Imax Corporation · NYSE:IMAX
Imax — Q1 2025 Earnings Presentation
35 slides from Imax's earnings presentation, Apr 23, 2025
Slide 1: Investor Presentation April 2025
I N V E S TO R P R E S E N TAT I O N A P R IL 2025 ® IMAX Corp.
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking statements” within the meaning of the U.S. Private volatility of the Company’s share price; risks related to currency fluctuations and foreign exchange Securities Litigation Reform Act of 1995 or “forward-looking information” wit
Slide 3: Strategic Update
Strategic Update Richard Gelfond Chief Executive Officer
Slide 4: Unique IMAX Platform Drives Strong Profitability and Long-Term Growth Opportunities
INVESTMENT HIGHLIGHTS Unique IMAX Platform Drives Strong Profitability and Long-Term Growth Opportunities IMAX is the Unrivaled premium Unmatched global Significant growth Strong operating Attractive capital future of moviegoing luxury brand network scale potential leverage position 4 5 6 +40% >50%
Slide 5: IMAX is a Consistent Winner in the Dynamic Media and Entertainment Landscape
IMAX IS IN A STRONG INDUSTRY POSITION IMAX is a Consistent Winner in the Dynamic Media and Entertainment Landscape IMAX Benefits From Strong Secular Tailwinds Record 14+ Filmed for IMAX titles in 2025 Growing Demand for IMAX Amongst Filmmakers and 40% growth in IMAX Global Studios Box Office market
Slide 6: Recession Resistant Business: Domestic Theatrical Market Stability
RECESSION RESISTANT BUSINESS Domestic Theatrical Market has Demonstrated Stability Despite the Proliferation of Entertainment Options and Recessionary Climates DVDS OTT / SMARTPHONES 14 EXHIBITION BANKRUPTCY & CONSOLIDATION 12 MEGAPLEXES 10 INTERNET 8 $ in billions CABLE TV 6 VHS 4 2 0 1977 1982 198
Slide 7: End-to-End Technology Powers Creativity from Creation to Delivery
End-to-End Technology Powers Creativity from Creation to Delivery THE IMAX EXPERIENCE SHOT WITH IMAX VIEWED IN THE MOST AMPLIFIED BY IMAX EXTENDING TO THE OPTIMIZED BY IMAX CAMERAS IMMERSIVE FORMAT HOME Lightyear Movies shot with IMAX certified IMAX’s proprietary digital IMAX’s comprehensive solutio
Slide 8: Robust Growth Across Financial Metrics Since Pandemic
STRONG OPERATING LEVERAGE DRIVES ACCELERATED PROFIT GROWTH Robust Growth Across Financial Metrics Since Pandemic $ in millions $ in millions REVENUE T O TA L A D J U S T E D E B I T D A & M A R G I N % (1)(2) +11% CAGR +16% CAGR $375 $352 $301 $144 $139 $255 $89 $96 38.4% 39.4% 34.8% 31.8% 2021 2022
Slide 9: Full-Year 2025 Guidance
FULL-YEAR 2025 GUIDANCE IMAX Box Office Total Adjusted Installations EBITDA Margin %(1) 2025 $1.2B+ 145-160(2) 40%+ Guidance 2024 $901M 146 39.4% Actuals 2023 $1.06B 128 38.4% Actuals IMAX INVESTOR PRESENTATION 9 (1) Total Consolidated Adjusted EBITDA Margin before non-controlling interest. See appe
Slide 10: A Truly Global Premium Entertainment Platform
A TRULY GLOBAL PREMIUM ENTERTAINMENT PLATFORM W E S T E R N E U R O P E 1,738 C A N A D A 44 136 Commercial Multiplex Locations 89 Countries & Territories U N I T E D S T A T E S 372 G R E A T E R C H I N A IMAX network 793 100+ accounts for >50% of 1-99 L A T I N total global premium None A M E R I
Slide 11: Significant Rest of World Opportunity – Less Than 40% Penetrated
IMAX WORLDWIDE TARGET MARKET Significant Rest of World Opportunity – Less Than 40% Penetrated 3,619 1,488 1,414 1526 42% 430 30% 827 56% 355 10% 191 14% Unpenetrated Market 717 IMAX New System Backlog 132 9% IMAX Network 269 38% 48% 32 4% 1738 793 56% 529 36% 416 58% Domestic Greater China RoW TOTAL
Slide 12: Strong Share of Global Box Office on Less than 1% of Screens
STRONG MARKET SHARE ACROSS GLOBAL BOX OFFICE Strong Share of Global Box Office on Less than 1% of Screens IMAX BOX OFFICE MARKET SHARE 1 6.0% 5.4% 5.0% 4.8% 4.4% 4.5% 4.4% 4.2% 3.8% 3.9% 3.8% 4.0% 3.7% 3.7% 3.6% 3.2% 3.3% 3.0% 3.3% 3.2% 3.5% 3.0% 3.1% 3.0% 2.6% 2.5% 2.2% 2.3% 2.3% 2.1% 2.1% 2.0% 2.0
Slide 13: Growing IMAX Fandom Fueling Demand by Consumers, Exhibitors, Studios and Filmmakers
Growing IMAX Fandom Fueling Demand for IMAX by Consumers, Exhibitors, Studios and Filmmakers Increasing IMAX Blockbuster Market Share1 Driving demand by Filmmakers and Studios to work with IMAX Top 10 Grossing IMAX Titles – Domestic Opening Weekend Global Number of Titles per Year in Filmed For IMAX
Slide 14: Exceptional Slate Expected in 2025
E X P E C T E D 2 0 2 5 S L A T E Exceptional Slate Expected in 2025 – Record Number of Filmed for IMAX titles J U N E J U N E J U L Y M A Y M A Y A P R I L A P R I L M A Y SUPERMAN J U L Y S E P T E M B E R S E P T E M B E R O C T O B E R O C T O B E R N O V E M B E R N O V E M B E R D E C E M B E
Slide 15: Good Visibility Into Local Language Slate in China
E X P E C T E D 2 0 2 5 C H I N A L O C A L L A N G U A G E S L A T E In Addition to Hollywood, Good Visibility Into Local Language Slate in China THE OPEN DOOR PRINCESS MONONOKE ESCAPE FROM THE OUTLAND MADE IN YIWU I THE LITCHI ROAD THE DUMPLING QUEEN DONGJI ISLAND A WRITER’S ODYSSEY MADE IN YIWU I
Slide 16: Exceptional Slate Continues in 2026
U P C O M I N G E X P E C T E D 2 0 2 6 S L A T E Exceptional Slate Continues in 2026 Including The Odyssey as well as Star Wars & Avengers Films AVATAR: THE SUPER AVENGERS: THE MANDALORIAN PROJECT HAIL UNTITLED FIRE AND MERCY THE BRIDE! MARIO BROS. DOOMSDAY AND GROGU MARY SPIELBERG ASH MOVIE SEQUEL
Slide 17: IMAX Blockbuster Slate Filling Out for 2027
IMAX Blockbuster Slate Filling Out for 2027 with Mega Titles CHILDREN OF SPIDER-MAN: AV E N G E R S : BLOOD AND B E YO N D T H E T H E B AT M A N 2 FROZEN 3 SECR ET WAR S BONE SPIDER-VERSE UNTITLED S TA R WA R S : HOW TO TRAIN W B / L E G E N D A R Y/ R A M AYA N A P T. I I S TA R F I G H T E R YO U
Slide 18: Partnering with Streaming Platforms to Eventize and Launch Content
IMAX is Partnering with Streaming Platforms to Eventize and Launch Content Greta Gerwig's Narnia in 2026 • Two-week IMAX exclusive run over Thanksgiving of 2026 • Theatrical window of four weeks • Committed marketing D O C U M E N TA R Y S A L E T O IMAX VISION PRO APP 2 0 2 4 D O C U M E N TA R Y "
Slide 19: IMAX is Widening the Content Aperture
CONTENT STRATEGY IMAX is Widening the Content Aperture ICONIC LOCAL LANGUAGE SPORTS CONCERTS LAUNCH EVENTS D O C U M E N TA R I E S RE-RELEASES IMAX INVESTOR PRESENTATION 19
Slide 20: Local Language Content Drives Box Office Incrementality and System Demand
Local Language (LL) Content Drives Box Office Incrementality and System Demand in Growth Markets REGIONAL HIGHLIGHTS Q1 2025 IMAX Local Language box office already 40% higher than FY 2024 China: • LL averaged ~50% of IMAX China box office past 3 years • Record 2025 Chinese New Year with CNY titles g
Slide 21: Financial Review
Financial Review Natasha Fernandes Chief Financial Officer
Slide 22: Track Record of Delivering on Guidance
FINANCIAL GUIDANCE AND PERFORMANCE Track Record of Delivering on Guidance 2023 2023 2024 2024 Guidance Results Guidance Results IMAX Global Domestic near-record despite impact of Set numerous Box Office Records, Similar to ~$1.1B improved 25% YoY $1.06B Hollywood strikes, weaker China box office $90
Slide 23: First Quarter 2025 Financial Performance
FIRST QUARTER 2025 FINANCIAL PERFORMANCE IMAX Reports Strong Box Office, Installations, and Profitability Entering into 2025 $ IN MILLIONS except for per share information Q1 2025 Q1 2024 FIRST QUARTER 2025 HIGHLIGHTS Global Box Office (excl. China Booking Fee) $281 $261 Global Box Office (incl. Chi
Slide 24: Strong Operating Leverage – Box Office Drives Adjusted EBITDA Margin
Strong Operating Leverage – Higher Levels of Box Office Have Predictably Driven Higher Adjusted EBITDA Margin %(1)(2) IMAX Quarterly Box Office correlation to Quarterly Total Adjusted EBITDA Margin %(1)(2)(3) 60% 50% Total Adjusted EBITDA Margin % 40% 2025 Target: 40%+ 30% Correlation Coefficient 86
Slide 25: Systems Installations Growth Accelerating
SYSTEMS NETWORK GROWTH DRIVERS Systems Installations Growth Accelerating with First Quarter Installations up 40% Year-Over-Year 1Q25 SIGNINGS BACKLOG PIPELINE SIGNINGS BY QUARTER 95 87 Sale 20% 516 JRSA 16 19 440 8 161 80% 89 1Q24 2Q24 3Q24 4Q24 1Q25 95 TOTAL SIGNINGS 100 108 Upgrades Joint Revenue
Slide 26: Low Leverage Model with Improving Cash Flow and Strong Liquidity
Low Leverage Model with Improving Cash Flow and Strong Liquidity OP E R AT I N G C ASH F LOW ( $ IN MILLIO NS ) DE BT M AT UR I T Y LA DDE R ($ I N M I LLI ON S) $250 $60 $200 $71 $150 $30 $59 $231 $100 $17 $- $6 $50 $(23) $50 $- $(30) 2026 2027 2020 2021 2022 2023 2024 CASH & LIQUIDITY POSITION LEV
Slide 27: IMAX Repurchased $175M, 19% of Shares Outstanding Since 2020
DELIVERING VALUE THROUGH SHARE REPURCHASE IMAX Repurchased $175M, 19% of Shares Outstanding Since 2020 YEAR-END SHARES SHARES REPURCHASED AVERAGE OUTSTANDING PAST 5 YEARS1 REPURCHASE PRICE ( I N T H O U S A N D S ) ( I N T H O U S A N D S ) Shares Repurchased % Repurchased (Cume) 6,000 25% 5,000 20%
Slide 28: First Quarter Cash Flow Reflects Strengthening Position
ATTRACTIVE CASH FLOW MODEL First Quarter Cash Flow Reflects Strengthening Position FIRST QUARTER 2025 FIRST QUARTER 2024 ($ IN MILLIONS) ($ IN MILLIONS) $15 $11.7 $10 $7.0 $10 $5 $4.1 $4.4 $1.6 $1.2 $5 $1.6 $1.1 $- $- $(5) $(5) $(10) $(11.0) $(7.7) $(15) $(13.7) $(10) 1Q25 Operating PP&E Acquisition
Slide 29: Appendix
A P P E N D I X IMAX INVESTOR PRESENTATION
Slide 30: The Business of IMAX – the Most Premium, Innovative Platform for Cinema
The Business of IMAX – the Most Premium, Innovative Platform for Cinema • IMAX is a global entertainment, technology, and distribution company known for its innovative, patented technology that transforms a movie into an experience. • IMAX is also a Hollywood insider, partnering with the world’s mos
Slide 31: Appendix: How IMAX Makes Money
Appendix: How IMAX Makes Money Segment Customer Revenue Streams 2024 Revenue Comments IMAX earns a percentage of box office from studios for remastering and distribution of films in the IMAX network. Film Remastering & $101M Revenue is recognized as box office is earned. Content Solutions Studios an
Slide 32: Use of Non-GAAP Financial Measures
USE OF NON -GAAP FINANCIAL MEASURES In this presentation, the Company presents adjusted net income attributable to common shareholders and interest income; (iii) depreciation and amortization, including film asset amortization; and (iv) amortization of adjusted net income attributable to common shar
Slide 33: First Quarter 2025 Non-GAAP Reconciliation — Adjusted Net Income
FIRST QUARTER 2025 NON -GAAP FINANCIAL RECONCILIATION — ADJUSTED NET INCOME 3 MONTHS ENDED MARCH 31, 2025 3 MONTHS ENDED MARCH 31, 2024 $ IN THOUSANDS, EXCEPT EPS DATA Net Income Per Share Net Income Per Share Net Income Attributable to Common Shareholders $ 2,327 $ 0.04 $ 3,274 $ 0.06 Adjustments:
Slide 34: First Quarter 2025 Non-GAAP Reconciliation — Adjusted EBITDA
FIRST QUARTER 2025 NON -GAAP FINANCIAL RECONCILIATION — ADJ. EBITDA $ IN THOUSANDS 3 MONTHS ENDED MARCH 31, 3 MONTHS ENDED MARCH 31, 2025 2024 Revenues $86,667 $ 79,123 Reported Net Income $ 8,150 $ 5,420 Add (Subtract): Income Tax Expense 7,285 5,159 Interest Expense, Net of Interest Income 769 919
Slide 35: Non-GAAP Financial Reconciliation — Free Cash Flow
NON-GAAP FINANCIAL RECONCILIATION — FREE CASH FLOW 3 MONTHS ENDED MARCH 31, 2025 3 MONTHS ENDED MARCH 31, 2024 $ IN THOUSANDS Net Cash Provided by (Used in) Operating Activities $ 6,951 $ (10,968) Purchase of Property, Plant and Equipment (1,645) (1,104) Acquisition of Other Intangible Assets (1,233