Q2 2024 Imax Corp Earnings Call Transcript
Key Points
- Imax Corp (IMAX) delivered one of the best years in its history in 2023, despite temporary setbacks from Hollywood strikes.
- The company has seen a significant increase in system sales and installations, with 39 IMAX systems installed in the first half of 2024 compared to 29 in the same period in 2023.
- Imax Corp (IMAX) signed a landmark deal with Wanda Film in China, covering up to 123 upgraded, new, and renewed IMAX systems.
- The company has a robust content slate for 2025 and 2026, with a record number of releases being filmed with IMAX cameras.
- Imax Corp (IMAX) continues to diversify its content portfolio, including the successful launch of the original documentary 'The Blue Angels', which scored the highest-grossing theatrical documentary opening year to date.
- The lower box office performance due to the Hollywood strikes impacted rental revenues and led to a decline in technology products and services revenue by 20% year over year.
- The company faces challenges in the Chinese market, with less visibility on movie release dates due to government control.
- There is uncertainty around the scalability and future success of the SSIMWAVE business, which is still in the development phase.
- The mix of system installations, including a higher level of joint revenue sharing arrangements, led to lower upfront system sales and impacted overall revenue.
- Despite strong financial performance, the company had to navigate through periods of disruption, including the pandemic and Hollywood strikes, which affected its operations.
Good day, and thank you for standing by. Welcome to the second-quarter 2024 IMAX Corporation earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Jennifer Horsley, Head of Investor Relations for IMAX. Please go ahead.
Good morning, and thank you for joining us for IMAX's second-quarter 2024 earnings conference call. On the call today to review the financial results are Rich Gelfond, Chief Executive Officer; and Natasha Fernandes, our Chief Financial Officer. Rob Lister, Chief Legal Officer, is also joining us today.
Today's conference call is being webcast in its entirety on our website. A replay of the webcast will be made available shortly after the call. In addition, the full text of our earnings press release and the slide presentation have been posted on the Investor Relations section of our site. Our historical Excel model is posted to the
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