Latest news with #Reservoir
News.com.au
23-05-2025
- Business
- News.com.au
How rate cut is supercharging Melbourne's late-autumn auction boom
Melbourne's auction market is set for a late autumn surge as more than 1100 home sellers who had timed their sale for the days after the Reserve Bank's interest rate decision chase a result. It's a jump of almost 300 from last weekend, with the owners who bet on a cut to add heat to their auctions hope to cash in on boosted confidence after a 0.25 per cent reduction in the cost of borrowing was announced on Tuesday. PropTrack figures show 1151 auctions are scheduled across the city this week are also up 3 per cent on the same time last year, and the number will surge to 1533 next week — a 25 per cent jump from 2024. Buyers will have the best odds in Reservoir where there will be 22 auctions, followed by Craigieburn, 21, Mount Waverley, 19, as well as Carnegie and Wollert, with 17 each. Prominent buyers' advocate Cate Bakos said lower interest rates were already prompting stronger pre-auction offers, as buyers stretched their budgets to get in before stock thins out over winter. 'There's already a shortage of listings coming through, and I expect demand will outstrip supply by June,' Ms Bakos said. Ray White Judd White director Dexter Prack said the cut had already supercharged competition in the southeast, with bidders 'coming out swinging' at midweek auctions and some vendors accepting offers days before planned weekend sales. 'Buyers who were sitting on their hands are jumping back in,' Mr Prack said. But Melbourne buyers advocate Simon Murphy said as competition rose first-home buyers were being pushed further out, with intensifying competition in fringe suburbs. 'If you're chasing value, now's the time to act, because by spring, you might be priced out,' Mr Murphy said. 'There are still good buys in areas like Craigieburn, Wollert and Rockbank. 'But the window's closing. If you wait until spring, you could be priced out.'
Yahoo
14-05-2025
- Business
- Yahoo
Reservoir Media to Release Fourth Quarter and Fiscal Year 2025 Results on May 28, 2025
NEW YORK CITY, NY / / May 14, 2025 / 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 2025 ended March 31, 2025, before market open on Wednesday, May 28, 2025. Reservoir will host a conference call to discuss its results at 10 a.m. Eastern Daylight Time on the same day. A live audio webcast of Reservoir's fourth quarter and full year results discussion will be accessible under the Events and Presentations section of the Company's Investor Relations website at An archived version of the Company's webcast will also be available on Reservoir's website. Interested parties may also participate in the call using the 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: 877-407-0989). To access the call, please log in approximately 10 minutes before the start of the call. ABOUT RESERVOIR Reservoir 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 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. Media Contact ReservoirSuzy ArrabitoVice President, Marketing & Communicationssa@ Investor Contact Alpha IR GroupJackie Marcus or Nathan SkownRSVR@ SOURCE: Reservoir Media, Inc. View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
01-04-2025
- Entertainment
- Forbes
An Early Look At 21 Watches From 16 Brands At 2025 Watches And Wonders
Reservoir x Popeye Golf The 2025 Watches and Wonders watch fair is set to begin and independent brands have come out strong with new models and reimagined classic pieces. A couple major themes among the early watch releases are bright, bold colors and skeletonized designs. Angelus chrono Télémètre The Angelus limited edition Chronographe Télémètre is being released in two sets of 25 steel timepieces and an additional 15 pieces in 18k yellow gold. The 37mm timepiece has a vintage-inspired dial and a mono-pusher set into the winding crown for short-interval timekeeping. The telemeter is one of the measurement scales that are linked to a chronograph's sweep seconds, a category that also includes pulsometers, tachymeters, decimal scales, fixed or rotating countdown scales, and asthmometers (the latter being a specialty of Angelus). Telemeters are used to measure the distance of an event. The chronograph is started when the event is seen, then stopped when it is heard. The scale is finely graduated in kilometers and corresponds to the duration divided by the speed of sound (approximately 1,240 km/h). The dials are available in three colors described by Angelus as rose-bronze, gray-titanium grey and for the yellow gold timepiece, white-nickel. The satin-finished flange echoes the finish of the case and contrasts with the grained effect in the center of the dials. The small seconds and 30-minute totalizer counters are snailed, while the appliqué hour-markers and Arabic numerals have been given either a black treatment or a 3N gold finish. The Chronographe Télémètre is powered by the hand-wound in-house A5000 caliber with a 42-hour power reserve, a small second subdial at 9 o'clock and a 30-minute totalizer at 3 o'clock. The A5000 has a slim profile of 4.20mm and a diameter of 24mm. Angelus Flying Tourbillon Titanium blue alligator strap The Angelus Flying Tourbillon Titanium collection plays with the tension between the circle and openworked craftsmanship, the watch brand said. The contemporary case, consisting of a carbon composite container surrounded by a titanium case middle with a notched bezel. Inside, Angelus installed a new hand-wound movement, the A-310 caliber, equipped with a flying tourbillon at 6 o'clock. The skeletonized dial display reveals large Arabic numerals that float between the sapphire crystal and the PVD-treated bridges. The inaugural version is clad in blue, from the movement to the flange and the interchangeable alligator-leather and rubber straps. Armin Strom Dual Time GMT Resonance This timepiece is powered by the ARF22 caliber, Armin Strom's 18th in-house movement. It has two balance wheels that oscillate in resonance, featuring its patented clutch mechanism that allows their vibrations to synchronize and regulate one another, ensuring accuracy. It consists of 231 components and operates at 25,200 vibrations per hour, delivering a 42-hour power reserve. The GMT function of the timepiece features two independent displays, each with its own day-night indicator. In addition, the independently adjustable hour and minute hands allows the user to set time zones that deviate from GMT by fractional hours. The two dials feature a black grenage, a 19th century technique that results in a frost-like finish. The dial and movement are housed in a 39mm stainless steel case. Armin Strom Orbit Purple Armin Strom says it has created the world's first on-demand pointer-date on a bezel with the Orbit Purple. The purple fumé dial finish shifts from a vivid purple center to darker edges. The purple date pointer and the date on the ceramic bezel match the dial's color. A 43.4mm black DLC-coated case and rugged black textile strap complete the overall appearance. Fully hand-finished, the Orbit Purple is limited to 20 pieces. The Charriol St. Tropez collection The Swiss women's lifestyle brand is presenting several new models from its Mariner, Navigator Cruise and St. Tropez collections. It includes the St. Tropez with guilloché mother-of-pearl dials that the company says is evocative of the mood and sparkle of the sea. The design creates a kaleidoscope effect that recalls the Saint-Tropez of Bardot's era. It's available in the original 25mm diameter size and in the 30mm model with a 3-hands Swiss quartz movement. Chronoswiss Q-Repeater Scream Among the releases this year for Chronoswiss the Q-Repeater Scream and Q-Repeater Blue Note standout. Both skeleton watches have a Grade 5 titanium case that houses skeletonized dials. A pusher at 10 o'clock activates the quarter repeater function. The watches are powered by a legacy movement, first used in the 1990s, which was restored refined, and reborn. The Q-Repeater Scream is described by the brand as 'a wild, untamed spectacle.' The CVD-coated bridges in electric blue, orange, and purple hold the 'Paraiba green' minute ring, the floating hour, and the small seconds rings. Chronoswiss Q Repeater Blue Note Meanwhile, the Q-Repeater Blue Note is described as having a more refined and elegant chime, inspired by jazz and blues. The navy-blue CVD-coated skeletonized dial and bridges which are part of the movement, play on contrasts with a silver hour ring and luminous white Super-LumiNova markers. Czapek is honoring its 10th anniversary with the Antarctique Tourbillon powered by the watch brand's in-house Caliber 9 with a flying tourbillon regulator. The watch features a new guilloché pattern on the dial and an updated case design. This launch also coincides with the 180th anniversary of the namesake watchmaking house founded in 1845 by François Czapek. The Czapek Caliber 9 in-house movement reveals an openworked flying tourbillon, gear train and barrel on the dial side, aligned on the vertical axis, which the company says makes it appear 'as airy and light as possible.' The open-worked flying tourbillon is connected to the gear train in the center of the dial beneath a long and curved minutes bridge. The barrel dominates the upper section of the dial in an aperture beneath an open-worked bridge. Czapek & Cie Antarctique Tourbillon 'Secret Alloy' The Caliber 9 is the first Czapek movement designed, conceived and constructed in-house; and also machined mostly in-house. However, Xavier de Roquemaurel, Czapek CEO, says the company will always defend the principle of 'établissage,' established Swiss manufacturers skilled in producing certain watch components. 'We want freedom—hence the capacity to produce elements in-house. But we don't want to make everything ourselves. For us, freedom also means the ability to choose and collaborate with the best specialist partners in any given area. That is what enables us to maintain agility and independence.' The new trompe l'oeil guilloché design presents a pattern that gives the illusion of infinite depth. Czapek named this pattern Singularité, from the astronomical term singularity, meaning those places in the universe where the standard laws of physics break down, making space and time infinite and undifferentiated. The 40.5mm stainless steel case has been redesigned to echo the curvilinear aesthetic of the mechanism and dial. The front and back sapphire crystals have been slightly raised. On the reverse side, this creates the impression that there is no bezel. The engravings that would normally appear on a caseback bezel are done inside the crystal. The watch is completed with an integrated stainless-steel bracelet. The Antarctique Tourbillon is offered in a choice of three dial colors: Glacier Blue, Photon Sphere (a 5N gold hue), and a grey 'Secret Alloy' limited to 50 pieces. Frederique Constant and Watch Angels Worldtimer Manufacture Limited Edition Frederique Constant has partnered with Watch Angels, a watch manufacturer and collector community, to produce the 40mm Worldtimer Manufacture. This unique timepiece, powered by the Frederique Constant in-house FC-718 world time movement, has been designed for early adopters and marks an evolution of the classic Frederique Constant 42mm Worldtimer. This new version presents a smaller case that both parties say is more streamlined and elegant. It's designed to cater to the preferences and wearability expectations of the Watch Angels watch collector community. The blue dial features a sunburst finishing and minute track with circular graining finishing, rhodium applied indexes and a two-tone 24-hour disc with 24 cities and day and night indicators. The FC-718 in-house caliber automatic movement has a 38-hour power reserve. The watch is limited to 718 pieces. Hautlence Red Passion Linear Series 3 This bright red timepiece from Hautlence has many of the signature details from the innovative watch brand including the rectangular case, linear jumping hours and a flying tourbillon at 6 o'clock, whose movement also can be viewed through its black skeletonized bridge. The dial is constructed on several levels. An additional tinted sapphire dial featuring the minute numerals sits on top of the base dial with a vertical satin finish. The watch is powered by the in-house caliber D50 automatic movement. It comprises 239 components, oscillates at a frequency of 3 Hertz and offers a power reserve of 72 hours. Hermés Arceau L'heure de la lune Vesta The Arceau L'heure de la lune watch first unveiled in 2019 now comes in three new versions presented in a 12-piece limited-edition set. The mobile counters displaying the time and date gravitate around the dial over a period of 59 days, gradually revealing the moon discs. This rotating celestial theme is created by a 117-component Hermès module featuring a simultaneous display of the moon phases for the Northern and Southern hemispheres. A Pegasus drawn from artist Dimitri Rybaltchenko's 'Full Moon' motif adorns one of the moons on each of the models. The three models feature two-tone looks, with cases and lugs made from different materials and hour-markers matching their dials. The dial of each watch is made of a specific meteorite. The version in white gold and blue titanium has a piece of lunar rock. The second iteration in rose gold and titanium features a dial composed of a fragment from one of the largest known asteroids: Vesta. The third interpretation in white and rose gold is adorned with a fragment of Erg Chech meteorite, believed to be the oldest known volcanic rock on Earth. Each of these timepieces comes with a matt alligator leather strap crafted in accordance with Hermès leatherworking skills: abyss blue for the white gold and blue titanium version; graphite for the other two. Hermés Arceau Le Temps Voyageur Or Blanc This travel timepiece is available in white and rose gold. It uses a circular disc displaying 24 time zones and indicating the home time at 12 o'clock, while a mobile counter shows local time. This mechanism is driven by an exclusive 122-component module integrated into the Manufacture Hermès H1837 mechanical self-winding movement. The 41mm white gold version features a grey-blue lacquered dial, enhanced by a navy-blue city disc and blue-varnished openworked hands. It is paired with an abyss blue alligator strap. The 38mm rose gold version set with 78 diamonds features the world map on a natural mother-of-pearl dial. Rose gold edging highlights the contours of the opaline champagne-toned continents, cities and city aperture, while rose gold leaf-shaped hands set the finishing touch, complemented by a pearl grey alligator strap. Laurent Ferrier Classic Traveller Globe Night Blue This is a recreation of a 2016 model by the watchmaker. The dial presents an interpretation of the Earth at night with the continents cloaked in opaque blue enamel, elevated by specks of enameled gold. The outer ring of the dial is hand-finished with a circular satin-brushed surface in slate grey. The three-dimensional aspect of the dial is further enhanced by the drop-shaped indices, whose tips extend beyond the circle, appearing to be suspended above the globe. Two pushers on the left side of the 41mm 18k white gold case allow the local time, displayed by the central hour hand, to be adjusted. When changing time zones, this central hour hand can be moved forwards or backwards in one-hour increments with a press. The upper pusher advances the hand by one hour, while the lower pusher moves it back without altering the position of the minute hand. The Classic Traveller is powered by the LF 230.02 automatic caliber, incorporating the dual time zone mechanism and date function. It features an automatic winding system with unidirectional pawl-fitted micro-rotor, enhanced by a double direct-impulse natural escapement. This escapement delivers two direct impulses to the balance with each oscillation, ensuring efficiency and a 72-hour power reserve. Laurent Ferrier timepieces are distinguished by the high watchmaking decoration and finishes of the movement and the Classic Traveller is no different. It includes rhodium-plated Côtes de Genève decoration on the bridges and circular graining on the main plate, hand-bevelled edges and hand-polished screw heads. These and other finishes exemplify the values of traditional watchmaking by Ferrier. Louis Monet Impulsion Titanium Onyx This timepiece combines a chronograph with a tourbillon with the chronograph mechanism entirely visible on the dial. A single pusher activates the chronograph hand, which ticks away the seconds as it glides over the rotating flying tourbillon, whose off-center cage does one revolution per minute. All functions and complications are powered by the in-house Memoris hand-wound double-barrel caliber with column wheel, classic horizontal clutch and a 96-hour power reserve. The movement and dial are housed inside a custom-designed 42.50mm grade 5 titanium case. The case is composed of four distinct elements: two lateral sections, a case back and a bezel. The case core is tinted in deep black, echoing the onyx featured behind the tourbillon cage and along its sides. MeisterSinger X Alain Silberstein Kaenos Grand Date German watchmaker, MeisterSinger, which specializes in one-hand watches, has teamed with watch designer, Alain Silberstein, to create a unique interpretation of the MeisterSinger Kaenos timepiece. Together they produced two watches from its Kaenos collection in a redesigned 40mm case with an integrated stainless-steel bracelet. Silberstein—known for creating watches with contemporary, extravagant and colorful designs—chose to make his mark in small details for this collaboration. For example, he reinterpreted the MeisterSinger distinctive hour hand and remade it into a bright red triangular shaped hand. Silberstein also added a small gold-colored second hand. Applied hour markers at 12, 3, 6, and 9 o'clock are gold-colored as well. In addition, Silberstein replaced the quarter-hour markers on the outer dial with fine dots. The MeisterSinger logo appears a silver-colored with a three-dimensional look. A golden, recessed inner circle on the Grand Date and the framed, rectangular date window at 6 o'clock are additional features. In the Open Date version, the date ring is completely exposed. The rotor, visible through the glass exhibition caseback, matches the black and gold colors of the dial. Both editions of the watches are limited to 225 pieces and come with specially designed packaging and booklet. It's one of several new Kaenos watches that MeisterSinger will unveil at Watches and Wonders. Parmigiani Fleurier Tonda PF 36MM Automatic Stone Blue The 'stone blue' dial of the Tonda PF 36MM, used by the brand for the first time in a two-hand watch, is inspired by Le Corbusier's architectural palette. The blue dial is enriched by finely guilloché in a Grain d'Orge motif that captures light to create subtle plays of reflection. The dial blends with the knurled platinum bezel encircling the 36mm stainless steel case. Hand-applied rhodium-plated gold indexes add a touch of refinement. The watch is powered by the PF770 automatic in-house movement with a 60-hour power reserve. The Royale Paris by Pequignet This new watch from the French watchmaker has updated finishes for the case, dial, bezel and hands but still contains the same movement that has been used for Royale Paris since it was first release in 2011. This new model comes in two variants: A day-date-moonphase version available in opaline, royal blue and green; and a power reserve small seconds version available in two colors: opaline and royal blue. For the first time, the moon is stylized in its two hemispheres: north and south. The case of the new Royale Paris has been reworked. First, it's reduced to 39.5 mm 41 mm. Its profile now features a concave hollow that runs around the entire perimeter of the dial. The bezel has been slimmed to 0.75mm. The case thickness is unchanged to accommodate the caliber royal movement. The caliber royal automatic in-house movement features a single large barrel that offers an improved power reserve, now reaching 96 hours, from 88 hours. The power reserve is displayed at 8 o'clock. All the movement components are sourced from within 50 miles of the manufacture. Pequignet says the movement undergoes rigorous testing to achieve chronometric precision, with the daily amplitude of operation being between -4 and +6 seconds. This guarantees an average of +2 or -2 seconds per day. Raymond Weil Freelancer Complete Calendar It took nearly two decades for Raymond Weil to make significant changes to its signature Freelancer collection, unveiling for the first time a full calendar and a skeletonized version. The freelancer Complete Calendar available in two references, 2766-PC5-64001 and 2766-ST-50001, presents the day, date, month and moonphase inside a 40mm case. The reference 2766-PC5-64001 has a rose gold PVD-coated stainless steel case and a sunray silver dial with warm hues, accentuated by rose gold-plated indexes. There's also a celestial display inspired by a NASA image, adding a poetic dimension while underscoring the complication's refinement. Meanwhile, the 2766-ST-50001 reference, with its stainless-steel case and sunray blue dial, is accentuated by nickel-plated applied indexes. Both references are powered by the RW3281 automatic movement with a 56-hour power reserve. Raymond Weil Freelancer reference 2795-BKC-20000 The reference 2795-BKC-20000 has a square stainless-steel case with a black PVD coating and a black galvanic openworked dial. Complemented by a black leather strap and limited to 500 pieces, this edition leans decisively toward a contemporary and sporty aesthetic. This watch is powered by the RW1212 proprietary caliber, developed in-house and unveiled in 2007. The automatic movement with a 41-hour power reserve remains an important part of Raymond Weil's watchmaking heritage. It was developed in collaboration with the Sellita watch movement company. Reservoir Popeye Golf watch with wooden collector's box and a customized golf ball This watch features an unusual pairing of golf and comic book nostalgia with Reservoir using its signature retrograde minute display as a golf club that sweeps across the dial, swung by the well-known comic character, Popeye. The watch face features an artful depiction of Popeye in mid-swing, capturing his brawn, determination, and humor set against a vivid golf course backdrop. This limited-edition timepiece will certainly turn heads at Watches and Wonders. The comic dial display is housed in a 41.5mm stainless steel case and paired with a brown nubuck leather strap with green stitching and green edge paint. The functions and complications, including the retrograde minute display as a golf club is powered by the Swiss-made RSV-240 caliber featuring a patented 113-piece module that delivers a 56-hour power reserve. The automatic movement can be viewed through an open caseback. The watch is limited to 300 numbered pieces and comes with a white wooden collector's box with an illustration of The Popeye Family and a customized golf ball featuring the Reservoir Watch logo and a Popeye print. Ressence Type 7 Sports Chic GMT Housed in a 41mm Grade 5 titanium case and bracelet, the Type 7 has Ressence's signature oil filled dial creates an illusion of time projected directly onto the sapphire crystal. It's available in two editions: Night Blue and XV Aquamarine (a limited edition celebrating Ressence's 15-year anniversary). It's the first watch by Ressence with a GMT complication. It is powered by the patented ROCS 7 movement, which uses a magnetic transmission system to deliver a 'fluid way to experience time.' The Ressence Compression Lock System (RCLS) makes the watch durable and water resistant to 5 ATM. The Night Blue edition includes a ceramic bezel, while the XV Aquamarine, limited to 80 pieces, boasts lightweight aluminum. Watches and Wonders begins Tuesday and runs till April 7.
Associated Press
05-02-2025
- Business
- Associated Press
Reservoir Media Announces Third Quarter Fiscal 2025 Results
Strong Results in Both Segments Grew Total Revenue by 19% Including Acquisitions Key Catalog Additions and Disciplined Cost Controls Drive Margin Growth Raises Fiscal 2025 Financial Outlook NEW YORK, NY / ACCESS Newswire / February 5, 2025 / Reservoir Media, Inc. (NASDAQ:RSVR) ('Reservoir' or the 'Company'), an award-winning independent music company, today announced financial results for the third quarter of fiscal 2025 ended December 31, 2024. Recent Highlights: Management Commentary: 'Our third fiscal quarter marks another strong period of growth across both the top and bottom lines of our business. With our team's expertise and strong relationships across the industry, Reservoir consistently ushers in accretive opportunities that further shape our catalog and roster of talent into a diverse and valuable portfolio,' said Golnar Khosrowshahi, Founder and Chief Executive Officer of Reservoir Media. 'We continue to maximize the impact these deals have on our business with our prudent cost management and value-additive practices, and we look forward to sharing our continued M&A momentum through the end of our fiscal year and beyond.' Third Quarter Fiscal 2025 Financial Results Summary Financials Q3 FY25 Q3 FY24 Change Total Revenue $ 42.3 $ 35.5 19 % Music Publishing Revenue $ 26.9 $ 23.1 16 % Recorded Music Revenue $ 12.0 $ 10.0 20 % Operating Income $ 9.6 $ 6.5 47 % OIBDA $ 16.3 $ 12.9 26 % Net Income (Loss) $ 5.3 $ (2.9 ) NM Adjusted EBITDA $ 17.3 $ 13.7 26 % (Table Notes: $ in millions; Quarters ended December 31st; Unaudited; NM = Not meaningful) Total revenue in the third quarter of fiscal 2025 increased 19% to $42.3 million, compared to $35.5 million in the third quarter of fiscal 2024. This increase was driven by a 16% increase in Music Publishing revenue and a 20% increase in Recorded Music revenue, largely attributable to price increases at multiple music streaming services, a royalty recovery related to underreported usage from a Recorded Music catalog, and the acquisition of new catalogs. Operating income in the third quarter of fiscal 2025 was $9.6 million compared to operating income of $6.5 million in the third quarter of fiscal 2024. OIBDA in the third quarter of fiscal 2025 increased 26% to $16.3 million, compared to $12.9 million in the prior year quarter. Adjusted EBITDA increased 26% in the third quarter of fiscal 2025 to $17.3 million, compared to $13.7 million last year. The increases in operating income, OIBDA, and Adjusted EBITDA were primarily the result of revenue growth and improved gross margin. See below for calculations and reconciliations of OIBDA and Adjusted EBITDA to operating income and net income (loss), respectively. Net income in the third quarter of fiscal 2025 was $5.3 million, or $0.08 per share, compared to a net loss of ($2.9) million, or ($0.05) per share, in the year-ago quarter. The increase in net income was primarily driven by the gain on fair value of swaps during the quarter compared to a loss on fair value of swaps during the year-ago period, and improved gross margin, partially offset by higher income tax expense. Third Quarter Fiscal 2025 Segment Review Music Publishing Q3 FY25 Q3 FY24 Change Revenue by Type Digital $ 16.7 $ 13.9 20 % Performance $ 4.4 $ 4.3 2 % Synchronization $ 4.1 $ 4.0 3 % Mechanical $ 0.9 $ 0.4 143 % Other $ 0.8 $ 0.5 51 % Total Revenue $ 26.9 $ 23.1 16 % Operating Income $ 4.3 $ 2.8 53 % OIBDA $ 9.1 $ 7.8 18 % (Table Notes: $ in millions; Quarters ended December 31st; Unaudited) Music Publishing Revenue in the third quarter of fiscal 2025 was $26.9 million, an increase of 16% compared to $23.1 million in last year's third quarter. The increase was mainly driven by revenue from the existing catalog, which benefitted from price increases at multiple music streaming services that contributed to an increase in digital revenue of 20% compared to the prior year quarter, and the acquisitions of catalogs. Mechanical revenue increased 143% during the third quarter due to the strength of physical sales of existing catalog compositions as well as the acquisition of new catalogs. Additionally, synchronization revenue increased during the three months ended December 31, 2024, driven primarily by the timing of licenses. Performance revenue also increased, partially due to the timing of hit songs. In the third quarter of fiscal 2025, Music Publishing OIBDA increased 18% to $9.1 million, compared to $7.8 million in the third quarter of fiscal 2024. Music Publishing OIBDA margin in the third quarter remained steady at 34%. The increase in Music Publishing OIBDA is primarily driven by the revenue growth. Recorded Music Q3 FY25 Q3 FY24 Change Revenue by Type Digital $ 8.1 $ 6.6 24 % Physical $ 2.0 $ 1.7 18 % Neighboring Rights $ 0.9 $ 1.0 (7 )% Synchronization $ 1.0 $ 0.8 23 % Total Revenue $ 12.0 $ 10.0 20 % Operating Income $ 4.5 $ 3.3 38 % OIBDA $ 6.4 $ 4.7 37 % Recorded Music Revenue in the third quarter of fiscal 2025 was $12.0 million, an increase of 20% compared to $10.0 million in last year's third quarter. The increase was mainly due to a royalty recovery related to underreported usage for a music catalog, price increases at multiple music streaming services, and continued growth in music streaming. The increase in digital revenue, physical revenue and synchronization revenue was partially offset by a decrease in neighboring rights revenue. In the third quarter of fiscal 2025, Recorded Music OIBDA increased by 37% to $6.4 million, compared to $4.7 million in the third quarter of fiscal 2024. Recorded Music OIBDA margin in the third quarter increased from 47% to 53%. The increase in Recorded Music OIDBA and OIBDA margin was primarily driven by revenue growth and a higher gross margin. Balance Sheet and Liquidity For the nine months ended December 31, 2024, cash provided by operating activities was $33.1 million, an increase of $10.7 million compared to the same period last year. As of December 31, 2024, Reservoir had cash and cash equivalents of $17.8 million and$74.2 million available for borrowing under its revolving credit facility, for total available liquidity of $92.0 million. Total debt was $371.8 million (net of $4.0 million of deferred financing costs) and Net Debt was $354.0 million (defined as total debt, less cash and equivalents and deferred financing costs). This compares to cash and cash equivalents of $18.1 million and $114.2 million available for borrowing under its revolving credit facility, for total available liquidity of $132.3 million as of March 31, 2024. Total debt was $330.8 million (net of $5.0 million of deferred financing costs) and Net Debt was $312.7 million as of March 31, 2024. Fiscal Year 2025 Outlook Reservoir is raising its previously provided financial outlook for fiscal 2025. Reservoir expects the financial results for the year ending March 31, 2025, to be as follows: Jim Heindlmeyer, Chief Financial Officer of Reservoir, stated, 'Our third fiscal quarter demonstrates the resiliency of our cash flows and the strength of our roster, with year-over-year growth exhibited across many of our key financial metrics compared to the prior year. We are excited by the upcoming opportunities we have to deploy our available capital and add to our roster of creators at Reservoir. Our year-to-date performance gives us the confidence to raise our guidance ranges as we go into our final quarter of the fiscal year.' Conference Call Information Reservoir is hosting a conference call for analysts and investors to discuss its financial results for the third quarter of the fiscal year ending March 31, 2025 at 10:00 a.m. EST today, February 5, 2025. The conference call can be accessed via webcast in the investor relations section of the Company's website at 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 Media, Inc. Reservoir 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 female-founded and led publicly traded independent music company in the U.S. Founded as a family-owned music publisher in 2007, Reservoir has grown to represent over 150,000 copyrights and 36,000 master recordings with 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, 2024 and our other filings with the SEC available on the SEC's website at or Reservoir's website at 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. 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 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 (loss) 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. Three and Nine Months Ended December 31, 2024 versus December 31, 2023 (Unaudited) (Expressed in U.S. dollars) Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 % Change 2024 2023 % Change Revenues $ 42,303,716 $ 35,476,172 19 % $ 117,287,952 $ 105,710,058 11 % Costs and expenses: Cost of revenue 15,068,042 13,221,974 14 % 43,180,529 41,136,237 5 % Amortization and depreciation 6,713,621 6,342,918 6 % 19,528,397 18,613,026 5 % Administration expenses 10,964,096 9,389,344 17 % 29,937,510 30,148,848 (1 )% Total costs and expenses 32,745,759 28,954,236 13 % 92,646,436 89,898,111 3 % Operating income 9,557,957 6,521,936 47 % 24,641,516 15,811,947 56 % Interest expense (5,776,861 ) (5,372,285 ) (15,796,667 ) (15,865,324 ) (Loss) gain on foreign exchange (76,431 ) 264 (172,242 ) (69,828 ) Gain (loss) on fair value of swaps 3,084,761 (4,247,523 ) (2,532,441 ) (1,774,045 ) Other income (expense), net 509,263 (990,488 ) 410,774 (989,952 ) Income (loss) income before income taxes 7,298,689 (4,088,096 ) 6,550,940 (2,887,202 ) Income tax expense (benefit) 1,987,150 (1,226,649 ) 1,540,589 (872,663 ) Net income (loss) 5,311,539 (2,861,447 ) 5,010,351 (2,014,539 ) Net (income) loss attributable to noncontrolling interests (67,448 ) (101,612 ) 72,100 (135,797 ) Net income (loss) attributable to Reservoir Media, Inc. $ 5,244,091 $ (2,963,059 ) $ 5,082,451 $ (2,150,336 ) Earnings (loss) per common share: Basic $ 0.08 $ (0.05 ) $ 0.08 $ (0.03 ) Diluted $ 0.08 $ (0.05 ) $ 0.08 $ (0.03 ) Weighted average common shares outstanding: Basic 65,240,858 64,826,026 65,133,225 64,731,569 Diluted 66,106,474 64,826,026 65,906,440 64,731,569 Condensed Consolidated Balance Sheets December 31, 2024 versus March 31, 2024 (Unaudited) (Expressed in U.S. dollars) December 31, 2024 March 31, 2024 Assets Current assets Cash and cash equivalents $ 17,760,030 $ 18,132,015 Accounts receivable 34,672,579 33,227,382 Current portion of royalty advances 13,693,367 13,248,008 Other current assets 7,871,389 6,300,915 Total current assets 73,997,365 70,908,320 Intangible assets, net 693,430,240 640,222,000 Equity method and other investments 599,998 1,451,924 Royalty advances, net of current portion and reserves 52,899,169 56,527,557 Property, plant and equipment, net 436,849 551,410 Operating lease right of use assets, net 6,211,109 6,988,340 Fair value of swap assets 3,099,673 5,753,488 Other assets 1,691,939 1,131,529 Total assets $ 832,366,342 $ 783,534,568 Liabilities Current liabilities Accounts payable and accrued liabilities $ 5,412,023 $ 9,015,939 Royalties payable 41,850,784 40,395,205 Accrued payroll 1,701,210 2,043,772 Deferred revenue 2,375,917 1,163,953 Other current liabilities 10,282,927 7,313,615 Income taxes payable 97,894 439,152 Total current liabilities 61,720,755 60,371,636 Secured line of credit 371,798,967 330,791,607 Deferred income taxes 31,546,351 30,471,978 Operating lease liabilities, net of current portion 5,916,986 6,720,287 Fair value of swap liability - 121,374 Other liabilities 600,339 572,705 Total liabilities 471,583,398 429,049,587 Contingencies and commitments Shareholders' Equity Preferred stock - - Common stock 6,523 6,483 Additional paid-in capital 343,415,213 341,388,351 Retained earnings 20,480,108 15,397,657 Accumulated other comprehensive loss (4,387,322 ) (3,797,733 ) Total Reservoir Media, Inc. shareholders' equity 359,514,522 352,994,758 Noncontrolling interest 1,268,422 1,490,223 Total shareholders' equity 360,782,944 354,484,981 Total liabilities and shareholders' equity $ 832,366,342 $ 783,534,568 Reservoir Media, Inc. and Subsidiaries Reconciliation of Operating Income to OIBDA Three and Nine Months Ended December 31, 2024 versus December 31, 2023 (Unaudited) (Dollars in thousands) For the Three Months Ended December 31, For the Nine Months Ended December 31, 2024 2023 2024 2023 Operating Income $ 9,558 $ 6,522 $ 24,642 $ 15,812 Amortization and Depreciation Expense 6,714 6,343 19,528 18,613 OIBDA $ 16,272 $ 12,865 $ 44,170 $ 34,425 Reservoir Media, Inc. and Subsidiaries Reconciliation of Music Publishing Segment Reporting Operating Income to OIBDA Three and Nine Months Ended December 31, 2024 versus December 31, 2023 (Dollars in thousands) For the Three Months Ended December 31, For the Nine Months Ended December 31, 2024 2023 2024 2023 Operating Income $ 4,350 $ 2,834 $ 12,984 $ 5,641 Amortization and Depreciation Expense 4,798 4,926 13,909 14,020 OIBDA $ 9,148 $ 7,760 $ 26,892 $ 19,661 Reservoir Media, Inc. and Subsidiaries Reconciliation of Recorded Music Segment Reporting Operating Income to OIBDA Three and Nine Months Ended December 31, 2024 versus December 31, 2023 (Unaudited) (Dollars in thousands) For the Three Months Ended December 31, For the Nine Months Ended December 31, 2024 2023 2024 2023 Operating Income $ 4,506 $ 3,259 $ 10,706 $ 9,153 Amortization and Depreciation Expense 1,891 1,394 5,547 4,522 OIBDA $ 6,398 $ 4,653 $ 16,254 $ 13,675 Reservoir Media, Inc. and Subsidiaries Reconciliation of Net Income (Loss) to Adjusted EBITDA Three and Nine Months Ended December 31, 2024 versus December 31, 2023 (Unaudited) (Dollars in thousands) For the Three Months Ended December 31, For the Nine Months Ended December 31, 2024 2023 2024 2023 Net Income (Loss) $ 5,312 $ (2,861 ) $ 5,010 $ (2,015 ) Income Tax Expense (Benefit) 1,987 (1,227 ) 1,541 (873 ) Interest Expense 5,777 5,372 15,797 15,865 Amortization and Depreciation 6,714 6,343 19,528 18,613 EBITDA 19,789 7,627 41,876 31,591 Loss on Foreign Exchange(a) 76 - 172 70 (Gain) Loss on Fair Value of Swaps(b) (3,085 ) 4,248 2,532 1,774 Non-cash Share-based Compensation(c) 1,006 813 3,334 2,540 Recoupable Legal Fee Write-Off(d) - - - 2,695 Other (Income) Expense, Net(e) (509 ) 990 (411 ) 990 Adjusted EBITDA $ 17,278 $ 13,678 $ 47,504 $ 39,660 (a) Reflects the loss on foreign exchange fluctuations. (b) Reflects the non-cash (gain) or loss 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 a gain recorded on the disposal of an equity investment (the 'Investment Gain') and the Company's share of proceeds related to underreported royalty usage for an acquired Recorded Music catalog that pertained to periods prior to the Company's acquisition of the catalog ('Recovery Income') during the three months ended December 31, 2024. Reflects the Investment Gain and Recovery Income, partially offset by Reservoir's share of the loss recorded by an equity method investment during the nine months ended December 31, 2024. Reflects non-cash impairment expense to write-down an equity investment to its estimated fair value during the three and nine months ended December 31, 2023. Media Contact Reservoir Media, Inc. Suzy Arrabito Vice President, Marketing & Communications [email protected] Investor Contact Alpha IR Group Jackie Marcus or Nathan Skown [email protected] SOURCE: Reservoir Media, Inc. press release
