Reservoir Media, Inc. Files Form 8-K with First Quarter Fiscal 2022 Financial Results | Company



NEW YORK, Aug. 16, 2021 (GLOBE NEWSWIRE) – Reservoir Media, Inc. (NASDAQ: RSVR) (“Reservoir” or the “Company”), an award-winning independent music company, today tabled Amendment no. 2 to the current report on Form 8-K (the “Form 8-K”), which includes financial results for the first quarter ended June 30, 2021 (the “First Quarter 2022”). Form 8-K can be found in the documents filed by the Company with the Securities and Exchange Commission (the “SEC”) at, which are also included in the Investor Relations section of the site Company Web.

Highlights and recent developments

Total revenue for the fiscal year ended March 31, 2021 was $ 81.8 million, representing a 28% year-over-year increase and was higher than previously forecast. Revenues for the first quarter of 2022 increased 23% to $ 16.7 million compared to the first quarter ended June 30, 2020 (the “first quarter of 2021”) and was in line with the Company’s expectations: music publishing grew 8% to $ 12.3 million from the first quarter of 2021, mainly driven by acquisitions of existing catalogs and catalogs, plus the growth and contribution of streaming services for music consumption; and recorded music revenue rose 94% to $ 4.2 million from the first quarter of 2021, largely due to strong physical sales on the Chrysalis catalog, continued growth in streaming services and the acquisition of Tommy Boy Music, LLC during the first quarter of 2022. For the first quarter of 2022, operating income was $ 282.0 million and OIBDA, defined as operating income before depreciation and amortization, was of $ 4.4 million. After adjusting for the impact of the one-time benefit of $ 617.0 million from the cancellation of the company’s loan under the paycheck protection program in the first quarter of 2021, the OIBDA increased 6%, even with the additional costs during Q1 2022 associated with preparing to be a public company. (i) Reservoir made several acquisitions during Q1 2022, including an acquisition of the legendary independent label hip -hop and electronics Tommy Boy Music, LLC on June 2, 2021 for approximately $ 100.0 million Reservoir completed a business combination with Roth CH Acquisition II Co., a special purpose acquisition company on July 28, 2021 , adding more than $ 142 million after closing costs to the Company’s balance sheet.

“Our financial and operational achievements in the first quarter of 2022 are indicative of the impressive team and momentum we have built at Reservoir,” said Golnar Khosrowshahi, Founder and CEO of Reservoir. “These accomplishments include several acquisitions that have increased the strength of our catalog, as well as expanding our roster of talented songwriters and producers with several new signings in recent months. We are the first publicly traded independent music company in the United States, and our recurring revenue model and growing brand puts us in a strong position to capitalize on the powerful secular tailwinds we are seeing in the music world. music and the world.

Jim Heindlmeyer, CFO of Reservoir, added: “Q1 2022 revenue was approximately 16% of our previously stated guidance for fiscal 2022, compared to Q1 2021 revenue as a percentage of total revenue of 17% in fiscal year 2021. Going forward, we plan to remain focused on industry-leading organic growth through our value improvement initiatives, and we plan to continue to complement this work by making acquisitions. strategic leading music portfolios. We look forward to leveraging the power of our recurring revenue model, which includes strong operating leverage and substantial cash generation that will support our growth strategy. “

About Reservoir Media, Inc.

Reservoir Media, Inc. is an independent music company based in New York City and with offices in Los Angeles, Nashville, Toronto, London and Abu Dhabi. Reservoir is the first publicly traded independent music company in the United States and the first publicly traded music company founded and managed by a woman in the United States. Founded as a family music publisher in 2007, Reservoir has grown to represent over 130,000 copyrights and 36,000 master recordings with titles dating back to 1900 and hundreds of # 1 releases worldwide. Reservoir has a steady market share in the U.S. Top 10 according to Billboard’s Publishers Quarterly, was twice named Publisher of the Year by Music Business Worldwide’s A&R Awards, and won the Independent Publisher Award of the year at the Music Week Awards 2020.

Reservoir also represents a multitude of music recorded through Chrysalis Records, Tommy Boy Records and Philly Groove Records and manages artists through its businesses with Blue Raincoat Music and Big Life Management.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the financial condition, results of operations, prospects earnings and outlook for Reservoir. . Forward-looking statements are based on the current expectations and beliefs of Reservoir’s management and are inherently subject to a number of risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause the actual financial condition, results of operations, earnings and / or prospects to differ materially from those expressed or under – understood by these forward-looking statements. All statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. In addition, forward-looking statements are generally identified by words such as “plan”, “believe”, “expect”, “anticipate”, “intend”, “outlook”, “estimate”, ” foresee ”,“ project ”,“ continue ”,“ could ”,“ could ”,“ could ”,“ possible ”,“ potential ”,“ foresee ”,“ should ”,“ should ”and other similar words and expressions , but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements contained in this press release may include, among others:

expectations regarding Reservoir’s future financial strategies and performance, including its future business plans or objectives, performance and potential opportunities and competitors, revenues, products, prices, operating expenses, trends market, liquidity, cash flow and use of cash, capital expenditure; ability to invest in growth initiatives and seek acquisition opportunities; the ability to realize the expected benefits of the business combination, which may be affected, among other things, by competition and Reservoir’s ability to grow and manage its growth profitably and to retain its key employees; the inability to maintain the listing of Reservoir common shares on the Nasdaq Stock Market LLC and the limited liquidity and trading of Reservoir securities; geopolitical risk and changes in applicable laws or regulations; the possibility that Reservoir may be affected by others economic, business and / or competitive factors; risks associated with organic farming and inorganic growth of Reservoir activities and the timing of expected commercial milestones; risk that the COVID-19 pandemic, and local, state and federal responses to deal with the COVID-19 pandemic, could have a negative effect on Reservoir’s business operations, as well as on its financial condition and results of operations exploitation; and litigation and regulatory risks, including diversion of management’s time and attention and additional costs and demands on Reservoir resources.

If one or more of these risks or uncertainties materialize or if any of the assumptions made by the management of Reservoir prove to be incorrect, actual results could differ in material respects from those projected in these forward-looking statements. Except to the extent required by applicable law or regulation, Reservoir assumes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unforeseen events. . For a more detailed discussion of the risks and other factors that could affect forward-looking statements, see the Company’s filings with the SEC available on the SEC’s website at or at the company’s website at

Source: Reservoir Media, Inc.



Reservoir’s management uses operating income before depreciation and amortization (“OIBDA”) to evaluate Reservoir’s operations, measure its performance and make strategic decisions. Reservoir believes that the use of the OIBDA provides useful information for investors and others to understand and assess the operating results and trends of Reservoir in the same way as the management of Reservoir. However, OIBDA is not a financial measure calculated in accordance with United States generally accepted accounting principles (“GAAP”) and, therefore, should not be considered a substitute for operating profit or any other operating performance measure calculated in accordance with GAAP. . Using the OIBDA to analyze Reservoir activities would have significant limitations as the calculations are based on the subjective determination of Reservoir management regarding the nature and classification of events and circumstances that you may find significant. Additionally, although other companies in Reservoir’s industry may report measures called OIBDA or similar measures, these non-GAAP financial measures may be calculated differently from how Reservoir calculates OIBDA, reducing the overall utility of OIBDA as a comparative measure. Because of these limitations, you should consider OIBDA alongside other measures of financial performance and other financial results reported in accordance with GAAP.

The table below presents the reconciliation of OIBDA and operating income for the three months ended June 30, 2021 and June 30, 2020 (in thousands):

Media Contact Reservoir Media, Inc. Suzy Arrabito Vice President, Marketing and Communications Investor Contact Alpha IR Group Jackie Marcus or Mike Dwyer

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