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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment Reporting Information by Category and Reportable Segment

The following table presents the Company’s revenue and gross margin (margin loss) by category and reportable segment for the three months ended September 30, 2021 and 2020:

		Revenue(1)								Gross Margin (Margin Loss)(4)
(In thousands of U.S. Dollars)		2021				2020				2021				2020
IMAX Technology Network
IMAX DMR		$	15,701			$	6,886			$	7,293			$	3,079
Joint Revenue Sharing Arrangements, contingent rent			9,887				4,473				3,626				(2,491	)
			25,588				11,359				10,919				588
IMAX Technology Sales and Maintenance
IMAX Systems(2)			13,236				17,437				8,086				8,671
Joint Revenue Sharing Arrangements, fixed fees			1,036				57				280				(117	)
IMAX Maintenance			13,055				5,855				6,462				794
Other Theater Business(3)			363				307				64				31
			27,690				23,656				14,892				9,379
New Business Initiatives			1,238				378				1,189				372
Film Distribution and Post-Production
Film Distribution(5)			699				1,126				(4	)			(5,597	)
Post-Production			899				739				420				(464	)
			1,598				1,865				416				(6,061	)
Sub-total			56,114				37,258				27,416				4,278
Other			488				(2	)			71				(449	)
Total		$	56,602			$	37,256			$	27,487			$	3,829

The following table presents the Company’s revenue and gross margin (margin loss) by category and reportable segment for the nine months ended September 30, 2021 and 2020:

		Revenue(1)								Gross Margin (Margin Loss)(4)
(In thousands of U.S. Dollars)		2021				2020				2021				2020
IMAX Technology Network
IMAX DMR		$	39,438			$	18,061			$	22,405			$	7,492
Joint Revenue Sharing Arrangements, contingent rent			26,108				10,307				7,299				(10,610	)
			65,546				28,368				29,704				(3,118	)
IMAX Technology Sales and Maintenance
IMAX Systems(2)			35,117				27,674				21,646				14,497
Joint Revenue Sharing Arrangements, fixed fees			3,776				1,196				783				110
IMAX Maintenance			33,196				13,225				15,360				(355	)
Other Theater Business(3)			1,283				1,261				269				77
			73,372				43,356				38,058				14,329
New Business Initiatives			2,554				1,488				2,281				1,245
Film Distribution and Post-Production
Film Distribution(5)			1,115				4,453				(319	)			(9,296	)
Post-Production			2,886				3,088				1,316				(96	)
			4,001				7,541				997				(9,392	)
Sub-total			145,473				80,753				71,040				3,064
Other			838				260				(669	)			(1,837	)
Total		$	146,311			$	81,013			$	70,371			$	1,227

(1) The Company’s largest customer represents 18.2% and 22.2%, respectively, of total Revenues for the three and nine months ended September 30, 2021 (2020 — 11.0% and 11.3%, respectively). No single customer comprises more than 10% of the Company’s total Accounts Receivable as of September 30, 2021 and December 31, 2020. 

(2) The revenue from this segment includes the initial upfront payments and the present value of fixed minimum payments from sales and sales-type lease arrangements of IMAX Theater Systems, as well as the present value of estimated variable consideration from sales of IMAX Theater Systems. To a lesser extent, the revenue from this segment also includes finance income associated with these revenue streams.

(3) The revenue from this segment principally includes after-market sales of IMAX projection system parts and 3D glasses.

(4) IMAX DMR gross margin includes marketing costs of $3.2 million and $5.8 million, respectively, for the three and nine months ended September 30, 2021 (2020 — $0.4 million and $2.8 million, respectively). JRSA gross margin includes advertising, marketing and commission expense of $0.8 million and $1.9 million, respectively, for the three and nine months ended September 30, 2021 (2020 — $0.7 million and $1.3 million, respectively). IMAX Systems gross margin includes marketing and commission costs of $0.3 million and $0.9 million, respectively, for the three and nine months ended September 30, 2021 (2020 — $0.6 million and $1.0 million, respectively). Film Distribution segment gross margin includes marketing expense of $nil and less than $0.1 million, respectively, for the three and nine months ended September 30, 2021 (2020 — $0.2 million and $0.4 million, respectively).

(5) During the three and nine months ended September 30, 2020, Film Distribution segment results include impairment losses of $5.4 million and $9.9 million, respectively, to write-down the carrying value of certain documentary and alternative content film assets due to a decrease in projected box office totals and related revenues based on management’s regular quarterly recoverability assessments. No such charges were incurred in the three and nine months ended September 30, 2021.

Geographic Information

Revenue by geographic area is based on the location of the customer. Revenue related to IMAX DMR is presented based upon the geographic location of the theaters that exhibit the remastered films. IMAX DMR revenue is generated through contractual relationships with studios and other third parties and these may not be in the same geographical location as the theater.

		Three Months Ended									Nine Months Ended
		September 30,									September 30,
		2021				2020				2021					2020
Revenue
Greater China		$	22,203			$	19,346				$	75,634				$	26,008
United States			16,469				4,335					34,275					21,112
Western Europe			7,634				5,085					11,160					10,273
Asia (excluding Greater China)			4,925				4,935					12,837					12,663
Russia & the CIS			1,353				738					4,577					2,962
Latin America			1,181				1,616					1,579					3,251
Canada			1,083				384					620					1,327
Rest of the World			1,754				817					5,629					3,417
Total		$	56,602			$	37,256				$	146,311				$	81,013

X

- Definition

Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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