Reservoir Media, Inc.
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 5, 2025
RSVR$10.21-1.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-12-31; filed 2025-02-05.
0001410578-25-000076
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001410578-25-001573
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 146 previous paragraphs and 124 current paragraphs.
63 unchanged; 46 reworded; 15 added; 31 removed; 6 previous and 0 current paragraphs rearranged.
Tables are not compared: 30 previous and 28 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (15)
Current report
Music Publishing revenues increased by $933 thousand, or 4%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This increase in Music Publishing revenues was mainly due to a $1,342 thousand increase in synchronization revenue driven by the timing of licenses and a $312 thousand increase in other revenue primarily attributable to acquired stage rights. These increases were partially offset by a $350 thousand decrease in performance revenue and a $325 thousand decrease in digital revenue.
Current report
Recorded Music revenues increased by $814 thousand, or 8%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This increase in Recorded Music revenues was mainly due to a $1,477 thousand increase in digital revenue driven by acquisition of catalogs and continued growth at music streaming services. The increase in digital revenue was partially offset by a $349 thousand decrease in synchronization revenue driven by the timing of licenses and a $280 thousand decrease in physical revenue due to the planned timing of releases.
Current report
Cost of Revenue
Current report
Operating Income
Current report
Operating income increased by $485 thousand, or 10%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily driven by an increase in revenues, partially offset by increases in amortization and depreciation and administration expenses. Operating income margin (operating income expressed as a percentage of revenues) increased to 15% during the three months ended June 30, 2025 compared to 14% during the three months ended June 30, 2024, primarily as a result of an increase in revenues and a decrease in cost of revenue as a percentage of revenues, partially offset by increases in amortization and depreciation and administration expenses.
Current report
Gain (Loss) on Foreign Exchange
Current report
Other income (expense), net during the three months ended June 30, 2025 and the three months ended June 30, 2024 was comprised primarily of the Company’s recognition of its share of losses incurred by equity method investments.
Current report
Income Tax Benefit
Current report
Income tax benefit was $271 thousand during the three months ended June 30, 2025 compared to $294 thousand during the three months ended June 30, 2024. The decrease in the income tax benefit during the three months ended June 30, 2025 was primarily due to the increase of loss before income taxes, partially offset by a lower effective income tax rate.
Current report
On July 4, 2025, the reconciliation bill, commonly referred to as the “One Big Beautiful Bill Act” (“OBBBA”), was signed into law in the U.S, introducing a broad range of tax reform provisions, including changes to interest deductibility, bonus depreciation, and various international provisions with multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company is currently evaluating the full effects of the tax law change. However, the legislation is not at this time expected to have a material impact on the Company’s financial statements. Since the law was enacted after the end of the Company’s first fiscal quarter, the Company has not reflected any impact from the OBBBA in its financial statements for the three months ended June 30, 2025.
Current report
Net Loss
Current report
Net loss was $644 thousand during the three months ended June 30, 2025 compared to the net loss of $453 thousand during the three months ended June 30, 2024. The increase in net loss was driven primarily by increases in interest expense and loss on fair value of swaps, partially offset by increases in gain (loss) on foreign exchange and operating income.
Current report
Adjusted EBITDA increased by $1,274 thousand, or 10%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily as a result of an increase in revenues, partially offset by an increase in administration expenses.
Current report
NM - Not meaningful
Current report
RMM is a borrower under a revolving credit agreement (as amended or supplemented from time to time, the “RMM Credit Agreement”) governing RMM’s Senior Credit Facility. On June 3, 2025, RMM entered into an amendment (the “Third Amendment”) to the RMM Credit Agreement, which amended the Senior Credit Facility to (i) increase the revolving credit commitment from $450,000 thousand to $550,000 thousand, (ii) adjust the consolidated net senior debt to the value of the music library ratio for the 0.25% increase in the pricing grid from 30.0% to 37.5%, (iii) reset the incremental borrowing capacity under the facility’s accordion feature to $150,000 thousand after the effectiveness of the Third Amendment, (iv) exclude non wholly-owned foreign subsidiaries from the requirement to guarantee obligations under the RMM Credit Agreement and (v) modify certain negative covenants under the RMM Credit Agreement as further set forth in the Third Amendment.
Removed paragraphs (31)
Previous report
Total digital revenues increased by $4,277 thousand, or 21%, during the three months ended December 31, 2024 compared to the three months ended December 31, 2023, primarily due to price increases at multiple music streaming services, as well as the impact of catalog acquisitions. Total digital revenues represented 59% and 58% of consolidated revenues for the three months ended December 31, 2024 and the three months ended December 31, 2023, respectively.
Previous report
Music Publishing revenues increased by $3,749 thousand, or 16%, during the three months ended December 31, 2024 compared to the three months ended December 31, 2023. This increase in Music Publishing revenue was mainly driven by revenue from the existing catalog, which benefitted from price increases at multiple music streaming services that contributed to an increase in digital revenue, and the acquisitions of new catalogs. Additionally, mechanical revenue increased during the three months ended December 31, 2024, driven primarily by the strength of physical sales of controlled compositions as well as the acquisition of new catalogs.
Previous report
Recorded Music revenues increased by $1,965 thousand, or 20%, during the three months ended December 31, 2024 compared to the three months ended December 31, 2023. The primary driver of the increase in Recorded Music revenue was a royalty recovery related to underreported usage for a music catalog (the “royalty recovery”). In addition to the royalty recovery, Recorded Music revenue also benefited from continued growth at music streaming services and price increases at multiple music streaming services , and the acquisition of new catalogs.
Previous report
Total revenues increased by $11,578 thousand, or 11%, during the nine months ended December 31, 2024 compared to the nine months ended December 31, 2023, driven by a 14% increase in Music Publishing revenue and a 3% increase in Recorded Music revenue. Music Publishing revenues represented 68% and 66% of total revenues for the nine months ended December 31, 2024 and the nine months ended December 31, 2023, respectively. Recorded Music revenues represented 28% and 30% of total revenues for the nine months ended December 31, 2024 and the nine months ended December 31, 2023, respectively. U.S. and international revenues represented 60% and 40%, respectively, of total revenues for the nine months ended December 31, 2024. U.S. and international revenues represented 59% and 41%, respectively, of total revenues for the nine months ended December 31, 2023.
Previous report
Total digital revenues increased by $10,726 thousand, or 18%, during the nine months ended December 31, 2024 compared to the nine months ended December 31, 2023, primarily due to price increases at multiple music streaming services, as well as the impact of catalog acquisitions. Total digital revenues represented 59% and 55% of consolidated revenues for the nine months ended December 31, 2024 and the nine months ended December 31, 2023, respectively.
Previous report
Music Publishing revenues increased by $9,646 thousand, or 14%, during the nine months ended December 31, 2024 compared to the nine months ended December 31, 2023. This increase in Music Publishing revenue was mainly driven by revenue from the existing catalog, which benefitted from price increases at multiple music streaming services that contributed to an increase in digital revenue, and acquisitions of new catalogs. Additionally, synchronization revenue increased during the nine months ended December 31, 2024, driven primarily by the timing of licenses. These factors were partially offset by a decrease in performance revenue, partially due to the timing of hit songs.
Previous report
Recorded Music revenues increased by $1,076 thousand, or 3%, during the nine months ended December 31, 2024 compared to the nine months ended December 31, 2023. The increase in Recorded Music revenue reflects the royalty recovery, continued growth at music streaming services and price increases at multiple music streaming services, as well as increases in neighboring rights revenue and synchronization revenue. These increases were partially offset by a decrease in physical revenue after robust sales of new De La Soul releases in 2023.
Previous report
On a geographic basis, U.S. Recorded Music revenues represented 55% of total Recorded Music revenues for the nine months ended December 31, 2024 compared to 54% for the nine months ended December 31, 2023. International Recorded Music revenues represented 45% of total Recorded Music revenues for the nine months ended December 31, 2024 compared to 46% for the nine months ended December 31, 2023.
Previous report
Cost of Revenues
Previous report
Cost of revenues increased by $1,846 thousand, or 14%, during the three months ended December 31, 2024 compared to the three months ended December 31, 2023. Cost of revenues as a percentage of revenues decreased to 36% for the three months ended December 31, 2024 from 37% for the three months ended December 31, 2023, reflecting a gross margin increase for Recorded Music and an increase in Other revenue.
Previous report
Cost of revenues increased by $2,045 thousand, or 5%, during the nine months ended December 31, 2024 compared to the nine months ended December 31, 2023. Cost of revenues as a percentage of revenues decreased to 37% for the nine months ended December 31, 2024 from 39% for the nine months ended December 31, 2023, primarily reflecting a gross margin increase for Recorded Music and an increase in Other revenue.
Previous report
Nine Months Ended December 31, 2024 vs. Nine Months Ended December 31, 2023
Previous report
Recorded Music administration expenses decreased by $34 thousand, or 2%, during the three months ended December 31, 2024 compared to the three months ended December 31, 2023. Expressed as a percentage of revenue, Recorded Music administration expenses decreased to 19% for the three months ended December 31, 2024 from 23% for the three months ended December 31, 2023, primarily due to a decrease in marketing expenses in the current period.
Previous report
Total administration expenses decreased by $211 thousand, or 1%, during the nine months ended December 31, 2024 compared to the nine months ended December 31, 2023. The decrease in administration expenses reflects the nonrecurrence of $2,700 thousand related to the write-off of recoupable legal expenses and attorneys’ fees incurred in connection with the Royalty Dispute during the nine months ended December 31, 2023, as described in Note 15 to the accompanying condensed consolidated financial statements (the “Recoupable legal fee write-off”), partially offset by an increase in Other administration expenses. Expressed as a percentage of revenues, administration expenses decreased to 26% for the nine months ended December 31, 2024 from 29% for the nine months ended December 31, 2023, primarily due to the nonrecurrence of the Recoupable legal fee write-off.
Previous report
Music Publishing administration expenses decreased by $821 thousand, or 4%, during the nine months ended December 31, 2024 compared to the nine months ended December 31, 2023. Expressed as a percentage of revenues, Music Publishing administration expenses decreased to 23% for the nine months ended December 31, 2024 from 28% for the nine months ended December 31, 2023, primarily due to the nonrecurrence of the Recoupable legal fee write-off.
Previous report
Interest expense was relatively flat during the nine months ended December 31, 2024 compared to the nine months ended December 31, 2023.
Previous report
Loss on Foreign Exchange
Previous report
Loss on fair value of swaps was $2,532 thousand for the nine months ended December 31, 2024 compared to $1,774 thousand for the nine months ended December 31, 2023. This change was driven primarily by the September 2024 decrease in SOFR, as well as the time value of the swaps that expired on September 30, 2024, partially offset by marking to market our current interest rate swap hedges.
Previous report
Other income, net during the three months ended December 31, 2024 consisted of a $104 thousand gain recorded on the disposal of an equity investment during the period (the “investment gain”) and the Company’s share of proceeds related to underreported usage for an acquired music catalog that pertained to periods prior to the Company’s acquisition of the music catalog, which amounted to $405 thousand (the “recovery income”). Other expense, net during the three months ended December 31, 2023 consisted primarily of a $991 thousand impairment to write-down an equity investment to its estimated fair value (the “investment write-down”). See Note 14 to the accompanying condensed consolidated financial statements for discussion about the investment gain and investment write-down.
Previous report
Other income, net during the nine months ended December 31, 2024 consisted of the investment gain and the recovery income, partially offset by the Company’s share of loss recorded by an equity method investment (the “EMI loss”). Other income (expense), net during the nine months ended December 31, 2023 consisted primarily of the investment write-down.
Previous report
Income Tax Expense (Benefit)
Previous report
Income tax expense was $1,987 thousand during the three months ended December 31, 2024 compared to income tax benefit of $1,227 thousand during the three months ended December 31, 2023. The change to income tax expense from income tax (benefit) was driven by the income before income taxes during the three months ended December 31, 2024. The effective income tax rate during the three months ended December 31, 2024 was 27.2% compared to 30.0% during the three months ended December 31, 2023. The change in effective income tax rate during these periods primarily reflects the amount and mix of income from multiple tax jurisdictions.
Previous report
Net Income (Loss)
Previous report
Net income was $5,312 thousand during the three months ended December 31, 2024 compared to a net loss $2,861 thousand during the three months ended December 31, 2023. The change in net income (loss) was driven primarily by the change in gain (loss) on fair value of swaps and improved gross margin, partially offset by the change in income tax expense (benefit) in the current period.
Previous report
Net income was $5,010 thousand during the nine months ended December 31, 2024 compared to a net loss of $2,015 thousand during the nine months ended December 31, 2023. The change in net income (loss) was driven primarily by the nonrecurrence of the Recoupable legal fee write-off and related interest associated with the Royalty Dispute and improved gross margin, partially offset by the change in income tax expense (benefit) in the current period.
Previous report
Music Publishing OIBDA increased by $1,388 thousand, or 18%, during the three months ended December 31, 2024 compared to the three months ended December 31, 2023. Expressed as a percentage of revenue, Music Publishing OIBDA Margin was 34% during the three months ended December 31, 2024 and the three months ended December 31, 2023.
Previous report
OIBDA increased by $9,745 thousand, or 28%, during the nine months ended December 31, 2024 compared to the nine months ended December 31, 2023, driven by a $7,231 thousand increase in Music Publishing OIBDA and a $2,579 thousand increase in Recorded Music OIBDA. Expressed as a percentage of revenue, OIBDA Margin increased to 38% for the nine months ended December 31, 2024 from 33% for the nine months ended December 31, 2023.
Previous report
Recorded Music OIBDA increased by $2,579 thousand, or 19% during the nine months ended December 31, 2024 compared to the nine months ended December 31, 2023. Expressed as a percentage of revenue, Recorded Music OIBDA Margin increased to 50% during the nine months ended December 31, 2024 from 44% in the nine months ended December 31, 2023, primarily driven by revenue growth and higher gross margin.
Previous report
Adjusted EBITDA increased by $3,599 thousand, or 26%, during the three months ended December 31, 2024 compared to the three months ended December 31, 2023. Adjusted EBITDA Margin increased to 41% during the three months ended December 31, 2024 compared to 39% during the three months ended December 31, 2023. Adjusted EBITDA and Adjusted EBITDA Margin improved during the three months ended December 31, 2024 primarily due to revenue growth and improved gross margin.
Previous report
Adjusted EBITDA increased by $7,844 thousand, or 20%, during the nine months ended December 31, 2024 compared to the nine months ended December 31, 2023. Adjusted EBITDA Margin increased to 41% during the nine months ended December 31, 2024 compared to 38% during the nine months ended December 31, 2023. Adjusted EBITDA and Adjusted EBITDA Margin improved during the nine months ended December 31, 2024 primarily due to revenue growth and improved gross margin.
Previous report
On September 30, 2024, three previous interest rate swaps expired with original notional amounts of $8,875 thousand, $88,098 thousand and $53,030 thousand, respectively. Through the expiration date of these previous interest rate swaps, RMM paid fixed rates of 1.53%, 1.422% and 0.972%, respectively, to the counterparty and received a floating interest payment from the counterparty based on SOFR with reference to notional amounts adjusted to match the original scheduled principal repayments pursuant to the indenture agreement.
Reworded paragraphs (46)
Previous wording
We are a holding company that conducts substantially all of our business operations through Reservoir Media Management, Inc. (“RMM”) and RMM’s subsidiaries. Our activities are generally organized into two operating segments: Music Publishing and Recorded Music. Operations of the Music Publishing segment involve the acquisition of interests in music catalogs from which royalties are earned as well as signing songwriters to exclusive agreements, which gives us an interest in the future delivery of songs. Operations of the Recorded Music segment involve the acquisition of sound recording catalogs as well as the discovery and development of recording artists and the marketing, distribution, sale and licensing of the music catalogs.
Current wording
We are a holding company that conducts substantially all of our business operations through Reservoir Media Management, Inc. (“RMM”) and RMM’s subsidiaries. RMM is one of the world’s leading independent music companies. We operate a music publishing business, a recorded music business, a management business and a rights management entity in the Middle East.
Previous wording
We are an independent music company operating in music publishing and recorded music. We represent over 150,000 copyrights in our publishing business and over 36,000 master recordings in our recorded music business. Both of our business areas are populated with hit songs dating back to the early 1900s representing an array of artists across genre and geography. Consistent with how we classify and operate our business, our company is organized in two operating and reportable segments: Music Publishing and Recorded Music. A brief description of each segment’s operations is presented below.
Current wording
We are an independent music company operating in music publishing and recorded music. Both of our business areas are populated with hit songs dating back to the early 1900s and represent an array of artists across genre and geography. Consistent with how we classify and operate our business, our company is organized in two reportable segments: Music Publishing and Recorded Music. A brief description of each segment’s operations is presented below.
Previous wording
The operations of our Music Publishing business are conducted principally through RMM, our global music publishing company headquartered in New York City, with operations in multiple countries through various subsidiaries, affiliates and non-affiliated licensees and sub-publishers. We own or control rights to more than 150,000 musical compositions, including numerous pop hits, American standards, folk songs and motion picture and theatrical compositions. Assembled over many years, our current award-winning active songwriters exceed 100, while the catalog includes over 5,000 clients representing a diverse range of genres, including pop, rock, jazz, classical, country, R&B, hip-hop, rap, reggae, Latin, folk, blues, symphonic, soul, Broadway, techno, alternative and gospel.
Current wording
The operations of our Music Publishing business are conducted principally through RMM, our global music publishing company headquartered in New York City, with operations in multiple countries through various subsidiaries, affiliates and non-affiliated licensees and sub-publishers. We own or control rights to a vast collection of musical compositions, including numerous pop hits, American standards and motion picture and theatrical compositions. Assembled over many years, our catalog represents a diverse range of genres, including pop, rock, jazz, classical, country, R&B, hip-hop, rap, reggae, Latin, folk, blues, symphonic, soul, Broadway, techno, alternative and gospel. In addition to the catalog, we represent many active songwriters who are consistently generating new music.
Previous wording
Our Recorded Music business consists of three primary areas of sound recording ownership. First is the active marketing, promotion, distribution, sale and licensing of newly created frontline sound recordings from current artists that we own and control (“Current Artist”). This is a new area of focus for us and does not yet produce significant revenue. The second is the active marketing, promotion, distribution, sale and license of previously recorded and subsequently acquired catalog recordings. The third is acquisition of full or partial interests in existing record labels, sound recording catalogs or income rights to a royalty stream associated with an established recording artist or producer contract in connection with existing sound recordings. Acquisition of these income participation interests are typically in connection with recordings that are owned, controlled, and marketed by other record labels.
Current wording
Our Recorded Music business consists of three types of sound recording rights ownership. First is the active marketing, promotion, distribution, sale and licensing of newly created frontline sound recordings from current artists that we own and control (“Current Artist”). This is a new area of focus for us and does not yet produce significant revenue. The second is the active marketing, promotion, distribution, sale and license of previously recorded and subsequently acquired catalog recordings (the “Catalog”). The third is acquisition of full or partial interests in existing record labels, sound recording catalogs or income rights to a royalty stream associated with an established recording artist or producer contract in connection with existing sound recordings. Acquisition of these income participation interests are typically in connection with recordings that are owned, controlled, and marketed by other record labels.
Previous wording
Our Current Artist and catalog recorded music businesses are both primarily managed by our Chrysalis Records label based in London and our Tommy Boy record label based in New York City. We also manage some select Catalog recorded music under our Philly Groove Records and Reservoir Recordings labels. We also own income participation interests in recordings by The Isley Brothers, The Commodores, Wisin and Yandel, Alabama and Travis Tritt, and an interest in the Loud Records catalog containing recordings by the Wu-Tang Clan. Our core Catalog includes recordings under the Chrysalis Records label by artists such as Sinéad O’Connor, The Specials, Generation X and The Waterboys, and De La Soul, as well as recordings under the Tommy Boy record label by artists such as House of Pain, Naughty By Nature, and Queen Latifah.
Current wording
Our recorded music business is operated by our label teams based in London and New York City, which release music from our labels Chrysalis Records, Tommy Boy Music, New State and Reservoir Recordings. We primarily manage Catalog recorded music, but we have a small roster of Current Artists for whom we release new music. We also own income participation interests in recordings by The Isley Brothers, The Commodores, Wisin and Yandel, Alabama and others. Our core Catalog includes recordings under the Chrysalis Records label by artists, such as Sinéad O’Connor, The Specials, Generation X, The Waterboys and De La Soul, recordings under the Tommy Boy label by artists, such as Coolio, House of Pain, Naughty By Nature and Queen Latifah, plus select catalog artists on Fool’s Gold Records, which we also distribute.
Previous wording
Our Current Artist and Catalog recorded music distribution is managed by a network of distribution partners. Chrysalis Records current frontline releases are distributed through Secretly Distribution, with prior frontline releases distributed via PIAS. Chrysalis Records and Tommy Boy catalogs are distributed via our agreements with MERLIN, AMPED, Proper and other partners.
Current wording
Our Current Artist and Catalog recorded music distribution is handled by a mix of direct deals such as with Amazon, Apple, TikTok, and YouTube, plus a network of distribution partners including MERLIN, AMPED, and Proper. Chrysalis Records’ current frontline releases are distributed through Secretly Distribution.
Previous wording
Through our distribution network, our music is being sold in physical retail outlets as well as in physical form to online physical retailers, such as amazon.com, and distributed in digital form to an expanding universe of digital partners, including streaming services such as Amazon, Apple, Deezer, SoundCloud, Spotify, Tencent Music Entertainment Group and YouTube, radio services such as iHeart Radio and SiriusXM, and download services. We also license music digitally to fitness platforms such as Apple Fitness+, Equinox, Hydrow and Peloton and social media outlets, such as Facebook, Instagram, TikTok and Snap.
Current wording
Through our distribution network, our music is being sold in physical retail outlets, as well as in physical form to online retailers, such as amazon.com, and distributed in digital form to an expanding universe of digital partners, including streaming services, such as Amazon, Apple, Deezer, SoundCloud, Spotify, Tencent Music Entertainment Group and YouTube, radio services, such as iHeart Radio and SiriusXM, and download services. We also license music digitally to fitness platforms, such as Apple Fitness+, Equinox, Hydrow and Peloton and social media outlets such as Facebook, Instagram, TikTok and Snap.
Previous wording
Total revenues increased by $6,828 thousand, or 19%, during the three months ended December 31, 2024 compared to the three months ended December 31, 2023, driven by a 16% increase in Music Publishing revenue, a 20% increase in Recorded Music revenue and a 48% increase in Other revenue related to the Company’s artist management business. Music Publishing revenues represented 64% and 65% of total revenues for the three months ended December 31, 2024 and the three months ended December 31, 2023, respectively. Recorded Music revenues represented 28% of total revenues for the three months ended December 31, 2024 and the three months ended December 31, 2023. U.S. and international revenues represented 62% and 38%, respectively, of total revenues for the three months ended December 31, 2024. U.S. and international revenues represented 61% and 39%, respectively, of total revenues for the three months ended December 31, 2023.
Current wording
Total revenues increased by $2,847 thousand, or 8%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, driven by a 4% increase in Music Publishing revenues and an 8% increase in Recorded Music revenues. Music Publishing revenues represented 67% and 70% of total revenues for the three months ended June 30, 2025 and the three months ended June 30, 2024, respectively. Recorded Music revenues represented 28% of total revenues for the three months ended June 30, 2025 and the three months ended June 30, 2024. U.S. and international revenues represented 57% and 43%, respectively, of total revenues for the three months ended June 30, 2025. U.S. and international revenues represented 59% and 41%, respectively, of total revenues for the three months ended June 30, 2024.
Previous wording
Amortization and depreciation expense increased by $915 thousand, or 5%, during the nine months ended December 31, 2024 compared to the nine months ended December 31, 2023, primarily due to the acquisition of additional music catalogs.
Current wording
Total digital revenues increased by $1,153 thousand, or 5%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to the acquisition of additional music catalogs. Total digital revenues represented 60% and 62% of total revenues for the three months ended June 30, 2025 and the three months ended June 30, 2024, respectively.
Previous wording
On a geographic basis, U.S. Music Publishing revenues represented 59% of total Music Publishing revenues for the nine months ended December 31, 2024 and the nine months ended December 31, 2023. International Music Publishing revenues represented 41% of total Music Publishing revenues for the nine months ended December 31, 2024 and the nine months ended December 31, 2023.
Current wording
On a geographic basis, U.S. Music Publishing revenues represented 57% of total Music Publishing revenues for the three months ended June 30, 2025 and the three months ended June 30, 2024. International Music Publishing revenues represented 43% of total Music Publishing revenues for the three months ended June 30, 2025 and the three months ended June 30, 2024.
Previous wording
On a geographic basis, U.S. Recorded Music revenues represented 49% of total Recorded Music revenues for the three months ended December 31, 2024 compared to 53% for the three months ended December 31, 2023. International Recorded Music revenues represented 51% of total Recorded Music revenues for the three months ended December 31, 2024 compared to 47% for the three months ended December 31, 2023.
Current wording
On a geographic basis, U.S. Recorded Music revenues represented 52% of total Recorded Music revenues for the three months ended June 30, 2025 compared to 59% for the three months ended June 30, 2024. International Recorded Music revenues represented 48% of total Recorded Music revenues for the three months ended June 30, 2025 compared to 41% for the three months ended June 30, 2024.
Previous wording
Our cost of revenues was composed of the following amounts (in thousands):
Current wording
Our cost of revenue was composed of the following amounts (in thousands):
Previous wording
Artist royalties and other recorded music costs for the Recorded Music segment increased by $254 thousand, or 8%, during the three months ended December 31, 2024 compared to the three months ended December 31, 2023. Artist royalties and other recorded music costs as a percentage of recorded music revenues decreased to 28% for the three months ended December 31, 2024 from 31% for the three months ended December 31, 2023. The increase in Recorded Music gross margin was due primarily to the royalty recovery, which did not have a corresponding cost of revenue.
Current wording
Cost of revenue decreased by $88 thousand, or 1%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily as a result of a decrease in writer royalties and other publishing costs for the Music Publishing segment, partially offset by an increase in artist royalties and other recorded music costs for the Recorded Music segment. Cost of revenue as a percentage of revenues decreased to 35% for the three months ended June 30, 2025 from 39% for the three months ended June 30, 2024, reflecting decreases in cost of revenue as a percentage of revenues for the Music Publishing and Recorded Music segments, as well as an increase in Other revenue related to the Company’s artist management business, which does not have a corresponding cost of revenue.
Previous wording
Writer royalties and other publishing costs for the Music Publishing segment increased by $3,237 thousand, or 10%, during the nine months ended December 31, 2024 compared to the nine months ended December 31, 2023. Writer royalties and other publishing costs as a percentage of Music Publishing revenues decreased to 43% for the nine months ended December 31, 2024 from 44% for the three months ended December 31, 2023. The increase in gross margin was due to the change in the mix of revenue by type and songwriting clients with their specific contractual royalty rates being applied to the revenues.
Current wording
Writer royalties and other publishing costs for the Music Publishing segment decreased by $199 thousand, or 2%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Writer royalties and other publishing costs as a percentage of Music Publishing revenues decreased to 42% for the three months ended June 30, 2025 from 44% for the three months ended June 30, 2024, driven primarily by the change in the mix of revenue by type and songwriting clients with their specific contractual royalty rates being applied to the revenues.
Previous wording
Artist royalties and other recorded music costs for the Recorded Music segment decreased by $1,192 thousand, or 12%, during the nine months ended December 31, 2024 compared to the nine months ended December 31, 2023. Artist royalties and other recorded music costs as a percentage of recorded music revenues decreased to 28% for the nine months ended December 31, 2024 from 33% for the nine months ended December 31, 2023. The decrease in artist royalties and other recorded music costs and increase in gross margin were due primarily to the decrease in physical sales and change in the mix of sales by type to a lower percentage of physical sales, which carry higher costs than other types of revenue.
Current wording
Artist royalties and other recorded music costs for the Recorded Music segment increased by $110 thousand, or 4%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Artist royalties and other recorded music costs as a percentage of Recorded Music revenues decreased to 26% for the three months ended June 30, 2025 from 27% for the three months ended June 30, 2024, driven primarily by the mix of revenue by type, including a lower percentage of physical sales that carry higher costs than other types of revenue, and artists with their specific contractual royalty rates being applied to the revenues.
Previous wording
Amortization and depreciation expense increased by $371 thousand, or 6%, during the three months ended December 31, 2024 compared to the three months ended December 31, 2023, primarily due to the acquisition of additional music catalogs.
Current wording
Amortization and depreciation expense increased by $929 thousand, or 15%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to the acquisition of additional music catalogs.
Previous wording
Total administration expenses increased by $1,576 thousand, or 17%, during the three months ended December 31, 2024 compared to the three months ended December 31, 2023, driven by increases in the Music Publishing segment and Other administration expenses. Expressed as a percentage of revenues, administration expenses were 26% for the three months ended December 31, 2024 and the three months ended December 31, 2023.
Current wording
Total administration expenses increased by $1,522 thousand, or 16%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, driven primarily by an increase in the Other administration expenses and, to a lesser extent, increases in administration expenses in the Music Publishing and Recorded Music segments. Expressed as a percentage of revenues, administration expenses increased to 30% for the three months ended June 30, 2025 from 28% for the three months ended June 30, 2024, primarily as a result of the increase in Other administration expenses, increased costs due to inflation and investments in the Recorded Music business.
Previous wording
Music Publishing administration expenses increased by $770 thousand, or 15%, during the three months ended December 31, 2024 compared to the three months ended December 31, 2023. Expressed as a percentage of revenues, Music Publishing administration expenses decreased to 22% for the three months ended December 31, 2024 from 23% for the three months ended December 31, 2023.
Current wording
Music Publishing administration expenses increased by $351 thousand, or 5%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Expressed as a percentage of revenues, Music Publishing administration expenses increased to 28% for the three months ended June 30, 2025 from 27% for the three months ended June 30, 2024, primarily as a result of increased compensation and other costs due to inflation.
Previous wording
Recorded Music administration expenses decreased by $310 thousand, or 4%, during the nine months ended December 31, 2024 compared to the nine months ended December 31, 2023. Expressed as a percentage of revenue, Recorded Music administration expenses decreased to 22% for the nine months ended December 31, 2024 from 23% for the nine months ended December 31, 2023.
Current wording
Recorded Music administration expenses increased by $301 thousand, or 12%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Expressed as a percentage of revenue, Recorded Music administration expenses increased to 27% for the three months ended June 30, 2025 from 26% for the three months ended June 30, 2024, primarily due to investments made in the Recorded Music business to address frontline opportunities, as well as increased compensation and other costs due to inflation.
Previous wording
Other administration expenses increased by $840 thousand, or 45%, during the three months ended December 31, 2024 compared to the three months ended December 31, 2023, primarily due to selling expenses associated with our artist management business, consisting mostly of manager compensation.
Current wording
Other administration expenses increased by $869 thousand, or 151%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to selling expenses associated with our artist management business, consisting mostly of manager compensation.
Previous wording
Interest expense increased by $405 thousand, or 8%, during the three months ended December 31, 2024 compared to the three months ended December 31, 2023, driven primarily by an increase in borrowings and an increase in effective interest rates. The Company’s interest expense increased on the portions of its borrowings that are hedged beginning in October 2024, as its previous swap contracts matured on September 30. 2024, and new swap contracts became effective on the same date.
Current wording
Interest expense increased by $1,237 thousand, or 24%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, driven primarily by increased debt balances due to use of funds in acquisitions of music catalogs and writer signings, as well as an increase in effective interest rates. The increase in the Company’s effective interest rates primarily reflects an increase on the portions of its borrowings that are hedged, as its swap contracts in effect during the three months ended June 30, 2025 have a higher fixed interest rate than those in effect during the three months ended June 30, 2024.
Previous wording
Loss on foreign exchange increased by $76 thousand for the three months ended December 31, 2024 compared to the three months ended December 31, 2023. This change was due to fluctuations in the two foreign currencies we are directly exposed to, namely British pound sterling and euro.
Current wording
Gain on foreign exchange was $1,095 thousand for the three months ended June 30, 2025 compared to loss on foreign exchange of $59 thousand for the three months ended June 30, 2024. This change was due to fluctuations in the two foreign currencies we are directly exposed to, namely British pound sterling and euro.
Previous wording
Gain (Loss) on Fair Value of Swaps
Current wording
Loss on Fair Value of Swaps
Previous wording
Gain on fair value of swaps was $3,085 thousand for the three months ended December 31, 2024. Loss on the fair value of swaps for the three months ended December 31, 2023 was $4,248 thousand. This change was due to marking to market our current interest rate swap hedges.
Current wording
Loss on fair value of swaps was $997 thousand for the three months ended June 30, 2025 compared to $490 thousand for the three months ended June 30, 2024. This change was due to marking to market our interest rate swap hedges.
Previous wording
Income tax expense was $1,541 thousand during the nine months ended December 31, 2024 compared to income tax benefit of $(873) thousand during the nine months ended December 31, 2023. The change to income tax expense from income tax (benefit) was driven by the income before income taxes during the nine months ended December 31, 2024. The effective income tax rate during the nine months ended December 31, 2024 was 23.5% compared to 30.2% during the three months ended December 31, 2023. During the nine months ended December 31, 2024 the Company recorded excess tax benefits related to share-based compensation and an incremental tax benefit of approximately $103,000 related to certain international intangible assets. Additionally, the change in effective income tax rate during these periods also reflects the amount and mix of income from multiple tax jurisdictions.
Current wording
The effective income tax rate during the three months ended June 30, 2025 was 29.6% compared to 39.3% during the three months ended June 30, 2024. During the three months ended June 30, 2024, the Company recorded an incremental tax benefit of approximately $103,000 to its deferred tax liabilities related to certain international intangible assets. Additionally, the change in the effective income tax rate reflect changes in the mix of income from multiple tax jurisdictions.
Previous wording
We use certain financial information, such as OIBDA, OIBDA Margin, EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin, which are non-GAAP financial measures, which means they have not been prepared in accordance with U.S. GAAP. Reservoir’s management uses these non-GAAP financial measures to evaluate our operations, measure its performance and make strategic decisions. We believe that the use of these non-GAAP financial measures provides useful information to investors and others in understanding our results of operations and trends in the same manner as our management and in evaluating our financial measures as compared to the financial measures of other similar companies, many of which present similar non-GAAP financial measures. However, these non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by our management about which items are excluded or included in determining these non-GAAP financial measures and, therefore, should not be considered as a substitute for net income, operating income or any other operating performance measures calculated in accordance with GAAP. Using such non-GAAP financial measures in isolation to analyze our business would have material limitations because the calculations are based on the subjective determination of our management regarding the nature and classification of events and circumstances. In addition, although other companies in our industry may report measures titled OIBDA, OIBDA Margin, Adjusted EBITDA, and Adjusted EBITDA Margin, or similar measures, such non-GAAP financial measures may be calculated differently from how we calculate such non-GAAP financial measures, which reduces their overall usefulness as comparative measures. Because of these limitations, such non-GAAP financial measures should be considered alongside other financial performance measures and other financial results presented in accordance with GAAP. Reconciliations of OIBDA to operating income and EBITDA and Adjusted EBITDA to net income (loss) are provided below.
Current wording
We use certain financial information, such as OIBDA, OIBDA Margin, EBITDA and Adjusted EBITDA, which are non-GAAP financial measures, which means they have not been prepared in accordance with U.S. GAAP. Reservoir’s management uses these non-GAAP financial measures to evaluate our operations, measure the Company’s performance and make strategic decisions. We believe that the use of these non-GAAP financial measures provides useful information to investors and others in understanding our results of operations and trends in the same manner as our management and in evaluating our financial measures as compared to the financial measures of other similar companies, many of which present similar non-GAAP financial measures. However, these non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by our management about which items are excluded or included in determining these non-GAAP financial measures and, therefore, should not be considered as a substitute for net income, operating income or any other operating performance measures calculated in accordance with GAAP. Using such non-GAAP financial measures in isolation to analyze our business would have material limitations because the calculations are based on the subjective determination of our management regarding the nature and classification of events and circumstances. In addition, although other companies in our industry may report measures titled OIBDA, OIBDA margin and Adjusted EBITDA, or similar measures, such non-GAAP financial measures may be calculated differently from how we calculate such non-GAAP financial measures, which reduces their overall usefulness as comparative measures. Because of these limitations, such non-GAAP financial measures should be considered alongside other financial performance measures and other financial results presented in accordance with GAAP. Reconciliations of OIBDA to operating income and EBITDA and Adjusted EBITDA to net income are provided below.
Previous wording
We consider operating income before non-cash depreciation of tangible assets and non-cash amortization of intangible assets (“OIBDA”) to be an important indicator of the operational strengths and performance of our businesses and believe this non-GAAP financial measure provides useful information to investors because it removes the significant impact of amortization from our results of operations and represents our measure of segment income. However, a limitation of the use of OIBDA as a performance measure is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in our businesses and other non-operating income (loss). Accordingly, OIBDA should be considered in addition to, not as a substitute for, operating income, net income attributable to us and other measures of financial performance reported in accordance with GAAP. In addition, our definition of OIBDA may differ from similarly titled measures used by other companies. OIBDA Margin is defined as OIBDA as a percentage of revenue.
Current wording
We consider operating income before non-cash depreciation of tangible assets and non-cash amortization of intangible assets (“OIBDA”) to be an important indicator of the operational strengths and performance of our businesses and believe this non-GAAP financial measure provides useful information to investors because it removes the significant impact of amortization from our results of operations and represents our measure of segment income. However, a limitation of the use of OIBDA as a performance measure is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in our businesses and other non-operating income. Accordingly, OIBDA should be considered in addition to, not as a substitute for, operating income, net income attributable to us and other measures of financial performance reported in accordance with GAAP. In addition, our definition of OIBDA may differ from similarly titled measures used by other companies. OIBDA Margin is defined as OIBDA as a percentage of revenue.
Previous wording
EBITDA is defined as earnings (net income or loss) before net interest expense, income tax expense, non-cash depreciation of tangible assets and non-cash amortization of intangible assets and is used by management to measure operating performance of the business. Adjusted EBITDA is defined as EBITDA further adjusted to exclude items or expenses such as, among others, (1) any non-cash charges (including any impairment charges), (2) any net gain or loss on foreign exchange, (3) any net gain or loss resulting from interest rate swaps, (4) equity-based compensation expense and (5) certain unusual or non-recurring items. Adjusted EBITDA is a key measure used by our management to understand and evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. However, certain limitations on the use of Adjusted EBITDA include, among others, (1) it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenue for our business, (2) it does not reflect the significant interest expense or cash requirements necessary to service interest or principal payments on our indebtedness and (3) it does not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments. In particular, Adjusted EBITDA measure adds back certain non-cash, unusual or non-recurring charges that are deducted in calculating net income; however, these are expenses that may recur, vary greatly and are difficult to predict. In addition, Adjusted EBITDA is not the same as net income or cash flow provided by operating activities as those terms are defined by GAAP and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of revenue.
Current wording
EBITDA is defined as earnings (net income or loss) before net interest expense, income tax expense (benefit), non-cash depreciation of tangible assets and non-cash amortization of intangible assets and is used by management to measure operating performance of the business. Adjusted EBITDA is defined as EBITDA further adjusted to exclude items or expenses such as, among others, (1) any non-cash charges (including any impairment charges, loss on early extinguishment of debt and to write-down an equity investment to its fair value), (2) any net gain or loss on foreign exchange, (3) any net gain or loss resulting from interest rate swaps, (4) equity-based compensation expense and (5) certain unusual or non-recurring items. Adjusted EBITDA is a key measure used by our management to understand and evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. However, certain limitations in the use of Adjusted EBITDA include, among others, (1) it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenue for our business, (2) it does not reflect the significant interest expense or cash requirements necessary to service interest or principal payments on our indebtedness and (3) it does not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments. In particular, Adjusted EBITDA measure adds back certain non-cash, unusual or non-recurring charges that are deducted in calculating net income; however, these are expenses that may recur, vary greatly and are difficult to predict. In addition, Adjusted EBITDA is not the same as net income or cash flow provided by operating activities as those terms are defined by GAAP and does not necessarily indicate whether cash flows will be sufficient to fund cash needs.
Previous wording
We use OIBDA as our primary measure of financial performance. The following tables reconcile operating income to OIBDA (in thousands):
Current wording
We use OIBDA as our primary measure of financial performance. The following tables reconcile consolidated operating income to OIBDA and present OIBDA for our reportable segments (in thousands):
Previous wording
OIBDA increased by $3,407 thousand, or 26%, during the three months ended December 31, 2024 compared to the three months ended December 31, 2023, driven by a $1,744 thousand increase in Recorded Music OIBDA and a $1,388 thousand increase in Music Publishing OIBDA. Expressed as a percentage of revenue, OIBDA Margin increased to 38% during the three months ended December 31, 2024 from 36% during the three months ended December 31, 2023.
Current wording
OIBDA increased by $1,414 thousand, or 12%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, driven by a $780 thousand increase in Music Publishing OIBDA and a $403 thousand increase in Recorded Music OIBDA. Expressed as a percentage of revenue, OIBDA Margin increased to 34% for the three months ended June 30, 2025 from 33% for the three months ended June 30, 2024.
Previous wording
Music Publishing OIBDA increased by $7,231 thousand, or 37%, during the nine months ended December 31, 2024 compared to the nine months ended December 31, 2023. Expressed as a percentage of revenue, Music Publishing OIBDA Margin increased to 34% in the nine months ended December 31, 2024 from 28% in the nine months ended December 31, 2023. The increases in Music Publishing OIBDA and OIBDA Margin reflect the nonrecurrence of the Recoupable legal fee write-off, as well as revenue growth and improved gross margin.
Current wording
Music Publishing OIBDA increased by $780 thousand, or 12%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Expressed as a percentage of revenue, Music Publishing OIBDA Margin increased to 30% in the three months ended June 30, 2025 from 28% in the three months ended June 30, 2024. The increases in Music Publishing OIBDA and OIBDA Margin reflect an increase in revenues and a decrease in cost of revenue as a percentage of revenues.
Previous wording
Recorded Music OIBDA increased by $1,744 thousand, or 37% during the three months ended December 31, 2024 compared to the three months ended December 31, 2023. Expressed as a percentage of revenue, Recorded Music OIBDA Margin increased to 53% during the three months ended December 31, 2024 from 47% during the three months ended December 31, 2023, primarily driven by revenue growth and higher gross margin.
Current wording
Recorded Music OIBDA increased by $403 thousand, or 9% during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Expressed as a percentage of revenue, Recorded Music OIBDA Margin was 46% during the three months ended June 30, 2025 and the three months ended June 30, 2024.
Previous wording
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
Current wording
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Previous wording
The following table reconciles net income (loss) to Adjusted EBITDA (in thousands):
Current wording
The following table reconciles net loss to Adjusted EBITDA (in thousands):
Previous wording
As of December 31, 2024, we had $371,799 thousand of debt (net of $4,029 thousand of deferred financing costs) and $17,760 thousand of cash and cash equivalents.
Current wording
As of June 30, 2025, we had $387,367 thousand of debt (net of $4,461 thousand of deferred financing costs) and $14,857 thousand of cash and cash equivalents.
Previous wording
Cash provided by operating activities was $33,105 thousand for the nine months ended December 31, 2024 compared to $22,407 thousand for the nine months ended December 31, 2023. The primary drivers of the $10,698 thousand increase in cash provided by operating activities were an increase in earnings and royalty advance recoupments, partially offset by the timing of payments for accounts payable and accrued expenses.
Current wording
Cash provided by operating activities was $6,014 thousand for the three months ended June 30, 2025 compared to $8,556 thousand for the three months ended June 30, 2024. The primary driver of the $2,542 thousand decrease in cash provided by operating activities during the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was cash used for working capital, due primarily to the timing of royalty payments to artists and royalty advance recoupments, partially offset by the timing of collections of accounts receivable and payments of accounts payable.
Previous wording
Cash used for investing activities was $71,930 thousand for the nine months ended December 31, 2024 compared to $47,182 thousand for the nine months ended December 31, 2023. The increase in cash used in investing activities was primarily due to an increase in acquisitions of music catalogs.
Current wording
Cash used for investing activities was $9,659 thousand for the three months ended June 30, 2025 compared to $1,899 thousand for the three months ended June 30, 2024. The increase in cash used in investing activities was primarily due to an increase in acquisitions of music catalogs.
Previous wording
Cash provided by financing activities was $38,516 thousand for the nine months ended December 31, 2024 compared to $29,560 thousand for the nine months ended December 31, 2023. The increase in cash provided by financing activities primarily reflects a $16,000 thousand increase in borrowings used for investing activities, partially offset by a $6,000 thousand increase in repayments towards the secured line of credit.
Current wording
Cash used for financing activities was $2,509 thousand for the three months ended June 30, 2025 compared to $8,415 thousand for the three months ended June 30, 2024. The decrease in cash used for financing activities in the three months ended June 30, 2025 primarily reflects a decrease in net repayments of the secured line of credit.
Previous wording
Our primary sources of liquidity are the cash flows generated from our subsidiaries’ operations, available cash and cash equivalents and funds available for drawing under our Senior Credit Facility (as described below). These sources of liquidity are needed to fund our debt service requirements, working capital requirements, strategic acquisitions and investments, capital expenditures and other investing and financing activities we may elect to make in the future.
Current wording
Our primary sources of liquidity are the cash flows generated from our subsidiaries’ operations, available cash and cash equivalents and funds available for drawing under our senior secured revolving credit facility (the “Senior Credit Facility”) (as described below). These sources of liquidity are needed to fund our debt service requirements, working capital requirements, strategic acquisitions and investments, capital expenditures and other investing and financing activities we may elect to make in the future.
Previous wording
As of December 31, 2024, our outstanding debt consisted of $375,828 thousand borrowed under the Senior Credit Facility. As of December 31, 2024, remaining borrowing availability under the Senior Credit Facility was $74,172 thousand.
Current wording
As of June 30, 2025, our outstanding debt consisted of $391,828 thousand borrowed under the Senior Credit Facility. As of June 30, 2025, remaining borrowing availability under the Senior Credit Facility was $158,172 thousand.
Showing the first 40 of 46 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
On a geographic basis, U.S. Music Publishing revenues represented 62% of total Music Publishing revenues for the three months ended December 31, 2024 compared to 61% for the three months ended December 31, 2023. International Music Publishing revenues represented 38% of total Music Publishing revenues for the three months ended December 31, 2024 compared to 39% for the three months ended December 31, 2023.
Previous report — wording carried elsewhere
Writer royalties and other publishing costs for the Music Publishing segment increased by $1,592 thousand, or 16%, during the three months ended December 31, 2024 compared to the three months ended December 31, 2023. Writer royalties and other publishing costs as a percentage of Music Publishing revenues was 44% for the three months ended December 31, 2024 and the three months ended December 31, 2023.
Previous report — wording carried elsewhere
Our amortization and depreciation expenses are composed of the following amounts (in thousands):
Previous report — wording carried elsewhere
Other administration expenses increased by $920 thousand, or 26%, during the three months ended December 31, 2024 compared to the three months ended December 31, 2023, primarily due to selling expenses associated with our artist management business, consisting mostly of manager compensation.
Previous report — wording carried elsewhere
Loss on foreign exchange increased by $102 thousand for the nine months ended December 31, 2024 compared to the nine months ended December 31, 2023. This change was due to fluctuations in the two foreign currencies we are directly exposed to, namely British pound sterling and euro.
Previous report — wording carried elsewhere
RMM is party to a credit agreement (as amended or supplemented from time to time, the “RMM Credit Agreement”) governing RMM’s $450,000 thousand senior secured revolving credit facility (the “Senior Credit Facility”). The Senior Credit Facility also includes an “accordion feature” that permits RMM to seek additional commitments in an amount not to exceed $150,000 thousand. The maturity date of the loans advanced under the Senior Credit Facility is December 16, 2027.