Reservoir Media(RSVR) - 2025 Q2 - Quarterly Results

Financial Performance - Total revenue for Q2 fiscal 2025 was $40.7 million, a 6% increase from $38.4 million in Q2 fiscal 2024[4] - Music Publishing revenue rose 10% year-over-year to $28.6 million, while Recorded Music revenue decreased by 1% to $10.7 million[2] - Operating income increased by 65% to $10.1 million compared to $6.1 million in the prior year[5] - OIBDA grew 34% year-over-year to $16.6 million, with Adjusted EBITDA up 11% to $17.6 million[2] - Net income for Q2 fiscal 2025 was $0.2 million, down 78% from $0.7 million in the same quarter last year[6] - Revenues for the three months ended September 30, 2024, increased by 6% to $40,667,393 compared to $38,397,300 for the same period in 2023[6] - Operating income for the three months ended September 30, 2024, rose by 65% to $10,122,026, up from $6,145,090 in the prior year[6] - Adjusted EBITDA for the three months ended September 30, 2024, was $17,605 thousand, a 10.3% increase from $15,869 thousand in the same period of 2023[31] - The recorded music segment's operating income for the three months ended September 30, 2024, was $3,508 thousand, a decrease of 15.0% from $4,130 thousand in 2023[30] Revenue Outlook - The company raised its fiscal 2025 revenue outlook to between $150 million and $153 million, reflecting a 5% growth at the mid-point[13] - Adjusted EBITDA guidance for fiscal 2025 is now projected to be between $59 million and $62 million, indicating a 9% growth[13] Liquidity and Debt - As of September 30, 2024, total available liquidity was $142.3 million, with total debt at $324.5 million[11] - Total current assets increased to $77,011,766 as of September 30, 2024, from $70,908,320 as of March 31, 2024[20] - Cash and cash equivalents increased to $21,067,735 as of September 30, 2024, compared to $18,132,015 as of March 31, 2024[20] - Total liabilities decreased to $418,966,283 as of September 30, 2024, from $429,049,587 as of March 31, 2024[20] - Total assets decreased to $778,231,835 as of September 30, 2024, from $783,534,568 as of March 31, 2024[20] Expenses and Write-offs - The company reported a 20% decrease in administration expenses for the three months ended September 30, 2024, totaling $9,283,977 compared to $11,595,004 in the prior year[6] - Amortization and depreciation expense for the six months ended September 30, 2024, totaled $12,815 thousand, compared to $12,270 thousand in the same period of 2023, indicating a 4.5% increase[31] - The company experienced a one-time write-off of $2,695 thousand related to recoupable legal fees during the six months ended September 30, 2024[31] Artist and Catalog Developments - The company signed new publishing deals with notable artists including Snoop Dogg and k.d. lang, and acquired catalogs from Billy Strange and Jack Douglas[2] Shareholder Information - Basic weighted average common shares outstanding increased to 65,186,357 for the three months ended September 30, 2024, from 64,783,974 in the prior year[6] Foreign Exchange and Non-Cash Compensation - The company reported a loss on foreign exchange of $36 thousand for the three months ended September 30, 2024[31] - Non-cash share-based compensation for the six months ended September 30, 2024, was $2,327 thousand, compared to $1,727 thousand in the same period of 2023, reflecting a 34.7% increase[31]