IMAX Corporation Reports Fourth Quarter and Full Year 2024 Results
IMAX reported strong Q4 and full-year 2024 results, with Q4 Net Income reaching $5 million (+112% YoY) and EPS of 10 cents (+100% YoY). The company achieved 146 system installations for the full year, meeting the high-end of initial guidance.
Full-year performance included Net Income of $26 million (+3% YoY) at 7.4% margin, Total Adjusted EBITDA of $139 million (-4% YoY) at 39.4% margin, and Cash from Operations of $71 million (+21% YoY). The company's network expanded to 1,735 systems (+2.5% YoY) with a backlog of 440 systems.
For 2025, IMAX projects record box office exceeding $1.2 billion and Total Adjusted EBITDA margin of 40%+, with planned installations of 145-160 systems. The company has already set a box office record during Chinese New Year with $130 million, up 90% from previous best.
IMAX ha riportato risultati solidi per il quarto trimestre e l'intero anno 2024, con un reddito netto del Q4 che ha raggiunto i 5 milioni di dollari (+112% rispetto all'anno precedente) e un utile per azione (EPS) di 10 centesimi (+100% rispetto all'anno precedente). L'azienda ha realizzato 146 installazioni di sistemi per l'intero anno, raggiungendo il limite superiore delle previsioni iniziali.
Le performance annuali hanno incluso un reddito netto di 26 milioni di dollari (+3% rispetto all'anno precedente) con un margine del 7,4%, un EBITDA rettificato totale di 139 milioni di dollari (-4% rispetto all'anno precedente) con un margine del 39,4% e un flusso di cassa dalle operazioni di 71 milioni di dollari (+21% rispetto all'anno precedente). La rete dell'azienda si è espansa a 1.735 sistemi (+2,5% rispetto all'anno precedente) con un arretrato di 440 sistemi.
Per il 2025, IMAX prevede un incasso record al botteghino che supererà i 1,2 miliardi di dollari e un margine EBITDA rettificato totale del 40% o più, con installazioni pianificate di 145-160 sistemi. L'azienda ha già stabilito un record al botteghino durante il Capodanno Cinese con 130 milioni di dollari, in aumento del 90% rispetto al precedente record.
IMAX reportó resultados sólidos para el cuarto trimestre y el año completo 2024, con un ingreso neto en el Q4 que alcanzó los 5 millones de dólares (+112% interanual) y un EPS de 10 centavos (+100% interanual). La compañía logró 146 instalaciones de sistemas durante todo el año, alcanzando el límite superior de la guía inicial.
El desempeño anual incluyó un ingreso neto de 26 millones de dólares (+3% interanual) con un margen del 7.4%, un EBITDA ajustado total de 139 millones de dólares (-4% interanual) con un margen del 39.4%, y un flujo de efectivo de operaciones de 71 millones de dólares (+21% interanual). La red de la compañía se expandió a 1,735 sistemas (+2.5% interanual) con un backlog de 440 sistemas.
Para 2025, IMAX proyecta un récord de taquilla que superará los 1.2 mil millones de dólares y un margen de EBITDA ajustado total del 40% o más, con instalaciones planificadas de 145-160 sistemas. La compañía ya ha establecido un récord de taquilla durante el Año Nuevo Chino con 130 millones de dólares, un aumento del 90% con respecto al récord anterior.
IMAX는 2024년 4분기 및 전체 연도에 대해 강력한 실적을 보고했으며, 4분기 순이익이 500만 달러(+112% 전년 대비)에 도달하고 주당순이익(EPS)이 10센트(+100% 전년 대비)에 달했습니다. 이 회사는 146개의 시스템 설치를 달성하여 초기 가이드라인의 상한선을 충족했습니다.
연간 실적에는 2600만 달러(+3% 전년 대비)의 순이익과 7.4%의 마진, 1억3900만 달러(-4% 전년 대비)의 총 조정 EBITDA와 39.4%의 마진, 그리고 7100만 달러(+21% 전년 대비)의 운영 현금 흐름이 포함되었습니다. 회사의 네트워크는 1,735개 시스템으로 확장되었고(+2.5% 전년 대비) 440개의 시스템이 대기 중입니다.
2025년을 위해 IMAX는 12억 달러를 초과하는 박스오피스 기록과 40% 이상의 총 조정 EBITDA 마진을 예상하며, 145-160개의 시스템 설치를 계획하고 있습니다. 이 회사는 이미 중국 설날 동안 1억3000만 달러로 박스오피스 기록을 세웠으며, 이는 이전 최고 기록보다 90% 증가한 수치입니다.
IMAX a annoncé des résultats solides pour le quatrième trimestre et l'ensemble de l'année 2024, avec un revenu net au Q4 atteignant 5 millions de dollars (+112% par rapport à l'année précédente) et un BPA de 10 cents (+100% par rapport à l'année précédente). L'entreprise a réalisé 146 installations de systèmes pour l'année complète, atteignant le haut de la fourchette des prévisions initiales.
Les performances annuelles comprenaient un revenu net de 26 millions de dollars (+3% par rapport à l'année précédente) avec une marge de 7,4%, un EBITDA ajusté total de 139 millions de dollars (-4% par rapport à l'année précédente) avec une marge de 39,4%, et un flux de trésorerie provenant des opérations de 71 millions de dollars (+21% par rapport à l'année précédente). Le réseau de l'entreprise s'est étendu à 1 735 systèmes (+2,5% par rapport à l'année précédente) avec un carnet de commandes de 440 systèmes.
Pour 2025, IMAX prévoit un box-office record dépassant 1,2 milliard de dollars et une marge EBITDA ajustée totale de plus de 40%, avec des installations prévues de 145 à 160 systèmes. L'entreprise a déjà établi un record au box-office pendant le Nouvel An chinois avec 130 millions de dollars, soit une augmentation de 90% par rapport au précédent meilleur résultat.
IMAX berichtete über starke Ergebnisse im 4. Quartal und im gesamten Jahr 2024, wobei der Nettogewinn im Q4 5 Millionen Dollar (+112% im Jahresvergleich) erreichte und das EPS bei 10 Cent (+100% im Jahresvergleich) lag. Das Unternehmen erzielte 146 Systeminstallationen für das gesamte Jahr und erfüllte damit die obere Grenze der ursprünglichen Prognose.
Die Jahresleistung umfasste einen Nettogewinn von 26 Millionen Dollar (+3% im Jahresvergleich) bei einer Marge von 7,4%, ein bereinigtes EBITDA von 139 Millionen Dollar (-4% im Jahresvergleich) bei einer Marge von 39,4% und einen operativen Cashflow von 71 Millionen Dollar (+21% im Jahresvergleich). Das Netzwerk des Unternehmens erweiterte sich auf 1.735 Systeme (+2,5% im Jahresvergleich) mit einem Auftragsbestand von 440 Systemen.
Für 2025 prognostiziert IMAX einen Rekordumsatz von über 1,2 Milliarden Dollar und eine bereinigte EBITDA-Marge von über 40%, mit geplanten Installationen von 145-160 Systemen. Das Unternehmen hat bereits während des chinesischen Neujahrs mit 130 Millionen Dollar einen Rekordumsatz erzielt, was einem Anstieg von 90% im Vergleich zum vorherigen Rekord entspricht.
- Q4 Net Income increased 112% YoY to $5 million
- Q4 EPS grew 100% YoY to 10 cents
- Full-year Cash from Operations up 21% YoY to $71 million
- Network expansion of 2.5% YoY to 1,735 systems
- Strong 2025 guidance: box office over $1.2 billion, EBITDA margin 40%+
- Record Chinese New Year box office of $130 million, up 90%
- Full-year Adjusted EBITDA declined 4% YoY to $139 million
- System installations under sales arrangements decreased from 70 to 63 year-over-year
Insights
IMAX's Q4 2024 results reveal a company executing effectively on multiple fronts, with particularly impressive margin expansion. The 40% EBITDA margin in Q4 represents significant operational leverage, demonstrating the scalability of IMAX's business model. The company's 146 system installations in 2024, coupled with a robust backlog of 440 systems, indicates strong sustained demand for premium theatrical experiences.
The dramatic turnaround in China, exemplified by record-breaking Chinese New Year box office numbers, is especially significant given that market's previous underperformance. This recovery, combined with the strategic Netflix partnership for 'Narnia', positions IMAX at the intersection of theatrical and streaming content, potentially opening new revenue streams while maintaining its premium positioning.
The company's financial health is robust, with
The guidance for 2025, including box office exceeding
-
Global entertainment platform delivers Q4 Net Income of
$5 million 112% YoY), at a5.7% margin, EPS(1) of10 cents (+100% YoY), Adjusted EPS of27 cents (+59% YoY) and Total Adjusted EBITDA(2) of$37 million 48% YoY) at a40% margin. -
Full-Year Net Income of
$26 million 3% YoY) at a7.4% margin, Total Adjusted EBITDA of$139 million 4% YoY) at a39.4% margin (in line with guidance of high 30’s) and Cash from Operations of$71 million 21% YoY). - IMAX delivers 146 system installations for the full year, at the high-end of initial installation guidance of 120 to 150.
-
To start 2025, IMAX smashes box office record for Chinese New Year slate with
$130 million 90% from the previous best — led by “Ne Zha 2,” now the highest grossing IMAX release of all time inChina . -
IMAX expects in 2025 to deliver a record box office of more than
$1.2 billion 40% + and system installations of 145 to 160.
An infographic highlighting IMAX's recent quarter. (Graphic: Business Wire)
“IMAX’s record-breaking Chinese New Year demonstrates the unique advantages of our model – a richly diversified content portfolio featuring the biggest
“2025 is already living up to its significant promise and yet the bigger opportunity is still in front of us, with more Filmed for IMAX® releases than ever in 2025 and arguably an even stronger slate ahead in 2026. In
“In 2024, IMAX further strengthened its position at the center of global entertainment – expanding the roster of filmmakers working with our technology, strengthening our studio marketing, hitting the high-end of our installation guidance, and innovating to expand our programming – including our deal with Netflix for the release of Greta Gerwig’s ‘Narnia’ across the IMAX global network in advance of its debut on the service.”
“With the headwinds we faced in
| _______________ | ||
(1) |
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Diluted Net Income Per Share |
(2) |
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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. |
(3) |
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IMAX has not provided a quantitative reconciliation of its Total Adjusted EBITDA margin outlook to a GAAP net income margin outlook because it is unable, without making unreasonable efforts, to project certain reconciling items. These items include, but are not limited to share-based and other non-cash compensation, unrealized investment gains, transaction-related expenses, restructuring and other charges, and write-downs, including asset impairments and credit loss reversal. These items are inherently variable and uncertain and depend on various factors, some of which are outside of the IMAX’s control or ability to predict. For more information regarding the Company’s use of non-GAAP financial measures, please see the section titled “Non-GAAP Financial Measures” below. |
Fourth Quarter and Full-Year Financial Highlights
|
Three Months Ended December 31, (Unaudited) |
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Years Ended December 31, |
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In millions of |
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2024 |
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2023 |
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|
YoY % Change |
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2024 |
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2023 |
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|
YoY % Change |
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Total Revenue |
$ |
92.7 |
|
|
$ |
86.0 |
|
|
8 |
% |
|
$ |
352.2 |
|
|
$ |
374.8 |
|
|
(6 |
%) |
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Gross Margin |
$ |
48.4 |
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|
$ |
43.7 |
|
|
11 |
% |
|
$ |
190.2 |
|
|
$ |
214.3 |
|
|
(11 |
%) |
Gross Margin (%) |
|
52.2 |
% |
|
|
50.8 |
% |
|
|
|
|
54.0 |
% |
|
|
57.2 |
% |
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||
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Total Adjusted EBITDA(1)(2) |
$ |
37.2 |
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|
$ |
25.2 |
|
|
48 |
% |
|
$ |
138.9 |
|
|
$ |
144.0 |
|
|
(4 |
%) |
Total Adjusted EBITDA Margin (%)(1)(2) |
|
40.1 |
% |
|
|
29.3 |
% |
|
|
|
|
39.4 |
% |
|
|
38.4 |
% |
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Net Income(3) |
$ |
5.3 |
|
|
$ |
2.5 |
|
|
112 |
% |
|
$ |
26.1 |
|
|
$ |
25.3 |
|
|
3 |
% |
Diluted Net Income Per Share(3) |
$ |
0.10 |
|
|
$ |
0.05 |
|
|
100 |
% |
|
$ |
0.48 |
|
|
$ |
0.46 |
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|
4 |
% |
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Adjusted Net Income(1)(3) |
$ |
14.5 |
|
|
$ |
9.3 |
|
|
56 |
% |
|
$ |
51.0 |
|
|
$ |
52.1 |
|
|
(2 |
%) |
Adjusted Earnings Per Share(1)(3) |
$ |
0.27 |
|
|
$ |
0.17 |
|
|
59 |
% |
|
$ |
0.95 |
|
|
$ |
0.94 |
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|
1 |
% |
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Weighted average shares outstanding (in millions): |
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Basic |
|
52.8 |
|
|
|
54.0 |
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|
(2 |
%) |
|
|
52.6 |
|
|
|
54.3 |
|
|
(3 |
%) |
Diluted |
|
54.7 |
|
|
|
55.0 |
|
|
(1 |
%) |
|
|
53.9 |
|
|
|
55.1 |
|
|
(2 |
%) |
| _______________ | ||
(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) |
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Total Adjusted EBITDA is before adjustments for non-controlling interests. Total Adjusted EBITDA per Credit Facility attributable to common shareholders, excluding non-controlling interests, was |
(3) |
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Attributable to common shareholders. |
Fourth Quarter and Full-Year Segment Results(1)
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Content Solutions |
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Technology Products and Services |
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Revenue |
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Gross Margin |
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Gross Margin % |
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Revenue |
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Gross Margin |
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Gross Margin % |
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4Q24 |
$ |
25.5 |
|
|
$ |
11.8 |
|
|
46 |
% |
|
$ |
64.0 |
|
|
$ |
34.2 |
|
|
53 |
% |
4Q23 |
|
19.1 |
|
|
|
9.7 |
|
|
51 |
% |
|
|
62.5 |
|
|
|
29.9 |
|
|
48 |
% |
% change |
|
34 |
% |
|
|
22 |
% |
|
|
|
|
2 |
% |
|
|
15 |
% |
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FY24 |
$ |
124.7 |
|
|
$ |
66.5 |
|
|
53 |
% |
|
$ |
216.1 |
|
|
$ |
115.6 |
|
|
53 |
% |
FY23 |
|
126.7 |
|
|
|
74.1 |
|
|
58 |
% |
|
|
234.3 |
|
|
|
129.9 |
|
|
55 |
% |
% change |
|
(2 |
%) |
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|
(10 |
%) |
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|
|
(8 |
%) |
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(11 |
%) |
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| _______________ | ||
(1) |
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Please refer to the Company’s Form 10-K for the year ended December 31, 2024 for additional segment information. |
Content Solutions Segment
-
Fourth quarter Content Solutions revenues and gross margin increased
34% year-over-year to$26 million 22% year-over-year to$12 million $24 million -
Fourth quarter box office of
$204 million 20% year-over-year and helped propel IMAX to near-record annual domestic box office. Top grossing fourth quarter titles included Gladiator 2 ($31 million $31 million $26 million $20 million
Technology Products and Services Segment
-
Fourth quarter Technology Products and Services revenues and gross margin increased
2% to$64 million 15% to$34 million - During the fourth quarter of 2024, the Company installed 58 systems, compared to 69 systems in the fourth quarter of 2023, resulting in 146 system installations in the full year versus 128 system installations in the prior year. Of those, 28 systems in the fourth quarter and 63 in the full year were under sales arrangements, compared to 35 and 70 systems in the prior year, respectively.
-
Commercial network growth continues with the number of IMAX locations increasing
2.5% year-over-year to 1,735 systems. The Company ended 2024 with a backlog of 440 IMAX systems.
Operating Cash Flow and Liquidity
Net cash provided by operating activities for full year 2024 was
As of December 31, 2024, the Company’s available liquidity was
In 2021, the Company issued
Share Count and Capital Return
The weighted average basic and diluted shares outstanding in the fourth quarter of 2024 were 52.8 million and 54.7 million, respectively, compared to 54.0 million and 55.0 million in the fourth quarter of 2023, a decrease of
For the year ended December 31, 2024, the Company repurchased 1,166,370 common shares at an average price of
The Company is authorized under its share-repurchase program, expiring June 30, 2026 to repurchase up to
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 websites 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. References to our website address and domain names throughout this release are for informational purposes only, or to fulfill specific disclosure requirements of the Securities and Exchange Commission’s rules or The New York Stock Exchange Listing Standards. These references are not intended to, and do not, incorporate the contents of our websites by reference into this release.
Conference Call
The Company will host a conference call today at 4:30 PM ET to discuss its fourth quarter and full-year 2024 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/BI5416215ae6134b378b06870a2fb47726 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
IMAX®, IMAX 3D®, Experience It In IMAX®, The IMAX Experience®, DMR®, Filmed For IMAX®, IMAX Live®, IMAX Enhanced® and IMAX StreamSmart™ are trademarks and trade names of the Company 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).
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, references 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
IMAX Network and Backlog
|
Three Months Ended |
|
Years Ended |
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|
December 31, |
|
December 31, |
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|
|
2024 |
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|
2023 |
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2024 |
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|
2023 |
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System Signings(1): |
|
|
|
|
|
|
|
||||||||
Sales Arrangements |
|
14 |
|
|
10 |
|
|
54 |
|
|
64 |
||||
Traditional JRSA |
|
5 |
|
|
|
25 |
|
|
|
76 |
|
|
|
65 |
|
Total IMAX System Signings |
|
19 |
|
|
|
35 |
|
|
|
130 |
|
|
|
129 |
|
(1) System signings include new signings of 15 in Q4 2024 and 32 in Q4 2023, and 57 in 2024 and 108 in 2023. |
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Three Months Ended |
|
Years Ended |
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December 31, |
|
December 31, |
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|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
System Installations(1): |
|
|
|
|
|
|
|
||||||||
Sales Arrangements |
|
27 |
|
|
35 |
|
|
63 |
|
|
70 |
||||
Hybrid JRSA |
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
5 |
|
Traditional JRSA |
|
31 |
|
|
|
31 |
|
|
|
83 |
|
|
|
53 |
|
Total IMAX System Installations |
|
58 |
|
|
|
69 |
|
|
|
146 |
|
|
|
128 |
|
(1) System installations include new systems installations of 32 in Q4 2024, 47 in Q4 2023, 77 in 2024 and 86 in 2023. |
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As of December 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
System Backlog: |
|
|
|
||||
Sales Arrangements |
|
164 |
|
|
164 |
||
Hybrid JRSA |
|
94 |
|
|
|
103 |
|
Traditional JRSA |
|
182 |
|
|
|
183 |
|
Total System Backlog |
|
440 |
|
|
|
450 |
|
|
|
|
|
||||
|
As of December 31, |
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|
2024 |
|
|
|
2023 |
|
System Network: |
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|
|
||||
Commercial Multiplex Systems |
|
|
|
||||
Sales Arrangements |
|
838 |
|
|
|
769 |
|
Hybrid JRSA |
|
126 |
|
|
|
138 |
|
Traditional JRSA |
|
771 |
|
|
|
786 |
|
Total Commercial Multiplex Systems |
|
1,735 |
|
|
|
1,693 |
|
Commercial Destination Systems |
|
11 |
|
|
|
12 |
|
Institutional Systems |
|
61 |
|
|
|
67 |
|
Total System Network |
|
1,807 |
|
|
|
1,772 |
|
IMAX CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of |
|||||||||||||||
|
Three Months Ended |
|
Years Ended |
||||||||||||
|
December 31,
|
|
December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues |
|
|
|
|
|
|
|
||||||||
Technology sales |
$ |
33,136 |
|
|
$ |
35,337 |
|
|
$ |
87,765 |
|
|
$ |
100,792 |
|
Image enhancement and maintenance services |
|
42,769 |
|
|
|
35,508 |
|
|
|
192,197 |
|
|
|
189,752 |
|
Technology rentals |
|
13,794 |
|
|
|
12,954 |
|
|
|
62,560 |
|
|
|
75,566 |
|
Finance income |
|
2,973 |
|
|
|
2,219 |
|
|
|
9,686 |
|
|
|
8,729 |
|
|
|
92,672 |
|
|
|
86,018 |
|
|
|
352,208 |
|
|
|
374,839 |
|
Costs and expenses applicable to revenues |
|
|
|
|
|
|
|
||||||||
Technology sales |
|
13,641 |
|
|
|
17,805 |
|
|
|
38,235 |
|
|
|
46,756 |
|
Image enhancement and maintenance services |
|
23,187 |
|
|
|
18,586 |
|
|
|
96,558 |
|
|
|
88,056 |
|
Technology rentals |
|
7,479 |
|
|
|
5,939 |
|
|
|
27,215 |
|
|
|
25,686 |
|
|
|
44,307 |
|
|
|
42,330 |
|
|
|
162,008 |
|
|
|
160,498 |
|
Gross margin |
|
48,365 |
|
|
|
43,688 |
|
|
|
190,200 |
|
|
|
214,341 |
|
Selling, general and administrative expenses |
|
32,414 |
|
|
|
35,070 |
|
|
|
132,701 |
|
|
|
144,406 |
|
Research and development |
|
1,150 |
|
|
|
2,722 |
|
|
|
5,103 |
|
|
|
10,110 |
|
Amortization of intangible assets |
|
1,550 |
|
|
|
1,250 |
|
|
|
5,758 |
|
|
|
4,578 |
|
Credit loss (reversal) expense, net |
|
(10 |
) |
|
|
170 |
|
|
|
(973 |
) |
|
|
1,759 |
|
Asset impairments |
|
— |
|
|
|
144 |
|
|
|
— |
|
|
|
144 |
|
Restructuring and other charges |
|
3,749 |
|
|
|
1,593 |
|
|
|
3,749 |
|
|
|
2,946 |
|
Income from operations |
|
9,512 |
|
|
|
2,739 |
|
|
|
43,862 |
|
|
|
50,398 |
|
Realized and unrealized investment gains |
|
33 |
|
|
|
29 |
|
|
|
127 |
|
|
|
465 |
|
Retirement benefits non-service expense |
|
(64 |
) |
|
|
(179 |
) |
|
|
(387 |
) |
|
|
(411 |
) |
Interest income |
|
460 |
|
|
|
648 |
|
|
|
2,180 |
|
|
|
2,486 |
|
Interest expense |
|
(1,617 |
) |
|
|
(1,776 |
) |
|
|
(8,084 |
) |
|
|
(6,821 |
) |
Income before taxes |
|
8,324 |
|
|
|
1,461 |
|
|
|
37,698 |
|
|
|
46,117 |
|
Income tax (expense) benefit |
|
(1,458 |
) |
|
|
1,850 |
|
|
|
(4,996 |
) |
|
|
(13,051 |
) |
Net income |
|
6,866 |
|
|
|
3,311 |
|
|
|
32,702 |
|
|
|
33,066 |
|
Net income attributable to non-controlling interests |
|
(1,560 |
) |
|
|
(771 |
) |
|
|
(6,643 |
) |
|
|
(7,731 |
) |
Net income attributable to common shareholders |
$ |
5,306 |
|
|
$ |
2,540 |
|
|
$ |
26,059 |
|
|
$ |
25,335 |
|
|
|
|
|
|
|
|
|
||||||||
Net income per share attributable to common shareholders: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.10 |
|
|
$ |
0.05 |
|
|
$ |
0.49 |
|
|
$ |
0.47 |
|
Diluted |
$ |
0.10 |
|
|
$ |
0.05 |
|
|
$ |
0.48 |
|
|
$ |
0.46 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding (in thousands): |
|
|
|
|
|
|
|
||||||||
Basic |
|
52,770 |
|
|
|
53,973 |
|
|
|
52,650 |
|
|
|
54,310 |
|
Diluted |
|
54,706 |
|
|
|
54,983 |
|
|
|
53,864 |
|
|
|
55,146 |
|
|
|
|
|
|
|
|
|
||||||||
Additional Disclosure: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
$ |
16,601 |
|
|
$ |
13,545 |
|
|
$ |
65,503 |
|
|
$ |
60,022 |
|
Amortization of deferred financing costs |
$ |
492 |
|
$ |
493 |
|
$ |
1,969 |
|
|
$ |
2,235 |
|||
IMAX CORPORATION CONSOLIDATED BALANCE SHEETS
(In thousands of |
|||||||
|
December 31, |
|
December 31, |
||||
|
|
2024 |
|
|
|
2023 |
|
Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
100,592 |
|
|
$ |
76,200 |
|
Accounts receivable, net of allowance for credit losses |
|
107,669 |
|
|
|
136,259 |
|
Financing receivables, net of allowance for credit losses |
|
119,885 |
|
|
|
127,154 |
|
Variable consideration receivables, net of allowance for credit losses |
|
82,593 |
|
|
|
64,338 |
|
Inventories |
|
32,840 |
|
|
|
31,584 |
|
Prepaid expenses |
|
13,121 |
|
|
|
12,345 |
|
Film assets, net of accumulated amortization |
|
8,686 |
|
|
|
6,786 |
|
Property, plant and equipment, net of accumulated depreciation |
|
240,133 |
|
|
|
243,299 |
|
Other assets |
|
22,441 |
|
|
|
20,879 |
|
Deferred income tax assets, net of valuation allowance |
|
14,499 |
|
|
|
7,988 |
|
Goodwill |
|
52,815 |
|
|
|
52,815 |
|
Other intangible assets, net of accumulated amortization |
|
35,124 |
|
|
|
35,022 |
|
Total assets |
$ |
830,398 |
|
|
$ |
814,669 |
|
Liabilities |
|
|
|
||||
Accounts payable |
$ |
19,803 |
|
|
$ |
26,386 |
|
Accrued and other liabilities |
|
100,916 |
|
|
|
111,013 |
|
Deferred revenue |
|
52,686 |
|
|
|
67,105 |
|
Revolving credit facility borrowings, net of unamortized debt issuance costs |
|
36,356 |
|
|
|
22,924 |
|
Convertible notes and other borrowings, net of unamortized discounts and debt issuance costs |
|
229,901 |
|
|
|
229,131 |
|
Deferred income tax liabilities |
|
12,521 |
|
|
|
12,521 |
|
Total liabilities |
|
452,183 |
|
|
|
469,080 |
|
Commitments, contingencies and guarantees |
|
|
|
||||
Non-controlling interests |
|
680 |
|
|
|
658 |
|
Shareholders’ equity |
|
|
|
||||
Capital stock common shares — no par value. Authorized — unlimited number. 52,946,200 issued and outstanding (December 31, 2023 — 53,260,276 issued and outstanding) |
|
401,420 |
|
|
|
389,048 |
|
Other equity |
|
185,268 |
|
|
|
185,087 |
|
Statutory surplus reserve |
|
4,051 |
|
|
|
3,932 |
|
Accumulated deficit |
|
(274,675 |
) |
|
|
(292,845 |
) |
Accumulated other comprehensive loss |
|
(16,598 |
) |
|
|
(12,081 |
) |
Total shareholders’ equity attributable to common shareholders |
|
299,466 |
|
|
|
273,141 |
|
Non-controlling interests |
|
78,069 |
|
|
|
71,790 |
|
Total shareholders’ equity |
|
377,535 |
|
|
|
344,931 |
|
Total liabilities and shareholders’ equity |
$ |
830,398 |
|
|
$ |
814,669 |
|
IMAX CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of |
|||||||
|
Years Ended |
||||||
|
December 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Operating Activities |
|
|
|
||||
Net income |
$ |
32,702 |
|
|
$ |
33,066 |
|
Adjustments to reconcile net income to cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
65,503 |
|
|
|
60,022 |
|
Amortization of deferred financing costs |
|
1,969 |
|
|
|
2,235 |
|
Credit loss (reversal) expense, net |
|
(973 |
) |
|
|
1,759 |
|
Write-downs, including asset impairments |
|
3,973 |
|
|
|
1,884 |
|
Deferred income tax benefit |
|
(5,631 |
) |
|
|
(1,447 |
) |
Share-based and other non-cash compensation |
|
23,209 |
|
|
|
24,230 |
|
Unrealized foreign currency exchange gain |
|
(2,770 |
) |
|
|
(212 |
) |
Realized and unrealized investment gain |
|
(127 |
) |
|
|
(465 |
) |
Changes in assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
29,105 |
|
|
|
(1,907 |
) |
Inventories |
|
(1,501 |
) |
|
|
(285 |
) |
Film assets |
|
(25,122 |
) |
|
|
(20,394 |
) |
Deferred revenue |
|
(14,308 |
) |
|
|
(3,882 |
) |
Changes in other operating assets and liabilities |
|
(35,192 |
) |
|
|
(35,989 |
) |
Net cash provided by operating activities |
|
70,837 |
|
|
|
58,615 |
|
Investing Activities |
|
|
|
||||
Purchase of property, plant and equipment |
|
(8,428 |
) |
|
|
(6,491 |
) |
Investment in equipment for joint revenue sharing arrangements |
|
(24,341 |
) |
|
|
(18,000 |
) |
Acquisition of other intangible assets |
|
(8,447 |
) |
|
|
(8,344 |
) |
Proceeds from sale of equity securities |
|
— |
|
|
|
1,045 |
|
Net cash used in investing activities |
|
(41,216 |
) |
|
|
(31,790 |
) |
Financing Activities |
|
|
|
||||
Proceeds from revolving credit facility borrowings |
|
55,000 |
|
|
|
39,717 |
|
Repayments of revolving credit facility borrowings |
|
(42,000 |
) |
|
|
(53,248 |
) |
Proceeds from other borrowings |
|
— |
|
|
|
322 |
|
Repayments of other borrowings |
|
(874 |
) |
|
|
(53 |
) |
Credit facility amendment fees paid |
|
— |
|
|
|
(46 |
) |
Repurchase of common shares, IMAX Corporation |
|
(17,855 |
) |
|
|
(26,823 |
) |
Repurchase of common shares, IMAX China |
|
(116 |
) |
|
|
(15 |
) |
Taxes withheld and paid on employee stock awards vested |
|
(4,978 |
) |
|
|
(6,466 |
) |
Common shares issued - stock options exercised |
|
5,291 |
|
|
|
— |
|
Principal payment under finance lease obligations |
|
(509 |
) |
|
|
(480 |
) |
Dividends paid to non-controlling interests |
|
— |
|
|
|
(1,438 |
) |
Net cash used in financing activities |
|
(6,041 |
) |
|
|
(48,530 |
) |
Effects of exchange rate changes on cash |
|
812 |
|
|
|
504 |
|
Increase (decrease) in cash and cash equivalents during year |
|
24,392 |
|
|
|
(21,201 |
) |
Cash and cash equivalents, beginning of year |
|
76,200 |
|
|
|
97,401 |
|
Cash and cash equivalents, end of year |
$ |
100,592 |
|
|
$ |
76,200 |
|
Primary Reporting Groups
The Company’s Chief Executive Officer (“CEO”) is its Chief Operating Decision Maker (“CODM”), as such term is defined under
The Company has two reportable segments:
(i) |
|
Content Solutions, consists of services provided to studios and other content creators, 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 exhibition customers. 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. |
Segment Revenue and Gross Margin
|
Three Months Ended |
|
Years Ended |
||||||||||||
|
December 31,
|
|
December 31, |
||||||||||||
(In thousands of |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
|
|
|
|
|
|
|
||||||||
Content Solutions |
$ |
25,513 |
|
|
$ |
19,093 |
|
|
$ |
124,731 |
|
|
$ |
126,698 |
|
Technology Products and Services |
|
64,043 |
|
|
|
62,490 |
|
|
|
216,062 |
|
|
|
234,303 |
|
Sub-total for reportable segments |
|
89,556 |
|
|
|
81,583 |
|
|
|
340,793 |
|
|
|
361,001 |
|
All Other(1) |
|
3,116 |
|
|
|
4,435 |
|
|
|
11,415 |
|
|
|
13,838 |
|
Total |
$ |
92,672 |
|
|
$ |
86,018 |
|
|
$ |
352,208 |
|
|
$ |
374,839 |
|
|
|
|
|
|
|
|
|
||||||||
Gross Margin |
|
|
|
|
|
|
|
||||||||
Content Solutions |
$ |
11,837 |
|
|
$ |
9,709 |
|
|
$ |
66,523 |
|
|
$ |
74,106 |
|
Technology Products and Services |
|
34,222 |
|
|
|
29,880 |
|
|
|
115,553 |
|
|
|
129,946 |
|
Sub-total for reportable segments |
|
46,059 |
|
|
|
39,589 |
|
|
|
182,076 |
|
|
|
204,052 |
|
All Other(1) |
|
2,306 |
|
|
|
4,099 |
|
|
|
8,124 |
|
|
|
10,289 |
|
Total |
$ |
48,365 |
|
|
$ |
43,688 |
|
|
$ |
190,200 |
|
|
$ |
214,341 |
|
_______________ |
||
(1) |
|
All Other includes the results from the Company’s streaming and consumer technology business, as well as other ancillary activities. |
IMAX CORPORATION
NON-GAAP FINANCIAL MEASURES
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
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 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 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. Accordingly, this non-GAAP financial 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 with 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 other charges costs; and (v) write- downs, net of recoveries, including asset impairments and credit loss expense or reversal.
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
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
|
Three Months Ended
|
||||||
(In thousands of |
December 31, 2024 |
|
December 31, 2023 |
||||
Revenues |
$ |
92,672 |
|
|
$ |
86,018 |
|
Reported net income |
$ |
6,866 |
|
|
$ |
3,311 |
|
Add (subtract): |
|
|
|
||||
Income tax expense |
|
1,458 |
|
|
|
(1,850 |
) |
Interest expense, net of interest income |
|
665 |
|
|
|
636 |
|
Depreciation and amortization, including film asset amortization |
|
16,601 |
|
|
|
13,545 |
|
Amortization of deferred financing costs(1) |
|
492 |
|
|
|
493 |
|
EBITDA |
$ |
26,082 |
|
|
$ |
16,135 |
|
Share-based and other non-cash compensation |
|
5,948 |
|
|
|
6,400 |
|
Unrealized investment gains |
|
(33 |
) |
|
|
(29 |
) |
Transaction-related expenses |
|
— |
|
|
|
327 |
|
Restructuring and other charges(2) |
|
3,749 |
|
|
|
1,593 |
|
Write-downs, including asset impairments and credit loss reversal |
|
1,452 |
|
|
|
812 |
|
Total Adjusted EBITDA |
$ |
37,198 |
|
|
$ |
25,238 |
|
Total Adjusted EBITDA margin |
|
40.1 |
% |
|
|
29.3 |
% |
Less: Non-controlling interest |
|
(2,990 |
) |
|
|
(2,221 |
) |
Adjusted EBITDA per Credit Facility - attributable to common shareholders |
$ |
34,208 |
|
|
$ |
23,017 |
|
_______________ |
||
(1) |
|
The amortization of deferred financing costs is recorded within Interest Expense in the Condensed Consolidated Statement of Operations. |
(2) |
|
Reflects restructuring related costs in connection with capturing efficiencies, centralizing certain operational roles and costs incurred in connection with the Company’s internal asset sale. |
Twelve Months Ended |
|||||||
(In thousands of |
December 31, 2024(1) |
|
December 31, 2023(1) |
||||
Revenues |
$ |
352,208 |
|
|
$ |
374,839 |
|
Reported net income |
$ |
32,702 |
|
|
$ |
33,066 |
|
Add (subtract): |
|
|
|
||||
Income tax expense |
|
4,996 |
|
|
|
13,051 |
|
Interest expense, net of interest income |
|
3,936 |
|
|
|
2,101 |
|
Depreciation and amortization, including film asset amortization |
|
65,503 |
|
|
|
60,022 |
|
Amortization of deferred financing costs(2) |
|
1,969 |
|
|
|
2,235 |
|
EBITDA |
$ |
109,106 |
|
|
$ |
110,475 |
|
Share-based and other non-cash compensation |
|
23,209 |
|
|
|
24,230 |
|
Unrealized investment gains |
|
(127 |
) |
|
|
(465 |
) |
Transaction-related expenses |
|
— |
|
|
|
3,569 |
|
Restructuring and other charges(3) |
|
3,749 |
|
|
|
2,946 |
|
Write-downs, including asset impairments and credit loss reversal |
|
2,999 |
|
|
|
3,273 |
|
Total Adjusted EBITDA |
$ |
138,936 |
|
|
$ |
144,028 |
|
Total Adjusted EBITDA margin |
|
39.4 |
% |
|
|
38.4 |
% |
Less: Non-controlling interest |
$ |
(14,191 |
) |
|
$ |
(15,869 |
) |
Adjusted EBITDA per Credit Facility - attributable to common shareholders |
$ |
124,745 |
|
|
$ |
128,159 |
|
_______________ |
||
(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 restructuring related costs in connection with capturing efficiencies, centralizing certain operational roles and costs incurred in connection with the Company’s internal asset sale. |
Adjusted Net Income Attributable to Common Shareholders and Adjusted Net Income Per Share
|
Three Months Ended December 31, 2024 (Unaudited) |
|
Three Months Ended December 31, 2023 |
||||||||||||
(In thousands of |
Net Income |
|
Per Diluted Share |
|
Net Income |
|
Per Diluted Share |
||||||||
Net income attributable to common shareholders |
$ |
5,306 |
|
|
$ |
0.10 |
|
|
$ |
2,540 |
|
|
$ |
0.05 |
|
Adjustments(1): |
|
|
|
|
|
|
|
||||||||
Share-based compensation |
|
5,768 |
|
|
|
0.11 |
|
|
|
6,074 |
|
|
|
0.11 |
|
Unrealized investment gains |
|
(33 |
) |
|
|
— |
|
|
|
(32 |
) |
|
|
— |
|
Transaction-related expenses |
|
— |
|
|
|
— |
|
|
|
119 |
|
|
|
— |
|
Restructuring and other charges(2) |
|
3,749 |
|
|
|
0.07 |
|
|
|
1,335 |
|
|
|
0.02 |
|
Tax impact on items listed above |
|
(322 |
) |
|
|
(0.01 |
) |
|
|
(747 |
) |
|
|
(0.01 |
) |
Adjusted net income(1) |
$ |
14,468 |
|
|
$ |
0.27 |
|
|
$ |
9,289 |
|
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding (in thousands): |
|
|
|
|
|
|
|
||||||||
Basic |
|
|
|
52,770 |
|
|
|
|
|
53,973 |
|
||||
Diluted |
|
|
|
54,706 |
|
|
|
|
|
54,983 |
|
||||
_______________ |
||
(1) |
|
Reflects amounts attributable to common shareholders. |
|
Years Ended December 31, |
||||||||||||||
|
2024 |
|
2023 |
||||||||||||
(In thousands of |
Net Income |
|
Per Diluted Share |
|
Net Income |
|
Per Diluted Share |
||||||||
Net income attributable to common shareholders |
$ |
26,059 |
|
|
$ |
0.48 |
|
|
$ |
25,335 |
|
|
$ |
0.46 |
|
Adjustments(1): |
|
|
|
|
|
|
|
||||||||
Share-based compensation |
|
22,454 |
|
|
|
0.42 |
|
|
|
23,184 |
|
|
|
0.42 |
|
Unrealized investment gains |
|
(127 |
) |
|
|
— |
|
|
|
(558 |
) |
|
|
(0.01 |
) |
Transaction-related expenses |
|
— |
|
|
|
— |
|
|
|
3,361 |
|
|
|
0.06 |
|
Restructuring and other charges(2) |
|
3,749 |
|
|
|
0.07 |
|
|
|
2,688 |
|
|
|
0.05 |
|
Tax impact on items listed above |
|
(1,125 |
) |
|
|
(0.02 |
) |
|
|
(1,931 |
) |
|
|
(0.04 |
) |
Adjusted net income(1) |
$ |
51,010 |
|
|
$ |
0.95 |
|
|
$ |
52,079 |
|
|
$ |
0.94 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding (in thousands): |
|
|
|
|
|
|
|
||||||||
Basic |
|
|
|
52,650 |
|
|
|
|
|
54,310 |
|
||||
Diluted |
|
|
|
53,864 |
|
|
|
|
|
55,146 |
|
||||
_______________ |
||
(1) |
|
Reflects amounts attributable to common shareholders. |
(2) |
|
Reflects restructuring related costs in connection with capturing efficiencies, centralizing certain operational roles and costs incurred in connection with the Company’s internal asset sale. |
Free Cash Flow
|
Years Ended |
||||||
|
December 31, |
||||||
(In thousands of |
|
2024 |
|
|
|
2023 |
|
Net cash provided by operating activities |
$ |
70,837 |
|
|
$ |
58,615 |
|
Purchase of property, plant and equipment |
|
(8,428 |
) |
|
|
(6,491 |
) |
Acquisition of other intangible assets |
|
(8,447 |
) |
|
|
(8,344 |
) |
Free cash flow before growth CAPEX(1) |
|
53,962 |
|
|
|
43,780 |
|
Investment in equipment for joint revenue sharing arrangements |
|
(24,341 |
) |
|
|
(18,000 |
) |
Free cash flow |
$ |
29,621 |
|
|
$ |
25,780 |
|
_______________ |
||
(1) |
|
Growth CAPEX is defined as capital expenditures associated with investments in equipment for joint revenue sharing arrangements. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250219198942/en/
For additional information please contact:
Investors:
IMAX Corporation,
Jennifer Horsley
212-821-0154
jhorsley@IMAX.com
Media:
IMAX Corporation,
Mark Jafar
212-821-0102
mjafar@imax.com
Source: IMAX Corporation
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