# EDGAR Filing Document

**Accession Number:** 0000921582
**File Stem:** 0001193125-23-082223
**Filing Date:** 2023-3
**Character Count:** 29102
**Document Hash:** 9c4b49740c3fb8944a1e4d77cacc98d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-082223.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001193125-23-082223

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230328

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IMAX CORP
- **CENTRAL INDEX KEY:** 0000921582
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHOTOGRAPHIC EQUIPMENT & SUPPLIES [3861]
- **IRS NUMBER:** 980140269
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35066
- **FILM NUMBER:** 23770007

**BUSINESS ADDRESS:**
- **STREET 1:** 2525 SPEAKMAN DRIVE
- **CITY:** MISSISSAUGA
- **STATE:** A6
- **ZIP:** L5K 1B1
- **BUSINESS PHONE:** 9054036500

**MAIL ADDRESS:**
- **STREET 1:** 2525 SPEAKMAN DRIVE
- **CITY:** MISSISSAUGA
- **STATE:** A6
- **ZIP:** L5K 1B1

?xml version="1.0" encoding="utf-8" ? 8-K

------

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(D)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### March 28, 2023

#### Date of report (Date of earliest event reported)

------

## IMAX Corporation

#### (Exact Name of Registrant as Specified in Its Charter)

------

---

| | | |
|:---|:---|:---|
| **Canada** | **001-35066** | **98-0140269** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification Number)** |

---

---

| | |
|:---|:---|
| **2525 Speakman Drive** | **902 Broadway, Floor 20** |
| **Mississauga, Ontario, Canada L5K 1B1** | **New York, New York, USA 10010** |
| **(905) 403-6500** | **(212) 821-0100** |

---

#### (Address of principal executive offices, zip code, telephone numbers)

#### N/A

#### (Former Name or Former Address, if Changed Since Last Report)

------

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Common Shares, no par value | IMAX | The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter):

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. ☐

------

#### Item 7.01 Regulation FD Disclosure.
IMAX Corporation (the "Company") is filing this Current Report on Form 8-K to provide investors supplemental information related to a change in segment reporting in fiscal 2023. The Company is providing certain unaudited historical financial information, which has been recast to align with the new segment structure. This recast financial information is being provided to aid in comparability and has no impact on previously reported consolidated financial statements for any period.

Effective for the quarter ended March 31, 2023, the Company updated its reportable segments to two reportable segments: (i) Content Solutions and (ii) Technology Products and Services. The new reportable segments align with how the chief operating decision maker assesses segment performance and allocates resources. A summary of the reportable business segments under the new reporting structure follows:

1. **Content Solutions** includes results associated with entertainment content that the Company curates for distribution for viewing in the network of the Company's theater systems ("IMAX Systems"). Within this segment are the following two disaggregated revenue lines:

a. Film Remastering & Distribution, which consists of revenue based on contingent box office receipts from film remastering and distribution (formerly termed DMR) agreements with studios; and

b. Other Content Solutions, which consists of revenues associated with film distribution (distribution of documentary films, primarily to institutional theaters, and the distribution of exclusive live experiences), post-production and camera rentals.

2. **Technology Products and Services** includes results associated with our system technology business, including sales, rentals, and maintenance. Within this segment are the following four disaggregated revenue lines:

a. System Sales, which consists of (i) revenues from the sale of IMAX Systems to exhibitors through sale arrangements or long-term lease arrangements that for accounting purposes are classified as sales-type leases and (ii) after-market sales of IMAX System parts and 3D glasses;

b. System Rentals, which consists of revenues from the operating lease arrangements of IMAX Systems to exhibitors, primarily through joint revenue sharing arrangements where the Company earns rent based on a percentage of contingent box office receipts (previously termed JRSA, contingent rent);

c. Maintenance, which consists of revenues from the provision by the Company of maintenance services, as required in its contracts, over the life of the system contract in exchange for an annual maintenance fee paid by the exhibitor; and

d. Finance Income, which consists of revenues recognized over the term of the sales-type lease or financed sale receivable associated with the sales of IMAX Systems.

The Company's results that do not meet the criteria to be considered a reportable segment will be disclosed within All Other for segment reporting purposes, which principally includes revenues from IMAX Enhanced and SSIMWAVE Inc., a wholly-owned subsidiary of the Company.

The information in this Item 7.01, including the exhibit attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing by the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such filing.

#### Item 9.01 Financial Statements and Exhibits.
*(d) Exhibits* 

---

| | |
|:---|:---|
| **Exhibit** <br>**No.** | **Description** |
| 99.1 | [Unaudited segment financial information.](d471585dex991.htm) |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL). |

---

------

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **IMAX Corporation** | **IMAX Corporation** |
|  | (Registrant) | (Registrant) |
| Date: March 28, 2023 | By: | /s/ Natasha Fernandes |
|  | Name: | Natasha Fernandes |
|  | Title: | Chief Financial Officer and Executive Vice President |
|  | By: | /s/ Elizabeth Gitajn |
|  | Name: | Elizabeth Gitajn |
|  | Title: | Senior Vice President, Finance and Controller |

---

## Exhibit 99.1

**Exhibit 99.1** 

**IMAX Historical P&L - Consolidated** 

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *$ in 000s* | **2018** |  |  | **2019** |  | **2019** |  |  | **2020** |  | **2020** |  |  | **2021** |  | **2021** |  |  | **2022** |  | **2022** |
|  | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** |
|  | **FY** | **Q1** | **Q2** | **Q3** | **Q4** | **FY** | **Q1** | **Q2** | **Q3** | **Q4** | **FY** | **Q1** | **Q2** | **Q3** | **Q4** | **FY** | **Q1** | **Q2** | **Q3** | **Q4** | **FY** |
|  **IMAX Global Box Office** | **1032153** | **256300** | **364932** | **246054** | **241165** | **1108513** | **95226** | **2658** | **70358** | **90979** | **259220** | **110231** | **108558** | **141893** | **277534** | **638216** | **173183** | **247900** | **177097** | **251545** | **849726** |
|  **REVENUES** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Film Remastering & Distribution | 110793 | 27950 | 39293 | 26665 | 26857 | 120765 | 10629 | 546 | 6886 | 10204 | 28265 | 11944 | 11793 | 15701 | 31221 | 70659 | 19564 | 27581 | 19919 | 27803 | 94867 |
|  Other Content Solutions | 13166 | 2764 | 3922 | 4565 | 2222 | 13473 | 2453 | 3182 | 1865 | 1177 | 8677 | 814 | 1856 | 1930 | 1730 | 6330 | 1424 | 1963 | 2049 | 1517 | 6953 |
|  **Content Solutions Revenue** | $**123959** | $**30714** | $**43215** | $**31230** | $**29079** | $**134238** | $**13082** | $**3728** | $**8751** | $**11381** | $**36942** | $**12758** | $**13649** | $**17631** | $**32951** | $**76989** | $**20988** | $**29544** | $**21968** | $**29320** | $**101820** |
| &nbsp;&nbsp;&nbsp;&nbsp; *% of Total Revenue* | *33.1 %* | *38.3 %* | *41.2 %* | *36.2 %* | *23.4 %* | *33.9 %* | *37.5 %* | *42.1 %* | *23.5 %* | *20.3 %* | *27.0 %* | *32.9 %* | *26.8 %* | *31.1 %* | *30.3 %* | *30.2 %* | *35.0 %* | *39.9 %* | *32.0 %* | *29.9* | *33.8 %* |
|  System Sales | $107122 | $14698 | $19290 | $21188 | $61379 | $116555 | $5174 | $2103 | $15360 | $25024 | $47661 | $5469 | $14526 | $12000 | $30642 | $62637 | $7973 | $7394 | $17145 | $32997 | $65509 |
|  System Rentals | 73371 | 17857 | 25301 | 16546 | 16228 | 75932 | 5971 | (137) | 4473 | 7534 | 17841 | 8359 | 7862 | 9887 | 20076 | 46184 | 12643 | 18525 | 12540 | 18060 | 61768 |
|  Maintenance | 49684 | 12951 | 13207 | 13657 | 13336 | 53151 | 7370 |  | 5855 | 8774 | 21999 | 8906 | 11235 | 13055 | 20143 | 53339 | 14942 | 14683 | 13939 | 13044 | 56608 |
|  Finance Income | 11598 | 2681 | 2578 | 2845 | 2807 | 10911 | 2547 | 2506 | 2441 | 2622 | 10116 | 2605 | 2941 | 2635 | 2611 | 10792 | 2305 | 2255 | 1917 | 2006 | 8483 |
|  **Technology Products and Services Revenue** | $**241775** | $**48187** | $**60376** | $**54236** | $**93750** | $**256549** | $**21062** | $**4472** | $**28129** | $**43954** | $**97617** | $**25339** | $**36564** | $**37577** | $**73472** | $**172952** | $**37863** | $**42857** | $**45541** | $**66107** | $**192368** |
| &nbsp;&nbsp;&nbsp;&nbsp; *% of Total Revenue* | *64.6 %* | *60.1 %* | *57.6 %* | *62.8 %* | *75.4 %* | *64.8 %* | *60.3 %* | *50.5 %* | *75.5 %* | *78.5 %* | *71.3 %* | *65.4 %* | *71.8 %* | *66.4 %* | *67.7 %* | *67.9 %* | *63.1 %* | *57.9 %* | *66.2 %* | *67.4* | *64.0 %* |
|  **All Other Revenue** | $**8667** | $**1297** | $**1205** | $**924** | $**1451** | $**4877** | $**758** | $**655** | $**376** | $**655** | $**2444** | $**657** | $**742** | $**1394** | $**2149** | $**4942** | $**1185** | $**1567** | $**1246** | $**2619** | $**6617** |
| &nbsp;&nbsp;&nbsp;&nbsp; *% of Total Revenue* | *2.3 %* | *1.6 %* | *1.2 %* | *1.1 %* | *1.2 %* | *1.2 %* | *2.2 %* | *7.4 %* | *1.0 %* | *1.2 %* | *1.8 %* | *1.7 %* | *1.5 %* | *2.5 %* | *2.0 %* | *1.9 %* | *2.0 %* | *2.1 %* | *1.8 %* | *2.7* | *2.2 %* |
|  **¹ TOTAL** | $**374401** | $**80198** | $**104797** | $**86390** | $**124279** | $**395664** | $**34902** | $**8855** | $**37256** | $**55990** | $**137003** | $**38754** | $**50955** | $**56602** | $**108572** | $**254883** | $**60036** | $**73968** | $**68755** | $**98046** | $**300805** |
|  ² Global Box Office Take Rate % | *17.8 %* | *17.9 %* | *17.7 %* | *17.6 %* | *17.9 %* | *17.7 %* | *17.4 %* | *15.4 %* | *16.1 %* | *19.5 %* | *17.8 %* | *18.4 %* | *18.1 %* | *18.0 %* | *18.5 %* | *18.3 %* | *18.6 %* | *18.6 %* | *18.3 %* | *18.2* | *18.4 %* |
|  **COSTS AND EXPENSES APPLICABLE TO REVENUES** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Content Solutions** | $**50181** | $**11080** | $**18766** | $**12545** | $**14571** | $**56962** | $**11112** | $**5488** | $**11983** | $**6155** | $**34738** | $**4707** | $**6370** | $**9749** | $**10894** | $**31720** | $**8363** | $**12191** | $**12828** | $**17198** | $**50580** |
|  **Technology Products and Services** | $**107207** | $**23189** | $**25698** | $**26302** | $**46581** | $**121770** | $**17959** | $**10753** | $**21242** | $**29202** | $**79156** | $**16409** | $**18685** | $**19042** | $**32775** | $**86911** | $**19447** | $**17148** | $**23790** | $**30928** | $**91313** |
|  **All Other** | $**9084** | $**789** | $**779** | $**423** | $**770** | $**2761** | $**745** | $**302** | $**202** | $**320** | $**1569** | $**357** | $**297** | $**327** | $**865** | $**1846** | $**455** | $**594** | $**436** | $**1072** | $**2557** |
|  **TOTAL** | $**166472** | $**35058** | $**45244** | $**39270** | $**61921** | $**181493** | $**29816** | $**16543** | $**33427** | $**35677** | $**115463** | $**21473** | $**25352** | $**29118** | $**44534** | $**120477** | $**28265** | $**29933** | $**37054** | $**49198** | $**144450** |
|  **GROSS MARGIN** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Content Solutions** | $**73778** | $**19634** | $**24449** | $**18685** | $**14508** | $**77276** | $**1970** | $**(1760)** | $**(3232)** | $**5226** | $**2204** | $**8051** | $**7279** | $**7882** | $**22057** | $**45269** | $**12625** | $**17353** | $**9140** | $**12122** | $**51240** |
|  **Technology Products and Services** | $**134568** | $**24998** | $**34678** | $**27934** | $**47169** | $**134779** | $**3103** | $**(6281)** | $**6887** | $**14752** | $**18461** | $**8930** | $**17879** | $**18535** | $**40697** | $**86041** | $**18416** | $**25709** | $**21751** | $**35179** | $**101055** |
|  **All Other** | **(417)** | $**508** | $**426** | $**501** | $**681** | **2116** | $**13** | $**353** | $**174** | $**335** | **875** | $**300** | $**445** | $**1067** | $**1284** | **3096** | $**730** | $**973** | $**810** | $**1547** | **4060** |
|  **TOTAL** | $**207929** | $**45140** | $**59553** | $**47120** | $**62358** | $**214171** | $**5086** | $**(7688)** | $**3829** | $**20313** | $**21540** | $**17281** | $**25603** | $**27484** | $**64038** | $**134406** | $**31771** | $**44035** | $**31701** | $**48848** | $**156355** |
|  **OPERATING EXPENSES** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Selling, general and administrative expenses | 117477 | 27649 | 32136 | 29482 | 34189 | 123456 | 28636 | 29796 | 24815 | 25238 | 108485 | 25209 | 28807 | 28377 | 34929 | 117322 | 30181 | 37095 | 32905 | 37862 | 138043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 20102 | 3903 | 6485 | 4983 | 5379 | 20750 | 3707 | 6467 | 5151 | 5327 | 20652 | 4944 | 6396 | 5706 | 6730 | 23776 | 5726 | 7263 | 4985 | 7464 | 25438 |
| &nbsp;&nbsp;&nbsp;&nbsp; SG&A - excl. share-based comp | 97375 | 23746 | 25651 | 24499 | 28810 | 102706 | 24929 | 23329 | 19664 | 19911 | 87833 | 20265 | 22411 | 22671 | 28199 | 93546 | 24455 | 29832 | 27920 | 30398 | 112605 |
|  Research and development | 13728 | 1136 | 1222 | 1359 | 1486 | 5203 | 2200 | 1232 | 1130 | 1056 | 5618 | 1471 | 2200 | 2025 | 1248 | 6944 | 1196 | 1356 | 1115 | 1633 | 5300 |
|  Amortization of intangibles | 4145 | 1075 | 1218 | 1271 | 1391 | 4955 | 1321 | 1344 | 1349 | 1380 | 5394 | 1141 | 1190 | 1255 | 1291 | 4877 | 1197 | 1104 | 1111 | 1417 | 4829 |
|  Credit loss expense (reversal), net | 3130 | 431 | 927 | 599 | 473 | 2430 | 10217 | 1440 | 3925 | 3026 | 18608 | 305 | (1872) | (3317) | 933 | (3951) | 7229 | 112 | 808 | 398 | 8547 |
|  Asset impairment |  |  |  |  |  |  | 1151 |  |  |  | 1151 |  |  |  |  |  |  | 4470 |  |  | 4470 |
|  Impairment of investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Legal judgement, arbitration awards and executive transition costs | 14731 |  |  |  |  |  |  |  |  | 4105 | 4105 |  | (1770) |  |  | (1770) |  |  |  |  |  |
|  Exit costs, restructuring charges and associated impairments | 9542 | 850 |  |  |  | 850 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Total Operating Expenses** | $**162753** | $**31141** | $**35503** | $**32711** | $**37539** | $**136894** | $**43525** | $**33812** | $**31219** | $**34805** | $**143361** | $**28126** | $**28555** | $**28340** | $**38401** | $**123422** | $**39803** | $**44137** | $**35939** | $**41310** | $**161189** |
|  **Income (loss) from Operations** | $**45176** | $**13999** | $**24050** | $**14409** | $**24819** | $**77277** | $**(38439)** | $**(41500)** | $**(27390)** | $**(14492)** | $**(121821)** | $**(10845)** | $**(2952)** | $**(856)** | $**25637** | $**10984** | $**(8032)** | $**(102)** | $**(4238)** | $**7538** | $**(4834)** |
|  Realized and unrealized investment gains (losses) |  | $2491 | $(4544) | $(490) | 2026 | (517) | $(4539) | $2025 | $1575 | $(1142) | (2081) | $5248 | $33 | $30 | $29 | 5340 | $34 | $30 | $35 | $— | 70 |
|  Retirement benefits non-service expense | (499) | $(160) | $(160) | $(160) | (257) | (737) | $(116) | $(130) | $(186) | $(168) | (600) | $(114) | $(116) | $(117) | $(116) | (463) | $(139) | $(138) | $(140) | $(139) | (556) |
|  Interest Income | 1844 | 570 | 572 | 490 | 473 | 2105 | 365 | 891 | 586 | 546 | 2388 | 583 | 559 | 538 | 538 | 2218 | 502 | 417 | 257 | 252 | 1428 |
|  Interest Expense | (2916) | (681) | (636) | (489) | (987) | (2793) | (648) | (1581) | (2391) | (2390) | (7010) | (2304) | (1690) | (1540) | (1558) | (7092) | (1705) | (1326) | (1323) | (1523) | (5877) |
|  **Income (loss) before taxes** | $**43605** | $**16219** | $**19282** | $**13760** | $**26074** | $**75335** | $**(43377)** | $**(40295)** | $**(27806)** | $**(17646)** | $**(129124)** | $**(7432)** | $**(4166)** | $**(1945)** | $**24530** | $**10987** | $**(9340)** | $**(1119)** | $**(5409)** | $**6099** | $**(9769)** |
|  Income tax expense (benefit) | 9518 | 3648 | 5308 | 3030 | 4782 | 16768 | 15505 | (10248) | 19349 | 1898 | 26504 | 3068 | 1946 | 4402 | 11148 | 20564 | 2610 | 3133 | 2348 | 2017 | 10108 |
|  Equity in losses of investees, net of tax | (492) | (84) | (138) | 166 | 59 | 3 | (529) |  | (1329) |  | (1858) |  |  |  |  |  |  |  |  |  |  |
|  **Net income (loss)** | $**33595** | $**12487** | $**13836** | $**10896** | $**21351** | $**58570** | $**(59411)** | $**(30047)** | $**(48484)** | $**(19544)** | $**(157486)** | $**(10500)** | $**(6112)** | $**(6347)** | $**13382** | $**(9577)** | $**(11950)** | $**(4252)** | $**(7757)** | $**4082** | $**(19877)** |
|  Net Earnings (Loss) from Discontinued Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Net income (loss)** | $**33595** | $**12487** | $**13836** | $**10896** | $**21351** | $**58570** | $**(59411)** | $**(30047)** | $**(48484)** | $**(19544)** | $**(157486)** | $**(10500)** | $**(6112)** | $**(6347)** | $**13382** | $**(9577)** | $**(11950)** | $**(4252)** | $**(7757)** | $**4082** | $**(19877)** |
|  Net income (loss) attributable to non-controlling interests | (10751) | (4222) | (2439) | (1863) | (3181) | (11705) | 10057 | 4080 | 1275 | (1701) | 13711 | (4340) | (3099) | (2034) | (3279) | (12752) | (1659) | 1400 | (1196) | (1468) | (2923) |
|  **Net income (loss)** | $**22844** | $**8265** | $**11397** | $**9033** | $**18170** | $**46865** | $**(49354)** | $**(25967)** | $**(47209)** | $**(21245)** | $**(143775)** | $**(14840)** | $**(9211)** | $**(8381)** | $**10103** | $**(22329)** | $**(13609)** | $**(2852)** | $**(8953)** | $**2614** | $**(22800)** |
|  **Net income (loss) per share** | $**0.36** | $**0.13** | $**0.19** | $**0.15** | $**0.29** | $**0.76** | $**(0.82)** | $**(0.44)** | $**(0.80)** | $**(0.37)** | $**(2.43)** | $**(0.25)** | $**(0.16)** | $**(0.14)** | $**0.17** | $**(0.38)** | $**(0.23)** | $**(0.05)** | $**(0.16)** | $**0.05** | $**(0.40)** |

---

------

**IMAX Historical P&L - Consolidated** 

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| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *$ in 000s* | **2018** |  |  | **2019** |  | **2019** |  |  | **2020** |  | **2020** |  |  | **2021** |  | **2021** |  |  | **2022** |  | **2022** |
|  | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** | **Actuals** |
|  | **FY** | **Q1** | **Q2** | **Q3** | **Q4** | **FY** | **Q1** | **Q2** | **Q3** | **Q4** | **FY** | **Q1** | **Q2** | **Q3** | **Q4** | **FY** | **Q1** | **Q2** | **Q3** | **Q4** | **FY** |
|  **Adjusted net income (loss)** | $**57799** | **10811** | **19693** | **12811** | **21470** | $**64785** | **(28726** | **(26061** | **(44625** | **(12651** | $**(112063** | **(14809** | **(6972** | **(5032** | **18393** | $**(8420** | **(8244** | **3922** | **(3027** | **10556** | $**3207** |
|  **Adjusted net income (loss) per share** | $**0.91** | $**0.18** | $**0.32** | $**0.21** | $**0.35** | $**1.05** | $**(0.48** | $**(0.44** | $**(0.75** | $**(0.21** | $**(1.89** | $**(0.25** | $**(0.12** | $**(0.08** | $**0.31** | $**(0.14** | $**(0.14** | $**0.07** | $**(0.05** | $**0.19** | $**0.06** |
|  *Diluted Shares outstanding* | *63207* | *61559* | *61507* | *61479* | *61542* | *61489* | *60418* | *58808* | *58859* | *58872* | *59237* | *59012* | *59367* | *59244* | *59805* | *59126* | *58575* | *57856* | *56039* | *55659* | *57371* |
|  Reported net income (loss) | 33595 | 12487 | 13836 | 10896 | 21352 | 58571 | (59411) | (30047) | (48484) | (19544) | (157486) | (10500) | (6112) | (6344) | 13379 | (9577) | (11950) | (4251) | (7757) | 4081 | (19877) |
|  Income tax expense (benefit) | 9518 | 3648 | 5308 | 3030 | 4782 | 16768 | 15505 | (10248) | 19349 | 1898 | 26504 | 3068 | 1946 | 4402 | 11148 | 20564 | 2610 | 3133 | 2348 | 2017 | 10108 |
|  Interest Expense, net of interest income | 1072 | 111 | 64 | (133) | 381 | 423 | 150 | 524 | 1509 | 1537 | 3720 | 1412 | 432 | 261 | 257 | 2362 | 180 | 179 | 354 | 559 | 1272 |
|  Depreciation and amortization, including film asset amortization | 57437 | 14211 | 15593 | 15696 | 17987 | 63487 | 15252 | 11930 | 14112 | 12312 | 53606 | 12677 | 12994 | 14899 | 15512 | 56082 | 12741 | 14282 | 15640 | 13998 | 56661 |
|  Amortization of deferred financing costs |  |  |  |  |  |  |  |  |  |  |  | 309 | 699 | 741 | 764 | 2513 | 1023 | 730 | 712 | 712 | 3177 |
|  **EBITDA** | $**101622** | $**30457** | $**34801** | $**29489** | $**44502** | $**139249** | $**(28504** | $**(27841** | $**(13514** | $**(3797** | $**(73656** | $**6966** | $**9959** | $**13959** | $**41060** | $**71944** | $**4604** | $**14073** | $**11297** | $**21367** | $**51341** |
|  Exit costs, restructuring charges and associated impairments | $9542 | 850 |  |  |  | $850 |  |  |  |  | $— |  |  |  |  | $— |  |  |  |  | $— |
|  Realized and unrealized investment (gains) losses |  | (2491) | 4544 | 490 | (2026) | 517 | 4539 | (2025) | (1575) | 1142 | 2081 | (5248) | (33) | (30) | (29) | (5340) | (34) | (30) | (35) | 29 | (70) |
|  Write-downs (recoveries), including asset impairments and credit loss expense | 5338 | 697 | 1169 | 1118 | 3822 | 6806 | 14620 | 3843 | 10458 | 7416 | 36337 | 518 | (1623) | (2901) | 1819 | (2187) | 7610 | 5163 | 1083 | 1867 | 15723 |
|  Acquisition-related expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 955 | 167 | 1122 |
|  Loss (gain) from equity accounted investments | 492 | 84 | 138 | (166) | (59) | (3) | 529 |  | 1329 |  | 1858 |  |  |  |  |  |  |  |  |  |  |
|  Legal judgement, arbitration awards and executive transition costs | 14731 |  |  |  |  |  |  |  |  | 4105 | 4105 |  | (1770) |  |  | (1770) |  |  |  |  |  |
|  Share-based and other non-cash compensation | 23723 | 4524 | 7186 | 5687 | 6173 | 23570 | 4309 | 6541 | 5495 | 5693 | 22038 | 5421 | 6911 | 6226 | 7521 | 26079 | 6189 | 7777 | 5544 | 8063 | 27573 |
|  **Adjusted EBITDA before non-controlling interests** | $**155448** | 34121 | 47838 | 36618 | 52412 | $**170989** | **(4507** | **(19482** | **2193** | **14559** | $**(7237** | **7657** | **13444** | **17254** | **50371** | $**88726** | **18369** | **26983** | **18844** | **31493** | $**95689** |
|  Adjusted EBITDA attributable to non-controlling interests | $(22220) | (5598) | (6418) | (4188) | (5457) | $(21661) | 147 | 987 | (2455) | (4539) | $(5860) | (4872) | (4702) | (4153) | (6357) | $(20084) | (3562) | (1566) | (2388) | (3715) | $(11231) |
|  **Adjusted EBITDA per Credit Facility** | $**133228** | $**28523** | $**41420** | $**32430** | $**46955** | $**149328** | $**(4360** | $**(18495** | $**(262** | $**10020** | $**(13097** | $**2785** | $**8742** | $**13101** | $**44014** | $**68642** | $**14807** | $**25417** | $**16456** | $**27778** | $**84458** |
|  Revenues attributable to common shareholders | $336723 | 71724 | 94581 | 78354 | 112635 | $**357294** | 33306 | 8434 | 31431 | 48064 | $**121236** | 31055 | 42534 | 49903 | 97834 | $**221327** | 53896 | 70755 | 64498 | 90773 | $**279922** |
|  **Adjusted EBITDA margin attributable to common shareholders** | 39.6 | 39.8 | 43.8 | 41.4 | 41.7 | 41.7 | -13.1 | -219.3 | -0.8 | 20.8 | -10.8 | 9 | 20.6 | 26.3 | 45 | 31 | 27.5 | 35.9 | 25.5 | 30.6 | 30.2 |
|  **Gross Margins (%)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Content Solutions** | **59.5** | **63.9** | **56.6** | **59.8** | **49.9** | **57.6** | **15.1** | **-47.2** | **-36.9** | **45.9** | **6.0** | **63.1** | **53.3** | **44.7** | **66.9** | **58.8** | **60.2** | **58.7** | **41.6** | **41.3** | **50.3** |
|  **Technology Products and Services** | **55.7** | **51.9** | **57.4** | **51.5** | **50.3** | **52.5** | **14.7** | **-140.5** | **24.5** | **33.6** | **18.9** | **35.2** | **48.9** | **49.3** | **55.4** | **49.7** | **48.6** | **60.0** | **47.8** | **53.2** | **52.5** |
|  **All Other** | **-4.8** | **39.2** | **35.3** | **54.2** | **46.9** | **43.4** | **1.7** | **53.9** | **46.3** | **51.1** | **35.8** | **45.7** | **60.0** | **76.6** | **59.7** | **62.6** | **61.6** | **62.1** | **65.0** | **59.1** | **61.4** |
|  **Total Gross Margin** | **55.5** | **56.3** | **56.8** | **54.5** | **50.2** | **54.1** | **14.6** | **N/A** | **10.3** | **36.3** | **15.7** | **44.6** | **50.2** | **48.6** | **59.0** | **52.7** | **52.9** | **59.5** | **46.1** | **49.8** | **52.0** |

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¹ See Historical Model Cover Page for mapping of new segments to old segments

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| ² | Global Box Office Take Rate derived from IMAX DMR and Joint revenue sharing contingent rent agreements as a percent of IMAX Global Box Office  |

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In this model, the Company presents adjusted net income (loss) attributable to common shareholders and adjusted net income (loss) attributable to common shareholders per basic and diluted share, EBITDA and Adjusted EBITDA per Credit Facility as supplemental measures of the Company's performance, which are not recognized under U.S. GAAP. The Company believes that these non-GAAP financial measures are important supplemental measures that allow management and users of the Company's financial statements to view operating trends and analyze controllable operating performance on a comparable basis between periods without the after-tax impact of share-based compensation and certain unusual items included in net income (loss) attributable to common shareholders. Although share-based compensation is an important aspect of the Company's employee and executive compensation packages, it is a non-cash expense and is excluded from certain internal business performance measures. Management uses these measures to review operating performance on a comparable basis from period to period. However, these non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Additionally, the non-GAAP financial measures used by the Company should not be considered in isolation, or as a substitute for, or superior to, the comparable GAAP amounts. Definitions of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP financial measures are included elsewhere in this model.