Hello, and welcome to the Annual General Meeting of Shareholders of IMAX Corporation. Please note that today's meeting is being recorded. It is my pleasure to turn the meeting over to Rich Gelfond, Chief Executive Officer of IMAX Corporation. Mr. Gelfond, the floor is yours.
Thank you. I'd like to call this annual general meeting of shareholders to order. I wanna welcome all of you to this year's meeting, and to thank you for joining us. Ken Weissman, Corporate Secretary, will act as Secretary of the meeting. Other members of our board of directors and management are present on today's webcast as well. I will chair the formal part of the meeting today, and I will then have some comments on the business and operations of IMAX. This meeting is being conducted in a virtual format via live audio webcast. While the meeting is virtual, we welcome questions and comments from registered shareholders and duly appointed proxy holders. We'll address questions relating to specific business items when those items are brought before the meeting, and we'll address other questions during a Q&A session at the end of the meeting.
I would now like to ask Ken to briefly go over some procedural and administrative matters.
Thanks, Rich. I have confirmed that we have not received any shareholder nominations or proposals for business at today's meeting. Questions can be submitted by any registered shareholder or duly appointed proxy holder by selecting the Q&A icon on the top right corner of your screen. If you submit a question, please include your name and your affiliation and indicate if the question relates to a specific agenda item. If there are multiple similar questions, we may combine them for efficiency. Although we may not be able to answer every question, we will do our best to provide a response to as many as possible. Before the formal part of the meeting begins, please keep in mind that comments and answers to your questions might include statements that are forward-looking and that they address future results or occurrences. Actual future results and occurrences may differ materially from these forward-looking statements.
Please refer to our SEC and SEDAR filings for a more detailed discussion of some of the factors that could affect our future results and occurrences. I have received from Computershare a list of the holders of the corporation's common shares as of the close of business on April 8, 2024, the record date for this meeting, as well as a statutory declaration as to the due mailing of the notice of meeting, proxy, circular and proxy statement, form of proxy, and the annual report that contains the 2023 financial statements of the corporation. These documents will be available for inspection throughout the meeting by selecting the Documents icon on the top right corner of your screen.
I have also received a scrutineer's report on attendance, which indicates that sufficient shareholders are present by electronic means to constitute a quorum pursuant to the corporation's bylaws.
Thanks, Ken. I have appointed Computershare Investor Services, Inc, through its representatives, to act as scrutineer. I direct that the statutory declaration and the list of shareholders be kept by the Secretary with the records of this meeting. Notice having been duly given and there being a quorum present, I declare this meeting to be properly constituted. The formal agenda for this meeting, as set out in the notice, is to receive the consolidated financial statements for the fiscal year ended December 31, 2023, together with the auditor's report, to elect directors, to appoint the auditors of the corporation, to authorize the directors to fix the auditor's remuneration, and to conduct an advisory vote on the compensation of the corporation's named executive officers. Ken will now discuss the voting procedures.
Thanks, Rich. Voting today is limited to shareholders of record on April 8, 2024, the record date for this meeting, as well as duly appointed proxy holders for such shareholders. Voting will be conducted by electronic ballot. We now ask that the balloting be opened. If you are a shareholder and you have already voted your shares ahead of the meeting, you do not need to vote your shares again. But if you use a control number or invite code to log into the meeting, and you accepted the terms and conditions, you will be provided the opportunity to vote by online ballot. If you vote by online ballot during the meeting, your previously submitted proxies will be revoked. If you do not wish to revoke previously submitted proxies, do not vote again during the meeting.
The polls are now open, and all registered shareholders and duly appointed proxy holders who wish to vote can click on the Vote icon on the top right corner of your screen. You will be able to see all motions being brought forth at the meeting, and you can select a relevant option next to each proposal. Voting will end after all items have been brought before the meeting. Rich, we are now ready to proceed with the formal business of the meeting.
Thanks, Ken. The first item of business is the election of directors. Under the articles of the corporation, the board of directors may be comprised of a minimum of one and a maximum of 15 directors. Directors elected at a meeting of shareholders will hold office until the close of the next annual meeting of shareholders, until their successors are elected or appointed, or until the date of their resignation or termination. At today's meeting, shareholders will be electing 10 directors. The meeting is now open for nominations.
Mr. Chairman, my name is Robert Lister, and I am Chief Legal Officer and Senior Executive Vice President of IMAX Corporation, and a shareholder. I nominate Gail Berman, Eric A. Demirian, Kevin Douglas, Richard L. Gelfond, David W. Leebron, Michael MacMillan, Steve R. Pamon, Dana Settle, Darren Throop, and Jennifer Wong as directors of IMAX Corporation to hold office until the close of the annual meeting of shareholders in the year 2025, until their successors are elected or appointed, or until the date of their resignation or termination.
Thank you, Rob. A motion to close the nominations and for the election of those nominated is in order.
Mr. Chairman, my name is Robert Lister. I move that nominations be closed and that the persons nominated as director be elected directors of the corporation to hold office until the close of the annual meeting of shareholders in the year 2025, until their successors are elected or appointed, or until their resignation or termination.
Thank you, Rob. May we have a seconder, please?
Mr. Chairman, my name is Kenneth Weissman. I am Deputy General Counsel and Corporate Secretary of IMAX Corporation and a shareholder. I second the motion.
Thank you, Ken. Jennifer Horsley, IMAX's Senior Vice President of Investor Relations, is receiving any questions that are submitted during the meeting. Jennifer, can you please advise if there are any questions regarding this business item?
I can confirm that we have not received any questions specific to this business item.
May we now have a motion reappointing the corporation's auditors, PricewaterhouseCoopers, and authorizing the directors to fix their remuneration?
Mr. Chairman, my name is Robert Lister. I move that PricewaterhouseCoopers LLP , and they are hereby appointed, auditors of the corporation to hold office until the close of the next annual meeting of shareholders at such remuneration as the directors may fix.
Thank you, Rob. May we have a seconder, please?
My name is Kenneth Weissman. I second the motion.
Thank you, Ken. Jennifer, can you please advise if we have received any questions regarding this business item?
I can confirm that we have not received any questions specific to this business item.
The next proposal, commonly known as a Say-on-Pay proposal, gives the corporation shareholders the opportunity to express their views on the corporation's named executive officers' compensation program. Although the vote is advisory and non-binding in nature, the board and the compensation committee will review the voting results and will consider shareholders' views in connection with our executive compensation program. May we have a motion to approve the corporation's named Executive Officer Compensation program?
Mr. Chairman, my name is Robert Lister. I move that the corporation's named Executive Officer Compensation program be approved.
Thank you, Rob. May we have a seconder, please?
My name is Kenneth Weissman. I second the motion.
Thank you, Ken. Jennifer, can you please advise if we have received any questions regarding this business item?
I can confirm that we have not received any questions specific to this business item.
We have now completed the motions related to the items to be voted upon at this meeting. We'll pause here to provide one final moment to allow everyone to complete their voting. Your votes will automatically be accepted once the balloting closes. I'm going to pause now for a minute. The electronic balloting has now closed. I ask that the scrutineer compile the results of the votes on all business matters into a report. Results will be published on a Form 8-K on EDGAR as well as on SEDAR. This concludes the formal business of the meeting. At this point, I would like to make some comments, and the meeting will then be open for questions. When we met last year, I spoke of the enormous opportunity IMAX had with the 2023 film slate.
As we gather again, I'm very pleased to say we captured that opportunity and delivered one of the best years on record. We built incredible momentum, demonstrating that IMAX is one of the most consistent winners in global media and entertainment, and we stand again on the verge of an exceptional film slate in 2025 and 2026, with more blockbuster releases created specifically for the IMAX platform than at any time in our history. We continue to successfully execute on our two-pronged strategy. One, accelerate global sales activity and network growth by capitalizing on our expanding content portfolio and the proven returns IMAX technology delivers for clients. And two, curate a diversified global content portfolio. By injecting more IMAX DNA into Hollywood blockbusters and opening our aperture and expanding into local language films, reimagined IMAX documentaries, and new and exclusive IMAX experiences and events.
Our results for 2023 demonstrate our continued strong execution. Adjusted EPS for the full year was $0.94, up from $0.06 in 2022. Growth was 25% greater across revenue, gross margin, and adjusted EBITDA. We installed 128 IMAX systems worldwide and signed agreements for 129 new and upgraded systems. That includes our most signings ever in markets outside the U.S. and China, adding further geographic diversity to our network. By our analysis, we are only at 47% global penetration with our current open locations, meaning we could sell or open approximately 1,900 additional IMAX systems worldwide, more than doubling our current footprint. Finally, we grew global box office in 2023 to nearly $1.1 billion, our second-highest gross of all time. It was our best year ever at the domestic box office.
It was our best year ever for local language films. Our global box office was up over our pre-pandemic 2017-2019 average, compared to global exhibition, which is down by 15%, and our market share is up worldwide from pre-pandemic, including up 40% domestically. This momentum has carried into 2024, with IMAX capturing an outsized portion of the box office on our biggest releases. Dune: Part Two is our seventh highest grossing release of all time, and we captured more than 20% of the film's worldwide box office, despite the fact that we're less than 1% of the screens globally. We've delivered a double-digit percentage of the domestic box office on seven consecutive openings, most recently with 20% of the debut of Furiosa.
Beyond the numbers, I could say unequivocally, that the company's standing in the global entertainment industry has never been stronger. The producers of Oppenheimer went out of their way to thank IMAX from the stage in accepting the Oscar for Best Picture. Marvel Chief, Kevin Feige, said at this year's CinemaCon, quote, "What IMAX does is to get people out of their homes and into theaters is second to none." Dune director Denis Villeneuve, has called IMAX, quote, "The future of cinema." Joker filmmaker, Todd Phillips, has said, "There is no better creative and commercial partner than IMAX." We're seeing a dramatic shift to IMAX among filmmakers and studios. We have more film for IMAX releases in production with IMAX film and IMAX-certified digital cameras than at any time in our history, and at least 14 are scheduled to hit theaters next year.
Legendary directors like Martin Scorsese, Miyazaki, Francis Ford Coppola, and Paul Thomas Anderson are embracing IMAX for their latest releases. This year, we're rolling out prototypes of our next generation of IMAX film cameras to meet growing filmmaker demand for IMAX 70mm film. We're doing film for IMAX projects in international markets like China, Japan, and Indonesia. Now, we're opening our aperture, expanding the definition of the IMAX experience to drive utilization and fully capitalize on the power of our global platform. We're pursuing awe-inspiring IMAX experiences beyond Hollywood, with more local language films, documentaries, and events, and experiences across music, gaming, sports, and other things. The Blue Angels, the first in our new generation of IMAX docs, or doc busters, as we like to call them, scored $2.1 million in a limited theatrical engagement.
In a new model for us, we sold the streaming rights to Amazon Prime, where the film will now live before debuting in our institutional theaters early next year. We've delivered successful music events this year with iconic acts, including Queen and André 3000 and we're bringing the 2024 Paris Olympics opening ceremonies to IMAX for the first time ever, while also testing experiences with the NBA and the NHL. We also continue to push into new territory with our streaming and consumer technology business, leveraging AI-based image enhancement to power experiences beyond the cinema. Our enterprise software, StreamSmart, is purpose-built to deliver the clearest picture for less cost for streamers, like Disney+. IMAX was pleased to be among the launch partners for the Apple Vision Pro.
To conclude, 2023 was one of the best years on record for IMAX, and 2024 has seen that momentum continue. Our technology continues to power awe and inspiring experiences that bring the entire range of human imagination to life. Consumers want the IMAX experience, and we curate one of the most diverse portfolios of experiences from around the world. As a result, demand for our technology is strong worldwide. We have already established IMAX as a premium global platform, and we see an opportunity to double our global footprint. It is a great time to be in the IMAX business, and we look forward to growing our momentum and delivering results for shareholders. With that, I will take questions from registered shareholders and duly appointed proxy holders. Please limit your questions to topics related to today's subject matter. We'll answer as many questions as time permits.
Due to time constraints, we ask that you limit yourself to one question, and assuming we have time remaining at the end, we'll take follow-up questions. For each question we answer, we will summarize the question, read out loud the name of the person who asked the question, and if applicable, the entity that the person represents. Jennifer, are there any questions?
I can confirm that no questions have been submitted.
I can confirm. Thank you for confirming that. There are no remaining questions. Thank you, Jennifer. This completes the business of the meeting. A motion to conclude the proceedings is now in order.
Mr. Chairman, my name is Robert Lister. I move that the annual general meeting of the shareholders of IMAX Corporation be concluded.
Thank you, Rob. Do we have a seconder?
My name is Kenneth Weissman. I second the motion.
Thank you, Ken, and thank you all for joining us today and for your continued interest and support in IMAX. The meeting has now been concluded.
Thank you. You may now disconnect.