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    David Steger

    Research Analyst at Seaport Research Partners

    David Steger is an Equity Analyst at Seaport Research Partners specializing in the gaming, lodging, and leisure sectors, with detailed coverage of major companies such as Penn National Gaming, Red Rock Resorts, and Caesars Entertainment. He is recognized for his in-depth research and timely stock recommendations, earning a solid track record evidenced by positive investor feedback and consistently competitive industry rankings. Steger began his career in equity research at Barclays and previously served at The Buckingham Research Group before joining Seaport Research Partners in early 2021. He holds a BSEET from Hamilton Technical College, is FINRA registered with active securities licenses, and is known for his rigorous fundamental analysis and sector expertise.

    David Steger's questions to IMAX (IMAX) leadership

    David Steger's questions to IMAX (IMAX) leadership • Q4 2024

    Question

    An analyst from Seaport Research Partners asked whether the guided 40%+ adjusted EBITDA margin would be driven more by gross margin improvements or SG&A leverage, and the relative contribution from box office growth versus cost-cutting. He also inquired about expiring screen relationships and potential repricing opportunities.

    Answer

    CFO Natasha Fernandes explained the margin expansion will come from a mix of continued operational efficiencies and significant operating leverage from the projected $1.2B+ box office growth against a fixed cost base. CEO Richard Gelfond and Fernandes added that screen renewals are an ongoing process, often negotiated early to facilitate technology upgrades, and IMAX's high renewal rate is supported by its strong negotiating position in well-performing locations.

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