Reservoir Media Announces Fourth Quarter and Fiscal Year 2025 Results
- Revenue grew 10% year-over-year to $158.7M in FY2025
- Operating Income increased 43% to $35.1M in FY2025
- Net Income improved significantly to $7.7M from $0.8M in prior year
- Secured major publishing deals with Snoop Dogg, k.d. lang, and other notable artists
- Music Publishing segment showed strong 12% revenue growth
- Digital revenue in Recorded Music segment grew 14%
- Physical recorded music revenue declined 31% year-over-year
- Performance revenue in Music Publishing decreased 7%
- Net Debt increased to $366.7M from $312.7M in prior year
- Available liquidity decreased to $79.6M from $132.3M year-over-year
Insights
Reservoir Media delivered solid FY2025 performance with 10% revenue growth and 18% Adjusted EBITDA growth, demonstrating strength in its music catalog investments.
Reservoir Media posted strong results for fiscal 2025, with total revenue increasing 10% to
The most impressive metric is the substantial net income improvement to
Examining the revenue drivers, digital revenue continues to be the growth engine, increasing
The company's strategic acquisitions appear to be paying off, with catalog additions like Snoop Dogg, k.d. lang, and the Lastrada Entertainment catalog contributing to growth. The expansion into international markets through PopIndia and other initiatives positions Reservoir to capitalize on growing global music consumption.
Margin improvements were notable in both segments. Music Publishing OIBDA margin increased from
Looking at the balance sheet, there's a significant increase in debt, with net debt rising from
The outlook for fiscal 2026 projects continued but more modest growth, with revenue expected to increase
Double-Digit Annual Total Revenue Growth Led by Music Publishing
Continued Expansion of Portfolio Across Genres and Geographies
Fiscal 2026 Financial Outlook Expects Mid-Single-Digit Top & Bottomline Growth
NEW YORK, NY / ACCESS Newswire / May 28, 2025 / Reservoir Media, Inc. (NASDAQ:RSVR) ("Reservoir" or the "Company"), an award-winning independent music company, today announced financial results for the fourth quarter and full year for fiscal 2025 ended March 31, 2025.
Fiscal Year 2025 Highlights:
Revenue of
$158.7 million , increased7% organically, or10% including acquisitions year-over-yearMusic Publishing Revenue increased
12% year-over-yearRecorded Music Revenue increased by
4% year-over-year
Operating Income of
$35.1 million , an increase of43% year-over-yearOIBDA ("Operating Income Before Depreciation & Amortization") of
$61.4 million , an increase of24% year-over-yearNet Income
$7.7 million , or$0.12 per diluted share, 11 cents higher than the prior year periodAdjusted EBITDA of
$65.7 million , up18% year-over-yearSigned publishing deals with Snoop Dogg and Death Row Records, k.d. lang, Wrabel, Travis Heidelman, Jon Decious, Aaron Zuckerman, Jeff Trott, Lewis Thompson, and Omar Kamal, among others
Struck deals for rights to the publishing catalog of Lebo M and recorded music catalog of Jack Douglas
Acquired the publishing catalogs of Lastrada Entertainment, Big D Evans, and Billy Strange
Fourth Quarter 2025 & Recent Highlights:
Revenue of
$41.4 million , increased4% organically, or6% including acquisitions year-over-yearMusic Publishing Revenue increased
6% year-over-yearRecorded Music Revenue increased
7% year-over-year
Operating Income of
$10.4 million , increased19% year-over-yearOIBDA of
$17.2 million , an increase of14% year-over-yearNet Income of
$2.7 million versus$2.9 million in the year-ago period, or$0.04 per diluted shareAdjusted EBITDA of
$18.2 million , an increase of14% year-over-yearExpanded recorded music business with the acquisition of U.K. dance and electronic label New State
Signed publishing deal with five-time Grammy-nominated R&B songwriter and performer El DeBarge
Launched Off Road Records in partnership with hit country writer-producer David Fanning
Strengthened international footprint with new Mumbai-based subsidiary, PopIndia, and a publishing deal with YouTube star Yohani
Management Commentary:
"Fiscal 2025 was a year marked by significant strategic capital deployment, expanding Reservoir's portfolio and geographic footprint. In addition to notable publishing deals with Snoop Dogg, k.d. lang, and many more, we executed several important acquisitions across the publishing and recorded businesses. In particular, the additions of U.K. dance and electronic label New State and publishing catalog Lastrada Entertainment were key scale drivers of growth, showcasing the team's depth of expertise and our platform's solid infrastructure for ingesting meaningful large-scale catalogs," said Golnar Khosrowshahi, Founder and Chief Executive Officer of Reservoir Media.
Khosrowshahi continued, "Following this past year's double-digit topline growth, we have begun fiscal 2026 with financial and operational strength. The recent launch of our new subsidiary, PopIndia, positions us to further amplify Reservoir's international presence. With expertise now based in Mumbai, we look forward to building on our existing efforts across the Middle East and North Africa, and bolstering our reputation as best-in-class partners in these markets. Whether signing active writers, acquiring assets or expanding territories, we remain firm in our overarching strategy to identify high-quality assets with significant return potential while maintaining a prudent approach to cost management."
Fourth Quarter & Fiscal Year 2025 Financial Results
Summary Financials | Q4'25 | Q4'24 | Change | FY25 | FY24 | Change | ||||||||||||||||||
Total Revenue | $ | 41.4 | $ | 39.1 | 6 | % | $ | 158.7 | $ | 144.9 | 10 | % | ||||||||||||
Music Publishing Revenue | $ | 27.9 | $ | 26.4 | 6 | % | $ | 107.4 | $ | 96.2 | 12 | % | ||||||||||||
RecordedMusic Revenue | $ | 12.0 | $ | 11.2 | 7 | % | $ | 44.3 | $ | 42.4 | 4 | % | ||||||||||||
Operating Income | $ | 10.4 | $ | 8.8 | 19 | % | $ | 35.1 | $ | 24.6 | 43 | % | ||||||||||||
OIBDA | $ | 17.2 | $ | 15.1 | 14 | % | $ | 61.4 | $ | 49.6 | 24 | % | ||||||||||||
Net Income | $ | 2.7 | $ | 2.9 | (5 | )% | $ | 7.7 | $ | 0.8 | NM | |||||||||||||
Adjusted EBITDA | $ | 18.2 | $ | 16.0 | 14 | % | $ | 65.7 | $ | 55.6 | 18 | % | ||||||||||||
(Table Notes: $ in millions; Quarters ended March 31st; Unaudited; NM = Not meaningful) | ||||||||||||||||||||||||
Total Revenue in the fourth quarter of fiscal 2025 increased
Operating Income in the fourth quarter of fiscal 2025 was
Operating Income in fiscal 2025 was
Net Income in the fourth quarter of fiscal 2025 was
Fourth Quarter & Fiscal Year 2025 Segment Review
Music Publishing | Q4'25 | Q4'24 | Change | FY25 | FY24 | Change | ||||||||||||||||||
Revenue by Type | ||||||||||||||||||||||||
Digital | $ | 13.6 | $ | 13.0 | 5 | % | $ | 60.5 | $ | 51.6 | 17 | % | ||||||||||||
Performance | $ | 6.5 | $ | 7.5 | (13 | )% | $ | 21.1 | $ | 22.8 | (7 | )% | ||||||||||||
Synchronization | $ | 5.5 | $ | 3.6 | 51 | % | $ | 18.2 | $ | 15.1 | 20 | % | ||||||||||||
Mechanical | $ | 1.2 | $ | 1.2 | (6 | )% | $ | 3.9 | $ | 3.4 | 13 | % | ||||||||||||
Other | $ | 1.2 | $ | 1.0 | 15 | % | $ | 3.7 | $ | 3.3 | 14 | % | ||||||||||||
Total Revenue | $ | 27.9 | $ | 26.4 | 6 | % | $ | 107.4 | $ | 96.2 | 12 | % | ||||||||||||
Operating Income | $ | 5.7 | $ | 4.3 | 33 | % | $ | 18.7 | $ | 9.9 | 88 | % | ||||||||||||
OIBDA | $ | 10.5 | $ | 9.2 | 13 | % | $ | 37.3 | $ | 28.9 | 29 | % | ||||||||||||
(Table Notes: $ in millions; Quarters ended March 31st; Unaudited) | ||||||||||||||||||||||||
Music Publishing Revenue in the fourth quarter of fiscal 2025 was
In the fourth quarter of fiscal 2025, Music Publishing OIBDA increased
Recorded Music | Q4'25 | Q4'24 | Change | FY25 | FY24 | Change | ||||||||||||||||||
Revenue by Type | ||||||||||||||||||||||||
Digital | $ | 8.8 | $ | 7.4 | 19 | % | $ | 30.7 | $ | 26.9 | 14 | % | ||||||||||||
Physical | $ | 1.3 | $ | 1.8 | (26 | )% | $ | 6.2 | $ | 8.9 | (31 | )% | ||||||||||||
Neighboring Rights | $ | 1.1 | $ | 1.0 | 15 | % | $ | 4.2 | $ | 3.6 | 17 | % | ||||||||||||
Synchronization | $ | 0.7 | $ | 0.9 | (29 | )% | $ | 3.1 | $ | 2.9 | 8 | % | ||||||||||||
Total Revenue | $ | 12.0 | $ | 11.2 | 7 | % | $ | 44.3 | $ | 42.4 | 4 | % | ||||||||||||
Operating Income | $ | 4.5 | $ | 4.1 | 12 | % | $ | 15.2 | $ | 13.2 | 15 | % | ||||||||||||
OIBDA | $ | 6.5 | $ | 5.5 | 19 | % | $ | 22.7 | $ | 19.1 | 19 | % | ||||||||||||
(Table Notes: $ in millions; Quarters ended March 31st; Unaudited) | ||||||||||||||||||||||||
Recorded Music Revenue in the fourth quarter of fiscal 2025 was
In the fourth quarter of fiscal 2025, Recorded Music OIBDA increased
Balance Sheet and Liquidity
During fiscal 2025, cash provided by operating activities was
As of March 31, 2025, Reservoir had cash and cash equivalents of
Fiscal Year 2026 Outlook
Reservoir initiated the following financial outlook range for fiscal year 2026, and expects the financial results for the year ending March 31, 2026, to be as follows:
Outlook | Guidance | Growth (at mid-point) | ||||||
Revenue | $ | 164M - | 5 | % | ||||
Adjusted EBITDA | $ | 68M - | 6 | % | ||||
Jim Heindlmeyer, Chief Financial Officer of Reservoir, commented, "The 2025 fiscal year was another record performance for Reservoir. We continued to reap the benefits of our robust investment strategy, sustainably growing our catalog, and further driving growth through our value enhancement practices. We believe fiscal year 2026 will be another year of growth for Reservoir, with
Conference Call Information
Reservoir is hosting a conference call for analysts and investors to discuss its financial results for the fourth quarter and fiscal year ended March 31, 2025, and its business outlook at 10:00 a.m. EDT today, May 28, 2025. The conference call can be accessed via webcast in the investor relations section of the Company's website at https://investors.reservoir-media.com/news-and-events/events-and-presentations.
Interested parties may also participate in the call using the following registration link:Here. Once registered, participants will receive a webcast link to enter the event. Alternatively, participants may dial into the call using the following phone number: +1 201-389-0921 (Toll-free: +1 877-407-0989). Shortly after the conclusion of the conference call, a replay of the audio webcast will be available in the investor relations section of Reservoir's website for 30 days after the event.
ABOUT RESERVOIR
Reservoir is an independent music company based in New York City and with offices in Los Angeles, Nashville, Toronto, London, Abu Dhabi, and Mumbai. Reservoir is the first female-founded and led publicly traded independent music company in the U.S. Founded as a family-owned music publisher in 2007, Reservoir represents copyrights and master recordings including titles dating as far back as 1900 and hundreds of #1 releases worldwide. Reservoir frequently holds a Top 10 U.S. Market Share according to Billboard's Publishers Quarterly, was twice named Publisher of the Year by Music Business Worldwide's The A&R Awards and won Independent Publisher of the Year at the 2020 and 2022 Music Week Awards.
Reservoir also represents a multitude of recorded music through Chrysalis Records, Tommy Boy Music, and Philly Groove Records and manages artists through its ventures with Blue Raincoat Music and Big Life Management.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are made in reliance on the safe harbor protections provided thereunder. Forward-looking statements are typically identified by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "outlook," "plan," "possible," "potential," "predict," "project," "should," "target," "would" and other similar words and expressions. Forward-looking statements in this press release relate to, among other things: Reservoir's anticipated financial condition, results of operations and performance, expected growth, plans and objectives for future operations, business prospects and market conditions. Forward-looking statements are based on the current expectations and beliefs of management and information currently available to management. These statements are inherently subject to a number of risks, uncertainties and assumptions, many of which are outside of our control and could cause future events or results to be materially different from those stated or implied in this press release, including the risk factors that are described in Reservoir's Annual Report on Form 10-K for the year ended March 31, 2025 and our other filings with the SEC available on the SEC's website at www.sec.gov or Reservoir's website at www.reservoir-media.com. Any forward-looking statement made in this press release speaks only as of the date on which it is made and Reservoir undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Reservoir Media, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
Three and Twelve Months Ended March 31, 2025 versus March 31, 2024
(Unaudited)
(Expressed in U.S. dollars)
Three Months Ended | Fiscal Year Ended | ||||||||||||||||||||||
2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||||||||||
Revenues | $ | 41,417,784 | $ | 39,145,631 | 6 | % | $ | 158,705,736 | $ | 144,855,690 | 10 | % | |||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of revenue | 14,249,476 | 14,342,049 | (1 | )% | 57,430,005 | 55,478,286 | 4 | % | |||||||||||||||
Amortization and depreciation | 6,770,836 | 6,372,662 | 6 | % | 26,299,233 | 24,985,688 | 5 | % | |||||||||||||||
Administration expenses | 9,977,954 | 9,667,044 | 3 | % | 39,915,464 | 39,815,892 | - | ||||||||||||||||
Total costs and expenses | 30,998,266 | 30,381,755 | 2 | % | 123,644,702 | 120,279,866 | 3 | % | |||||||||||||||
Operating income | 10,419,518 | 8,763,876 | 19 | % | 35,061,034 | 24,575,824 | 43 | % | |||||||||||||||
Interest expense | (6,086,654 | ) | (5,222,389 | ) | (21,883,321 | ) | (21,087,713 | ) | |||||||||||||||
Gain (loss) on foreign exchange | 750,493 | (32,006 | ) | 578,251 | (101,834 | ) | |||||||||||||||||
(Loss) gain on fair value of swaps | (1,681,378 | ) | 649,275 | (4,213,819 | ) | (1,124,770 | ) | ||||||||||||||||
Other income (expense), net | (80,798 | ) | (99,490 | ) | 329,976 | (1,089,442 | ) | ||||||||||||||||
Income before income taxes | 3,321,181 | 4,059,266 | 9,872,121 | 1,172,065 | |||||||||||||||||||
Income tax expense | 600,135 | 1,207,467 | 2,140,724 | 334,804 | |||||||||||||||||||
Net income | 2,721,046 | 2,851,799 | 7,731,397 | 837,261 | |||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (53,584 | ) | (56,527 | ) | 18,516 | (192,324 | ) | ||||||||||||||||
Net income attributable to Reservoir Media, Inc. | $ | 2,667,462 | $ | 2,795,272 | $ | 7,749,913 | $ | 644,937 | |||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic | $ | 0.04 | $ | 0.04 | $ | 0.12 | $ | 0.01 | |||||||||||||||
Diluted | $ | 0.04 | $ | 0.04 | $ | 0.12 | $ | 0.01 | |||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | 65,248,387 | 64,834,304 | 65,161,373 | 64,757,112 | |||||||||||||||||||
Diluted | 66,077,568 | 65,600,530 | 65,949,366 | 65,255,901 | |||||||||||||||||||
Reservoir Media, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
March 31, 2025 versus March 31, 2024
(Unaudited)
(Expressed in U.S. dollars)
March 31, | March 31, | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 21,386,140 | $ | 18,132,015 | ||||
Accounts receivable | 37,848,611 | 33,227,382 | ||||||
Current portion of royalty advances | 15,182,463 | 13,248,008 | ||||||
Other current assets | 4,867,081 | 6,300,915 | ||||||
Total current assets | 79,284,295 | 70,908,320 | ||||||
Intangible assets, net | 719,673,219 | 640,222,000 | ||||||
Equity method and other investments | 1,100,000 | 1,451,924 | ||||||
Royalty advances, net of current portion and reserves | 55,508,155 | 56,527,557 | ||||||
Property, plant and equipment, net | 406,784 | 551,410 | ||||||
Operating lease right of use assets, net | 5,949,418 | 6,988,340 | ||||||
Fair value of swap assets | 1,828,303 | 5,753,488 | ||||||
Other assets | 1,376,836 | 1,131,529 | ||||||
Total assets | $ | 865,127,010 | $ | 783,534,568 | ||||
Liabilities | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued liabilities | $ | 5,394,755 | $ | 9,015,939 | ||||
Royalties payable | 47,210,727 | 40,395,205 | ||||||
Accrued payroll | 2,588,758 | 2,043,772 | ||||||
Deferred revenue | 1,885,462 | 1,163,953 | ||||||
Other current liabilities | 7,954,208 | 7,313,615 | ||||||
Income taxes payable | 803,342 | 439,152 | ||||||
Total current liabilities | 65,837,252 | 60,371,636 | ||||||
Secured line of credit | 388,134,754 | 330,791,607 | ||||||
Deferred income taxes | 38,228,099 | 30,471,978 | ||||||
Operating lease liabilities, net of current portion | 5,723,930 | 6,720,287 | ||||||
Fair value of swap liability | 410,008 | 121,374 | ||||||
Other liabilities | 593,185 | 572,705 | ||||||
Total liabilities | 498,927,228 | 429,049,587 | ||||||
Contingencies and commitments | ||||||||
Shareholders' Equity | ||||||||
Preferred stock | - | - | ||||||
Common stock | 6,524 | 6,483 | ||||||
Additional paid-in capital | 344,145,789 | 341,388,351 | ||||||
Retained earnings | 23,147,570 | 15,397,657 | ||||||
Accumulated other comprehensive loss | (2,422,107 | ) | (3,797,733 | ) | ||||
Total Reservoir Media, Inc. shareholders' equity | 364,877,776 | 352,994,758 | ||||||
Noncontrolling interest | 1,322,006 | 1,490,223 | ||||||
Total shareholders' equity | 366,199,782 | 354,484,981 | ||||||
Total liabilities and shareholders' equity | $ | 865,127,010 | $ | 783,534,568 | ||||
Supplemental Disclosures Regarding Non-GAAP Financial Measures
This press release includes certain financial information, such as OIBDA, OIBDA margin, EBITDA, Adjusted EBITDA, and Net Debt, which has not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). Reservoir's management uses these non-GAAP financial measures to evaluate Reservoir's operations, measure its performance and make strategic decisions. Reservoir believes that the use of these non-GAAP financial measures provides useful information to investors and others in understanding Reservoir's results of operations and trends in the same manner as Reservoir's management and in evaluating Reservoir's financial measures as compared to the financial measures of other similar companies, many of which present similar non-GAAP financial measures. However, these non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by Reservoir's management about which items are excluded or included in determining these non-GAAP financial measures and, therefore, should not be considered as a substitute for net income, operating income or any other operating performance measures calculated in accordance with GAAP. Using such non-GAAP financial measures in isolation to analyze Reservoir's business would have material limitations because the calculations are based on the subjective determination of Reservoir's management regarding the nature and classification of events and circumstances. In addition, although other companies in Reservoir's industry may report measures titled OIBDA, OIBDA margin, Adjusted EBITDA, and Net Debt, or similar measures, such non-GAAP financial measures may be calculated differently from how Reservoir calculates such non-GAAP financial measures, which reduces their overall usefulness as comparative measures. Because of these limitations, such non-GAAP financial measures should be considered alongside other financial performance measures and other financial results presented in accordance with GAAP. You can find the reconciliation of these non‐GAAP financial measures to the nearest comparable GAAP measures in the tables below.
OIBDA
Reservoir evaluates operating performance based on several factors, including its primary financial measure of operating income before non-cash depreciation of tangible assets and non-cash amortization of intangible assets ("OIBDA"). Reservoir considers OIBDA to be an important indicator of the operational strengths and performance of its businesses and believes this non-GAAP financial measure provides useful information to investors because it removes the significant impact of amortization from Reservoir's results of operations. However, a limitation of the use of OIBDA as a performance measure is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in Reservoir's businesses and other non-operating income (loss). Accordingly, OIBDA should be considered in addition to, not as a substitute for, operating income, net income attributable to us and other measures of financial performance reported in accordance with GAAP. In addition, our definition of OIBDA may differ from similarly titled measures used by other companies. OIBDA Margin is defined as OIBDA as a percentage of revenue.
EBITDA and Adjusted EBITDA
EBITDA is defined as earnings (net income or loss) before net interest expense, income tax (benefit) expense, non-cash depreciation of tangible assets and non-cash amortization of intangible assets and is used by management to measure operating performance of the business. Adjusted EBITDA, in addition to adjusting net income to exclude income tax expense, interest expense and depreciation and amortization, further adjusts net income by excluding items or expenses such as, among others, (1) any non-cash charges (including any impairment charges and loss on early extinguishment of debt and to write-down an equity investment to its estimated fair value), (2) any net gain or loss on foreign exchange, (3) any net gain or loss resulting from interest rate swaps, (4) equity-based compensation expense and (5) certain unusual or non-recurring items.
Adjusted EBITDA is a key measure used by Reservoir's management to understand and evaluate operating performance, generate future operating plans, and make strategic decisions regarding the allocation of capital. However, certain limitations on the use of Adjusted EBITDA include, among others, (1) it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenue for Reservoir's business, (2) it does not reflect the significant interest expense or cash requirements necessary to service interest or principal payments on Reservoir's indebtedness and (3) it does not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments. In particular, Adjusted EBITDA measure adds back certain non-cash, unusual or non-recurring charges that are deducted in calculating net income; however, these are expenses that may recur, vary greatly and are difficult to predict. In addition, Adjusted EBITDA is not the same as net income or cash flow provided by operating activities as those terms are defined by GAAP and does not necessarily indicate whether cash flows will be sufficient to fund cash needs.
Net Debt
Reservoir defines Net Debt as total debt, less cash and equivalents and deferred financing costs.
Reservoir Media, Inc. and Subsidiaries
Reconciliation of Operating Income to OIBDA
Three and Twelve Months Ended March 31, 2025 versus March 31, 2024
(Unaudited)
(Dollars in thousands)
For the Three Months Ended March 31, | For the Fiscal Year Ended March 31, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Operating Income | $ | 10,419 | $ | 8,764 | $ | 35,061 | $ | 24,576 | ||||||||
Amortization and Depreciation Expense | 6,771 | 6,373 | 26,299 | 24,986 | ||||||||||||
OIBDA | $ | 17,190 | $ | 15,137 | $ | 61,360 | $ | 49,562 | ||||||||
Reservoir Media, Inc. and Subsidiaries
Reconciliation of Music Publishing Segment Reporting Operating Income to OIBDA
Three and Twelve Months Ended March 31, 2025 versus March 31, 2024
(Unaudited)
(Dollars in thousands)
For the Three Months Ended March 31, | For the Fiscal Year Ended March 31, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Operating Income | $ | 5,670 | $ | 4,277 | $ | 18,654 | $ | 9,918 | ||||||||
Amortization and Depreciation Expense | 4,782 | 4,946 | 18,691 | 18,966 | ||||||||||||
OIBDA | $ | 10,452 | $ | 9,223 | $ | 37,345 | $ | 28,884 | ||||||||
Reservoir Media, Inc. and Subsidiaries
Reconciliation of Recorded Music Segment Reporting Operating Income to OIBDA
Three and Twelve Months Ended March 31, 2025 versus March 31, 2024
(Unaudited)
(Dollars in thousands)
For the Three Months Ended March 31, | For the Fiscal Year Ended March 31, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Operating Income | $ | 4,531 | $ | 4,063 | $ | 15,237 | $ | 13,216 | ||||||||
Amortization and Depreciation Expense | 1,965 | 1,403 | 7,512 | 5,925 | ||||||||||||
OIBDA | $ | 6,496 | $ | 5,466 | $ | 22,749 | $ | 19,141 | ||||||||
Reservoir Media, Inc. and Subsidiaries
Reconciliation of Net Income to Adjusted EBITDA
Three and Twelve Months Ended March 31, 2025 versus March 31, 2024
(Unaudited)
(Dollars in thousands)
For the Three Months Ended March 31, | For the Fiscal Year Ended March 31, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Net Income | $ | 2,721 | $ | 2,852 | $ | 7,731 | $ | 837 | ||||||||
Income Tax Expense | 600 | 1,208 | 2,141 | 335 | ||||||||||||
Interest Expense | 6,086 | 5,223 | 21,883 | 21,088 | ||||||||||||
Amortization and Depreciation | 6,771 | 6,373 | 26,299 | 24,986 | ||||||||||||
EBITDA | 16,178 | 15,656 | 58,054 | 47,246 | ||||||||||||
(Gain) Loss on Foreign Exchange(a) | (750 | ) | 32 | (578 | ) | 102 | ||||||||||
Loss (Gain) on Fair Value of Swaps(b) | 1,682 | (649 | ) | 4,214 | 1,125 | |||||||||||
Non-cash Share-based Compensation(c) | 1,051 | 847 | 4,385 | 3,387 | ||||||||||||
Recoupable Legal Fee Write-off(d) | - | - | - | 2,695 | ||||||||||||
Other (Income) Expense, Net(e) | 81 | 99 | (330 | ) | 1,089 | |||||||||||
Adjusted EBITDA | $ | 18,242 | $ | 15,985 | $ | 65,745 | $ | 55,644 | ||||||||
(a) Reflects the (gain) loss on foreign exchange fluctuations.
(b) Reflects the non-cash loss or (gain) on the mark-to-market of interest rate swaps.
(c) Reflects non-cash share-based compensation expense related to the Reservoir Media, Inc. 2021 Omnibus Incentive Plan.
(d) Reflects the write-off of recoupable legal expenses and attorneys' fees. This non-recurring item relates to the resolution of a matter, which began in 2017, that was settled through mediation requiring Reservoir to expense legal fees from prior years that the Company had previously expected to recoup, resulting in a one-time write-off.
(e) Reflects the Company's share of proceeds related to underreported royalty usage for acquired Recorded Music catalogs that pertained to periods prior to the Company's acquisition of the catalogs ("Recovery Income") and a non-cash impairment expense to write-down an equity investment to its estimated fair value ("2025 Investment Write-down") during the three months ended March 31, 2025. Reflects Recovery Income, 2025 Investment Write-down and a gain recorded on the disposal of an equity investment, partially offset by the Company's share of losses recorded by an equity method investment during the twelve months ended March 31, 2025. Reflects non-cash impairment expense to write-down an equity investment to its estimated fair value during the twelve months ended March 31, 2024.
Media Contact
Reservoir Media, Inc.
Suzy Arrabito
Vice President, Marketing & Communications
sa@reservoir-media.com
www.reservoir-media.com
Investor Contact
Alpha IR Group
Jackie Marcus or Nathan Skown
RSVR@alpha-ir.com
SOURCE: Reservoir Media, Inc.
View the original press release on ACCESS Newswire
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