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Reservoir Media (RSVR)

Participants
Jackie Marcus Alpha IR
Golnar Khosrowshahi CEO
Jim Heindlmeyer CFO
Richard Baldry ROTH Capital
Alex Furman Craig-Hallum Capital Group
Call transcript
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Operator

Good morning everyone and thank you for participating in today's Conference Call to discuss Reservoir Media's Financial Results for the Second Quarter of Fiscal 2022 ended September 30th, 2021. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to turn the call over to Ms. Alpha the who company's the agenda review with and today forward-looking Marcus IR will Group our Jackie statements. Jackie?

Jackie Marcus

issued conference Thank and you, second XXXX Reservoir fiscal earnings September XXXX for earlier thank everyone press Media call. XXth, you for quarter with operator. participating in its Good results an earnings morning this ended release of today's morning.

it investors.reservoir-media.com. of receive earnings call Khosrowshahi, press Financial me may Jim access Media. If our today's our release, section Heindlmeyer, Reservoir Relations at of you from a did are Investor copy Founder With Executive not on and Chief website the Officer of you Golnar Officer Chief and

reminder, recorded our a and website. call on webcast section simultaneously will and of As be is the this being archived Investor Relations

the our and to Golnar and turn financial I reflects Jim, will forward-looking to about over that future note and and current such, statements call Media business, like the Reservoir contain involves that discussion risks today's as uncertainties. performance, events of I'd use Before

Our good there faith expectations, for basis and expressed them. in are a reasonable believe is we and projections beliefs,

future applicable earnings there release to with required be to Exchange However, release Any as update in actual obligation risks, uncertainties, except for our that a cause discussion. result in to described our and factors or extent forward-looking our could that assurance we expectations, press and expectation, our be law. call the by information of projection more our new can as and statements results achieved. undertake of that on on are the to today's refer or or materially Securities result we projections the statements specific belief, and events, our filings Please beliefs, these earnings today no and no information make this will Commission press from and other differ

that believe do presented we are we performance during investors they GAAP U.S. the we in financial track. call not investors Principles, measures our measures if measures financial will release. or plan to in Reconciliations better understand GAAP press Generally to conform earnings with believe comparable to this business included help addition are certain to present nearest results to if our financial In of these accordance to non-GAAP they Accepted Accounting useful or

the the a to of terms will operations today, of of business review walk with before will and our are priorities. turn structure few your then will In like with financial over we the Golnar? making strategic to we call review with progress question. the execute that, comments quarter, our wrap-up back then and we I'd our Golnar come call the through of as our closing a start key Jim Golnar. remarks open Golnar line against to for a And

Golnar Khosrowshahi

chapter, strategy. become you, Thank completion so important today. contributions will any have together. and past everyone Jackie. we the and most a music roster next July to list team to first as unparalleled U.S. more to on late The capital to noteworthy our company at allows their for additional all company us taking to look the many us that our stock for and The morning with to and visible few profile building to time much you publicly-traded and public accelerate to exchange. the our was the join Reservoir call The thank been forward access Good our of growth organization. filled for process have our milestones achieve grateful we endless months am on expand tremendously independent I

over it, our high level performance execution months. the a shifts the walk our recap landscape to through I'd agenda, within place like of and today's plus For in last and speak few you to

that investors music. both includes constant where Heindlmeyer read our backs is new industry share week was iterations your one streaming Jim beyond perpetually the ethos. listing, detail, dedicated questions. long-standing to being to is revenue CFO, have is novel even quarter's our generating time XX.X undergoing these hours music our accelerating securing are based accretive statistics, of financial platforms people unprecedented access industry. Data on and music our the Since is billions growth the are to music us IFPI and rate more expansion likely claim, consistent by conclude per of XX% reflects of have and services. and of subscription July But boom Following of evolution, answering relatively all you investing novel revealing Music to This audio results what about monetized on some reality belief platforms, which listening increased an listeners, on streams. and it that to there are in core identifying these This the spent backing this we numerous that, mid-October the access in financial proliferation growth. hours The the of recent will is in these appealing will at a that move a released listening points, on in new a dollars from points. business and

in to boasts opportunities long-term. value in video more artists Then later for Roblox our start thrives. partners and music-enabled platform licensing equipment in-home is area even we charge and with month content music enhancement with the category sales fitness the and was until a behavior platforms. for we soaring the for to set February drove of and media. gaming here XX apps. users Peloton of and an social came is the explosive where on leading today, the for precedent believe consumer an active fitness growth pandemic the in in forward million agreement for For gaming category daily in-home usage their XXXX. other Shifting example, And business see immaterial The we online this over change

audiences reshape with speaker recognize to in lines, by like platforms we music. And size media Social content by powered assembly ahead, doubling Twitch rolling cars Wi-Fi-enabled implications looking XXXX. industry, of TikTok licensed and the the continue captivate off smart will how often, tokens of that in more and and understand music buy, what musical and sell music is for to experiences. We people more this more places. how own, music, means more all and And listening we

Let's key turn saw across second to our we our metrics. performance. In fiscal the all quarter, quarterly double-digit growth performance

operating a types XX% XX% sources. our growth due revenue from other Our last increased demand physical the continue and in objective. to In team, service vinyl ensure We sales XX% our $XX.X initiatives, a integrate, And and this that performance growth of in strong we music The steadfast of and meet operations XX% revenue to growth, XX% from with other recorded a which independent for and year, a of despite sales. growth over and execution total which strong our represented this From revenue perspective, remain to with we X% growth addition business to growth. become came support from organic XXX% saw publishing, million from well-positioned our tailwinds in EBITDA. against has strategic related expand music, with included annual commitment XX% people costs, M&A. recorded the position segment to from our disciplined will and a remain public multiple posted XXX% improvement from in improvement leader invest income sector, to transaction grow the and in operating costs our metrics annual adjusted us in our company well our coupled We being digital identify, as the growth in segment. the put

made career-defining a significant us, the Songwriter Celeste. won incredible music we and Novello is that it of support recognizing And of legendary and in the Reservoir to past all assets continued to with Hartman Over addition legacy investments artists. trusted welcome our our achievements of and roster Jamie award their all portfolio and continuing to starts evidence months, for alongside the me, geographies, the across artists. coveted and Longtime Reservoir iconic client his in moment few incredible roster of artists the genres songwriters accomplishments. of the and the steward for build Ivor to Joni Year and partner assets Mitchell, our

market celebrated the Year to a Music for of Business along with capture recognitions. share XX and awards States A&R Publisher the at United We nomination to according Awards, Worldwide a and in of Billboard top continue slew

like most BTS' summer specific with Jim? deals the the Billboard. Alabama, of completed Hooks by all financial country the I'd us single that, walk Rufio the the awarded music time, Butter, writers ask around and With few song more also one through roster, Jim to We record breaking quarter. band dubbed during performance signed a our to newcomer to officially details of the behind of

Jim Heindlmeyer

came quarter strategic and We want to I with you, good our as line EBITDA. in Golnar incredibly expectations. revenue, with adjusted second and initiatives double-digit Golnar's and everyone. in which pleased our on our I'm morning growth operating Thank profit, echo year-over-year comments results, deliver executed

our Now, let's look detail. greater in results at

offer a all fiscal explicitly XXXX that between As will I percentage comparisons XXXX. reminder, otherwise, QX make, change stated QX unless and references fiscal

our the fiscal from the our enhancement the music exemplifies organic revenue $XX.X quarter value Revenue driven in quarter of XX% Golnar strong That second today's XX% million, increase revenue was As in growth a second fiscal for an content. audio mentioned, fiscal and and included second XXXX. demand growing quarter by efforts.

and and streams greater opportunities that for to the creators continue trust artists organic leverage teams new who value their Our us drive expansion revenue and streaming life's work. with alternative

XX% be business great numbers markets. catalog the can international topline in those continued performance and revenues to segments, attributed across in Additionally, digital increase growing the presence both acquisitions, a

segments driven compositions This generated Digital last music Roblox. into both through digital compositions artist's XX% synchronization programs quarter, quarter, to Now, strong and performance combination films musical images, with which year-over-year. a such publishing. our other $XX.X refers Publishing new streaming XX% television platforms segment revenue commercials. services, million download the or refers Digital for million increase recordings our visual in use year. services, Peloton revenue bodies of from $XX.X Synchronization including Music in distributed the digital time down and revenue sources. this improvement to in in let's starting Music right totaled or as musical revenue from revenue from such drill music a in was gain the the as was by services, to an and with Publishing or

increase revenue quarter generated million of segment, synchronization second from quarter the fiscal XXXX. an in XX% $X.X the of During the

offset specifically seen Our source. revenue strong revenue two challenges from COVID-related performance our sources these results helped with some

as delivered producing this the of for in June. the revenue sales in segment. acquisition XXX% second fiscal during and and Tommy uptick million driven prior as XXX% refers second the able to to aggregate, the increase the XXX% a we schedule of physical of it COVID physical the recorded Physical team schedule Boy million demand take and be segment release improvement the an our recovery Within vinyl the from the a from Our partly revenue shows year very by second in segment was a had physical XXXX recorded strong release in products was triple-digit organic quarter, contributed sources. increased also fiscal million, quarter revenue during year. physical, to robust in a global revenue. were quarter results Digital QX, Chrysalis prior $X.X a $X.X growth In Boy such to quarter of light This of again quarter, music very strong from during Tommy growth in very $X.X led to which posted advantage growth that and to generated in $X.X compared which year-over-year. staggering attributed increase CDs. Boy from revenue million This digital drove XXXX. Tommy both for of $X.X to million of can music, products, vinyl organic

increase and operating our prior which to quarter associated XXXX. writer our expected the fiscal the driven second music depreciation grow capital amortization catalogs. of depreciation due grew and cost aggregate, Amortization other Boy associated with quarter second due acquisitions. as as XX% to was expense due physical publishing as we related acquisitions year-over-year decrease from public catalog spike the This led of company costs XXXX. XX% revenues in expenditures, increased Tommy other the largely at of expenses with increase. for continue saw Administration by as making expenses the of is our and well of additional Depreciation royalties to Looking fiscal higher to quarter, expenses to expenses costs the costs a revenue, a well to acquisition revenue. execute most of initiatives, the increased while the costs increased of and from the acquisition strategic and being representing full XX% of recorded with music as artists Amortization royalties

continue a a of remove performance quarters. grow, from to these two our revenue down based and these evaluate As the results. adjusted impact to window We expect operating we of on Both continue EBITDA. percentage in amortization operating to coming come expenses the we our as metrics, metrics of

So, of certain intangible these non-recurring such of as certain costs capitalized metrics or impact do tangible not Adjusted expenses in stock-based reflect generating assets periodic used the EBITDA non-cash comp. removes revenues. other and

well costs OIBDA offset increased public These associated with costs were quarter, $XX.X adjusted XX% as a second higher increases driven revenues the Tommy by being to grew with the of XXXX. partially For year-over-year company. million fiscal segments, primarily which from million, were Boy as EBITDA in XX% associated revenues, $XX.X higher to while cost both quarter the by acquisition, of

second quarter interest Net the which Our income the an fiscal fiscal period year last period. million resulted $X.X $X.XX $X.X compared of the for million quarter the increase second share the was share for XXXX for of XX% million, from to was for year. second XXXX. for expense same of was quarter $X.X per of This compared in earnings to prior $X.XX the quarter diluted per

Lastly, million. our is diluted outstanding XX.XX average weighted share count

business. roughly In the some cash allowed terms of the of cash by power organic redemptions our strong the of That remain remain flow leverage prudent to supported our balance with million use investments liquidity sheet, comprised nearly flexibility $XX.X revolver, and combined additional need of our With operating generating notwithstanding, $XX.X has million cash fund total us the of our on strong cadence year. strategic objectives. of million $XX we we original hand our of available under on have with track the to and for

I'd for and total two remarks outlook In compares providing debt have our year we're which end. million That range of $X.X quarter of costs, EBITDA. to XXXX. like the maintain for important $XXX.X revenue a prepared of thus adjusted end million my outlook debt. deferred XXXX was last KPIs; and debt, to financing financial Today, initial net fiscal fiscal fiscal with our we our of terms we million at for of most ended $XXX.X net $XXX.X as net million,

fiscal the midpoint March growth range. in For the $X.X or currently XX% full XXXX revenue. actual revenue to we million XXXX, fiscal end million year, which $XXX compares forecast will million of XXst, at This $XXX for our XXXX to at of

near-term For growth this prior the year, projecting year. public $XX forecasts generating again, to million company acquisitions to complimentary provide balance our midpoint to Organic growth need that $XX.X da, with in related compares sheet $XX cash adjusted million we're should EBIT execute million M&A which we the to XX% our and in fuel fiscal support and the additional fiscal the even and costs included to a in at our topline Again, on opportunities XXXX. power looking being pipeline. equates

as value that consider maximize will move We we will those capital activities sure we any make are forward.

we streams. topline for as remind our we controls, a the overhead strong to will I'll those may our Generally last for be additional by efforts, adjusted EBITDA, to every we the need few one leverage may copyrights only new has acquire. talent wages, In higher often add revenue add that administrator we become range of when operating slightly more cost we service be investors acquire to and as model progressed XX,XXX That don't supported need significant the terms that by cost we catalogs, offset healthy royalty maintain speaking, quarters. said, we've of and to certainly expensive provided

pass adjusted expanding the the Golnar. margins the With that, at I'll back lead call level. that to will to we EBITDA expect Over long-term, now this

Golnar Khosrowshahi

Jim. Thank you,

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of in Another on business are award-winning music, and yours. types the development exciting to recent that to all of us broadly -- Up. the entertainment at exposure have share team in beyond content podcast sincerely that enable We we focused and is listenership strategies that Audio investment of audio is believe occupying more are content

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rapid the year by rich to this music. the landscape fitness. In and as fact, continues And and VR for driven there's form this in exciting The love short that and study best emergence all in-game people's notes paints much of diverse picture a new music flourish. of more engagement have come music engagement music to of IFPI experiences, says video with Supernatural they

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strive substantial value will further to rates growth we Second, by and enhancement organic growth industry initiatives. driven demonstrate outpace

transactions Third, and our as we a reputation At of affords and agility through artists us. legacy $X.X a are build present, track will of creators. assets, caretaker leveraging we evaluating our in leading scale with continue proven to of the over record size M&A, billion

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will the line open We now questions. for

Operator

Baldry a Capital. comes Richard Instructions] first ROTH Our [Operator from of question line of

Your is open. line

Richard Baldry

Thanks.

long-term down seasons a So, but shutdowns start then gets well of obvious sort and as the What if concert that's is on contributing a be outside to could that thing movements we sort dragged lockdowns? of, back that bit. the of performing in that got people our why sort of performance normalized regular, not as sort categories, is level of the full COVID only

Jim Heindlmeyer

primarily we're lagging the a the, the Jim. is Rich, on report still international particular, you? what seeing how are Hey, with in lag. of really Those I effect, three markets six-month Well, the think revenue, to is markets. here performance This

numbers QX of we're out, So, include good we the of the us of progress, in this last really, international numbers pre-pandemic reflective the of numbers, to are on lot last seeing and QX of we're year that there's are pandemic. this while certainly year's that think year's the when comparing levels, and still year, really of where way some a midst being

So, we which think And is move we next over back two that expect to where a our will we forward back. to three international we level quarters, around as be, side come start to performance the really XX% the to it will is -- we'll overall get really where revenue. of

Richard Baldry

Okay. driver the of something population a is are areas or we but that sort new us it's to Middle to of, ways revenue potential think when like that large that big metrics, few probably buckets, more that's about how and scale East international, this be years about closer that few maybe parts there a come? what are the tells And the per obviously for to -- to or the of versus Europe, U.S. a maybe can think Asia

Jim Heindlmeyer

been a one used the factors out there's like there's Those this size, that East. into that of now revenue touches through of with on in able it. market coming it to go much do to that mentioned performance an have of potential music And are laws the have and say you we're And things a on a of lot way I'd not entity in historically, without that of that, the because regions. oftentimes of licensing it's markets seen Golnar music. has different license with population a ESMAA. that not there's lot properly monetizing really copyright the Middle lot a and do just But there lot in we of think ESMAA, to that hasn't

that a those think revenue. the growth also will performance lot in of markets growth I contribute to emerging of subscription the

Richard Baldry

time to through new period Xx you adding how what organic you're Xx for et Not the see of organically you the incremental And growth synchronizations, over sort costs that but about your that Then you sustainable organic of been libraries, some growing talk are wholesale when industry, obviously extensible? are growth? cetera? need almost or the support can simply

Golnar Khosrowshahi

Its Rich, are you? how Golnar,

Richard Baldry

Good.

Golnar Khosrowshahi

As far have goes, that sustainable. don't any not as growth organic indicator it's we

by we Our a power of through cetera. obviously here those and organic execute continue on growth continue we driven et to is our continue to undertake to sync and lot are staff initiatives that the team, that ones and

have good a we that could have and of indication an pretty that growth we record So, organic track that don't consistent being change.

Richard Baldry

factors we Then about that revolver. Okay. if drive the capacity the on think the

So, recurring when visible streams. buying highly high assume revenue they you're I that understand -- margin

to buy So, business, flex them those be as over of tools you integrate that grow time. the some sort M&A revolver the have to key of a into the is keep one up that Will effort?

Jim Heindlmeyer

us. lenders. of very have group do really who revenues, Yes, they're it's understand and strong of long our and fortunate lenders I supportive been relationship us. of a mean, predictive a we and our where always position with nature They've we recurring are to be of in very the a And supportive

with we move capacity we forward. revolver our as don't So, any at foresee looking or revolver options around our issues with

Richard Baldry

And side. new you still walk us can because running you but through the the overall in maybe down, on seasonality are very sorry markets, for the public revenue

Now, you as you've -- given distinct seasonality. number, topline but is a a there

us so of sort that, calibrates it together. that remind just So, everyone of

Jim Heindlmeyer

versus accounting. revenue. a September more with we process some that some that primarily the XX the have to of try of working those end our in international quarters the of We're between move we and have but reality of have to them sub-publishers success Yes. June periods. been cyclicality there, be I larger won't that revenue days side international on periods March of And to moving pay sources, likely everyone our historically to the We're December the make and because distinction number us schedule. a of and semi-annually, who the to seasonality is the like after to quarterly

third you being fourth So, quarter because and March that in than the context in second the provided come that certainly cyclicality timeframe. year and half in the of the guidance our in quarter more about of semi-annual think the that the the the we of accounting can significant

Richard Baldry

Thanks. The picture, quarter for And last broad me. about been a but now. from one you've -- more public

but touched more little your in market, source just cetera, et and you, maybe come that visibility how kind so color the to transforms for ability gauge Thanks. to we do the pipelines going impact on of get it, forward? early You have lightly could your a you deals, build on think a how that

Golnar Khosrowshahi

insofar independent that we certainly that with milestone interest comes visibility and Sure. that there's first other we And that. we because currency publicly-traded to we that so and the as the recognize we potential structure that was can we recognizing, there be mean, States a well. deals our of do going seeing that a seller greater market in certainly are interest seeing hand-in-hand have and people United as public, are the as it's now are have I we seen but within and insofar vehicle how one has the have traction

and we as continue a the marketplace. given greater two said So, it's hope quarter. that, And within together to things visibility build you those it been has to come us on only

it. to continue will momentum track behind and that hopefully So, have

Richard Baldry

quarter. the on congrats And Thanks.

Golnar Khosrowshahi

Thank much you Rich. very

Jim Heindlmeyer

Thanks Rich.

Operator

Alex comes the [Operator Instructions] Our of Craig-Hallum Group. Capital question next line Furman from of

open. is line Your

Alex Furman

wanted are stands look that how Great. you for a the of a is taking there quarter. that as you deal. at having my you acquisition on integration large over question. actually deals year, I been Thanks M&A pipeline, out, Can any like have really you're other very but ask the particularly guys seriously about a about that going? lot the you're And talk strong Boy Tommy large considering? your looks past on Congratulations very much executed M&A to seeing,

Golnar Khosrowshahi

you? are a now. say And Thanks very I track, going How that's Boy the As it far integration goes, Sure. would for few Tommy obviously on months of ingestion as those as is on ahead probably with much been et that of Alex. very and staffing is copyrights and just so schedule, those and There cetera. services team are charge we results. ingesting in pleased far and an it's

a not are an due or on that there mentioned. As as but far in in size over large-size exclusivity But pipeline billion there of that a we right similar -- diligence in I deal $X.X deal evaluating presently. are now, sort of said, as a we are few confirmatory deals of -- being transactions exclusivity, I

Alex Furman

little helpful. And markets? about much market. and emerging years? the Can a touched looking context are in today talk the part little factor business next call over of a Thanks think then And the really you about into that M&A then you that's bit a you're much I of Golnar. emerging level of of at, emerging markets in deals could few how pipeline Jim your that how the that and Okay, bit

Golnar Khosrowshahi

the and the we a from emerging see flow obviously, that course next to presently, coming X% growing do on are that is from potential and and in the those significant of is our pipeline obviously, markets that about emerging not X% see revenue number. are So, markets our there, contributing deal we it currently executing great But we few do some the years. over substantive

Alex Furman

much. very Okay, helpful. Thank that's really you

Operator

the for turn to closing this time, back call remarks. I like over Khosrowshahi to At Golnar you. Thank

Golnar Khosrowshahi

Thanks updated again. for so thanks continuing you and forward to and to joining today you us we Thank to much. look keep everyone

Operator

call. you This conference for Thank participating You concludes may today's disconnect. now