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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 March 31, 2022

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)

 

 

Canada

98-0140269

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

 

 

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:

 

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 (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 March 31, 2022

Common Shares, no par value

 

58,750,922

 

 

 

 


 

 

IMAX CORPORATION

 

Table of Contents

 

 

 

Page

PART I. FINANCIAL INFORMATION

 

Item 1.

Financial Statements

3

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

43

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

67

Item 4.

Controls and Procedures

68

 

PART II. OTHER INFORMATION

 

Item 1.

Legal Proceedings

69

Item 1A.

Risk Factors

69

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

71

Item 6.

Exhibits

72

Signatures

 

73

 

2


 

IMAX CORPORATION

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

 

Page

The following unaudited Condensed Consolidated Financial Statements are filed as part of this Report:

 

 

 

Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021

4

Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021

5

Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2022 and 2021

6

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021

7

Condensed Consolidated Statements of Shareholders’ Equity for the three months ended March 31, 2022 and 2021

8

Notes to Condensed Consolidated Financial Statements

9

 

3


 

IMAX CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

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

(Unaudited)

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

162,300

 

 

$

189,711

 

Accounts receivable, net of allowance for credit losses

 

 

110,478

 

 

 

110,050

 

Financing receivables, net of allowance for credit losses

 

 

131,510

 

 

 

141,049

 

Variable consideration receivables, net of allowance for credit losses

 

 

44,032

 

 

 

44,218

 

Inventories

 

 

27,332

 

 

 

26,924

 

Prepaid expenses

 

 

13,628

 

 

 

11,802

 

Film assets, net of accumulated amortization

 

 

5,518

 

 

 

4,241

 

Property, plant and equipment, net of accumulated depreciation

 

 

258,971

 

 

 

260,353

 

Investment in equity securities

 

 

1,092

 

 

 

1,087

 

Other assets

 

 

22,115

 

 

 

17,799

 

Deferred income tax assets, net of valuation allowance

 

 

13,935

 

 

 

13,906

 

Goodwill

 

 

39,027

 

 

 

39,027

 

Other intangible assets, net of accumulated amortization

 

 

22,110

 

 

 

23,080

 

Total assets

 

$

852,048

 

 

$

883,247

 

Liabilities

 

 

 

 

 

 

Accounts payable

 

$

18,220

 

 

$

15,943

 

Accrued and other liabilities

 

 

96,551

 

 

 

111,896

 

Deferred revenue

 

 

80,463

 

 

 

81,281

 

Revolving credit facility borrowings, net of unamortized debt issuance costs

 

 

1,080

 

 

 

2,472

 

Convertible notes, net of unamortized discounts and debt issuance costs

 

 

224,010

 

 

 

223,641

 

Deferred income tax liabilities

 

 

17,642

 

 

 

17,642

 

Total liabilities

 

 

437,966

 

 

 

452,875

 

Commitments and contingencies (see Note 8)

 

 

 

 

 

 

Non-controlling interests

 

 

761

 

 

 

758

 

Shareholders' equity

 

 

 

 

 

 

Capital stock common shares — no par value. Authorized — unlimited number.

 

 

 

 

 

 

58,750,922 issued and outstanding (December 31, 2021 — 58,653,642 issued and outstanding)

 

 

415,362

 

 

 

409,979

 

Other equity

 

 

167,912

 

 

 

174,620

 

Statutory surplus reserve

 

 

3,932

 

 

 

3,932

 

Accumulated deficit

 

 

(251,194

)

 

 

(234,975

)

Accumulated other comprehensive income

 

 

3,228

 

 

 

2,527

 

Total shareholders' equity attributable to common shareholders

 

 

339,240

 

 

 

356,083

 

Non-controlling interests

 

 

74,081

 

 

 

73,531

 

Total shareholders' equity

 

 

413,321

 

 

 

429,614

 

Total liabilities and shareholders' equity

 

$

852,048

 

 

$

883,247

 

 

(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

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Revenues

 

 

 

 

 

 

Technology sales

 

$

8,976

 

 

$

6,175

 

Image enhancement and maintenance services

 

 

36,094

 

 

 

21,615

 

Technology rentals

 

 

12,661

 

 

 

8,359

 

Finance income

 

 

2,305

 

 

 

2,605

 

 

 

 

60,036

 

 

 

38,754

 

Costs and expenses applicable to revenues

 

 

 

 

 

 

Technology sales

 

 

5,985

 

 

 

5,053

 

Image enhancement and maintenance services

 

 

15,743

 

 

 

9,764

 

Technology rentals

 

 

6,537

 

 

 

6,656

 

 

 

 

28,265

 

 

 

21,473

 

Gross margin

 

 

31,771

 

 

 

17,281

 

Selling, general and administrative expenses

 

 

30,181

 

 

 

25,209

 

Research and development

 

 

1,196

 

 

 

1,471

 

Amortization of intangible assets

 

 

1,197

 

 

 

1,141

 

Credit loss expense, net

 

 

7,229

 

 

 

305

 

Loss from operations

 

 

(8,032

)

 

 

(10,845

)

Realized and unrealized investment gains

 

 

34

 

 

 

5,248

 

Retirement benefits non-service expense

 

 

(139

)

 

 

(114

)

Interest income

 

 

502

 

 

 

583

 

Interest expense

 

 

(1,705

)

 

 

(2,304

)

Loss before taxes

 

 

(9,340

)

 

 

(7,432

)

Income tax expense

 

 

(2,610

)

 

 

(3,068

)

Net loss

 

 

(11,950

)

 

 

(10,500

)

Less: Net income attributable to non-controlling interests

 

 

(1,659

)

 

 

(4,340

)

Net loss attributable to common shareholders

 

$

(13,609

)

 

$

(14,840

)

 

 

 

 

 

 

 

Net loss per share attributable to common shareholders - basic and diluted:

 

Net loss per share — basic and diluted

 

$

(0.23

)

 

$

(0.25

)

 

(See the accompanying notes, which are an integral part of these Condensed Consolidated Financial Statements.)

5


 

IMAX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands of U.S. Dollars)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Net loss

 

$

(11,950

)

 

$

(10,500

)

Other comprehensive income (loss), before tax

 

 

 

 

 

 

Unrealized net gain from cash flow hedging instruments

 

 

315

 

 

 

295

 

Realized net loss (gain) from cash flow hedging instruments

 

 

29

 

 

 

(231

)

Reclassification of unrealized gain from ineffective cash flow hedging instruments

 

 

 

 

 

(22

)

Foreign currency translation adjustments

 

 

580

 

 

 

(2,166

)

Defined benefit and postretirement benefit plans

 

 

46

 

 

 

48

 

Total other comprehensive income (loss), before tax

 

 

970

 

 

 

(2,076

)

Income tax expense related to other comprehensive income (loss)

 

 

(102

)

 

 

(24

)

Other comprehensive income (loss), net of tax

 

 

868

 

 

 

(2,100

)

Comprehensive loss

 

 

(11,082

)

 

 

(12,600

)

Comprehensive income attributable to non-controlling interests

 

 

(1,826

)

 

 

(3,687

)

Comprehensive loss attributable to common shareholders

 

$

(12,908

)

 

$

(16,287

)

 

(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)

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Operating Activities

 

 

 

 

 

 

 

 

Net loss

 

$

 

(11,950

)

 

$

 

(10,500

)

Adjustments to reconcile net loss to cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

12,741

 

 

 

 

12,678

 

Amortization of deferred financing costs

 

 

 

1,023

 

 

 

 

308

 

Credit loss expense, net

 

 

 

7,229

 

 

 

 

305

 

Write-downs

 

 

 

381

 

 

 

 

213

 

Deferred income tax (benefit) expense

 

 

 

(109

)

 

 

 

158

 

Share-based and other non-cash compensation

 

 

 

6,189

 

 

 

 

5,421

 

Unrealized foreign currency exchange loss

 

 

 

58

 

 

 

 

113

 

Realized and unrealized investment gains

 

 

 

(34

)

 

 

 

(5,248

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

 

(2,654

)

 

 

 

(13,744

)

Inventories

 

 

 

(534

)

 

 

 

437

 

Film assets

 

 

 

(5,107

)

 

 

 

(2,213

)

Deferred revenue

 

 

 

(830

)

 

 

 

5,276

 

Changes in other operating assets and liabilities

 

 

 

(10,186

)

 

 

 

(4,155

)

Net cash used in operating activities

 

 

 

(3,783

)

 

 

 

(10,951

)

Investing Activities

 

 

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

 

(728

)

 

 

 

(466

)

Investment in equipment for joint revenue sharing arrangements

 

 

 

(4,587

)

 

 

 

(1,540

)

Interest in film classified as a financial instrument

 

 

 

(4,731

)

 

 

 

 

Acquisition of other intangible assets

 

 

 

(551

)

 

 

 

(1,507

)

Proceeds from sale of equity securities

 

 

 

 

 

 

 

17,769

 

Net cash (used in) provided by investing activities

 

 

 

(10,597

)

 

 

 

14,256

 

Financing Activities

 

 

 

 

 

 

 

 

Proceeds from issuance of convertible notes, net

 

 

 

 

 

 

 

223,675

 

Purchase of capped calls related to convertible notes

 

 

 

 

 

 

 

(19,067

)

Repayments of revolving credit facility borrowings

 

 

 

 

 

 

 

(255,000

)

Credit facility amendment fees paid

 

 

 

(1,783

)

 

 

 

(32

)

Repurchase of common shares, IMAX Corporation

 

 

 

(6,272

)

 

 

 

 

Repurchase of common shares, IMAX China

 

 

 

(1,844

)

 

 

 

 

Taxes withheld and paid on employee stock awards vested

 

 

 

(3,136

)

 

 

 

(3,045

)

Common shares issued - stock options exercised

 

 

 

 

 

 

 

824

 

Net cash used in financing activities

 

 

 

(13,035

)

 

 

 

(52,645

)

Effects of exchange rate changes on cash and cash equivalents

 

 

 

4

 

 

 

 

(245

)

Decrease in cash and cash equivalents during period

 

 

 

(27,411

)

 

 

 

(49,585

)

Cash and cash equivalents, beginning of period

 

 

 

189,711

 

 

 

 

317,379

 

Cash and cash equivalents, end of period

 

$

 

162,300

 

 

$

 

267,794

 

 

(See the accompanying notes, which are an integral part of these Condensed Consolidated Financial Statements.)

7


 

IMAX CORPORATION

 

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(In thousands of U.S. Dollars)

(Unaudited)

 

 

 

 

Three Months Ended

 

 

 

 

March 31,

 

 

 

 

2022

 

 

2021

 

Adjustments to capital stock:

 

 

 

 

 

 

 

Balance, beginning of period

 

 

$

409,979

 

 

$

407,020

 

Employee stock options exercised, net of shares withheld for employee tax obligations

 

 

 

 

 

 

824

 

Grant date fair value of stock options exercised

 

 

 

 

 

 

253

 

Average carrying value of repurchased and retired common shares

 

 

 

(3,662

)

 

 

 

Restricted share units vested

 

 

 

9,045

 

 

 

6,885

 

Balance, end of period

 

 

 

415,362

 

 

 

414,982

 

Adjustments to other equity:

 

 

 

 

 

 

 

Balance, beginning of period

 

 

 

174,620

 

 

 

188,845

 

Amortization of share-based payment expense - stock options

 

 

 

231

 

 

 

391

 

Amortization of share-based payment expense - restricted share units

 

 

 

4,350

 

 

 

3,486

 

Amortization of share-based payment expense - performance stock units

 

1,854

 

 

 

1,087

 

Restricted share units vested

 

 

 

(12,600

)

 

 

(10,318

)

Grant date fair value of stock options exercised

 

 

 

 

(253

)

Change in ownership interest related to IMAX China common share repurchases

 

 

 

(543

)

 

 

 

Purchase of capped calls related to convertible notes

 

 

 

 

 

 

(19,067

)

Balance, end of period

 

 

 

167,912

 

 

 

164,171

 

Adjustments to statutory surplus reserve:

 

 

 

 

 

 

 

Balance, beginning of period

 

 

 

3,932

 

 

 

 

Balance, end of period

 

 

 

3,932

 

 

 

 

Adjustments to accumulated defi