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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 001-35066
IMAX Corporation
(Exact name of registrant as specified in its charter)
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Canada |
98-0140269 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification Number) |
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2525 Speakman Drive, Mississauga, Ontario, Canada L5K 1B1 (905) 403-6500 |
902 Broadway, Floor 20 New York, New York, USA 10010 (212) 821-0100 |
(Address of principal executive offices, zip code, telephone numbers)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Shares, no par value |
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IMAX |
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The New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
|
|
|
|
Large accelerated filer |
☒ |
|
Accelerated filer |
☐ |
Non-accelerated filer |
☐ |
|
Smaller reporting company |
☐ |
|
|
|
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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
|
|
|
Class |
|
Outstanding as of September 30, 2023 |
Common Shares, no par value |
|
54,607,095 |
IMAX CORPORATION
Table of Contents
2
IMAX CORPORATION
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
3
IMAX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. Dollars, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
109,603 |
|
|
$ |
97,401 |
|
Accounts receivable, net of allowance for credit losses |
|
|
135,962 |
|
|
|
136,142 |
|
Financing receivables, net of allowance for credit losses |
|
|
125,322 |
|
|
|
129,384 |
|
Variable consideration receivables, net of allowance for credit losses |
|
|
59,042 |
|
|
|
44,024 |
|
Inventories |
|
|
45,365 |
|
|
|
31,534 |
|
Prepaid expenses |
|
|
13,042 |
|
|
|
12,343 |
|
Film assets, net of accumulated amortization |
|
|
5,232 |
|
|
|
5,277 |
|
Property, plant and equipment, net of accumulated depreciation |
|
|
238,140 |
|
|
|
252,896 |
|
Investment in equity securities |
|
|
— |
|
|
|
1,035 |
|
Other assets |
|
|
20,119 |
|
|
|
15,665 |
|
Deferred income tax assets, net of valuation allowance |
|
|
11,961 |
|
|
|
9,900 |
|
Goodwill |
|
|
52,815 |
|
|
|
52,815 |
|
Other intangible assets, net of accumulated amortization |
|
|
34,343 |
|
|
|
32,738 |
|
Total assets |
|
$ |
850,946 |
|
|
$ |
821,154 |
|
Liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
37,699 |
|
|
$ |
25,237 |
|
Accrued and other liabilities |
|
|
123,863 |
|
|
|
117,286 |
|
Deferred revenue |
|
|
66,272 |
|
|
|
70,940 |
|
Revolving credit facility borrowings, net of unamortized debt issuance costs |
|
|
23,903 |
|
|
|
36,111 |
|
Convertible notes and other borrowings, net of unamortized discounts and debt issuance costs |
|
|
228,449 |
|
|
|
226,912 |
|
Deferred income tax liabilities |
|
|
13,349 |
|
|
|
14,900 |
|
Total liabilities |
|
|
493,535 |
|
|
|
491,386 |
|
Commitments, contingencies and guarantees (see Note 7) |
|
|
|
|
|
|
Non-controlling interests |
|
|
661 |
|
|
|
722 |
|
Shareholders' equity |
|
|
|
|
|
|
Capital stock common shares — no par value. Authorized — unlimited number. |
|
|
|
|
|
|
54,607,095 issued and outstanding (December 31, 2022 — 54,148,614 issued and outstanding) |
|
|
390,097 |
|
|
|
376,715 |
|
Other equity |
|
|
179,970 |
|
|
|
185,678 |
|
Statutory surplus reserve |
|
|
3,932 |
|
|
|
3,932 |
|
Accumulated deficit |
|
|
(272,318 |
) |
|
|
(293,124 |
) |
Accumulated other comprehensive loss |
|
|
(14,637 |
) |
|
|
(9,846 |
) |
Total shareholders' equity attributable to common shareholders |
|
|
287,044 |
|
|
|
263,355 |
|
Non-controlling interests |
|
|
69,706 |
|
|
|
65,691 |
|
Total shareholders' equity |
|
|
356,750 |
|
|
|
329,046 |
|
Total liabilities and shareholders' equity |
|
$ |
850,946 |
|
|
$ |
821,154 |
|
(See the accompanying notes, which are an integral part of these Condensed Consolidated Financial Statements.)
4
IMAX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. Dollars, except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Technology sales |
|
$ |
18,273 |
|
|
$ |
18,065 |
|
|
$ |
65,455 |
|
|
$ |
35,270 |
|
Image enhancement and maintenance services |
|
|
60,250 |
|
|
|
36,233 |
|
|
|
154,244 |
|
|
|
117,285 |
|
Technology rentals |
|
|
23,008 |
|
|
|
12,540 |
|
|
|
62,612 |
|
|
|
43,726 |
|
Finance income |
|
|
2,365 |
|
|
|
1,917 |
|
|
|
6,510 |
|
|
|
6,478 |
|
|
|
|
103,896 |
|
|
|
68,755 |
|
|
|
288,821 |
|
|
|
202,759 |
|
Costs and expenses applicable to revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Technology sales |
|
|
7,948 |
|
|
|
10,061 |
|
|
|
28,951 |
|
|
|
20,264 |
|
Image enhancement and maintenance services |
|
|
26,646 |
|
|
|
20,563 |
|
|
|
69,470 |
|
|
|
56,259 |
|
Technology rentals |
|
|
6,587 |
|
|
|
6,430 |
|
|
|
19,747 |
|
|
|
18,728 |
|
|
|
|
41,181 |
|
|
|
37,054 |
|
|
|
118,168 |
|
|
|
95,251 |
|
Gross margin |
|
|
62,715 |
|
|
|
31,701 |
|
|
|
170,653 |
|
|
|
107,508 |
|
Selling, general and administrative expenses |
|
|
36,282 |
|
|
|
32,905 |
|
|
|
109,336 |
|
|
|
100,181 |
|
Research and development |
|
|
2,771 |
|
|
|
1,115 |
|
|
|
7,388 |
|
|
|
3,667 |
|
Amortization of intangible assets |
|
|
1,107 |
|
|
|
1,111 |
|
|
|
3,328 |
|
|
|
3,412 |
|
Credit loss expense, net |
|
|
523 |
|
|
|
808 |
|
|
|
1,589 |
|
|
|
8,149 |
|
Asset impairments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,470 |
|
Executive transition costs |
|
|
— |
|
|
|
— |
|
|
|
1,353 |
|
|
|
— |
|
Income (loss) from operations |
|
|
22,032 |
|
|
|
(4,238 |
) |
|
|
47,659 |
|
|
|
(12,371 |
) |
Unrealized investment gains |
|
|
364 |
|
|
|
35 |
|
|
|
436 |
|
|
|
99 |
|
Retirement benefits non-service expense |
|
|
(77 |
) |
|
|
(140 |
) |
|
|
(232 |
) |
|
|
(417 |
) |
Interest income |
|
|
738 |
|
|
|
257 |
|
|
|
1,838 |
|
|
|
1,176 |
|
Interest expense |
|
|
(1,483 |
) |
|
|
(1,323 |
) |
|
|
(5,045 |
) |
|
|
(4,354 |
) |
Income (loss) before taxes |
|
|
21,574 |
|
|
|
(5,409 |
) |
|
|
44,656 |
|
|
|
(15,867 |
) |
Income tax expense |
|
|
(6,555 |
) |
|
|
(2,348 |
) |
|
|
(14,901 |
) |
|
|
(8,091 |
) |
Net income (loss) |
|
|
15,019 |
|
|
|
(7,757 |
) |
|
|
29,755 |
|
|
|
(23,958 |
) |
Less: net income attributable to non-controlling interests |
|
|
(3,029 |
) |
|
|
(1,196 |
) |
|
|
(6,960 |
) |
|
|
(1,455 |
) |
Net income (loss) attributable to common shareholders |
|
$ |
11,990 |
|
|
$ |
(8,953 |
) |
|
$ |
22,795 |
|
|
$ |
(25,413 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share attributable to common shareholders: |
|
Basic |
|
$ |
0.22 |
|
|
$ |
(0.16 |
) |
|
$ |
0.42 |
|
|
$ |
(0.44 |
) |
Diluted |
|
$ |
0.22 |
|
|
$ |
(0.16 |
) |
|
$ |
0.41 |
|
|
$ |
(0.44 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
54,618 |
|
|
|
56,039 |
|
|
|
54,424 |
|
|
|
57,301 |
|
Diluted |
|
|
55,535 |
|
|
|
56,039 |
|
|
|
55,261 |
|
|
|
57,301 |
|
(See the accompanying notes, which are an integral part of these Condensed Consolidated Financial Statements.)
5
IMAX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands of U.S. Dollars)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net income (loss) |
|
$ |
15,019 |
|
|
$ |
(7,757 |
) |
|
$ |
29,755 |
|
|
$ |
(23,958 |
) |
Other comprehensive (loss) income, before tax |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized net loss from cash flow hedging instruments |
|
|
(1,048 |
) |
|
|
(1,567 |
) |
|
|
(226 |
) |
|
|
(1,862 |
) |
Realized net loss from cash flow hedging instruments |
|
|
174 |
|
|
|
80 |
|
|
|
636 |
|
|
|
175 |
|
Foreign currency translation adjustments |
|
|
1,060 |
|
|
|
(11,703 |
) |
|
|
(6,559 |
) |
|
|
(24,644 |
) |
Defined benefit and postretirement benefit plans |
|
|
(176 |
) |
|
|
46 |
|
|
|
(528 |
) |
|
|
138 |
|
Total other comprehensive loss, before tax |
|
|
10 |
|
|
|
(13,144 |
) |
|
|
(6,677 |
) |
|
|
(26,193 |
) |
Income tax benefit related to other comprehensive (loss) income |
|
|
274 |
|
|
|
380 |
|
|
|
30 |
|
|
|
408 |
|
Other comprehensive income (loss), net of tax |
|
|
284 |
|
|
|
(12,764 |
) |
|
|
(6,647 |
) |
|
|
(25,785 |
) |
Comprehensive income (loss) attributable to common shareholders |
|
|
15,303 |
|
|
|
(20,521 |
) |
|
|
23,108 |
|
|
|
(49,743 |
) |
Comprehensive (income) loss attributable to non-controlling interests |
|
|
(3,328 |
) |
|
|
2,150 |
|
|
|
(5,104 |
) |
|
|
5,630 |
|
Comprehensive income (loss) attributable to common shareholders |
|
$ |
11,975 |
|
|
$ |
(18,371 |
) |
|
$ |
18,004 |
|
|
$ |
(44,113 |
) |
(See the accompanying notes, which are an integral part of these Condensed Consolidated Financial Statements.)
6
IMAX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. Dollars)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
Operating Activities |
|
|
|
|
|
|
Net income (loss) |
|
$ |
29,755 |
|
|
$ |
(23,958 |
) |
Adjustments to reconcile net income (loss) to cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
46,477 |
|
|
|
42,663 |
|
Amortization of deferred financing costs |
|
|
1,742 |
|
|
|
2,465 |
|
Credit loss expense, net |
|
|
1,589 |
|
|
|
8,149 |
|
Write-downs |
|
|
872 |
|
|
|
5,707 |
|
Deferred income tax benefit |
|
|
(3,724 |
) |
|
|
(3,374 |
) |
Share-based and other non-cash compensation |
|
|
17,830 |
|
|
|
19,510 |
|
Unrealized foreign currency exchange loss |
|
|
52 |
|
|
|
1,310 |
|
Unrealized investment gains |
|
|
(436 |
) |
|
|
(99 |
) |
Changes in assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(2,392 |
) |
|
|
(18,050 |
) |
Inventories |
|
|
(13,771 |
) |
|
|
(10,131 |
) |
Film assets |
|
|
(14,575 |
) |
|
|
(14,174 |
) |
Deferred revenue |
|
|
(4,670 |
) |
|
|
(5,989 |
) |
Changes in other operating assets and liabilities |
|
|
(4,141 |
) |
|
|
(3,548 |
) |
Net cash provided by operating activities |
|
|
54,608 |
|
|
|
481 |
|
Investing Activities |
|
|
|
|
|
|
Purchase of property, plant and equipment |
|
|
(2,541 |
) |
|
|
(5,248 |
) |
Investment in equipment for joint revenue sharing arrangements |
|
|
(10,705 |
) |
|
|
(14,543 |
) |
Interest in film classified as a financial instrument |
|
|
— |
|
|
|
(4,731 |
) |
Acquisition of other intangible assets |
|
|
(5,418 |
) |
|
|
(3,246 |
) |
Acquisition of SSIMWAVE, net of cash and cash equivalents acquired |
|
|
— |
|
|
|
(12,639 |
) |
Net cash used in investing activities |
|
|
(18,664 |
) |
|
|
(40,407 |
) |
Financing Activities |
|
|
|
|
|
|
Revolving credit facility borrowings |
|
|
31,032 |
|
|
|
4,890 |
|
Repayments of revolving credit facility borrowings |
|
|
(43,057 |
) |
|
|
(3,600 |
) |
Credit facility amendment fees paid |
|
|
— |
|
|
|
(2,277 |
) |
Other borrowings |
|
|
315 |
|
|
|
— |
|
Repurchase of common shares |
|
|
(4,263 |
) |
|