IMAX Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>IMAX Corp's Q1 2024 10-Q filing details financial positions, operating segments, and accounting standards.</b>

AI Summary

IMAX CORP (IMAX) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. IMAX Corp filed its 10-Q report for the quarterly period ended March 31, 2024. The filing includes data related to various financial instruments and segments, such as Net Investment in Leases and Financing Receivables. Key dates mentioned include March 31, 2024, December 31, 2023, and June 30, 2022, related to financial reporting and credit facilities. The report references specific accounting standards updates, including ASU 2023-06 and ASU 2014-09. Information on operating segments like Technology Products and Services, and Theater Operators is detailed.

Why It Matters

For investors and stakeholders tracking IMAX CORP, this filing contains several important signals. This filing provides a snapshot of IMAX's financial health and operational performance for the first quarter of 2024, crucial for investors assessing current value and future prospects. The inclusion of specific financial metrics and segment data allows for a detailed analysis of revenue streams and asset management, informing investment decisions.

Risk Assessment

Risk Level: medium — IMAX CORP shows moderate risk based on this filing. The filing is a standard 10-Q, which typically contains a mix of positive and negative financial information, making the overall sentiment neutral but requiring careful review of specific details.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-Q to understand IMAX Corp's current financial standing and operational performance.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-04-25 — Filing Date (Filed as of date)
• 2023-12-31 — Previous Year End Date (Reference date for financial data)
• 2022-06-30 — Credit Facility Date (HsbcChinaFacilityMember date)
• 2024-01-01 — Q1 2024 Start Date (Operating segments period)
• 2024-03-31 — Q1 2024 End Date (Operating segments period)
• 2023-01-01 — Q1 2023 Start Date (Operating segments period)
• 2023-03-31 — Q1 2023 End Date (Operating segments period)

Key Players & Entities

• IMAX CORP (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-04-25 (date) — Filed as of date
• 0000921582 (company) — Central Index Key
• 3861 (industry) — Standard Industrial Classification
• 9054036500 (phone) — Business phone
• IMAX China (company) — Segment reference
• Hsbc China Facility (company) — Credit facility reference

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-25: Filing Date — Date the 10-Q was officially submitted to the SEC.
• 2023-12-31: Previous Year End — Reference date for comparative financial data.

Filing Documents

• imax-20240331.htm (10-Q) — 3688KB
• imax-ex31_1.htm (EX-31.1) — 20KB
• imax-ex31_2.htm (EX-31.2) — 20KB
• imax-ex32_1.htm (EX-32.1) — 10KB
• imax-ex32_2.htm (EX-32.2) — 11KB
• 0000950170-24-047943.txt (&nbsp;) — 17842KB
• imax-20240331.xsd (EX-101.SCH) — 2220KB
• imax-20240331_htm.xml (XML) — 4170KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 40 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 62 Item 4.

Controls and Procedures

Controls and Procedures 64

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 65 Item 1A.

Risk Factors

Risk Factors 65 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 65 Item 5. Other Information 66 Item 6. Exhibits 67

Signatures

Signatures 68 2 IMAX CORPORATION

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

Financ ial Statements

Item 1. Financ ial Statements Page The following unaudited Condensed Consolidated Financial Statements are filed as part of this Report: Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 7 Condensed Consolidated Statements of Shareholders' Equity for the three months ended March 31, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 9 3 IMAX CORPORATION CONDENSED CONSOLIDA TED BALANCE SHEETS (In thousands of U.S. Dollars, except share amounts) (Unaudited) March 31, December 31, 2024 2023 Assets Cash and cash equivalents $ 81,017 $ 76,200 Accounts receivable, net of allowance for credit losses 140,579 136,259 Financing receivables, net of allowance for credit losses 125,614 127,154 Variable consideration receivables, net of allowance for credit losses 64,503 64,338 Inventories 36,153 31,584 Prepaid expenses 12,711 12,345 Film assets, net of accumulated amortization 8,050 6,786 Property, plant and equipment, net of accumulated depreciation 240,450 243,299 Other assets 19,634 20,879 Deferred income tax assets, net of valuation allowance 7,712 7,988 Goodwill 52,815 52,815 Other intangible assets, net of accumulated amortization 34,902 35,022 Total assets $ 824,140 $ 814,669 Liabilities Accounts payable $ 18,734 $ 26,386 Accrued and other liabilities 101,038 111,013 Deferred revenue 60,999 67,105 Revolving credit facility borrowings, net of unamortized debt issuance costs 68,034 22,924 Convertible notes and other borrowings, net of unamortized discounts