NEW YORK, May 16, 2024 (GLOBE NEWSWIRE) -- Reservoir Media, Inc. (NASDAQ: RSVR) ("Reservoir" or the "Company"), an award-winning independent music company, today announced that it will release financial results for the fourth fiscal quarter and fiscal year 2024 ended March 31, 2024, before market open on Thursday, May 30, 2024. Reservoir will host a conference call to discuss its results at 10 a.m. Eastern Daylight Time the same day. A live audio webcast of Reservoir's fourth quarter and full year results d ...

Core Viewpoint - Reservoir Media, Inc. will announce its financial results for the fourth fiscal quarter and fiscal year 2024 on May 30, 2024, before market open [1] Financial Results Announcement - The financial results will be discussed in a conference call at 10 a.m. Eastern Daylight Time on the same day [2] - A live audio webcast of the discussion will be available on the Company's Investor Relations website, with an archived version accessible later [2] Participation Details - Interested parties can register for the conference call to receive a dial-in number and PIN [3] - Participants are advised to log in approximately 10 minutes before the call starts [3] Company Overview - Reservoir Media is an independent music company based in New York City, with additional offices in Los Angeles, Nashville, Toronto, London, and Abu Dhabi [4] - It is the first female-founded and led publicly traded independent music company in the U.S., founded in 2007 [4] - The company represents over 150,000 copyrights and 36,000 master recordings, with titles dating back to 1900 and numerous 1 releases worldwide [4] - Reservoir frequently holds a Top 10 U.S. Market Share according to Billboard's Publishers Quarterly and has received multiple awards for its achievements in the music industry [4]

Financial Data and Key Metrics Changes - Revenue for the fiscal third quarter was $35.5 million, a 19% increase year-over-year, including acquisitions, driven by a 32% increase in Recorded Music [2][24] - Adjusted EBITDA grew by 25% year-over-year to $13.7 million, reflecting strong revenue growth and improved margins [24][58] - Net loss for the third quarter was $2.9 million, down from $4.1 million in the prior year, resulting in a net loss per share of $0.05 [41] Performance by Business Segment - Music Publishing generated revenue of $23.1 million, a 15% increase year-over-year, driven by a 30% increase in Digital revenue and a 9% increase in Synchronization revenue, partially offset by a 3% decline in Performance revenue [3][24] - Recorded Music revenue was $10 million, a 32% increase compared to the prior year, with Synchronization revenue increasing by 101%, Physical revenue by 51%, and Digital revenue by 26% [27][24] Market Data and Key Metrics Changes - Luminate reported over 20% annual growth in on-demand audio streams for both Latin and country genres in the U.S., indicating strong market trends [23] - The global music industry saw a 34% year-over-year volume growth in total on-demand song streams, with hip-hop leading U.S. consumption [36] Company Strategy and Development Direction - The company is focused on organic growth while pursuing accretive acquisitions, with a pipeline valued at approximately $2 billion for prospective deals [39][28] - The company aims to enhance its presence in international markets, particularly in India, which is expected to surpass the U.S. in streaming volume [37][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial targets, raising guidance for revenue to a range of $140 million to $142 million, representing a 15% growth at the midpoint [28][5] - The company is navigating a dynamic economic backdrop while the music industry continues to grow, with expectations of consistent cash flows supporting deal execution [5][24] Other Important Information - The company reported a total available liquidity of $121.7 million, with total debt of $342.5 million, indicating a strong financial position to support growth objectives [42] - The company has hedged nearly half of its debt at attractive rates, mitigating interest expense [42] Q&A Session Summary Question: What makes this quarter different from previous strong quarters? - Management indicated that the strong performance in Q3 was not pulled forward from Q4 and expressed confidence in Q4 performance, attributing growth to strong digital and synchronization revenue [12][50] Question: How is the company addressing the use of music on social media platforms? - Management noted ongoing partnerships to ensure legal licensing and fair compensation for music used on platforms like TikTok, emphasizing the importance of monetizing this channel [14][69] Question: What are the implications of recent price hikes by major DSPs? - Management acknowledged the positive impact of price increases on revenue and indicated that there are still tailwinds from CRB rate adjustments that will benefit future quarters [53][64]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39795 RESERVOIR MEDIA, INC. (Exact name of registrant as specified in its charter) (State or other jurisdicti ...

Reservoir Media, Inc. (NASDAQ:RSVR) Q2 2024 Results Conference Call November 7, 2023 10:00 AM ET Company Participants Jackie Marcus - Alpha IR Group Golnar Khosrowshahi - Founder and CEO Jim Heindlmeyer - CFO Conference Call Participants Dan Day - B. Riley Securities Richard Baldry - ROTH Capital Alex Fuhrman - Craig-Hallum Capital Group Operator Good morning, everyone, and thank you for participating in today's conference call to discuss Reservoir Media's Financial Results for the second quarter of fiscal ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39795 RESERVOIR MEDIA, INC. (Exact name of registrant as specified in its charter) (State or other jurisdict ...

Financial Data and Key Metrics Changes - Revenue for Q1 2024 was $31.8 million, representing a 31% increase year-over-year [8] - Adjusted EBITDA increased by 36% to $10.1 million, while OIBDA rose 38% to $9.2 million [9] - Net income for Q1 2024 was approximately $165,000, compared to $17,000 in Q1 2023, resulting in diluted earnings per share of zero [29] Business Line Data and Key Metrics Changes - Music Publishing generated revenue of $20.8 million, a 26% increase from the previous year, driven by strong digital and performance revenues [10] - Recorded Music segment revenue was $10.4 million, a 37% increase year-over-year, with physical revenue increasing by 176% [30] Market Data and Key Metrics Changes - The adoption of the new CRB 4 rates, with a headline rate of 15.15%, significantly impacted revenue recognition from mechanical royalties [5] - The company noted strong demand trends for streaming music globally, evidenced by higher-than-expected subscriber numbers from platforms like Spotify [5] Company Strategy and Development Direction - The company is focused on expanding its roster of creators across genres and geographies, with notable acquisitions including catalogs from The Spinners and a joint venture with a Saudi Arabian hip-hop label [6] - The company aims to maintain a disciplined approach to capital deployment to drive top-line growth and margin expansion [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of the global music industry and the company's positioning to capitalize on it [5] - The company is maintaining its revenue guidance range of $127 million to $132 million for fiscal 2024, indicating a 6% increase at the midpoint compared to fiscal 2023 [31] Other Important Information - The company reported a total liquidity of $130.5 million, with $331.8 million in credit facilities and $325.8 million in total debt [11] - Employee retention rates are high, with 100% retention at the senior management level and 87% overall in the U.S. [25] Q&A Session All Questions and Answers Question: What has driven the margin performance and how will price increases from streaming services impact revenue and margins? - Management noted that the margin expansion was anticipated due to operating leverage in the business, and price increases from streaming services are expected to flow through to revenue in a linear manner [35] Question: How does the company view seasonality in earnings and guidance? - Management indicated that they are refining accruals to smooth earnings and are conservatively holding guidance while looking to see how the first half of the year unfolds [55] Question: What is the outlook for M&A activity and the funding environment? - The company has a robust $2 billion pipeline for M&A and is not seeing significant contraction in pricing, maintaining strong relationships with banks for capital access [40][56]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39795 RESERVOIR MEDIA, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction o ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (MARK ONE) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39795 RESERVOIR MEDIA, INC. (Exact name of registrant as specified in its charter) Delaware 83-3584204 (State or othe ...

Financial Data and Key Metrics Changes - Revenue for Q4 2023 was $34.8 million, consistent with Q4 2022, while full-year revenue reached $122.3 million, a 13% increase year-over-year [30][33] - Adjusted EBITDA for Q4 decreased slightly to $15.2 million, while full-year adjusted EBITDA grew 12% to $46.3 million [32][34] - Net income for Q4 was $2.3 million, down from $8.9 million in Q4 2022, resulting in diluted earnings per share of $0.04 compared to $0.14 [40][42] Business Line Data and Key Metrics Changes - The Recorded Music segment generated $10.8 million in Q4, a 10% increase year-over-year, driven by digital and physical sales [45] - The Music Publishing segment reported $23.2 million in Q4, an 8% decline due to lower Performance, Synch, and Other Revenue streams [43] - For the full year, the Music Publishing segment grew 9%, while the Recorded Music segment saw an 18% increase [33][48] Market Data and Key Metrics Changes - Digital revenue in the Recorded Music segment grew by 7% in Q4, with physical revenue increasing by 69% due to the release of De La Soul's catalog [37] - Neighboring Rights revenue increased by 45% year-over-year, reflecting the effectiveness of the company's value enhancement strategies [48] Company Strategy and Development Direction - The company aims to expand its portfolio in emerging markets, particularly in the Middle East, to become the largest holder of Arabic music copyrights [18] - A joint venture with 19 Entertainment will focus on signing publishing deals with American Idol contestants, enhancing the company's talent roster [25] - The company is strategically deploying capital for future growth while maintaining a robust pipeline of over 250 potential acquisition targets valued at over $1.9 billion [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic challenges, citing predictable cash flows and a solid financial profile [56][58] - Fiscal 2024 guidance includes a revenue growth expectation of 6% and adjusted EBITDA growth of 9% at the midpoint compared to fiscal 2023 [27][51] Other Important Information - The company has taken steps to address the impact of generative AI on the music industry, viewing it as an opportunity rather than a threat [14][16] - Interest expense for the full year was $14.8 million, a 35.7% increase compared to the previous year [34] Q&A Session Summary Question: Can you talk about the M&A pipeline given the changing macro backdrop? - Management noted that while there are no significant shifts in pricing, the deal flow remains robust with continued interest in monetizing catalogs [63] Question: How does guidance for organic growth consider increases in royalty rates and demand? - Management emphasized caution in guidance to avoid being overly aggressive, acknowledging potential upside but preferring to set realistic expectations [65][66] Question: Is the focus on international expansion due to asset pricing or underpenetration of digital markets? - Management indicated that both factors are considered, with a focus on attractive pricing and future growth potential in emerging markets [70] Question: Is the guidance reflective of the catalog's growth making unique opportunities harder to find? - Management acknowledged that as the catalog grows, it may become more challenging to find under-monetized opportunities, which could affect growth rates [74] Question: Are there significant targets in the M&A pipeline similar to the Tommy Boy acquisition? - Management confirmed that while most targets are smaller, there are a few larger transactions being considered [76]