IMAX Corp · Q1 2021 earnings

Briefing

Reported year-over-year revenue and box office growth, margin improvement and positive EBITDA, demonstrating strong demand as theaters reopened.

IMAX reported a strong first quarter with year-over-year revenue and box office growth, margin improvement, and positive EBITDA, driven by the rebound of moviegoing in Asia and encouraging performances in other reopening global markets. The company also strengthened its balance sheet by amending its credit facility and raising $230 million of convertible notes.

• IMAX continues to help lead the global film industry out of the pandemic as pent-up demand emerges in global markets driving year-over-year quarterly growth in revenue, box office, gross margins and EBITDA
• Company posts $110 million in global box office — its first year-over-year quarterly box office growth of the pandemic period — as strong rebound in Asia continues and begins to expand to other key markets
• IMAX expects further market openings and loosening of capacity restrictions to drive increased network capacity as summer tentpoles including “A Quiet Place 2,” “Fast 9,” and “Black Widow” arrive in theaters
• Company raised $230 million in gross proceeds through successful convertible notes offering, further strengthening its financial position and reducing annualized cash interest by approximately $4.3 million or 55%

Headline financials

Revenue & EPS history

IMAX expects further market openings and loosening of capacity restrictions to drive increased network capacity as summer tentpoles including “A Quiet Place 2,” “Fast 9,” and “Black Widow” arrive in theaters