Reservoir Media (RSVR)

Alec Buchmelter Alpha IR Group
Golnar Khosrowshahi Founder and Chief Executive Officer
Rell Lafargue President, Chief Operating Officer
Jim Heindlmeyer Chief Financial Officer
Alex Fuhrman Craig-Hallum
Marc Riddick Sidoti
Call transcript
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Good morning, everyone, and thank you for participating in today's conference call to discuss Reservoir Media's Financial Results for the Fourth Quarter and Full-Year Fiscal Year 2022 ended in March 31, 2022. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the call over to Alec Buchmelter with the Alpha IR Group, who will review our agenda today and the company's forward-looking statement. Alec?

Alec Buchmelter

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

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

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

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Golnar Khosrowshahi

to on our in support Thank which year transactions, a execute Alec was our generation goal original complemented here fourth diversified This with line cash were capital year, expansion momentum potential, which robust strategy. delivered of in for and be today growth goal. which focused and through great by the portfolio We and morning and us and power the expand for I'm of of top building the organically value separate assets fiscal fiscal XX% included million good fourth XXX XX% in financially our great strategy, We year XXXX, organic This full deployment has you, Reservoir's extremely capital the above team our $XXX enhancement and continued strength, closed the quarter to position will those growth XX% fiscal the XXXX. everyone, our in discuss growth consistent quarter. deployed the over over original joining was shown the to catalog puts of business a results. model our now $XXX acquisitions. resilience thank million This on we and expectations of to both year today. continue excited This curated through you of as strategic strategically. investment exceeded

which during we In full-year quarter. and terms had as reminder, financial our EBITDA of raised revenue already ranges, commitments, we adjusted third annual exceeded the our guidance a

impacted like taking seeing, to Operating recorded that by Officer, of calendar to financial business. growing, and discuss stating lives This fiscal downs last for strong industry aspects into by I the with monetization Before of the touches trends were I'd According vast. would account year are Reservoir’s XXXX, public grew industry in to some our fourth alone, global the the the of despite all Lafargue for reviews CFO, Chief simply events the results we our Jim pandemic. XX.X% such like journey market live what year our a ups start for quarter and Heindlmeyer opportunity Rell planet, is was and consumption the music is and holds music company IFPI very as sources XXXX and consumption. future and everyone performance how overall, music the as on a our the

growth expected, revenue. we saw anytime The driven on music revenue seventh growth XX% do by expect growth this and in services, soon consecutive even now is which year yearly As this globally industry of was to macro a its down environment. streaming weaker slow not in

year. expectations value for in portfolio of numbers top in XXXX resilient to as to Further, music East model. earlier the the traditionally active performance the by America XXXX a Latin emerging sources. outperformed This continue to expecting alternative global is diversified Middle In are adoption XX%. benefit continue our economic relative ways to which to will Goldman having we our new revenue fact, growth its revised combination music that as business and specific and increase enhancement cycles, and the a digital during week, point, forecast To continued like Reservoir platform. strong music and strong hear, last growth to just line platforms XXXX, fiscal consume of led but accelerate of you Sachs geographies and due fiscal industry internal full-year a Reservoir's flexible the throughout illustrates

in are everyone, markets, evolves many forms, of geographies. of the Coming PopArabia, the touches we value to the we capabilities Notably, business to encouraged for to lives industry unique based our and music will in consistently takes different diversified performance again and justifying our shareholders. really on significant focus to Reservoir's sustainable achieve by on emerging saw seeing consumption leverage we growth the continue how last As back Abu Dhabi. the portfolio we year, growth in and are create music continued

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look I the and market, it team growth reminds markets the nascent As at Eastern us of significant Middle potential. with

we continued like anticipate potential and emerging about East Going Middle in excited the we markets the this are growth forward, has. region

in regional continued in and growth. investments of position take to advantage prime Our us put content artists

the partner complement strategy value who we In our several quarter to investments our turning that making capital achievements. Now, the with to by advanced strengths us. artists fourth quarter, deployment add and strategic our fourth significant

already artists, illustrate highlights: films to winning Henry on feature more. the which in in investments in Jackman, catalog like genres, the and our diversified the Film XXXX adding Score and a began initiatives the Film we on and Zimmer's to across to additions are rights an remains quality quarter investment continuing Hans an eras. quality to and Score ability many made of XXXX focus our here builds musical franchise with execute Our high few diversify strategic and include Composer in emphasizing our fiscal Captain The America award fourth portfolio. quarter our Catalog, different on This roster New

deal with for hip Larry our and album made We hop seminal legendary history first be artist Larry hip the the the producer genre Houdini Smith. to also certified songwriter, as hop Escape hop hip platinum. expanded album catalog Smith's with our

Xliwa. XXXX. with North active presence our the signing deals were on Ali strong since Ramadan; running more and we fast will rapper, underscoring mutual conjunction of to hip our Larry More revolutionized proud extended company our a we recently, are the our the and quarter writer start it executed who We in a songwriter increase commitment a fiscal growth These strategy and Tamposi, very deal We is the certainly genre with and as with was XXXX, Egyptian and artists hop markets industry represent against multi-platinum the ground PopArabia roster. Moroccan hit the have to emerging Middle music and and Smith's monumental. between just more rapper, East Africa. have Overall, to Mohamed Reservoir opportunities in provide with already influence the and

only our accretive We that inorganic our will improving but our in-line long-term to margins that margin continue are also deals are are to with not top profile and enhancing so line, leverage. pursue operating our objectives developments

entertainment. maintain impact While recession resilience against typically We partly headwinds through for acquisition most confident to well. that Reservoir remain rate music we monetized clear very uncorrelated turbulent organic due industry fact business this an opportunity, a path Reservoir times having a class our as forms is to businesses. outperform growth one insulated asset growth the that as pressures continues is model through is growth macroeconomic is this other to of represents and on reservoir Ultimately, under due an that that broader the the can positioned resistant remains of to market

fiscal across total XX% healthy our included performance, in metrics. prior in year quarterly and very our to period the Turning a the performance organic which growth represented key saw many growth. XX% $XX.X we growth of We of million posted versus revenue, quarter, fourth

from from Within and music revenue recorded publishing of segments, XX% XX% the music. came

our With broader continuing I'd over acquisitions, actions prudently manage XX% Rell? a to while further the to turn to the EBITDA. Rell call are costs. also like support industry to our to We improvement and cash additional adjusted managing operations. resulted in discuss These flow our in our that,

Rell Lafargue

you, morning Thank and everyone. Golnar good

to Reservoir stated, well Golnar equipped market navigate landscape. any As is

around leader to will position is the in in remain always be execution we changing, our While and us the approach consistent industry. a environment to and business our continue

capabilities to consumed artists creators be support by and and monetized. unique work, it Our can allowed effectively broadly have our us their such that licensing

performed consistently analyses conducted and rates, internal to our GDP, throughout, issues, of defensibility. showing business resiliency that legislative have has vigorous industry changes and signs dynamics, We and found interest around

through We another portfolio are efforts with and one have created insulated affect uncorrelated to typically that variables more economic and businesses. songs catalogs business general of that a create our with an artist cyclical

In to our thoughts our successes operations, in around terms share few fiscal a XXXX. I'd of like

people the On front.

continue throughout our augment year. team global We the to

the of XX% results on yielded revenue number has a added Tommy which licensing, Boy digital catalog. side recorded have growth such and resources on forma marketing music We as and pro the

of the increase our value resources new an in revenue yielding three sync capabilities, synchronization marketing impressive We XX% team, added have driving enhancement year-over-year.

team collective inaugural our and part completing sustainability climate being and Lastly, to drive next regard, workplace, and ESG inclusive the support governance are that to that our report we remains of world's and committed frameworks. and robust month. compliance risk strong an release efforts To and expect to open currently change, fix

Before recognized recent the Year Jim, also acknowledgments of turn other received. Golnar like Chief of were our the Billboard I team March, the to over Executive highlight where call their [indiscernible] awarded top I in Music In and and to XXXX would Women executives. event members Officer hosted as have was Executive

XXXX. senior their year named XXXX list and underscoring company's power four And for Golnar Our executives Variety players markets. as to expertise Impact not accolades to did stop Report recently, most New in were there the international named position significant Billboard's international Reservoir York Women's this

forward commitment during strive past exemplify I detail. we accolades to more awards our to have the our understanding look proud years organizations many the that, this Our more respected Jim in for team's depth and marketplace. global highly in in to the turn call our With and to to the financial that quarter the to been operation to in a XX come. I performance over to Jim? will team say, discuss our global these leading years of be from Needless exceptional am expertise

Jim Heindlmeyer

you, Thank Rell.

the had few As continued growth. public first a company long-term business, and strong and and and delivered stability We we the of actually very surpassed diversified for company. expectations, position stated, on our significantly to and Rell Golnar years enhanced

to million, financial the the quarter year. in which fiscal for quarter acquisition enhancing XXXX. expectations greater fourth from grow detail the portfolio to our fourth fourth XX.X full-year, We results increase Now, of our strategy. about through successfully and our assets Revenue quarter, a creators, were continued execute initiatives able of of for value while for the our XX% our roster on next for fiscal fiscal let's represented was talk

a growth to revenue across solid expansion but in driven particularly was recorded increase attributable delivered in line music growth versus QX was every nearly our by quarter. type, year prior business, XXX% top revenue Our digital which the

our fiscal XXXX, quarter, the cost the overall the at margin for saw of growth which fourth a against expenses of a XX% Looking slight revenue quarter increase quarter. improvement from XX% our operating revenue in the provides

public cost based QX being in Overtime, our our expenses to the last year. leverage catalog two stock not have of saw business. year-over-year continued company to depreciation expect of noted, a improve on our prior and in that ongoing listing we margins and the from the to operating Company operating the we costs due As inherent due last public increased administration did to quarters, an the related non-cash acquisitions. increase XX% year based compensation amortization

the calls, cleanest our a adjusted believe these metrics stated we evaluate of business. We results. two from last our performance of Both metrics: as I've of our the operating and operating give the impact on amortization two OIBDA these on EBITDA. As progress based view remove

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

partially public both music year-over-year For revenues compared to XX.X EBITDA to transactional recorded XXXX. improvement by while grew quarter were were primarily costs and and XX.X increased fourth XX% million, XX% by as to driven both a and company. related QX, offset fiscal increases These to OIBDA the adjusted being administration of the across in publishing million,

fourth fourth Our interest year. in XXXX million compared of last quarter, X.X expense quarter to million, came of the per was X.X up same the diluted fiscal X.X in XX% at income the for quarter $X.XX year. period from of share earnings compared to the million This per for the Net fiscal in resulted the share XXXX. quarter for same period last $X.XX, for

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

year-over-year Moving breakdown XXX.X to reported XXXX attributed for results, our increase raised across came at XX% well both largely the guidance million, of Top line and segments respectively. above and the full-year digital to range. cumulative which our growth in a year fiscal increase a was XX% revenue of synchronization revenue and top XX% previously a streams,

a public in a fiscal were revenues music from with to in-line were XX% we XX% year-over-year OIBDA our increases from Looking a overall costs public public million public company, saw transactional as by to cost year at revenue fiscal [increased] and in a year. recorded cost million, offset our revenue. not These being from which company. fiscal to XX.X to primarily for XX.X last fiscal company's the With non-cash of related company our adjusted XX% publishing in the have XXXX the ongoing of operating that XXXX, driven our being to administration by and XXXX, expenses improvement across administration XXXX stock-based expense increase is and we compensation EBITDA grew increased XX% first partially and [ph] both our saw fiscal being while our prior year, increase XXXX. due did listing related

This million expense resulted came of $X.XX XX.X the last year Net per from XXXX. for was over to interest XX% for was increase million, in to Our fiscal last compared full-year, of per share year. income XX%, an at earnings XXXX X for the XX.X for up million diluted which fiscal in share compared $X.XX, year.

ultimately ability the results our our industry. average on on These succeed opportunities, weighted value and growing strategy, share acquisition enhancement full-year music is in count execute outstanding diluted XX.X show our our to Lastly, million. capitalize

the in look the the first. of revenue our last and East. quarter, representing showed of a segment the million other television the Publishing generated for to Publishing Publishing the drivers revenue million, within due let's the for largely to a Music at quarter, in due recovery primarily Middle year-over-year streams. The our within X.X to segment revenue in totaled the last which Turning the growing from segment XX% was the time revenue segment fourth to was Synchronization Publishing increase year. fourth million. in Publishing the this Other Music sync XXX% our increase a This XX% COVID-XX. XX.X was film X.X industry from primary from year, quarter breakdown improvement increase impacts presence and

streaming revenue XXX% and increase by Our to the the increase quarter, recorded growth continued recorded in All recorded a the quarter. from by year was revenue, in quarter. on the the by generating our the music also types quarter, revenue $X delivered Boy continued music growth segment segment posted which within solid music deliver as results, is year. increase results rapid prior led driven in the strong earlier saw line it up Tommy at X.X The experienced a recorded side top in which Synchronization and overall XXX% within was that music consumption services. digital segment million in driven million fourth the fourth the acquisition

story a Our Music results top full-year Publishing segment similar line tell our within we growth recorded segment. as XX%

segment business the diversification had Tommy Driven also compared increased saw revenue within the to segment by XXXX. on of year-over-year revenues million. revenue largest significant greater acquisition as the to the year-over-year within revenue when top by type growth increased long-term. the growth XX%, the line streams that Music XXX% other Our Publishing Boy, of revenue Music than fiscal our over growth XXX% saw Recorded all X.X as our Recorded showing

on the available objectives. capital which cash We revolver, million our at our gives XXX.X total XX.X credit XX.X our to fund hand and million us strategic was million, of to liquidity million. comprised the with balance our on under move roughly quarter Let's quarter-end, of of facility XX.X sheet. closed At

was million of cost the $X.X of of $XXX.X million, ended debt. deferred we to million million as at compares which XXX debt, total we maintain of year-end. last net of fiscal debt quarter That net thus and terms In XXX.X net financing of

Our credit using EBITDA agreement. leverage was the XX.X reflects ratio as our of XXXX for the forma which million, X.X March adjusted of trailing XX-month XX, pro measurement

in note that interest interest over attractive our to year. I'll outstanding Lastly, our limit a is half coming exposure will debt very rates rate, rising which of at hedged the

related related for to into our I to next to period in I Before an reduction to results quarter or our than rather the fourth jump see for been period accounting revised This earnings acquisition adjustment impact prior have have effect to guidance and the adjustment. give a is included adjustments results flow in of you'll not that as acquisitions cash want immaterial is year, as our highlight certain slightly we this royalties purchase asset The when this is it and business between treatment, Upon total earned to Again, accounting closed. no and this amounts and revenue. higher. to is on the of that Had release would acquisition agreed treat momentum. that determine cash immaterial made the the our and an this royalties more those prior upon XX-K. we receipts time price are has appropriate these review the change, it's been

likely year economic for the to climate that's XX% be the we to $XX Let's public that's across outlook company, metrics we At strong of in challenging be to for the range in to our the million. range going other an first financial XXXX to in fiscal performance and to million adjusted midpoint, growth fiscal million $XXX upon shift million $XX many EBITDA be businesses. both in revenue $XXX as expect our of achieved gears Building a XXXX.

expand acquisitions into evaluate portfolio which guidance. continue As potential in considered of is XXXX, full-year our to we move assets, fiscal we’ll to our

being business a us by consistent diligent our operating the controlling our As growing and about on believe revenue have cash flexibility supported costs in with sheet overall I provides both we're to flows and highly predictable of roster solid we balance our costs talent. and mentioned, that invest and

expectations, the forward throughout look feel forward, confident I'll back progress about very We Golnar. With call on path and now pass our are to again that, our to higher year. updates the providing setting

Golnar Khosrowshahi

Jim. you, Thank

capitalize for activity on In robust our our XXXX, $XXX pipeline. deployed the forward, a we we growing remains of we capital previous look highlighted and were a XX million position competitive M&A strong over years. and had industry we able As that total to April of

equates our to past expanded creators. This of on over has to public XX have years. spending opportunities the XX% of able approximately rapidly year's we total been roster grow and Going our spending M&A

and deal our unique Our of diversified filled consistent been activity potential remains and pipeline has with deals strategic opportunities.

To we expect creators scaled strong M&A who clear, cash the front, pipeline deploy industry were this $XXX This strong, investment on required pricing have environment. deploy remains business fiscal incumbents acquisition partner. Further, catalog slow the predictable rate robust as reservoir our the our the ability in our On shift and our to and we of the music capital to benefits debt XXXX pace like way and we our in rising flows be strategic are covenant long-term generates, target. well given down trusted a the with the interest to the year. by million industry M&A to spending meet

to on existing our business, the will continue quality high strategy upside. operations focus while growth of on significant by pursuing with deals inorganic our executing We optimizing

[ph]. environment of the trends industry, continue should to an economic In despite we will remain [tepid] strong see that that lead secular terms

global such strong year-after-year. monetization are among] times so a long-term are mature it's up a we why of incredible, Sachs peak, after strategy. remain XXXX opportunities and in confident [ph] years provides are economic As even and markets and of it’s are lingering conflict, is and vast, highlighted consumption [XXX fiscal is why our Goldman gets a catching This and value in showing uncertainty, we health is music pretty its of music markets, for one historical spending crisis. signs The growing growth, quickly. and not especially XX% subscription streaming recently joy, forecasting refuge, new in growth services inspiration, service below still more The saturation

industry not The historically our across economic every predictable expanding varied deal of of lengths advantage through cash and great platforms. business is today, supported at that about by value drive is a are all have music roster monetization taking to talked cycles. we've flows strong greater for opportunity our we As great model artists

at continues team for holds. accomplished experienced and what of we what more to couldn't Reservoir be or and exceptional execute the I prouder future Our have excited

for We will now questions. open the line


Fuhrman [Operator Craig-Hallum. Instructions] Alex from question And of with first our coming the line

is open. Your line

Alex Fuhrman

as then breakdown give might so adding congratulations you an Great. think growth particular the organic my you about revenue wanted via the much us a bit the results even last year. about at how taking adding and really M&A? a of question XX% and midpoint. just continuation a split that a to on the M&A like for you can versus acquired us of Thanks you with between things And a music? or year, forecast top little looks you business you're the baked between strong you full-year's I Can line growth what publishing organic into as in between and that about what of it give guidance about growth ask guidance sense and of revenue be recorded what's either translates

Jim Heindlmeyer


with So, – this Good Jim. you. speak is we are to Alex,

look the and we to also organic date plan fiscal to recorded, we growth, Boy with we about move inorganic to Chrysalis on results. With both the obviously, with and catalogs, that music certainly breaking to we've both the looking side acquisitions Publishing XXXX, recorded expect As strong significant and continued we out side, to see continue very versus on forward respect excited publishing our as results we segments, forward recorded are rest and Tommy results strong those of we two M&A activities. assets. our forward made

Golnar with respect expect those front. way the As that to forecast amount half on our use our typically of based to our deploy money convention mentioned, year we for to for goals year. a do our bake And the are the the we we M&A well We achieving on into projections. year on

guidance into as well. are those So, certainly baked the

Alex Fuhrman

equals music, we're your That's Thanks, ways flows listening And there just to more as to is for Can simple certainly, of industry. consuming of a perspective, generated and mentioned different maybe Jim. or been music consumers music? from seeing of Is picture there's that that it you your Okay. consume about any royalties for shifts in impacts across Golnar, line, difference as you profitability big revenue the never bottom is you kind just talk helpful. then more how business? that consumption to as more the through new way ways perhaps

Golnar Khosrowshahi

certainly months, look etcetera. and mean, revenue the at sources that royalty accretive we for I they become us years, was exist as model are the In-home so. category but for of never to really example, revenue these and a Sure. X XX over is months, platforms months, a it XX fitness, has different, all in source as our last being past yet the couple of didn't

usage and again, and allocated complicated and certainly essentially. we so, per are is type The growth in help And that is geography, but birds digital all accretive drive perspective, that revenue sense, see it accretive. varies eye this from that is royalty these calculations a how and sources rather

Alex Fuhrman

guys but your of Then EBITDA if really the margins comments kind you're my some That's Okay, in be thanks flat overtime you significant keep anything inflationary helpful. be every we company it leverage it seems is the of might bottom industry really leverage kind the of like like Golnar. expecting guidance essentially this that there's business fiscal understanding as should growth? revenues be longer-term, XXXX, just line? of the that on is, for and etcetera, in last see inherent could on talking other looks some that just back wages, a in Just again it margins that to there correctly, Is I'm leverage lot long same, music pressures, curious is holding when about? as growing, year to particular rising start question

Jim Heindlmeyer


most you inflationary is things So, businesses. one certainly touched pressure of affecting that's which well, affecting it, the on the

about that's of significant this results. lot that talked other we in public costs company costs piece we've company past fiscal is the in eight impact a of public year. effecting months The is, had that XXXX The reality

we XXXX. as results will impacted XXXX to cost forward cost of company fiscal for our in be base move fiscal a by full-year reflected So, continue higher and public have that

that lead is exactly are the are So, those to on, us. to long-term we that what's largest make margins areas. we front move do probably we going well-positioned been investments which have you two what I as are think expanding making take ensure touched that in And the our to to operating we leverage of opportunities forward. of infrastructure and – And in that's advantage

Alex Fuhrman

it. Thanks That’s great. Jim. very much Appreciate


of question Marc next our Riddick Sidoti. line the from is And coming with

Your line is open.

Marc Riddick

Hey, good morning.

Golnar Khosrowshahi

Marc. Hi,

Marc Riddick

to what take Maybe future environment front a follow-up of wanted bit on labor you additions I a regard. some have your about I the currently? a more if retention you. well and in maybe I what dig of been about deeper challenging bit it's of, that prior guess in team wanted type opportunities a as little you're additions, as to as that and maybe to, the talk of talked made the of your seeing very the a talent remarks, in prepared and questions couple what advantage expecting into little as of maybe far you sort – Obviously, little you're maybe

little a more I if could bit touch was about So, wondering that? you

Golnar Khosrowshahi


to front zero that is in or four XX-months, management had to have of marketing, at we we or role two then all have don't one I data historically company since lost people. licensing, have the additional level past in turnover have that about inception. me, fill but are as in in have year. And An And looking believe those we think have goes, retention resources. left I we I – three the as are human is mostly fill in we far maybe we of right this roles in that probably etcetera. And fiscal that or areas

in really historically So, that hiring haven't both we strong ability frequently seen is the front. been has market you our retention today and retention that change on read a and challenging

Marc Riddick

that pipeline. then some private further this we've any as equity seen And could bit as sort to – a the prepared you your are you're great. maybe over much you bit about you having weeks seeing of if touch wanted made last impact impacts the talk comments currently? slide, what seeing I several activity Okay, acquisition a that, on on maybe touched little little competitors, far market And visible in are remarks as the with

Golnar Khosrowshahi

also we visible seen mean, during processes. we into visibility don't impact, haven't the have are competing against who I but any we Sure.

that's comment difficult for So on. little to bit us a

I We yet, say, have but haven't materialize fourth be we that not, impact seen could would coming.

in to Our Deal but in capital is From targets. robust. are a potentially think our robust and no could too seeing be that climate tell. we're it I pipeline poses deal that perspective, we deal upwards fluctuates downwards. pipeline a deployment flow day-to-day that's challenge executing moves basis on today, And flow early on the our

Marc Riddick

some industry idea historically and uncertain times company what [persons] then within And Great. what would I listening that could you've if bit of think obviously here? the as general a sort we – give seen who wondering within for are were of to sort of was those the [ph] investors of a little of your [put] who own [indiscernible] about maybe sort about [ph]. to lot concerns recessionary call talk you

Golnar Khosrowshahi

Yes. compares again spending. I recorded at you global music consumer that data historically mean revenues if look

correlation seeing spending, revenue. And You're spending, of that – there. Music it's we entertainment at lot not consumer a look Recorded

So is that's that from. coming where point

Marc Riddick

one Are great. Thanks. for frame And looking time me. last on at general simple release? XX-K we Okay,

Jim Heindlmeyer

Yes, we file to today. that expect aftermarket

Marc Riddick

very great. much. Okay, Thank you

Golnar Khosrowshahi

Thank you much. so

Jim Heindlmeyer

you. Thank


I like the call back And this at management time. now to remarks. over I'm showing turn to closing any questions would for no further

Golnar Khosrowshahi

operator. you, Thank

of look thank in and quality progress assets much. Thank at we've both Our performance you fourth this our summer. this you the of assembled. our Reservoir the morning. strength you on later updating so joining of forward is the I quarter I to us Jim team indicative for and


for conclude you for participation. Thank does our that gentlemen, your today. conference and Ladies

may now disconnect. You