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Investor releaseQuarter not tagged2026-05-28Reservoir Media Q4 Earnings Call Highlights
MarketBeat
Reservoir Media Q4 Earnings Call Highlights
Interested in Reservoir Media, Inc.? Here are five stocks we like better. Reservoir Media posted strong fiscal 2026 results, with revenue up 11% for the year and adjusted EBITDA up 12%. Fourth-quarter revenue climbed 15% to $47.5 million, boosted by gains in both recorded music and publishing. Digital, sync, and catalog acquisitions drove growth across the business. The company highlighted the Miles Davis catalog purchase, partnerships with major brands and media projects, and international expansion through moves like Pop India and the Viral Wave acquisition. Management issued fiscal 2027 guidance for revenue of $186 million to $191 million and adjusted EBITDA of $75 million to $79 million. Reservoir also said it has no new update on the unsolicited acquisition proposals currently being reviewed by a board special committee. Reservoir Media (NASDAQ:RSVR) reported double-digit revenue and adjusted EBITDA growth for fiscal 2026, as management pointed to catalog acquisitions, digital revenue gains and international expansion as key drivers of the music rights company’s performance. Founder and Chief Executive Officer Golnar Khosrowshahi said Reservoir generated 11% revenue growth for the year, including 6% organic growth, while adjusted EBITDA rose 12%. She said fiscal 2026 was a “milestone year” in which the company deployed approximately $120 million across acquisitions and advances for both publishing and recorded rights. → Rocket Lab Keeps Making Headlines and Highs—Here's What's Driving the Latest Move “These results reflect the continued success of our disciplined acquisition strategy, the strengths of our catalog, and the performance of our growing team around the world,” Khosrowshahi said. Chief Financial Officer Jim Heindlmeyer said fourth-quarter revenue was $47.5 million, up 15% from the same period a year earlier. Growth was led by a 27% increase in recorded music revenue and an 11% increase in music publishing revenue, including the impact of catalog acquisitions. → Quantum Stocks Just Got a Lifeline—Who Benefits Most? Fourth-quarter OIBDA increased 16% year over year to $19.9 million, while adjusted EBITDA rose 16% to $21.2 million. Heindlmeyer said the adjusted EBITDA increase was driven largely by top-line growth, particularly in the digital category across both segments, partly offset by higher administrative expenses. Net income for the quart...
Investor releaseQuarter not tagged2026-05-28Reservoir Media, Inc. (RSVR) Beats Q4 Earnings and Revenue Estimates
Zacks
Reservoir Media, Inc. (RSVR) Beats Q4 Earnings and Revenue Estimates
Reservoir Media, Inc. (RSVR) came out with quarterly earnings of $0.07 per share, beating the Zacks Consensus Estimate of $0.05 per share. This compares to earnings of $0.04 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +55.56%. A quarter ago, it was expected that this company would post earnings of $0.02 per share when it actually produced earnings of $0.03, delivering a surprise of +50%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Reservoir Media, which belongs to the Zacks Media Conglomerates industry, posted revenues of $47.5 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 6.82%. This compares to year-ago revenues of $41.42 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Reservoir Media shares have added about 37.4% since the beginning of the year versus the S&P 500's gain of 9.9%. While Reservoir Media has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Reservoir Media was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1...
Investor releaseQuarter not tagged2026-05-28Reservoir Media Announces Fourth Quarter and Fiscal Year 2026 Results
ACCESS Newswire
Reservoir Media Announces Fourth Quarter and Fiscal Year 2026 Results
Strong Execution and Substantial Capital Deployment Drove Record Financial Performance and High-Quality Portfolio Expansion Fiscal 2027 Financial Outlook of Mid-Single-Digit Top- and Bottom-Line Growth NEW YORK, NY / ACCESS Newswire / May 28, 2026 / Reservoir Media, Inc. (NASDAQ:RSVR) ("Reservoir" or the "Company"), an award-winning independent music company, today announced financial results for the fourth quarter and full year for fiscal 2026 ended March 31, 2026. Fiscal Year 2026 Highlights: Revenue of $175.7 million, increased 6% organically, or 11% including acquisitions year-over-year Operating Income of $38.2 million, increased by 9% year-over-year OIBDA ("Operating Income Before Depreciation & Amortization") of $69.0 million, increased by 12% year-over-year Net Income $7.8 million, or $0.13 per diluted share, compared to Net Income of $7.7 million last year, or $0.12 per diluted share Adjusted EBITDA of $73.6 million, up 12% year-over-year Acquired the publishing catalog of music and cultural icon Miles Davis, as well as rights to his recorded music and shared rights to name and likeness Reinforced relationships with existing clients: Expanded Reservoir's international footprint with the launch of Mumbai-based subsidiary, PopIndia, to sign and develop talent in India, including the company's first deals signing singer, songwriter, rapper, and YouTube star Yohani and acquiring the publishing and master rights to the entire Musicraft Entertainment catalog Expanded the Recorded Music division with a multi-faceted deal with independent record label Fool's Gold Records, including acquiring catalog master rights of several of the label's artists and an exclusive partnership to market and distribute all other recordings on Fool's Gold via the Reservoir label platform Fourth Quarter 2026 & Recent Highlights: Revenue of $47.5 million, increased 12% organically, or 15% including acquisitions year-over-year Operating Income of $11.8 million, increased by 13% year-over-year OIBDA of $19.9 million, increased by 16% year-over-year Net Income of $4.1 million, or $0.07 per diluted share, compared to Net Income of $2.7 million in the year-ago period, or $0.04 per diluted share Adjusted EBITDA of $21.2 million, up 16% year-over-year Announced new publishing deals with country/pop songwriter Allison Veltz Cruz, multi-genre songwriter-producer Britten Newbill, U.K. sing...
Investor releaseQuarter not tagged2026-05-28Reservoir Media Inc (RSVR) Q4 2026 Earnings Call Highlights: Strong Revenue Growth and ...
GuruFocus.com
Reservoir Media Inc (RSVR) Q4 2026 Earnings Call Highlights: Strong Revenue Growth and ...
This article first appeared on GuruFocus. Release Date: May 28, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Reservoir Media Inc (NASDAQ:RSVR) reported an 11% revenue growth with 6% organic growth and 12% adjusted EBITDA growth in fiscal 2026. The company successfully deployed approximately $120 million across acquisitions and advances, enhancing its catalog and retaining top creators. Reservoir Media Inc (NASDAQ:RSVR) expanded its international presence, notably launching a subsidiary in India and acquiring a label in the MENA region. The company achieved significant growth in its sync business, with a 5% increase in music publishing and a 39% increase in recorded music. Reservoir Media Inc (NASDAQ:RSVR) was included in Billboard's full-year TOP10 market share ranking, highlighting its commercial success and industry recognition. The company's administration expenses increased by 16% year-over-year, partly due to acquisition-related costs. Interest expenses rose to $26.5 million for the full year, driven by increased debt from acquisitions. The acquisition of ViralWave, while expanding opportunities, is a lower-margin business, impacting overall EBITDA margins. International operations, while promising, currently have a lower EBITDA margin compared to the core business. The company faces uncertainties related to the CRB 5 proceedings, with no material updates available at this time. Warning! GuruFocus has detected 7 Warning Signs with RSVR. Is RSVR fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide more context on the size or scale of the ViralWave catalog and any financial details? A: (CEO) ViralWave is an established business with existing clients and products, which we plan to expand. It's a distribution business, different from our other ventures, with a lower margin but offers regional expansion opportunities. Q: The guidance implies a slight step down in EBITDA margin for 2027. Is this due to higher administrative expenses or something else? A: (CFO) The lower margin from ViralWave impacts this, along with investments in the recorded business. We are cautious and conservative with revenue and associated costs, which affects the EBITDA margin. Q: Any insights into the CRB 5 proceedings and expectations for negotiations? A: (CEO) There are no material updates yet....
TranscriptFY2026 Q42026-05-28FY2026 Q4 earnings call transcript
Earnings source - 46 paragraphs
FY2026 Q4 earnings call transcript
Greetings, welcome to Reservoir Media's fourth quarter and fiscal year 2026 earnings conference call. At this time, all participants are on a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your keypad. As a reminder, this conference call is being recorded. I would now like to turn the call over to your host, Jackie Marcus. Thank you. You may begin.
Thank you, operator. Good morning, everyone, and thank you for participating in today's earnings conference call. Reservoir Media issued a press release with its results for its fourth quarter and fiscal year 2026, ended March 31st, 2026, earlier this morning. If you did not receive a copy of our earnings press release, you may access it from the investor relations section of our website at investors.reservoir-media.com. With me on today's call are Golnar Khosrowshahi, Founder and Chief Executive Officer, and Jim Heindlmeyer, Chief Financial Officer. As a reminder, this call is being simultaneously webcast and will be recorded and archived on the investor relations section of our website.
Before I turn the call over to Golnar and Jim, I'd like to note that today's discussion will contain forward-looking statements that reflect the current views of Reservoir Media about our business, financial performance, and future events, and as such, involve certain risks and uncertainties. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that our expectations, beliefs, and projections will result or be achieved. Please refer to our earnings press release and our filings with the Securities and Exchange Commission for more information on the specific risks, uncertainties, and other factors that could cause our actual results to differ materially from our expectations, beliefs, and projections described in today's discussion.
Any forward-looking statements that we make on this call or in our earnings press release are as of today, and we undertake no obligation to update these statements as a result of new information or future events, except to the extent required by applicable law. In addition to financial results presented in accordance with generally accepted accounting principles, we plan to present during this call certain financial measures that do not conform to US GAAP if we believe they are useful to investors or if we believe they will help investors to better understand our performance or business trends. Reconciliations of these non-GAAP financial measures to the nearest comparable GAAP measures are included in our earnings press release. I would now like to turn the call over to Golnar.
Thank you, Jackie. Good morning, everyone, and thank you for joining us today. Reservoir delivered another strong year, generating 11% in revenue growth with 6% organic growth and 12% adjusted EBITDA growth in fiscal 2026. These results reflect the continued success of our disciplined acquisition strategy, the strengths of our catalog, and the performance of our growing team around the world. Fiscal 2026 was a milestone year as we deployed approximately $120 million across acquisitions and advances for both publishing and recorded rights. This enabled us to retain exceptional creators, sign leading contemporary hitmakers, and further expand and diversify our catalog by genre, by era, and geographic representation. In September, we acquired the catalog of music and culture icon Miles Davis. As we officially mark his centennial this week, we have launched a global campaign with countless activations and press moments.
Highlights from this week alone included The Voice of Miles, A Symphonic Celebration by Park Avenue Artists, a billboard in Times Square on the Nasdaq Tower, and an event with the New York Public Library for the Performing Arts and Simon & Schuster for the centennial edition of Miles' autobiography. With more to come this year, we look forward to continuing to celebrate Miles' legacy, and it is an honor to steward his extraordinary body of work and bring it to new audiences. We also continue to invest in today's hitmakers, signing talent including disco soul band Say She She, country pop songwriters Allison Veltz Cruz and Sam Tinnesz, U.K. singer-songwriter Benjamin Francis Leftwich, and multi-genre songwriter Britten Newbill, to name a few.
At the same time, we reinforced our long-standing relationships, extending deals with legendary singer-songwriter Joni Mitchell, Grammy-winning writer-producer Khris Riddick-Tynes, and the estate of seminal artist Nick Drake, as well as entering into a new deal with long-term client, Academy Award-winning composer Hans Zimmer. Our relationship with Zimmer extends as investors in Payam Music, an innovative piano school with a novel methodology for teaching. This past Sunday, Payam Music and Zimmer were featured on CBS 60 Minutes, highlighting the school's successful approach to piano education and Zimmer's involvement in advancing its mission. We are proud to support Payam Music to help nurture the next generation of pianists through technical training while fostering a lifelong love of music.
During this fiscal year, we also continued to expand Reservoir's recorded music division, including a multifaceted deal with independent record label Fool's Gold Records. The transaction included the acquisition of catalog master rights of several of the label's artists and an exclusive partnership to market and distribute all their recordings on Fool's Gold via the Reservoir label platform. Internationally, we expanded our presence in key growth markets. We launched our Mumbai-based subsidiary, Pop India, and signed a publishing deal with Sri Lankan star Yohani, while also extending our publishing agreement with multi-platinum Indian hip-hop artist Divine. Pop India also executed its first catalog deal, acquiring the publishing and master rights to the entire Music Craft Entertainment catalog.
The establishment of Pop India marks an important step in building a meaningful, on-the-ground presence in India, one of the fastest-growing music markets globally, with the streaming market alone projected to reach over $4.8 billion by 2030, with a compound annual growth rate of over 17%. This April, together with PopArabia, our partner in MENA region, we completed the acquisition of label and digital distribution company, Viral Wave, a transformational transaction that significantly expands both the scale and capabilities of the PopArabia platform. Beyond increasing PopArabia's team to over 30 employees across Egypt, Morocco, and the UAE, the acquisition establishes a fully integrated distribution infrastructure alongside the company's existing publishing and label services, creating one of the region's most comprehensive independent music platforms.
Importantly, this move deepens Reservoir's operational footprint and strategic positioning across MENA and creates additional opportunities for cross-border collaboration and global reach for regional artists. In addition, in fiscal year 2026, we acquired the publishing and recorded music catalogs of Iraqi production house, HFM Production, and Kuwaiti singer-songwriter, Essa Almarzouq, and executed a publishing deal with Moroccan artist-producer, 88rising. MENA continues to be one of the fastest-growing regions, with recorded revenues increasing by 15.2% in 2025 and with growth projections reaching $8.5 billion by 2030, driven by streaming and digital adoption. We believe the proven success and expertise of our team and platform in MENA will continue to provide us a competitive advantage in securing top talent and capitalizing on the momentum across the region. Our ability to attract high-caliber talent globally is due in large part to the quality and performance of our existing portfolio.
Unlocking value for our assets and identifying opportunities to introduce our music to the next generation of fans are key factors of that growth. In the last fiscal year, we partnered with leading global brands including Anthropic, Volkswagen, Netflix, Lexus, and Amazon, and had placements in major feature films and television shows such as Hoppers, Happy Gilmore 2, The Fantastic Four: First Steps, and Stranger Things. This drove continued strength in our sync business, with growth of 5% in music publishing and 39% in recorded music year over year. As we have previously noted, the music industry continues to demonstrate resilience within overall market fluctuations. The recorded music industry grew 6% globally in 2025, according to the IFPI, while music publishing global revenues grew 9.5% globally, according to Music & Copyright 2026 report. Against this backdrop, Reservoir also continued our growth trajectory.
Digital revenue increased 7% in music publishing and 18% in recorded music. We were also proud to be included in Billboard's full-year Top 10 Market Share ranking, with Sabrina Carpenter's Espresso, co-written by Steph Jones, contributing to the company's position. In addition to market share, Reservoir's music boasted commercial and charting successes, as well as countless awards throughout fiscal 2026, demonstrating the widely recognized value of the assets and the creators. We curate not only catalogs, but also relationships with the creators behind them and are honored to be the partner of choice for so many talented songwriters. Before turning to our financial performance, I would like to briefly address the previously disclosed non-binding and unsolicited acquisition proposals received by the company. In March 2026, the board formed a special committee of independent and disinterested directors to evaluate the proposals, and the special committee engaged Morgan Stanley & Co.
LLC as its financial advisor and Wachtell, Lipton, Rosen & Katz as its legal counsel. Beyond that, we have no additional updates to share today and will provide further information as appropriate. I will now turn the call over to Jim to discuss our fourth quarter and full fiscal year financial results, as well as our fiscal 2027 guidance in greater detail. Jim?
Thank you, Golnar Khosrowshahi, and good morning, everyone. As Golnar Khosrowshahi highlighted, we executed at a very high level in fiscal 2026, drove strong growth across all our key performance metrics, and expect that to continue into fiscal 2027. These results affirm the effectiveness of our strategy, the quality of our portfolio of assets, and our ability to acquire new assets for Reservoir's platform while unlocking the fullest potential of their value. Let's start with a review of the fourth quarter. Revenue for the fourth fiscal quarter was $47.5 million, which was a 15% increase compared to the fourth quarter of fiscal 2025. Strong growth across both segments was led by 27% growth in recorded music and 11% growth in our music publishing segment, inclusive of the acquisition of various catalogs. With respect to our operating expenses for the quarter, our overall cost of revenue increased 13% versus the prior year quarter.
Our depreciation and amortization costs increased 20% year-over-year due to our continued catalog acquisitions. Company administration expenses saw a 16% increase year-over-year, partially due to costs incurred with our acquisition of Viral Wave. Turning to operating performance, fourth quarter OIBDA increased 16% year-over-year to $19.9 million. Adjusted EBITDA increased 16% to $21.2 million, which was largely driven by strong top-line growth, particularly in our digital category across both segments, partially offset by higher administration expenses. Interest expense was $6.8 million for the quarter, compared to $6.1 million in the same period last year. Net income for the fourth quarter of fiscal 2026 was $4.1 million versus $2.7 million in the fourth quarter of fiscal 2025. This resulted in diluted earnings per share for the quarter of $0.07 compared to $0.04 per share in the prior year period.
Moving to our full fiscal year 2026 results. Revenue was $175.7 million, above the top end of our previously stated guidance range. This beat was the result of growth in both the music publishing and recorded music segments, which posted annual growth of 9% and 16%, respectively. Turning to our operating expenses for fiscal 2026, our overall cost of revenue saw an 8% increase from fiscal 2025. This increase was attributed to a higher revenue base resulting from acquisitions and value enhancement efforts. The lower increase in cost of revenue as compared to the increase in revenue, resulted in a higher gross margin in fiscal year 2026. Administration expenses for fiscal 2026 rose 12% from the prior year to $44.7 million, primarily due to higher administrative expenses in both the music publishing and recorded music segments, and to a lesser extent, an increase in other administrative expenses.
We also incurred costs in fiscal 2026 associated with our acquisition of Viral Wave. OIBDA in fiscal 2026 increased 12% year-over-year to $69 million, while adjusted EBITDA grew 12% to $73.6 million. These increases were mostly attributable to increased revenues and higher gross margin. As a reminder, we have reconciliations for these metrics in our earnings press release and 10-K filing. Our interest expense was $26.5 million for the full year, compared to $21.9 million last year. The higher interest expense was due to an increase in debt resulting from acquisitions of music catalogs and writer signings. Net income for fiscal 2026 was $7.8 million, versus $7.7 million last year. The increase in net income was primarily the result of increased operating income, as well as a decrease in the loss on fair value of interest rate swaps, partially offset by higher interest expense and income tax expense.
This resulted in diluted earnings per share for the year of $0.13, compared to $0.12 per share for FY 2025. Our weighted average diluted outstanding share count for the full year is 66 million. Turning to our segment breakdown for the fourth quarter, music publishing generated revenue of $30.9 million in the quarter, which represents an 11% increase when including acquisitions versus the same period last year. Our digital revenue increased $3.2 million or 24% to $16.9 million. Performance revenue decreased by 16% to $5.5 million. Synchronization revenue in the publishing segment totaled $5.8 million, a 6% increase from the fourth quarter of last year. This is primarily due to the timing of licenses. Mechanical revenue within the publishing segment posted a 16% increase year-over-year to $1.3 million. Other revenue within the publishing segment was $1.4 million, an increase of 20% year-over-year.
Our Recorded music segment generated $15.2 million in revenue, representing an increase of 27% versus the prior year quarter. Digital revenue within the Recorded segment increased 17%, primarily due to subscriber growth and price increases at DSPs, while physical revenue increased 35%. Our synchronization revenue increased 161% as a result of the timing of licenses, while neighboring rights increased 18% to $1.4 million, in part due to additional direct affiliations with collection societies. For the full year, our Music publishing segment revenue rose 9% compared to the prior year. Our improvement is largely a result of price increases at multiple music streaming services, as well as the expansion of our catalog through M&A. Additionally, synchronization revenue increased because of the timing of licenses, and performance revenue grew 14% as a result of hit songs. Recorded music revenues increased 16% compared to fiscal 2025.
The growth is attributable to the acquisition of additional music catalogs and continued user growth and price increases at multiple streaming services. This was partially offset by the non-recurrence of royalty recoveries in the prior year related to under-reported usage for music catalogs. Additionally, the increase in revenue was aided by an increase in synchronization revenue, driven by the timing of licenses. Let's move on to our balance sheet. As of March 31st, cash flows from operating activities increased by $4.9 million year-over-year to $50.1 million due to an increase in earnings as well as an increase in cash provided by working capital. We closed the year with total liquidity of $117.1 million, comprised of $25.9 million of cash on hand and $91.2 million available under our revolver, which gives us the capital to fund our strategic objectives.
We ended the year with $455.7 million of total debt, which was net of $3.1 million of deferred financing costs, and thus we maintained $429.8 million of net debt. That compares to net debt of $366.7 million as of last fiscal year-end. Turning to the 2027 fiscal year, we expect revenue to be in the range of $186 million-$191 million and adjusted EBITDA to be in the range of $75 million-$79 million. After our strong results in fiscal year 2026, we believe we are well-positioned to continue our track record of growth. Remaining true to our proven capital deployment strategy and value enhancement efforts, combined with disciplined cost management and consistent operating cash flows, should enable us to deliver on our initiated fiscal year 2027 guidance ranges. With that, I'll now pass the call back to Golnar.
Thank you, Jim. At Reservoir, we take a long-term view focused on protecting our creators, growing the value of their work, and running the business with discipline. That approach has driven strong growth and consistent cash flow since our debut as a public company and positions us well for sustained long-term growth. With that, we will now open the line for questions.
Thank you. At this time, we'll be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. On moment please while we pull for the questions. Our first question comes from Griffin Boss with B. Riley Securities. Your line is now live.
Hi. Good morning. Thanks for taking my questions. Apologize for any background noise here. I just want to start off on Viral Wave. Golnar, you mentioned the over 30 employees that come with that acquisition, cross-border collaboration activities, is there any more context you could give us as to the size or scale of the catalog that Viral Wave brings? Is that more early days and there's opportunity for expansion? Just curious if there's anything on the financial side there you could elaborate on.
Not specifically. I will say that it is a business that comes with a stable of existing clients and existing relationships and existing product, hence the headcount. We plan on expanding on that. It's an investment in an entity that is already an established business.
Yeah, and I would just add to that, Griffin, that as Golnar Khosrowshahi said, it's an established business. It's a distribution business, a little different than some of the other businesses that we've been in, a little bit lower margin, we are excited about the way it will expand our opportunities in the region.
Okay. I appreciate that color. Next for me on the guidance, Jim, if you take the midpoint there, it looks like it's implying a slight step down in EBITDA margin for 2027. Is the expectation there just higher administrative expenses going forward, or is it something else?
Yeah. There's a couple of things there. I would say one, not that Viral Wave is the most significant piece certainly of our consolidated financials, but it is a lower margin business. That slightly impacts that. We are continuing to make some investments on the frontline side of the recorded business, and that is certainly an area where we are very cautious about the revenue and conservative with respect to the costs associated with it. That's why you're seeing a little bit of that step down in guided EBITDA margin.
Okay. Got it. That's helpful. Thanks, Jim. Just one more, if I could squeeze it in. I'm just curious if I could get any insights from Golnar into the CRB V proceedings. Obviously, we're relatively early days there, would love to hear what your expectation is, generally speaking, if you have one, in terms of what you're looking for to get negotiated there over the next couple of years.
There isn't any material update at this point, still sort of in discussion phase. I think we remain optimistic, but that's not optimism that we bake into our own forecasts. We do, however, remain optimistic insofar as getting to an agreement and having a positive impact of the share of income for songwriters and publishers.
Okay. Got it. I'll pass it off. Thanks for taking my questions, Golnar, Jim. Appreciate it.
Thank you, Griffin.
As a reminder, if you'd like to ask a question, please press star one on your telephone keypad. One moment please, while we poll for questions. Our next question comes from Richard Baldry with Roth Capital. Your line is now live.
Thanks. I wanted to dig a little deeper into the gross margins. On a blended basis, they set a record high. I'm sort of curious, are the trends behind that sustainable or do you view it sort of as an outlier and understanding that there's some headwind from the Viral Wave acquisition? Just curious about the underlying trends to that.
Yeah, certainly, I think, the gross margin ticking up a little bit, this year, it's a result of some of the acquisitions that we did. To the extent that we are acquiring assets where we may retain 100% of the revenue, that's obviously going to have a positive impact on our overall gross margin. I think you saw a couple of deals this past year that had that type of impact for us. We don't expect that our gross margin's going to change significantly on a percentage basis, but we may have opportunities for that to tick up slightly, depending on the types of acquisitions that we do. Certainly, as you noted with respect to the go forward forecast, we will have the impact of lower margin deals such as Viral Wave, impacting the gross margins as we move to fiscal 2027.
On an overall sort of adjusted EBITDA basis, is international a headwind at this point because it has yet to get sort of the scale of the rest of the business, or is it sort of curious that impact and where that heads to?
Yeah, I think if you were to isolate just our kind of international operations, certainly it would be a lower EBITDA margin than our core business. Again, even though we are excited about these regions and we see a lot of growth opportunity there, it's a very small part of our overall business. Just keep that in mind as you think about it.
Got it. Maybe last for me, when you look at the revenue and earnings for fiscal 2027, if you talk about seasonality, the business is sort of changing and evolving over time. Curious how seasonal you expect the top and the bottom lines to be next year, and whether that's similar to prior years or is sort of changing.
Well, I'd like to think that it's pretty flat quarter to quarter. We do sometimes have things that impact and cause spikes in our revenue. It's less about seasonality, though, more about, could be in the prior year, we had the royalty recovery. Wasn't anything to do with seasonality, just happened to be when we resolved that issue. We'll continue to have some things that cause our revenue to spike from time to time. On a baseline view, I expect us to be pretty consistent quarter to quarter.
Maybe last for me, when you look out to the fiscal 2027 guide, how much of that do you think is sort of assuming a steady organic growth or any tailwinds from streaming pricing, versus acquisitions you know or acquisitions you expect to do? Thanks.
Yeah, I think that from an organic growth standpoint, we expect things to be pretty steady, kind of mid-single digits. We are always, though, looking at our catalog at a pretty granular level. To the extent that we have frontline successes in one year, we don't necessarily project those frontline successes going into the next year. We will project the decay that's expected on those new or young copyrights. You have that impacting our overall view of revenue that's baked into our guidance. Having said that, we have a pretty good track record of having new frontline successes every year. As we move through the year, we will continue to evaluate where we are.
Thanks. Congrats on a great quarter.
Thank you.
We have reached the end of the question and answer session. I'd now like to turn the call back over to Golnar Khosrowshahi for the closing comments.
Thank you, operator. The strength of our portfolio and our proven ability to attract award-winning and legendary talent across genres and geographies continues to distinguish our business. We are excited about fiscal year 2027, and look forward to updating you on our progress in a few months. Thank you.
This concludes today's conference. You may disconnect your lines at this time. We thank you for your participation.
Investor releaseQuarter not tagged2026-05-15Alliance Entertainment Holding Corporation (AENT) Q3 Earnings and Revenues Top Estimates
Zacks
Alliance Entertainment Holding Corporation (AENT) Q3 Earnings and Revenues Top Estimates
Alliance Entertainment Holding Corporation (AENT) came out with quarterly earnings of $0.05 per share, beating the Zacks Consensus Estimate of $0.02 per share. This compares to earnings of $0.04 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +150.00%. A quarter ago, it was expected that this company would post earnings of $0.31 per share when it actually produced earnings of $0.18, delivering a surprise of -41.94%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Alliance Entertainment Holding Corporation, which belongs to the Zacks Media Conglomerates industry, posted revenues of $258.2 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 15.74%. This compares to year-ago revenues of $213.04 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Alliance Entertainment Holding Corporation shares have lost about 15% since the beginning of the year versus the S&P 500's gain of 8.8%. While Alliance Entertainment Holding Corporation has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Alliance Entertainment Holding Corporation was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock...
Investor releaseQuarter not tagged2026-05-14Reservoir Media to Release Fourth Quarter and Fiscal Year 2026 Results on May 28, 2026
ACCESS Newswire
Reservoir Media to Release Fourth Quarter and Fiscal Year 2026 Results on May 28, 2026
NEW YORK, NY / ACCESS Newswire / May 14, 2026 / 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 2026 ended March 31, 2026, before market open on Thursday, May 28, 2026. 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 https://investors.reservoir-media.com/news-and-events/events-and-presentations. 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, Abu Dhabi, and Mumbai. 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 Reservoir Suzy Arrabito Vice President, Marketing & Communications [email protected] www.reservoir-media.com Investor Contact Alpha IR Group Jackie Marcus or Nathan Skown [email protected] SOURCE: Reservoir Media, Inc. View the original press release on...
Investor releaseQuarter not tagged2026-05-08AMC Global Media (AMCX) Lags Q1 Earnings and Revenue Estimates
Zacks
AMC Global Media (AMCX) Lags Q1 Earnings and Revenue Estimates
AMC Global Media (AMCX) came out with quarterly earnings of $0.08 per share, missing the Zacks Consensus Estimate of $0.22 per share. This compares to earnings of $0.52 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -64.17%. A quarter ago, it was expected that this owner of cable channels including AMC and IFC would post earnings of $0.5 per share when it actually produced earnings of $0.64, delivering a surprise of +28%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. AMC Global Media, which belongs to the Zacks Media Conglomerates industry, posted revenues of $542.13 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 0.16%. This compares to year-ago revenues of $555.23 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. AMC Global Media shares have lost about 10.1% since the beginning of the year versus the S&P 500's gain of 7.2%. While AMC Global Media has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for AMC Global Media was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see...
Investor releaseQuarter not tagged2026-02-12Reservoir Media Inc (RSVR) Q3 2026 Earnings Call Highlights: Strong Revenue Growth Amidst ...
GuruFocus.com
Reservoir Media Inc (RSVR) Q3 2026 Earnings Call Highlights: Strong Revenue Growth Amidst ...
This article first appeared on GuruFocus. Revenue: $45.6 million, a 5% year-over-year increase on an organic basis and an 8% increase including acquisitions. Music Publishing Revenue: Increased 12% year over year to $30.1 million. Recorded Music Revenue: Increased 8% year over year to $12.9 million. OIBDA: $18.1 million, an 11% increase year over year. Adjusted EBITDA: $19.2 million, an 11% increase year over year. Net Income: $2.2 million, compared to $5.3 million in the prior year quarter. Earnings Per Share: $0.03, compared to $0.08 in the year-ago quarter. Cash Flows from Operating Activities: Increased by $5.1 million year over year to $38.2 million. Total Liquidity: $114.8 million, consisting of $20.6 million of cash on hand and $94.2 million available under the revolver. Total Debt: $452.3 million, net of $3.6 million of deferred financing costs. Guidance: Full-year revenue guidance increased to $170 million to $173 million; adjusted EBITDA guidance increased to $71.5 million to $73.5 million. Warning! GuruFocus has detected 4 Warning Signs with RSVR. Is RSVR fairly valued? Test your thesis with our free DCF calculator. Release Date: February 04, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Reservoir Media Inc (NASDAQ:RSVR) reported a 5% year-over-year organic growth, highlighting strong demand for its music catalog. Music publishing revenue increased by 12%, and recorded music revenue grew by 8%, driven by acquisitions and digital revenue growth. The company secured 10 Grammy wins across multiple genres, showcasing the strength and recognition of its artist roster. Reservoir Media Inc (NASDAQ:RSVR) expanded its portfolio by acquiring rights from iconic artists like Bertie Higgins, Gladys Knight, and TI. The company is actively investing in emerging markets, with favorable acquisition multiples and streaming growth rates outpacing the US and Europe. Net income for the third fiscal quarter decreased to $2.2 million from $5.3 million in the prior year, primarily due to a loss on fair value of swaps and increased interest expenses. Earnings per share dropped to $0.03 from $0.08 in the year-ago quarter. Total costs increased by 8% compared to the prior year's quarter, driven by higher administration expenses, cost of revenue, and amortization and depreciation expenses. Interest expense rose to $...
Investor releaseQuarter not tagged2026-02-06Reservoir Media (RSVR) Q3 2025 Earnings Transcript
Motley Fool
Reservoir Media (RSVR) Q3 2025 Earnings Transcript
Image source: The Motley Fool. Wednesday, February 5, 2025 at 10:00 a.m. ET Founder and Chief Executive Officer — Golnar Khosrowshahi Chief Financial Officer — Jim Heindlmeyer Need a quote from a Motley Fool analyst? Email [email protected] Golnar Khosrowshahi, Founder and Chief Executive Officer; and Jim Heindlmeyer, Chief Financial Officer. As a reminder, this call is being simultaneously webcast and will be recorded and archived on the Investor Relations section of our website. Before I turn the call over to Golnar and Jim, I'd like to note that today's discussion will contain forward-looking statements that reflect the current views of Reservoir Media about our business, financial performance and future events and, as such, involve certain risks and uncertainties. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that our expectations, beliefs and projections will result or be achieved. Please refer to our earnings press release and our filings with the Securities and Exchange Commission for more information on the specific risks, uncertainties and other factors that could cause our actual results to differ materially from our expectations, beliefs and projections described in today's discussion. Any forward-looking statements that we make on this call or in our earnings press release are as of today, and we undertake no obligation to update these statements as a result of new information or future events except to the extent required by applicable law. In addition to financial results presented in accordance with generally accepted accounting principles, we plan to present during this call certain financial measures that do not conform to U.S. GAAP, if we believe they are useful to investors or if we believe they will help investors to better understand our performance or business trends. Reconciliations of these non-GAAP financial measures to the nearest comparable GAAP measures are included in our earnings press release. I would now like to turn the call over to Golnar. Golnar Khosrowshahi: Thank you, Jackie. Good morning, everyone, and thank you for joining us today to discuss our results for the third quarter of fiscal year 2025. I'm pleased to share that Reservoir posted another strong quarter across both the top and bottom lines. Our total revenu...
Investor releaseQuarter not tagged2026-02-06Reservoir Media (RSVR) Q2 2025 Earnings Transcript
Motley Fool
Reservoir Media (RSVR) Q2 2025 Earnings Transcript
Image source: The Motley Fool. Wednesday, October 30, 2024 at 10 a.m. ET Chief Executive Officer — Golnar Khosrowshahi Chief Financial Officer — Jim Heindlmeyer Need a quote from a Motley Fool analyst? Email [email protected] Golnar Khosrowshahi, Founder and Chief Executive Officer; and Jim Heindlmeyer, Chief Financial Officer. As a reminder, this call is being simultaneously webcast and will be recorded and archived on the Investor Relations section of our website. Before I turn the call over to Golnar and Jim, I'd like to note that today's discussion will contain forward-looking statements that reflect the current views of Reservoir Media about our business, financial performance, and future events, and as such, involve certain risks and uncertainties. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that our expectations, beliefs, and projections will result or be achieved. Please refer to our earnings press release and our filings with the Securities and Exchange Commission for more information on the specific risks, uncertainties, and other factors that could cause our actual results to differ materially from our expectations, beliefs, and projections described in today's discussion. Any forward-looking statements that we make on this call or in our earnings press release are as of today, and we undertake no obligation to update these statements as a result of new information or future events, except to the extent required by applicable law. In addition to financial results presented in accordance with generally accepted accounting principles, we plan to present during this call certain financial measures that do not conform to U.S. GAAP if we believe they are useful to investors or if we believe they will help investors to better understand our performance or business trends. Reconciliations of these non-GAAP financial measures to the nearest comparable GAAP measures are included in our earnings press release. I would now like to turn the call over to Golnar. Golnar Khosrowshahi: Thank you, Jackie. Good morning, everyone, and thank you for joining us today to discuss our results for the second quarter of fiscal year 2025. In a quarter marked by multiple headline investments to expand our roster, we posted revenue of $40.7 million, up 6% compared to...
Investor releaseQuarter not tagged2026-02-05Reservoir Media Q3 Earnings Call Highlights
MarketBeat
Reservoir Media Q3 Earnings Call Highlights
Financial momentum and upgraded outlook: Q3 revenue was $45.6M (5% organic growth) with OIBDA up 11% to $18.1M and adjusted EBITDA up 11% to $19.2M, and management raised full-year 2026 guidance to $170–173M in revenue and $71.5–73.5M in adjusted EBITDA. Active catalog acquisitions and partnerships: Reservoir continued buy-and-build strategy with deals including the Miles Davis catalog and Bertie Higgins rights, new partnerships with Gladys Knight and T.I., signings of emerging writers, and expansion into emerging markets via Pop India and a joint venture with Abood Music/Cordel Burrell. Higher leverage to fund M&A: Total debt rose to $452.3M (net debt $431.7M) and interest expense increased to $6.6M, contributing to Q3 net income of ~$2.2M (EPS $0.03) despite stronger operating cash flow ($38.2M) and $114.8M in total liquidity. Interested in Reservoir Media, Inc.? Here are five stocks we like better. Reservoir Media (NASDAQ:RSVR) reported fiscal third-quarter 2026 results ended Dec. 31, 2025, highlighting continued catalog acquisitions, streaming-driven digital growth, and raised full-year guidance as the company heads into its fourth fiscal quarter. Founder and CEO Golnar Khosrowshahi said the company “continue[d] to execute” its strategy with a focus on deepening relationships with top-tier talent, investing in emerging hitmakers, and expanding in emerging markets. She said organic growth increased 5% year-over-year, reflecting demand for Reservoir’s catalog. → The New Defense Prime: Ondas Buys the Kill Chain During the quarter, Reservoir posted a 12% increase in music publishing revenue and an 8% increase in recorded music revenue versus the year-ago period. Management attributed growth in both segments to acquisitions, increased digital revenue, and continued growth in music streaming services. Khosrowshahi also highlighted recent Grammy recognition, noting Reservoir’s roster contributed to 10 wins across multiple genres. → Insiders Rang in the New Year Selling These Stocks, Buyers Beware Reservoir emphasized diversification across “iconic catalogs” and newer creators. In the quarter, the company announced the acquisition of publishing and recorded music rights for Bertie Higgins, adding songs including “Key Largo” to its portfolio. Khosrowshahi also reiterated the company’s September acquisition of the Miles Davis catalog and outlined plans tied to the...

