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Mar 31, 2023
IMAX Q1 2023 Earnings Report
IMAX reported strong Q1 2023 financial results, demonstrating the value of its global entertainment technology platform and content portfolio.
Key Takeaways
IMAX reported a strong start to 2023, with growth in system sales and global box office soaring to an all-time record in the first quarter. The company is confident in driving significant growth in global box office, system signings, installations, and adjusted EBITDA in 2023.
Global entertainment technology platform drives strong year-over-year growth across all key metrics, including Revenue (+45%), Gross Margin (+58%) and Adjusted EBITDA (+84%).
System sales climb to 63 signings year-to-date through April — significantly more than the Company delivered in all of 2022 (47)
Strong global box office performance of $273 million highlighted by multiple IMAX records, including highest grossing Q1 ever and greatest Q1 global market share ever.
Dramatic improvement in Q1 cash flow, with cash from operations of $21.2 million versus ($3.8) million use of cash in Q1 2022
Revenue by Segment
Forward Guidance
IMAX expects to drive significant growth in 2023 across global box office, system signings, installations, and adjusted EBITDA. The rapid acceleration of sales activity is a positive indicator for long-term growth.
Positive Outlook
- Very strong summer slate of blockbuster movies.
- Robust sales activity for new and upgraded systems.
- Busiest period of the year for installations ahead.
- Substantial opportunity to drive further growth in business and results.
- Acceleration of sales activity is a very positive indicator for long-term growth.
Challenges Ahead
- Risks related to the adverse impact of the COVID-19 pandemic.
- Risks associated with investments and operations in foreign jurisdictions and any future international expansion, including those related to economic, political and regulatory policies of local governments and laws and policies of the United States and Canada, as well as geopolitical conflicts, such as the conflict between Russia and Ukraine.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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