| Over a week ago | ||||
As announced by the… As announced by the Grammy-winning hip-hop trio De La Soul today, the group's iconic catalog is now available on digital streaming services for the first time ever, with support from Reservoir Media and distribution by Reservoir-owned Chrysalis Records. In addition to the digital albums, De La Soul is also releasing exclusive merchandise, vinyl, CDs, and cassettes, all distributed by Chrysalis Records, now available for purchase and pre-order on wearedelasoul.com. | ||||
| Over a month ago | ||||
Sees adjusted EBITDA… Sees adjusted EBITDA $46M-$47M. Jim Heindlmeyer, CFO of Reservoir, commented "We achieved strong top-line performance and continued to execute at a high level against our strategic growth plan. The inherent operating leverage created by our business model continues to materialize as OIBDA and Adjusted EBITDA margins improved during the quarter. Given the momentum in our business, we are raising the midpoint of guidance for both revenue and adjusted EBITDA for the full fiscal year. Our business is resilient, and we are confident in our ability to execute against these improved expectations." | ||||
Reports Q3 revenue… Reports Q3 revenue $29.9M, consensus $27.82M. "Our third quarter results demonstrate the consistent growth profile of our business model as we delivered another quarter of double-digit top-line growth driven by robust demand in our Music Publishing segment. The additions of catalogs, including Dion and Leroy Clampitt, as well as our recent announcement of bringing De La Soul's full iconic catalog to digital streaming services, will allow us to continue our momentum as a leader in the music industry and bring our deep roster of talent to more audiences around the world," said Golnar Khosrowshahi, CEO. "Reservoir is strongly positioned to capitalize on the positive consumption and monetization trends in the global music industry, even amid a challenging macro-economic environment. We are excited about the future of music in the U.S. and our efforts in emerging markets with PopArabia to bring new music across borders. As we close out our fiscal year, our focus remains on identifying and executing on value-enhancement opportunities for our current roster while expanding our portfolio to drive top-line expansion." | ||||
B. Riley analyst Daniel… B. Riley analyst Daniel Day initiated coverage of Reservoir Media with a Buy rating and $11 price target. Global music revenue has returned to secular long-term growth fueled by digital streaming providers and newfound licensing opportunities with social media, in-home fitness, and other emerging platforms, Day tells investors in a research note. He says Reservoir owns or administers over 175,000 publishing and recorded music copyrights, providing investors with exposure to royalties tied to "irreplaceable, long-lived" intellectual property that should post mid-/high-single-digit organic growth. | ||||
As announced by the… As announced by the Grammy-winning hip-hop trio De La Soul, the group's iconic catalog will be released on digital streaming services for the first time ever on March 3, 2023, with support from Reservoir Media and distributed by Reservoir-owned Chrysalis Records | ||||
| Over a quarter ago | ||||
Sees FY23 adjusted EBITDA… Sees FY23 adjusted EBITDA $45M-$47M. Jim Heindlmeyer, Chief Financial Officer of Reservoir, commented "We are pleased with the financial performance and execution against our strategic initiatives in the second fiscal quarter. As a result of our strong execution and expected growth going forward, we are raising both revenue and adjusted EBITDA guidance for the full fiscal year. We will also continue to execute against our capital deployment target of $100 million toward strategic M&A for the year and will remain disciplined as we evaluate future accretive business development opportunities." | ||||
Reports Q2 revenue $33.3M… Reports Q2 revenue $33.3M vs $30.3M last year. "Our second fiscal quarter financial results are a testament to the strength and consistency of our business model, and we have raised guidance for the year to reflect our momentum. We delivered double-digit top-line growth while also signing multiple high-profile creators to our talented roster and catalog across both our Recording and Publishing segments," said Golnar Khosrowshahi, Founder and Chief Executive Officer of Reservoir. "The music industry continues to experience strong secular tailwinds, which should allow it to overcome any impacts from the macroeconomic downturn. We're seeing a vibrant resurgence in live performances, growing opportunities for synchronization, and an increase in subscribers to streaming content services. Our value enhancement initiatives, combined with our diversified portfolio of award-winning songwriters and artists, strategically positions Reservoir to continue to benefit from industry momentum, while we concurrently work to generate considerable long-term value for our roster and shareholders. Our strategy continues to support strong, consistent financial performance, and we expect to execute on accretive business development opportunities that will further bolster our roster, leverage our scale, and create value for our shareholders." | ||||
Reaffirms FY23 adjusted… Reaffirms FY23 adjusted EBITDA $44M-$47M. Jim Heindlmeyer, Chief Financial Officer of Reservoir, concluded, "We continue to execute against our strategic initiatives, and we are pleased with the financial performance in our first fiscal quarter results. We achieved double digit growth during the quarter on Revenue and Adjusted EBITDA, and we remain focused on our capital deployment target of $100 million in strategic M&A for the fiscal year. We are proud to deliver on our promises to deploy capital toward accretive deals that will bring long-term value to our organization and shareholders." | ||||
Reports Q1 revenue… Reports Q1 revenue $24.3M, consensus $18.19M. "We are off to a strong start for the fiscal year, exceeding our internal expectations for the first quarter and putting us on track to achieve our goals for the year. Our impressive year-over-year top-line growth of 46% was driven by continued execution of our strategic growth initiatives, as well as the benefits of increasing scale," said Golnar Khosrowshahi, Founder and Chief Executive Officer of Reservoir. "Our results also demonstrate our durable business model and ability to deliver consistent financial results as we continue to capitalize on the steady secular growth of the music industry. We remain focused on generating significant long-term value through our strategy of building and optimizing a robust, curated, and diversified portfolio of award-winning songwriters' and artists' bodies of work." | ||||
Reservoir Media issued… Reservoir Media issued its inaugural Environmental, Social, and Governance Report, which details the Company's global ESG objectives and progress made against those objectives, and reinforces the Company's strong commitment to corporate social responsibility. Golnar Khosrowshahi, Founder and CEO of Reservoir, stated, "We are proud to release our first ESG report within our first year as a public company, as it shows our commitment to making a positive impact for all our stakeholders, including our employees, communities, clients, shareholders, and industry. Music has a powerful and growing global influence, and Reservoir and our roster of creators will aim to extend our impact to promote sustainability efforts, diversity, and advocacy at our company and beyond." | ||||
