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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
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)
|
|
|
|
|
|
|
|
|
|
|
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 |