,055
Sub-total for reportable segments		39,589		47,301		204,052		152,295
All Other(1)		4,099		1,546		10,289		4,060
Total	$	43,688	$	48,847	$	214,341	$	156,355

______________

(1)

All Other includes the results from Streaming and Consumer Technology and other ancillary activities.

IMAX CORPORATION

NON-GAAP FINANCIAL MEASURES

(in thousands of U.S. dollars)

In this release, the Company presents adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per basic and diluted share, EBITDA, Adjusted EBITDA per Credit Facility, Adjusted EBITDA margin as supplemental measures of the Company’s performance, which are not recognized under U.S. GAAP. Adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per basic and diluted share exclude, where applicable: (i) share-based compensation; (ii) COVID-19 government relief benefits, net; (iii) realized and unrealized investment gains or losses; (iv) transaction-related expenses; and (v) restructuring and executive transition costs, as well as the related tax impact of these adjustments.

The Company believes that these non-GAAP financial measures are important supplemental measures that allow management and users of the Company’s financial statements to view operating trends and analyze controllable operating performance on a comparable basis between periods without the after-tax impact of share-based compensation and certain unusual items included in net income (loss) attributable to common shareholders. Although share-based compensation is an important aspect of the Company’s employee and executive compensation packages, it is a non-cash expense and is excluded from certain internal business performance measures.

A reconciliation from net income (loss) attributable to common shareholders and the associated per share amounts to adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per diluted share is presented in the table below. Net income (loss) attributable to common shareholders and the associated per share amounts are the most directly comparable GAAP measures because they reflect the earnings relevant to the Company’s shareholders, rather than the earnings attributable to non-controlling interests.

In addition to the non-GAAP financial measures discussed above, management also uses “EBITDA,” as such term is defined in the Company’s Credit Agreement, and which is referred to herein as “Adjusted EBITDA per Credit Facility.” As allowed by the Credit Agreement, Adjusted EBITDA per Credit Facility includes adjustments in addition to the exclusion of interest, taxes, depreciation and amortization. Adjusted EBITDA per Credit Facility measure is presented to allow a more comprehensive analysis of the Company’s operating performance and to provide additional information with respect to the Company’s compliance against its Credit Agreement requirements when applicable. In addition, the Company believes that Adjusted EBITDA per Credit Facility presents relevant and useful information widely used by analysts, investors and other interested parties in the Company’s industry to evaluate, assess and benchmark the Company’s results.

EBITDA is defined as net income or loss excluding (i) income tax expense or benefit; (ii) interest expense, net of interest income; (iii) depreciation and amortization, including film asset amortization; and (iv) amortization of deferred financing costs. Adjusted EBITDA per Credit Facility is defined as EBITDA excluding: (i) share-based and other non-cash compensation; (ii) realized and unrealized investment gains or losses; (iii) transaction-related expenses; (iv) restructuring and executive transition costs; and (v) write-downs, net of recoveries, including asset impairments and credit loss expense.

A reconciliation of net income (loss) attributable to common shareholders, which is the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA per Credit Facility is presented in the table below. Net income (loss) attributable to common shareholders is the most directly comparable GAAP measure because it reflects the earnings relevant to the Company’s shareholders, rather than the earnings attributable to non-controlling interests.

In this release, the Company also presents free cash flow, which is not recognized under U.S. GAAP, as a supplemental measure of the Company’s liquidity. The Company definition of free cash flow deducts only normal recurring capital expenditures, including the Company’s investment in joint revenue sharing arrangements, the purchase of property, plant and equipment and the acquisition of other intangible assets (from the Consolidated Statements of Cash Flows), from net cash provided by or used in operating activities. Management believes that free cash flow is a supplemental measure of the cash flow available to reduce debt, add to cash balances, and fund other financing activities. Free cash flow does not represent residual cash flow available for discretionary expenditures. A reconciliation of cash provided by operating activities to free cash flow is presented below.

These non-GAAP measures may not be comparable to similarly titled amounts reported by other companies. Additionally, the non-GAAP financial measures used by the Company should not be considered as a substitute for, or superior to, the comparable GAAP amounts.

Adjusted EBITDA per Credit Facility


	For the Three Months Ended December 31, 2023 (1)									For the Three Months Ended December 31, 2022 (1)
	Attributable to Non-controlling			Less:						Attributable to Non-controlling			Less:
	Interests and			Attributable to			Attributable to			Interests and			Attributable to			Attributable to
	Common			Non-controlling			Common			Common			Non-controlling			Common
	Shareholders			Interests			Shareholders			Shareholders			Interests			Shareholders
(In thousands of U.S. Dollars)
Reported net income	$	3,311		$	771		$	2,540		$	4,081		$	1,468		$	2,613
Add (subtract):
Income tax expense		(1,850	)		(147	)		(1,703	)		2,016			786			1,230
Interest expense, net of interest income		636			(137	)		773			559			(15	)		574
Depreciation and amortization, including film asset amortization		13,545			1,161			12,384			13,998			1,109			12,889
Amortization of deferred financing costs(2)		493			—			493			712			—			712
EBITDA	$	16,135		$	1,648		$	14,487		$	21,366		$	3,348		$	18,018
Stock and other non-cash compensation		6,400			144			6,256			8,063			205			7,858
Unrealized investment (gains) losses		(29	)		—			(29	)		29			—			29
Transaction-related expenses(3)		327			208			119			166			—			166
Write-downs, including asset impairments and credit loss expense		812			(37	)		849			1,867			162			1,705
Restructuring and executive transition costs(4)		1,593			258			1,335			—			—			—
Adjusted EBITDA per Credit Facility	$	25,238		$	2,221		$	23,017		$	31,491		$	3,715		$	27,776
Revenues attributable to common shareholders(5)		86,018			4,687			81,331			98,046			7,273			90,773
Adjusted EBITDA margin attributable to common shareholders		29.3	%		47.4	%		28.3	%		32.1	%		51.1	%		30.6	%

	For the Twelve Months Ended December 31, 2023 (1)									For the Twelve Months Ended December 31, 2022 (1)
	Attributable to Non-controlling			Less:						Attributable to Non-controlling			Less:
	Interests and			Attributable to			Attributable to			Interests and			Attributable to			Attributable to
	Common			Non-controlling			Common			Common			Non-controlling			Common
	Shareholders			Interests			Shareholders			Shareholders			Interests			Shareholders
(In thousands of U.S. Dollars)
Reported net income (loss)	$	33,066		$	7,731		$	25,335		$	(19,877	)	$	2,923		$	(22,800	)
Add (subtract):
Income tax expense		13,051			1,725			11,326			10,108			1,256			8,852
Interest expense, net of interest income		2,101			(408	)		2,509			1,272			(251	)		1,523
Depreciation and amortization, including film asset amortization		60,022			5,312			54,710			56,661			4,820			51,841
Amortization of deferred financing costs(2)		2,235			—			2,235			3,177			—			3,177
EBITDA	$	110,475		$	14,360		$	96,115		$	51,341		$	8,748		$	42,593
Stock and other non-cash compensation		24,230			774			23,456			27,573			760			26,813
Unrealized investment gains		(465	)		(93	)		(372	)		(70	)		—			(70	)
Transaction-related expenses(3)		3,569			208			3,361			1,122			—			1,122
Write-downs, including asset impairments and credit loss expense		3,273			362			2,911			15,723			1,723			14,000
Restructuring and executive transition costs(4)		2,946			258			2,688			—			—			—
Adjusted EBITDA per Credit Facility	$	144,028		$	15,869		$	128,159		$	95,689		$	11,231		$	84,458
Revenues attributable to common shareholders(5)		374,839			25,674			349,165			300,805			20,883			279,922
Adjusted EBITDA margin attributable to common shareholders		38.4	%		61.8	%		36.7	%		31.8	%		53.8	%		30.2	%

______________

(1)

The Senior Secured Net Leverage Ratio is calculated using Adjusted EBITDA per Credit Facility determined on a trailing twelve-month basis.

(2)

The amortization of deferred financing costs is recorded within Interest Expense in the Condensed Consolidated Statement of Operations.

(3)

Reflects costs incurred resulting from the Company's proposal to acquire the outstanding 96.3 million shares in IMAX China.

(4)

Reflects costs in connection with the departure of the President, IMAX Entertainment and Executive Vice President of the Company and other employees to capture efficiencies and centralize certain operational roles.

(5)


(In thousands of U.S. Dollars)	Three months ended December 31, 2023						Three months ended December 31, 2022						Year ended December 31, 2023						Year ended December 31, 2022
Total revenues				$	86,018					$	98,046					$	374,839					$	300,805
Greater China revenues	$	16,521					$	25,728					$	90,496					$	73,330
Non-controlling interest ownership percentage(6)		28.37	%					28.27	%					28.37	%					28.48	%
Deduction for non-controlling interest share of revenues					(4,687	)					(7,273	)					(25,674	)					(20,883	)
Revenues attributable to common shareholders				$	81,331					$	90,773					$	349,165					$	279,922

(6) Weighted average ownership percentage for change in non-controlling interest share

Adjusted Net Income Attributable to Common Shareholders and Adjusted Net Income Per Share


	Three Months Ended						Three Months Ended
	December 31, 2023						December 31, 2022
(In thousands of U.S. dollars, except per share amounts)	Net Income			Per Diluted Share			Net Income		Per Diluted Share
Net income attributable to common shareholders	$	2,540		$	0.05		$	2,613	$	0.05
Adjustments(1):
Share-based compensation		6,074			0.11			7,730		0.14
Unrealized investment gains		(32	)		—			29		—
Transaction-related expenses(2)		119			—			166		—
Restructuring and executive transition costs(3)		1,335			0.02			—		—
Tax impact on items listed above		(747	)		(0.01	)		17		—
Adjusted net income(1)	$	9,289		$	0.17		$	10,555	$	0.19

Weighted average basic shares outstanding					53,973					54,816
Weighted average diluted shares outstanding					54,983					55,659


	Year Ended						Year Ended
	December 31, 2023						December 31, 2022
(In thousands of U.S. dollars, except per share amounts)	Net Income			Per Diluted Share			Net (Loss) Income			Per Diluted Share
Net income (loss) attributable to common shareholders	$	25,335		$	0.46		$	(22,800	)	$	(0.40	)
Adjustments(1):
Share-based compensation		23,184			0.42			26,382			0.46
COVID-19 government relief benefits, net		—			—			(373	)		(0.01	)
Unrealized investment gains		(558	)		(0.01	)		(70	)		—
Transaction-related expenses(2)		3,361			0.06			1,122			0.02
Restructuring and executive transition costs(3)		2,688			0.05			—			—
Tax impact on items listed above		(1,931	)		(0.04	)		(1,054	)		(0.02	)
Adjusted net income(1)	$	52,079		$	0.94		$	3,207		$	0.06

Weighted average shares outstanding - basic					54,310						56,674
Weighted average shares outstanding - diluted					55,146						57,371

_______________

(1)

Reflects amounts attributable to common shareholders.

(2)

Reflects costs in connection with the Company’s proposal to acquire the outstanding 96.3 million shares in IMAX China in 2023 and costs incurred associated with the acquisition of SSIMWAVE in 2022.

(3)

Free Cash Flow


	Year Ended			Year Ended
(In thousands of U.S. Dollars)	December 31, 2023			December 31, 2022
Net cash provided by operating activities	$	58,615		$	17,321
Purchase of property, plant and equipment		(6,491	)		(8,424	)
Acquisition of other intangible assets		(8,344	)		(4,394	)
Free cash flow before growth CAPEX		43,780			4,503
Investment in equipment for joint revenue sharing arrangements		(18,000	)		(19,803	)
Free cash flow	$	25,780		$	(15,300	)

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Document and Entity Information	Feb. 27, 2024
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 27, 2024
Entity Registrant Name	IMAX Corporation
Entity Incorporation State Country Code	Z4
Entity File Number	001-35066
Entity Tax Identification Number	98-0140269
Entity Address, Address Line One	2525 Speakman Drive
Entity Address, City or Town	Mississauga
Entity Address, State or Province	ON
Entity Address, Country	CA
Entity Address, Postal Zip Code	L5K 1B1
City Area Code	905
Local Phone Number	403-6457
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Shares, no par value
Trading Symbol	IMAX
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000921582
Other Address [Member]
Document Information [Line Items]
Entity Address, Address Line One	902 Broadway
Entity Address, Address Line Two	Floor 20
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Country	US
Entity Address, Postal Zip Code	10010
City Area Code	212
Local Phone Number	821-0142

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