(1) Reflects amounts attributable to non-controlling interests. “When global economies restart, and theaters reopen, we believe audiences will turn to strong, trusted brands like Imax. Adjusted net income, adjusted net income per diluted share, adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per diluted share should be considered in addition to, and not as a substitute for, net income and net income attributable to common shareholders and other measures of financial performance reported in accordance with U.S. GAAP. The information posted on the Company's website and/or via its Twitter account may be deemed material to investors. Cash used in investing activities includes capital expenditures, acquisitions and other cash used in investing activities. ), Net Income Attributable to Common Shareholders, Diluted Net Income Per Share Attributable to Common Shareholders, Adj. There were 607 theaters in backlog, including 125 upgrades, as of September 30, 2019, compared to 635 in backlog, including 112 upgrades, as of September 30, 2018. “In terms of the health crisis in China, where movie theaters nationwide remain closed, we are continuing to monitor the situation closely and needless to say the safety of our team and audiences is our top priority,” Gelfond said.
Adjusted EBITDA: Adjusted EBITDA increased 25.6% to $32.4 million, compared to $25.8 million in the prior year period and the adjusted EBITDA margin, defined as adjusted EBITDA per Credit Facility divided by adjusted revenues attributable to common shareholders (see Table 8), was 41.4% compared to 35.7% in the prior year. (2) Includes 75 theaters where the theater system could change between IMAX with Laser and digital projection systems based on the site selection for the theaters. Supplemental MaterialsFor more information about the Company's results, please refer to the IMAX Investor Relations website located at investors.imax.com. The average revenue per new sales and sales-type theater system installed was, Year-to-date, Theater business segment revenues decreased. "Looking ahead to 2020, we continue to build out a strong slate headlined by a record number of releases filmed in IMAX® and proven franchise properties — demonstrating our longstanding relationships with world-class creators, our ability to create new opportunities to drive IMAX market share on key titles, and growing demand for our end-to-end technology," Gelfond added. IMAX systems segment margins include marketing and commission costs of $0.6 million and $1.5 million for the three and nine months ended September 30, 2019, respectively (2018 — $0.8 million and $2.0 million, respectively). NEW YORK, Oct. 31, 2019 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX), a global leader in entertainment technology, today reported financial results for the three months ended September 30, 2019. Partially offsetting the strong increase in Network revenue was a $3.0 million decline in revenues related to theater installations discussed below in the segment review.
“In a world of nearly infinite entertainment choices, audiences continue to choose Imax. Imax shares were up more than 4% in after-hours trade on Wednesday. (4) Includes 155 new laser projection system configurations and 125 upgrades of existing locations to laser projection system configurations (119 of the 125 upgrades are for the IMAX with Laser projection system configurations). Share Count and Capital ReturnThe weighted average diluted shares outstanding in third quarter 2019 declined 2.1% to 61.5 million, compared to 62.8 million in third quarter 2018, due primarily to share repurchase activity. The 2019 first quarter was also helped by the holdover revenue from DC’s “Aquaman,” which grossed $1.1 billion worldwide. A reconciliation of cash provided by operating activities to free cash flow is presented in Table 10. Highlights for Third Quarter 2019 (Note: Percentage and other changes refer to third quarter 2018 Total bank indebtedness was $18.1 million as of September 30, 2019 (net of $1.9 million of deferred financing fees) and represented a decrease of $19.7 million from $37.8 million (net of $2.2 million of deferred financing fees) as of December 31, 2018. However, these non-GAAP measures may not be comparable to similarly titled amounts reported by other companies. In third quarter 2019, a total of 47 thousand shares were repurchased at an average price of $20.35 for a total value of approximately $950 thousand. Also Read: Imax China Names Edwin Tan as Chief Executive Officer. Gross margin for the Network business was 63.4%, compared to 61.4% in the prior-year period. Accounts receivable, net of allowance for doubtful accounts of $4,996 (December 31, 2018 — $3,174), Financing receivables, net of allowance for uncollectible amounts, Variable consideration receivable from contracts.
Q2 2018 Q2 2019 13 Network Update –IMAX Systems Pipeline Continued Strong Demand for IMAX Systems; High Visibility into Multi-Year Growth 635 612 Pipeline Source: Company Data 276 Joint Revenue Sharing Arrangements Sales/Sales Type Lease Arrangements Hybrid Traditional Sales/Sales Type Upgrades Q2 2019 Signings Installations Sales and STL 7 9 JRSA 2 13 Hybrid JRSA 45 5 Total … Net Income Per Share Attributable to Common Shareholders, Adj. The Company intends to use Twitter to disclose the box office information, as well as other information that may be of interest to the Company's investor community. For a breakdown of theater system signings, installations, backlog and the theater network, please refer to Table 3 at the end of this earnings release. "Building on the strength of our core business, we are developing new opportunities for future growth while maintaining cost discipline. Revenue for the quarter also took a big hit.
Management views free cash flow, a non-GAAP measure, as a measure of the Company's after-tax cash flow available to reduce debt, add to cash balances, and fund other financing activities. In addition, the Company maintains a Twitter account: @IMAX_Investors. ", "We believe that the powerful combination of momentum in our attractive core business and new potential levers of growth under development, position us well for the future.". As a result, the Company is also presenting Adjusted EBITDA per Credit Facility excluding the impact of "Marvel's Inhumans" to better facilitate comparisons to prior and future periods. Year-to-date, total revenues increased $5.9 million, or 2.2%, to $271.4 million, primarily due to an $11.3 million, or 7.9%, increase in Network revenue on a $71.9 million, or 9.0%, increase in gross box office to $867.3 million. In addition, the Company presents adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per diluted share because it believes that they are important supplemental measures of its comparable financial results and could potentially distort the analysis of trends in business performance and it wants to ensure that its investors fully understand the impact of net income attributable to non-controlling interests and its stock-based compensation (net of any related tax impact) and non-recurring charges in determining net income attributable to common shareholders. The ongoing pandemic has had a severe impact on companies across the board, but cinema exhibitors have been grossly impacted as chains around the world have been forced to shut down.
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