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| | | | | 206 | | | |
| | | | | F-1 | | | |
| Annex A — Agreement and Plan of Merger, dated as of April 14, 2021 | | | | | | | |
| Annex B — Second Amended and Restated Certificate of Incorporation of the Combined Company | | | | | | | |
| Annex C — Amended and Restated Bylaws of the Combined Company | | | | | | | |
| Annex D — Reservoir Holdings, Inc. 2021 Omnibus Incentive Plan | | | | | | | |
| | |
Year
Ended December 31, 2020 |
| |
Period from
February 13, 2019 (inception) through December 31, 2019 |
| ||||||
Income Statement Data: | | | | ||||||||||
Formation and operational costs
|
| | | $ | 109,998 | | | | | | 1,225 | | |
Loss from operations
|
| | | | (109,998) | | | | | | (1,225) | | |
Other income: | | | | | | | | | | | | | |
Interest earned on marketable securities held in the Trust Account
|
| | | | 5,785 | | | | | | — | | |
Unrealized gain on marketable securities held in the Trust Account
|
| | | | 828 | | | | | | — | | |
Other income
|
| | | | 6,613 | | | | | | — | | |
Net loss
|
| | | | (103,385) | | | | | | (1,225) | | |
Basic and diluted weighted average shares outstanding, ROCC Common Stock subject to possible redemption
|
| | | | 11,111,752 | | | | | | — | | |
Basic and diluted net loss per share, ROCC Common Stock subject to possible redemption
|
| | | $ | 0.00 | | | | | | | | |
| | |
As of December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Balance Sheet Data: | | | | ||||||||||
Trust Account
|
| | | $ | 115,006,613 | | | | | $ | — | | |
Total assets
|
| | | | 116,099,067 | | | | | | 25,000 | | |
Total liabilities
|
| | | | 83,654 | | | | | | 1,225 | | |
ROCC Common Stock subject to possible redemption
|
| | | | 111,015,410 | | | | | | — | | |
Stockholders’ equity
|
| | | | 5,000,003 | | | | | | 23,775 | | |
| | |
Nine Months Ended
December 31, |
| |
Year Ended
March 31, |
| ||||||||||||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Income Statement Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues
|
| | | $ | 56,184 | | | | | $ | 40,310 | | | | | $ | 63,239 | | | | | $ | 45,127 | | |
Total costs and expenses
|
| | | | 44,667 | | | | | | 32,032 | | | | | | 47,761 | | | | | | 32,684 | | |
Operating income
|
| | | | 11,517 | | | | | | 8,279 | | | | | | 15,477 | | | | | | 12,443 | | |
Income before income taxes
|
| | | | 5,566 | | | | | | 13,582 | | | | | | 14,210 | | | | | | 4,356 | | |
Income tax expense
|
| | | | 1,336 | | | | | | 3,108 | | | | | | 4,199 | | | | | | 819 | | |
Net income
|
| | | | 4,229 | | | | | | 10,474 | | | | | | 10,011 | | | | | | 3,538 | | |
Net (income) / loss attributable to noncontrolling
interests |
| | | | (12) | | | | | | — | | | | | | 47 | | | | | | — | | |
Net income attributable to Reservoir
|
| | | | 4,217 | | | | | | 10,474 | | | | | | 10,058 | | | | | | 3,538 | | |
Total comprehensive income
|
| | | | 10,142 | | | | | | 8,738 | | | | | | 8,029 | | | | | | 2,961 | | |
Total comprehensive income attributable to Reservoir
|
| | | $ | 10,130 | | | | | $ | 8,738 | | | | | $ | 8,076 | | | | | $ | 2,961 | | |
Cash Flow Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by operating activities
|
| | | $ | 17,332 | | | | | $ | 10,141 | | | | | $ | 11,882 | | | | | $ | 2,336 | | |
Net cash (used for) investing activities
|
| | | | (107,313) | | | | | | (52,078) | | | | | | (107,806) | | | | | | (29,713) | | |
Net cash provided by financing activities
|
| | | | 38,231 | | | | | | 47,191 | | | | | | 147,030 | | | | | | 30,397 | | |
(in thousands)
|
| |
As of
|
| |||||||||||||||
|
December 31,
2020 |
| |
March 31,
|
| ||||||||||||||
|
2020
|
| |
2019
|
| ||||||||||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 12,402 | | | | | $ | 58,240 | | | | | $ | 9,031 | | |
Total assets
|
| | | | 452,281 | | | | | | 396,591 | | | | | | 218,465 | | |
Loans and secured notes payable
|
| | | | 202,504 | | | | | | 171,785 | | | | | | 114,611 | | |
Total liabilities
|
| | | | 262,997 | | | | | | 225,499 | | | | | | 136,214 | | |
Total shareholders’ equity
|
| | | | 189,284 | | | | | | 171,092 | | | | | | 82,251 | | |
| | |
Historical
|
| |
Historical
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| | |
Reservoir
Holdings, Inc. |
| |
Roth CH
Acquisition II Co. |
| |
Scenario 1 (Assuming No
Additional Redemption into Cash) |
| |
Scenario 2 (Assuming
Maximum Redemption into Cash) |
| ||||||||||||||||||||||||||||||
| | |
Pro Forma
December 31, 2020 (A) |
| |
Pro Forma
December 31, 2020 (B) |
| |
Transaction
Accounting Adjustments |
| |
Note
|
| |
Pro Forma
Combined Company |
| |
Transaction
Accounting Adjustments |
| |
Note
|
| |
Pro Forma
Combined Company |
| ||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 12,401,568 | | | | | $ | 696,567 | | | | | $ | | | |
|
| | | $ | | | | | $ | | | |
|
| | | $ | | | ||||
Cash and cash equivalents
|
| | | | ― | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | ― | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | ― | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts receivable
|
| | | | 12,748,995 | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current portion of royalty advances
|
| | | | 13,087,706 | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Inventory and prepaid expenses
|
| | | | 896,149 | | | | | | 395,887 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets
|
| | | | 39,134,418 | | | | | | 1,092,454 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and marketable securities held in Trust Account
|
| | | | ― | | | | | | 115,006,613 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment, net
|
| | | | 364,920 | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Intangible assets, net
|
| | | | 380,262,696 | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Royalty advances, net of current portion
|
| | | | 30,356,958 | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment in equity affiliate
|
| | | | 1,517,238 | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other assets
|
| | | | 644,521 | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 452,280,751 | | | | | $ | 116,099,067 | | | | | $ | | | | | | | | $ | | | | | $ | | | | | | | | $ | | | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | | $ | 2,065,272 | | | | | $ | 83,654 | | | | | $ | | | | | | | | $ | | | | | $ | | | | | | | | $ | | | ||||
Amounts due to related parties
|
| | | | 111,126 | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accrued payroll
|
| | | | 1,442,301 | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Royalties payable
|
| | | | 17,694,559 | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other current liabilities
|
| | | | 4,514,291 | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current portion of loans and secured notes payable
|
| | | | 1,000,000 | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income taxes payable
|
| | | | 656,014 | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred revenue
|
| | | | 1,873,553 | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities
|
| | | | 29,357,116 | | | | | | 83,654 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term debt, net of current maturities
|
| | | | 17,750,000 | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt issue cost, net
|
| | | | (3,237,015) | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Secured line of credit
|
| | | | 187,990,848 | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fair value of swaps
|
| | | | 6,295,120 | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes
|
| | | | 18,151,962 | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other liabilities
|
| | | | 6,689,124 | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities
|
| | | | 262,997,155 | | | | | | 83,654 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commitments and Contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock subject to possible redemption
|
| | | | ― | | | | | | 111,015,410 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stockholders’ Equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock
|
| | | | | | | | | | 355 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock
|
| | | | 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred stock
|
| | | | 81,632,500 | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Additional paid-in capital
|
| | | | | | | | | | 5,104,258 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Additional paid-in capital
|
| | | | 110,473,478 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Additional paid-in capital
|
| | | | ― | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Additional paid-in capital
|
| | | | ― | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Additional paid-in capital
|
| | | | ― | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Additional paid-in capital
|
| | | | ― | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Additional paid-in capital
|
| | | | ― | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accumulated deficit
|
| | | | (5,320,424) | | | | | | (104,610) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accumulated other comprehensive income
|
| | | | 1,526,932 | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Noncontrolling interest
|
| | | | 971,109 | | | | | | ― | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total stockholders’ equity
|
| | | | 189,283,596 | | | | | | 5,000,003 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity
|
| | | $ | 452,280,751 | | | | | $ | 116,099,067 | | | | | $ | | | | | | | | $ | | | | | $ | | | | | | | | $ | | | |
| | |
Historical
|
| |
Historical
|
| | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||
| | |
Reservoir
Holdings, Inc. |
| |
Roth CH
Acquisition II Co. |
| |
Scenario 1 (Assuming No
Additional Redemption into Cash) |
| |
Scenario 2 (Assuming
Maximum Redemption into Cash) |
| ||||||||||||||||||||||||||||||
| | |
Pro forma
December 31, 2020 (A) |
| |
Historical
December 31, 2020 (B) |
| |
Transaction
Accounting Adjustments |
| |
Note
|
| |
Pro Forma
Combined Company |
| |
Transaction
Accounting Adjustments |
| |
Note
|
| |
Pro Forma
Combined Company |
| ||||||||||||||||||
Revenues
|
| | | $ | 79,112,442 | | | | | $ | — | | | | | $ | | | |
|
| | | $ | | | | | $ | | | | | | | | $ | | | ||||
Cost of revenue
|
| | | | 34,332,586 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Administration expenses
|
| | | | 13,056,548 | | | | | | 109,998 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization and depreciation
|
| | | | 13,007,252 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total costs and expenses
|
| | | | 60,396,386 | | | | | | 109,998 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income
|
| | | | 18,716,056 | | | | | | (109,998) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (8,610,363) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loss on fair value of swaps
|
| | | | (540,447) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loss on foreign exchange
|
| | | | (3,426,690) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and other income
|
| | | | 55,136 | | | | | | 6,613 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | (12,522,364) | | | | | | 6,613 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes
|
| | | | 6,193,692 | | | | | | (103,385) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income tax benefit (expense)
|
| | | | (2,427,964) | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 3,765,728 | | | | | $ | (103,385) | | | | | $ | | | | | | | | $ | | | | | $ | | | | | | | | $ | | | ||||
Net loss attributable to noncontrolling interests
|
| | | | 34,942 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to the Company
|
| | | $ | 3,800,670 | | | | | $ | (103,385) | | | | | $ | | | | | | | | $ | | | | | $ | | | | | | | | $ | | | ||||
Earnings (loss) per share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | 16.84 | | | | | $ | (0.04) | | | | | | | | | | | | | | $ | | | | | | | | | | | | | | $ | | | ||
Diluted
|
| | | $ | 16.84 | | | | | $ | (0.04) | | | | | | | | | | | | | | $ | | | | | | | | | | | | | | $ | | | ||
Weighted average common shares outstanding:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 143,252 | | | | | | 2,545,512 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Diluted
|
| | | | 225,629 | | | | | | 2,545,512 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
3 mos. ended 3/31/20
|
| | ||||||||||||||||||||
| | |
[A]
9 mos. ended 12/31/20 |
| |
[i]
FYE March 31, 2020 |
| |
[ii]
9 mos. ended 12/31/19 |
| |
[B]
3 mos. March 31, 2020 = [i] – [ii] |
| |
[C] = [A] + [B]
12 mos. ended 12/31/20 |
| |||||||||||||||
| | |
$
|
| |||||||||||||||||||||||||||
Revenues
|
| | | | 56,184,190 | | | | | | 63,238,672 | | | | | | 40,310,420 | | | | | | 22,928,252 | | | | | | 79,112,442 | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 23,819,732 | | | | | | 27,305,489 | | | | | | 16,792,635 | | | | | | 10,512,854 | | | | | | 34,332,586 | | |
Amortization and depreciation
|
| | | | 10,447,015 | | | | | | 8,423,197 | | | | | | 5,862,960 | | | | | | 2,560,237 | | | | | | 13,007,252 | | |
Administration expenses
|
| | | | 10,400,158 | | | | | | 12,032,673 | | | | | | 9,376,283 | | | | | | 2,656,390 | | | | | | 13,056,548 | | |
Total costs and expenses
|
| | | | 44,666,905 | | | | | | 47,761,359 | | | | | | 32,031,878 | | | | | | 15,729,481 | | | | | | 60,396,386 | | |
Operating Income
|
| | | | 11,517,285 | | | | | | 15,477,313 | | | | | | 8,278,542 | | | | | | 7,198,771 | | | | | | 18,716,056 | | |
Interest expense
|
| | | | (6,667,917) | | | | | | (6,463,381) | | | | | | (4,520,935) | | | | | | (1,942,446) | | | | | | (8,610,363) | | |
(Loss) gain on foreign exchange
|
| | | | (549,708) | | | | | | 30,700 | | | | | | 21,439 | | | | | | 9,261 | | | | | | (540,447) | | |
Gain (loss) on fair value of swaps
|
| | | | 1,259,738 | | | | | | (5,555,702) | | | | | | (869,274) | | | | | | (4,686,428) | | | | | | (3,426,690) | | |
Interest and other income
|
| | | | 6,152 | | | | | | 76,894 | | | | | | 27,910 | | | | | | 48,984 | | | | | | 55,136 | | |
Gain on retirement of RMM Issuer debt
|
| | | | — | | | | | | 10,644,084 | | | | | | 10,644,084 | | | | | | — | | | | | | — | | |
Income before income taxes
|
| | | | 5,565,550 | | | | | | 14,209,908 | | | | | | 13,581,766 | | | | | | 628,142 | | | | | | 6,193,692 | | |
Income tax expense
|
| | | | 1,336,424 | | | | | | 4,199,141 | | | | | | 3,107,601 | | | | | | 1,091,540 | | | | | | 2,427,964 | | |
Net income
|
| | | | 4,229,126 | | | | | | 10,010,767 | | | | | | 10,474,165 | | | | | | (463,398) | | | | | | 3,765,728 | | |
Net loss attributable to noncontrolling
interests |
| | | | (12,085) | | | | | | 47,027 | | | | | | — | | | | | | 47,027 | | | | | | 34,942 | | |
Net income attributable to Reservoir Holdings Inc.
|
| | | | 4,217,041 | | | | | | 10,057,794 | | | | | | 10,474,165 | | | | | | (416,371) | | | | | | 3,800,670 | | |
| | | | | | | | | | | | | | |
Unaudited Combined
Pro Forma |
| |||||||||
| | |
Reservoir
(Historical) |
| |
ROCC
(Historical) |
| |
(Assuming
No Redemptions) |
| |
(Assuming Maximum
Redemptions) |
| ||||||||||||
As of and for the year ended December 31, 2020(1) | | | | | | | | | | | | | | | | | | | | | | | | | |
Book value per share(2)
|
| | | $ | 739.57 | | | | | $ | 1.41 | | | | | $ | | | | | $ | | | ||
Weighted average shares outstanding of common stock — basic
|
| | | | 143,252 | | | | | | 2,545,512 | | | | | | | | | | | | | | |
Weighted average shares outstanding of common stock — diluted
|
| | | | 225,629 | | | | | | 2,545,512 | | | | | | | | | | | | | | |
Earnings (loss) per share of common
stock — basic |
| | | | 16.84 | | | | | | (0.04) | | | | | | | | | | | | | | |
Earnings (loss) per share of common
stock — diluted |
| | | | 16.84 | | | | | | (0.04) | | | | | | | | | | | | | | |
(in millions, except percentages and
leverage) |
| |
FY2019A
|
| |
FY2020A
|
| |
FY2021E
|
| |
FY2022E
|
| |
FY2023E
|
| |
FY2024E
|
| |
FY2025E
|
| |||||||||||||||||||||
Income Statement Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Music Publishing revenues
|
| | | $ | 43 | | | | | $ | 54 | | | | | $ | 67 | | | | | $ | 78 | | | | | $ | 95 | | | | | $ | 109 | | | | | $ | 127 | | |
% Growth
|
| | | | 33% | | | | | | 27% | | | | | | 23% | | | | | | 17% | | | | | | 23% | | | | | | 14% | | | | | | 16% | | |
% Total revenues
|
| | | | 95% | | | | | | 85% | | | | | | 83% | | | | | | 75% | | | | | | 80% | | | | | | 80% | | | | | | 79% | | |
Recorded Music revenues
|
| | | $ | 2 | | | | | $ | 9 | | | | | $ | 12 | | | | | $ | 25 | | | | | $ | 22 | | | | | $ | 27 | | | | | $ | 32 | | |
% Growth
|
| | | | * | | | | | | 361% | | | | | | 35% | | | | | | 106% | | | | | | (10)% | | | | | | 19% | | | | | | 18% | | |
% Total revenues
|
| | | | 4% | | | | | | 14% | | | | | | 15% | | | | | | 24% | | | | | | 19% | | | | | | 19% | | | | | | 20% | | |
Other revenues
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 1 | | | | | $ | 1 | | | | | $ | 1 | | | | | $ | 1 | | | | | $ | 1 | | |
% Growth
|
| | | | 272% | | | | | | (13)% | | | | | | 223% | | | | | | 5% | | | | | | 5% | | | | | | 5% | | | | | | 5% | | |
% Total revenues
|
| | | | 1% | | | | | | 1% | | | | | | 1% | | | | | | 1% | | | | | | 1% | | | | | | 1% | | | | | | 1% | | |
Total revenues
|
| | | $ | 45 | | | | | $ | 64 | | | | | $ | 80 | | | | | $ | 104 | | | | | $ | 119 | | | | | $ | 137 | | | | | $ | 160 | | |
% Growth
|
| | | | 40% | | | | | | 41% | | | | | | 26% | | | | | | 30% | | | | | | 15% | | | | | | 15% | | | | | | 16% | | |
Total Gross Profit: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Music Publishing gross profit (NPS)
|
| | | $ | 25 | | | | | $ | 29 | | | | | $ | 37 | | | | | $ | 40 | | | | | $ | 50 | | | | | $ | 56 | | | | | $ | 64 | | |
% Growth
|
| | | | 26% | | | | | | 18% | | | | | | 27% | | | | | | 8% | | | | | | 25% | | | | | | 13% | | | | | | 14% | | |
% Segment revenues
|
| | | | 58% | | | | | | 54% | | | | | | 56% | | | | | | 52% | | | | | | 52% | | | | | | 51% | | | | | | 50% | | |
Recorded Music Gross profit (NLS)
|
| | | $ | 1 | | | | | $ | 7 | | | | | $ | 9 | | | | | $ | 19 | | | | | $ | 17 | | | | | $ | 21 | | | | | $ | 25 | | |
% Growth
|
| | | | * | | | | | | 462% | | | | | | 31% | | | | | | 121% | | | | | | (11)% | | | | | | 22% | | | | | | 20% | | |
% Segment revenues
|
| | | | 60% | | | | | | 73% | | | | | | 71% | | | | | | 76% | | | | | | 76% | | | | | | 78% | | | | | | 79% | | |
Other gross profit
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 1 | | | | | $ | 1 | | | | | $ | 1 | | | | | $ | 1 | | | | | $ | 1 | | |
Total gross profit
|
| | | $ | 26 | | | | | $ | 36 | | | | | $ | 47 | | | | | $ | 60 | | | | | $ | 68 | | | | | $ | 78 | | | | | $ | 90 | | |
% Growth
|
| | | | 33% | | | | | | 37% | | | | | | 30% | | | | | | 29% | | | | | | 13% | | | | | | 15% | | | | | | 15% | | |
% Total revenues
|
| | | | 58% | | | | | | 57% | | | | | | 59% | | | | | | 58% | | | | | | 57% | | | | | | 57% | | | | | | 56% | | |
Adjusted EBITDA(1)
|
| | | $ | 15 | | | | | $ | 21 | | | | | $ | 29 | | | | | $ | 40 | | | | | $ | 47 | | | | | $ | 57 | | | | | $ | 68 | | |
% Growth
|
| | | | 54% | | | | | | 41% | | | | | | 41% | | | | | | 39% | | | | | | 18% | | | | | | 20% | | | | | | 19% | | |
% Total revenues
|
| | | | 32% | | | | | | 32% | | | | | | 36% | | | | | | 39% | | | | | | 40% | | | | | | 41% | | | | | | 43% | | |
Balance Sheet and Cash Flow Data:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted EBITDA(1)
|
| | | $ | 15 | | | | | $ | 21 | | | | | $ | 29 | | | | | $ | 40 | | | | | $ | 47 | | | | | $ | 57 | | | | | $ | 68 | | |
Recoupments
|
| | | | 10 | | | | | | 14 | | | | | | 14 | | | | | | 12 | | | | | | 11 | | | | | | 13 | | | | | | 17 | | |
Other
|
| | | | (13) | | | | | | (6) | | | | | | (9) | | | | | | (6) | | | | | | (5) | | | | | | (6) | | | | | | (7) | | |
Cash from operations
|
| | | | 12 | | | | | | 29 | | | | | | 33 | | | | | | 46 | | | | | | 54 | | | | | | 63 | | | | | | 78 | | |
Acquisitions
|
| | | $ | (32) | | | | | $ | (108) | | | | | $ | (116) | | | | | $ | (179) | | | | | $ | (76) | | | | | $ | (75) | | | | | $ | (75) | | |
Advances and other
|
| | | | (18) | | | | | | (22) | | | | | | (17) | | | | | | (27) | | | | | | (31) | | | | | | (25) | | | | | | (25) | | |
Cash from investing
|
| | | | (50) | | | | | | (130) | | | | | | (133) | | | | | | (206) | | | | | | (107) | | | | | | (100) | | | | | | (101) | | |
| |
FY2019A
|
| |
FY2020A
|
| |
FY2021E
|
| |
FY2022E
|
| |
FY2023E
|
| |
FY2024E
|
| |
FY2025E
|
| ||||||||||||||||||||||
Free cash flow
|
| | | $ | (38) | | | | | $ | (102) | | | | | $ | (100) | | | | | $ | (160) | | | | | $ | (53) | | | | | $ | (37) | | | | | $ | (22) | | |
Adjusted free cash flow(2)
|
| | | | (6) | | | | | | 7 | | | | | | 16 | | | | | | 19 | | | | | | 23 | | | | | | 38 | | | | | | 53 | | |
% Growth
|
| | | | * | | | | | | * | | | | | | 139% | | | | | | 20% | | | | | | 20% | | | | | | 64% | | | | | | 39% | | |
% Total revenues
|
| | | | (12)% | | | | | | 11% | | | | | | 20% | | | | | | 19% | | | | | | 19% | | | | | | 28% | | | | | | 33% | | |
% Total EBITDA
|
| | | | (39)% | | | | | | 33% | | | | | | 56% | | | | | | 48% | | | | | | 49% | | | | | | 67% | | | | | | 78% | | |
Cash as of period end
|
| | | $ | 9 | | | | | $ | 58 | | | | | $ | 258 | | | | | $ | 10 | | | | | $ | 10 | | | | | $ | 10 | | | | | $ | 10 | | |
Debt as of period end
|
| | | | 105 | | | | | | 176 | | | | | | 216 | | | | | | 128 | | | | | | 181 | | | | | | 218 | | | | | | 241 | | |
Net debt
|
| | | | 96 | | | | | | 118 | | | | | | (42) | | | | | | 118 | | | | | | 171 | | | | | | 208 | | | | | | 231 | | |
Gross leverage
|
| | | | 7.2x | | | | | | 8.5x | | | | | | 7.4x | | | | | | 3.2x | | | | | | 3.8x | | | | | | 3.8x | | | | | | 3.5x | | |
Net leverage
|
| | | | 6.6x | | | | | | 5.7x | | | | | | (1.5)x | | | | | | 2.9x | | | | | | 3.6x | | | | | | 3.7x | | | | | | 3.4x | | |
Name
|
| |
Age
|
| |
Position
|
| |||
Golnar Khosrowshahi(1) | | | | | 49 | | | | Chief Executive Officer and Director | |
Rell Lafargue(1) | | | | | 49 | | | |
President, Chief Operating Officer and Director
|
|
Stephen Cook(1) | | | | | 45 | | | | Director | |
Ezra S. Field(1) | | | | | 51 | | | | Chairman of the Board of Directors | |
Neil de Gelder(1) | | | | | 68 | | | | Director | |
Adam Rothstein(2) | | | | | 49 | | | | Director | |
Name
|
| |
Age
|
| |
Position
|
| |||
Ryan P. Taylor(1) | | | | | 45 | | | | Director | |
Name
|
| |
Age
|
| |
Position
|
| |||
Byron Roth | | | | | 58 | | | |
Chief Executive Officer and Chairman of the ROCC Board
|
|
Gordon Roth | | | | | 66 | | | | Chief Financial Officer | |
Aaron Gurewitz | | | | | 52 | | | | Co-President | |
Rick Hartfiel | | | | | 57 | | | | Co-President | |
John Lipman | | | | | 44 | | | | Chief Operating Officer and Director | |
Daniel M. Friedberg | | | | | 59 | | | | Independent Director | |
Molly Montgomery | | | | | 54 | | | | Independent Director | |
Adam Rothstein | | | | | 49 | | | | Independent Director | |
Name
|
| |
Age
|
| |
Position
|
| |||
Golnar Khosrowshahi
|
| | | | 49 | | | | Chief Executive Officer and Director | |
Rell Lafargue
|
| | | | 49 | | | | President, Chief Operating Officer and Director | |
Stephen Cook
|
| | | | 45 | | | | Director | |
Ali Hedayat
|
| | | | 46 | | | | Director | |
Joel Herold
|
| | | | 47 | | | | Director | |
David Spivak
|
| | | | 53 | | | | Director | |
Ryan P. Taylor
|
| | | | 45 | | | | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary ($)
|
| |
Bonus ($)(1)
|
| |
Non-Equity
Incentive Plan Compensation ($)(1) |
| |
All Other
Compensation ($) |
| |
Total ($)
|
| ||||||||||||||||||
Golnar Khosrowshahi
Chief Executive Officer |
| | | | 2021 | | | | | | 370,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 370,000 | | |
Rell Lafargue
President and Chief Operating Officer |
| | | | 2021 | | | | | | 367,889 | | | | | | — | | | | | | — | | | | | | — | | | | | | 367,889 | | |
| | | | | |
Option Awards(1)
|
| ||||||||||||||||||
Name
|
| |
Grant Date
|
| |
Number of Securities
Underlying Unexercised Options Exercisable |
| |
Number of Securities
Underlying Unexercised Options Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |||||||||
Golnar Khosrowshahi
|
| |
May 1, 2019
|
| | | | 862.50 | | | | | | 937.50 | | | | | | 1,000 | | | |
May 1, 2029
|
|
Rell Lafargue
|
| |
May 1, 2019
|
| | | | 862.50 | | | | | | 937.50 | | | | | | 1,000 | | | |
May 1, 2029
|
|
| | |
For the
Nine Months Ended December 31, |
| |
2020 vs. 2019
|
| |
For the
Fiscal Year Ended March 31, |
| |
2020 vs. 2019
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Costs and expenses:
|
| | | $ | 56,184 | | | | | $ | 40,310 | | | | | $ | 15,874 | | | | | | 39% | | | | | $ | 63,239 | | | | | $ | 45,127 | | | | | $ | 18,112 | | | | | | 40% | | |
Cost of revenue
|
| | | | 23,820 | | | | | | 16,793 | | | | | | 7,027 | | | | | | 42% | | | | | | 27,305 | | | | | | 18,873 | | | | | | 8,432 | | | | | | 45% | | |
Amortization and depreciation | | | | | 10,447 | | | | | | 5,863 | | | | | | 4,584 | | | | | | 78% | | | | | | 8,423 | | | | | | 5,863 | | | | | | 2,560 | | | | | | 44% | | |
Administration expenses
|
| | | | 10,400 | | | | | | 9,376 | | | | | | 1,024 | | | | | | 11% | | | | | | 12,033 | | | | | | 7,947 | | | | | | 4,085 | | | | | | 51% | | |
Total costs and expenses
|
| | | | 44,667 | | | | | | 32,032 | | | | | | 12,635 | | | | | | 39% | | | | | | 47,761 | | | | | | 32,684 | | | | | | 15,078 | | | | | | 46% | | |
Operating Income
|
| | | | 11,517 | | | | | | 8,279 | | | | | | 3,239 | | | | | | 39% | | | | | | 15,477 | | | | | | 12,443 | | | | | | 3,034 | | | | | | 24% | | |
Interest expense
|
| | | | (6,668) | | | | | | (4,521) | | | | | | (2,147) | | | | | | 47% | | | | | | (6,463) | | | | | | (6,201) | | | | | | (262) | | | | | | 4% | | |
(Loss) Gain on foreign exchange
|
| | | | (550) | | | | | | 21 | | | | | | (571) | | | | | | -2719% | | | | | | 31 | | | | | | 803 | | | | | | (772) | | | | | | -96% | | |
Gain (Loss) on fair value of swaps
|
| | | | 1,260 | | | | | | (869) | | | | | | 2,129 | | | | | | -245% | | | | | | (5,556) | | | | | | (2,771) | | | | | | (2,785) | | | | | | 101% | | |
Interest and other income
|
| | | | 6 | | | | | | 28 | | | | | | (22) | | | | | | -79% | | | | | | 77 | | | | | | 82 | | | | | | (5) | | | | | | -6% | | |
Gain on retirement of RMM Issuer debt
|
| | | | 0 | | | | | | 10,644 | | | | | | (10,644) | | | | | | -100% | | | | | | 10,644 | | | | | | 0 | | | | | | 10,644 | | | | | | N/A% | | |
Income before income taxes
|
| | | | 5,566 | | | | | | 13,582 | | | | | | (8,016) | | | | | | -59% | | | | | | 14,210 | | | | | | 4,356 | | | | | | 9,854 | | | | | | 226% | | |
Income tax expense
|
| | | | 1,336 | | | | | | 3,108 | | | | | | (1,771) | | | | | | -57% | | | | | | 4,199 | | | | | | 819 | | | | | | 3,381 | | | | | | 413% | | |
Net income
|
| | | | 4,229 | | | | | | 10,474 | | | | | | (6,245) | | | | | | -60% | | | | | | 10,011 | | | | | | 3,538 | | | | | | 6,473 | | | | | | 183% | | |
Net loss attributable to noncontrolling interests
|
| | | | (12) | | | | | | 0 | | | | | | (12) | | | | | | N/A% | | | | | | 47 | | | | | | 0 | | | | | | 47 | | | | | | N/A% | | |
Net income attribuatable to Reservoir Holdings Inc.
|
| | | $ | 4,217 | | | | | $ | 10,474 | | | | | $ | (6,257) | | | | | | -60% | | | | | $ | 10,058 | | | | | $ | 3,538 | | | | | $ | 6,520 | | | | | | 184% | | |
| | |
For the
Nine Months Ended December 31, |
| |
2020 vs. 2019
|
| |
For the
Fiscal Year Ended March 31, |
| |
2020 vs. 2019
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||||||||||||||
Revenue by Type | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Performance
|
| | | $ | 11,735 | | | | | $ | 9,214 | | | | | $ | 2,521 | | | | | | 27% | | | | | $ | 13,656 | | | | | $ | 12,557 | | | | | $ | 1,099 | | | | | | 9% | | |
Digital
|
| | | | 25,595 | | | | | | 16,462 | | | | | | 9,133 | | | | | | 55% | | | | | | 28,798 | | | | | | 17,938 | | | | | | 10,860 | | | | | | 61% | | |
Mechanical
|
| | | | 1,989 | | | | | | 1,521 | | | | | | 468 | | | | | | 31% | | | | | | 2,473 | | | | | | 2,394 | | | | | | 79 | | | | | | 3% | | |
Synchronization
|
| | | | 5,715 | | | | | | 5,147 | | | | | | 568 | | | | | | 11% | | | | | | 6,892 | | | | | | 7,596 | | | | | | (704) | | | | | | -9% | | |
Other
|
| | | | 1,637 | | | | | | 1,333 | | | | | | 304 | | | | | | 23% | | | | | | 2,124 | | | | | | 2,356 | | | | | | (232) | | | | | | -10% | | |
Total Music Publishing
|
| | | | 46,671 | | | | | | 33,677 | | | | | | 12,994 | | | | | | 39% | | | | | | 53,942 | | | | | | 42,840 | | | | | | 11,102 | | | | | | 26% | | |
Digital
|
| | | | 5,854 | | | | | | 3,494 | | | | | | 2,360 | | | | | | 68% | | | | | | 4,569 | | | | | | 1,045 | | | | | | 3,524 | | | | | | 337% | | |
Physical
|
| | | | 1,948 | | | | | | 944 | | | | | | 1,004 | | | | | | 106% | | | | | | 1,432 | | | | | | 69 | | | | | | 1,363 | | | | | | 1975% | | |
Synchronization
|
| | | | 19 | | | | | | 853 | | | | | | (835) | | | | | | -98% | | | | | | 1,385 | | | | | | 174 | | | | | | 1,211 | | | | | | 696% | | |
Neighboring rights
|
| | | | 884 | | | | | | 1,039 | | | | | | (155) | | | | | | -15% | | | | | | 1,642 | | | | | | 674 | | | | | | 968 | | | | | | 144% | | |
Total Recorded Music
|
| | | | 8,705 | | | | | | 6,330 | | | | | | 2,375 | | | | | | 38% | | | | | | 9,028 | | | | | | 1,962 | | | | | | 7,066 | | | | | | 360% | | |
Other revenue
|
| | | | 808 | | | | | | 303 | | | | | | 505 | | | | | | 167% | | | | | | 268 | | | | | | 324 | | | | | | 56 | | | | | | -17% | | |
Total Revenue
|
| | | $ | 56,184 | | | | | $ | 40,310 | | | | | $ | 15,874 | | | | | | 39% | | | | | $ | 63,239 | | | | | $ | 45,127 | | | | | $ | 18,112 | | | | | | 40% | | |
Revenue by Geographical Location | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
U.S. Music Publishing
|
| | | $ | 24,313 | | | | | $ | 16,855 | | | | | $ | 7,458 | | | | | | 44% | | | | | $ | 30,803 | | | | | $ | 22,771 | | | | | $ | 8,032 | | | | | | 35% | | |
U.S. Recorded Music
|
| | | | 2,668 | | | | | | 1,873 | | | | | | 795 | | | | | | 42% | | | | | | 3,476 | | | | | | 1,277 | | | | | | 2,199 | | | | | | 172% | | |
U.S. Other Revenue
|
| | | | 808 | | | | | | 303 | | | | | | 505 | | | | | | 167% | | | | | | 268 | | | | | | 324 | | | | | | (56) | | | | | | -17% | | |
Total U.S.
|
| | | | 27,789 | | | | | | 19,031 | | | | | | 8,758 | | | | | | 46% | | | | | | 34,547 | | | | | | 24,371 | | | | | | 10,176 | | | | | | 42% | | |
International Music Publishing
|
| | | | 22,358 | | | | | | 16,823 | | | | | | 5,536 | | | | | | 33% | | | | | | 23,139 | | | | | | 20,070 | | | | | | 3,069 | | | | | | 15% | | |
International Recorded Music
|
| | | | 6,037 | | | | | | 4,457 | | | | | | 1,580 | | | | | | 35% | | | | | | 5,553 | | | | | | 686 | | | | | | 4,867 | | | | | | 709% | | |
Total International
|
| | | | 28,395 | | | | | | 21,279 | | | | | | 7,116 | | | | | | 33% | | | | | | 28,692 | | | | | | 20,756 | | | | | | 7,936 | | | | | | 38% | | |
Total Revenue
|
| | | $ | 56,184 | | | | | $ | 40,310 | | | | | $ | 15,874 | | | | | | 39% | | | | | $ | 63,239 | | | | | $ | 45,127 | | | | | $ | 18,112 | | | | | | 40% | | |
| | |
For the
Nine Months Ended December 31, |
| |
2020 vs. 2019
|
| |
For the
Fiscal Year Ended March 31, |
| |
2020 vs. 2019
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||||||||||||||
Writer royalties and other publishing costs
|
| | | $ | 21,196 | | | | | $ | 14,939 | | | | | $ | 6,257 | | | | | | 42% | | | | | $ | 23,493 | | | | | $ | 18,109 | | | | | $ | 5,384 | | | | | | 30% | | |
Artist royalties and other recorded costs
|
| | | | 2,624 | | | | | | 1,854 | | | | | | 770 | | | | | | 42% | | | | | | 3,812 | | | | | | 764 | | | | | | 3,048 | | | | | | 399% | | |
Total cost of revenues
|
| | | $ | 23,820 | | | | | $ | 16,793 | | | | | $ | 7,027 | | | | | | 42% | | | | | $ | 27,305 | | | | | $ | 18,873 | | | | | $ | 8,433 | | | | | | 45% | | |
| | |
For the
Nine Months Ended December 31, |
| |
2020 vs. 2019
|
| |
For the
Fiscal Year Ended March 31, |
| |
2020 vs. 2019
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||||||||||||||
Administration expenses
|
| | | $ | 10,400 | | | | | $ | 9,376 | | | | | $ | 1,024 | | | | | | 11% | | | | | $ | 12,033 | | | | | $ | 7,947 | | | | | $ | 4,085 | | | | | | 51% | | |
Total administration expenses
|
| | | $ | 10,400 | | | | | $ | 9,376 | | | | | $ | 1,024 | | | | | | 11% | | | | | $ | 12,033 | | | | | $ | 7,947 | | | | | $ | 4,085 | | | | | | 51% | | |
| | |
For the
Nine Months Ended December 31, |
| |
2020 vs. 2019
|
| |
For the
Fiscal Year Ended March 31, |
| |
2020 vs. 2019
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||||||||||||||
Operating income
|
| | | | 11,517 | | | | | | 8,279 | | | | | | 3,238 | | | | | | 39% | | | | | | 15,477 | | | | | | 12,443 | | | | | | 3,034 | | | | | | 24% | | |
Amortization expense
|
| | | | 10,279 | | | | | | 5,744 | | | | | | 4,535 | | | | | | 79% | | | | | | 8,250 | | | | | | 5,811 | | | | | | 2,439 | | | | | | 42% | | |
Depreciation expense
|
| | | | 169 | | | | | | 119 | | | | | | 50 | | | | | | 42% | | | | | | 173 | | | | | | 52 | | | | | | 121 | | | | | | 233% | | |
OIBDA
|
| | | $ | 21,964 | | | | | $ | 14,142 | | | | | $ | 7,823 | | | | | | 55% | | | | | $ | 23,901 | | | | | $ | 18,306 | | | | | $ | 5,594 | | | | | | 31% | | |
| | |
For the
Nine Months Ended December 31, |
| |
2020 vs. 2019
|
| |
For the
Fiscal Year Ended March 31, |
| |
2020 vs. 2019
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||||||||||||||
Music Publishing | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues
|
| | | $ | 46,671 | | | | | $ | 33,677 | | | | | $ | 12,994 | | | | | | 39% | | | | | $ | 53,942 | | | | | $ | 42,840 | | | | | $ | 11,102 | | | | | | 26% | | |
Operating income
|
| | | | 8,860 | | | | | | 5,760 | | | | | | 3,100 | | | | | | 54% | | | | | | 13,637 | | | | | | 11,547 | | | | | | 2,090 | | | | | | 18% | | |
OIBDA
|
| | | | 17,586 | | | | | | 10,562 | | | | | | 7,025 | | | | | | 67% | | | | | | 20,290 | | | | | | 17,110 | | | | | | 3,180 | | | | | | 19% | | |
Recorded Music | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues
|
| | | | 8,705 | | | | | | 6,330 | | | | | | 2,375 | | | | | | 38% | | | | | | 9,028 | | | | | | 1,962 | | | | | | 7,066 | | | | | | 360% | | |
Operating income
|
| | | | 2,554 | | | | | | 2,215 | | | | | | 338 | | | | | | 15% | | | | | | 1,709 | | | | | | 897 | | | | | | 812 | | | | | | 91% | | |
OIBDA
|
| | | | 4,275 | | | | | | 3,277 | | | | | | 997 | | | | | | 30% | | | | | | 3,479 | | | | | | 1,196 | | | | | | 2,283 | | | | | | 191% | | |
Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues
|
| | | | 808 | | | | | | 303 | | | | | | 505 | | | | | | 167% | | | | | | 268 | | | | | | 324 | | | | | | (56) | | | | | | -17% | | |
Operating income
|
| | | | 104 | | | | | | 303 | | | | | | (199) | | | | | | -66% | | | | | | 132 | | | | | | — | | | | | | 132 | | | | | | N/A% | | |
OIBDA
|
| | | | 104 | | | | | | 303 | | | | | | (199) | | | | | | -66% | | | | | | 132 | | | | | | — | | | | | | 132 | | | | | | N/A% | | |
Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues
|
| | | | 56,184 | | | | | | 40,310 | | | | | | 15,874 | | | | | | 39% | | | | | | 63,239 | | | | | | 45,127 | | | | | | 18,112 | | | | | | 40% | | |
Operating income
|
| | | | 11,517 | | | | | | 8,279 | | | | | | 3,239 | | | | | | 39% | | | | | | 15,477 | | | | | | 12,443 | | | | | | 3,034 | | | | | | 24% | | |
OIBDA
|
| | | | 21,964 | | | | | | 14,142 | | | | | | 7,823 | | | | | | 55% | | | | | | 23,901 | | | | | | 18,306 | | | | | | 5,594 | | | | | | 31% | | |
| | |
For the
Nine Months Ended December 31, |
| |
2020 vs. 2019
|
| |
For the
Fiscal Year Ended March 31, |
| |
2020 vs. 2019
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||||||||||||||
Writer royalties and other publishing costs
|
| | | $ | 21,196 | | | | | $ | 14,939 | | | | | $ | 6,257 | | | | | | 42% | | | | | $ | 23,493 | | | | | $ | 18,109 | | | | | $ | 5,384 | | | | | | 30% | | |
Total cost of revenues
|
| | | $ | 21,196 | | | | | $ | 14,939 | | | | | $ | 6,257 | | | | | | 42% | | | | | $ | 23,493 | | | | | $ | 18,109 | | | | | $ | 5,384 | | | | | | 30% | | |
| | |
For the
Nine Months Ended December 31, |
| |
2020 vs. 2019
|
| |
For the
Fiscal Year Ended March 31, |
| |
2020 vs. 2019
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||||||||||||||
Administration expenses
|
| | | $ | 7,425 | | | | | $ | 7,605 | | | | | $ | (180) | | | | | | -2% | | | | | $ | 10,159 | | | | | $ | 7,947 | | | | | $ | 2,212 | | | | | | 28% | | |
Total administration expenses
|
| | | $ | 7,425 | | | | | $ | 7,605 | | | | | $ | (180) | | | | | | -2% | | | | | $ | 10,159 | | | | | $ | 7,947 | | | | | $ | 2,212 | | | | | | 28% | | |
| | |
For the
Nine Months Ended December 31, |
| |
2020 vs. 2019
|
| |
For the
Fiscal Year Ended March 31, |
| |
2020 vs. 2019
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||||||||||||||
Operating income
|
| | | $ | 8,860 | | | | | $ | 5,760 | | | | | $ | 3,100 | | | | | | 54% | | | | | $ | 13,637 | | | | | $ | 11,547 | | | | | $ | 2,090 | | | | | | 18% | | |
Depreciation and amortization
|
| | | | 8,726 | | | | | | 4,801 | | | | | | 3,925 | | | | | | 82% | | | | | | 6,653 | | | | | | 5,564 | | | | | | 1,089 | | | | | | 20% | | |
OIBDA
|
| | | $ | 17,586 | | | | | $ | 10,562 | | | | | $ | 7,025 | | | | | | 67% | | | | | $ | 20,290 | | | | | $ | 17,110 | | | | | $ | 3,180 | | | | | | 19% | | |
| | |
For the
Nine Months Ended December 31, |
| |
2020 vs. 2019
|
| |
For the
Fiscal Year Ended March 31, |
| |
2020 vs. 2019
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||||||||||||||
Artist royalties and other recorded music costs
|
| | | $ | 2,624 | | | | | $ | 1,854 | | | | | $ | 770 | | | | | | 42% | | | | | $ | 3,812 | | | | | $ | 764 | | | | | $ | 3,048 | | | | | | 399% | | |
Total cost of revenues
|
| | | $ | 2,624 | | | | | $ | 1,854 | | | | | $ | 770 | | | | | | 42% | | | | | $ | 3,812 | | | | | $ | 764 | | | | | $ | 3,048 | | | | | | 399% | | |
| | |
For the
Nine Months Ended December 31, |
| |
2020 vs. 2019
|
| |
For the
Fiscal Year Ended March 31, |
| |
2020 vs. 2019
|
| | | | ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| | ||||||||||||||||||||||||||
Administration expenses
|
| | | $ | 2,199 | | | | | $ | 1,224 | | | | | $ | 975 | | | | | | 80% | | | | | $ | 1,738 | | | | | $ | — | | | | | $ | 1,738 | | | | | | N/A% | | | | ||
Total administration expenses
|
| | | $ | 2,199 | | | | | $ | 1,224 | | | | | $ | 975 | | | | | | 80% | | | | | $ | 1,738 | | | | | $ | — | | | | | $ | 1,738 | | | | | | N/A% | | | |
| | |
For the
Nine Months Ended December 31, |
| |
2020 vs. 2019
|
| |
For the
Fiscal Year Ended March 31, |
| |
2020 vs. 2019
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||||||||||||||
Operating income
|
| | | $ | 2,554 | | | | | $ | 2,215 | | | | | $ | 339 | | | | | | 15% | | | | | $ | 1,709 | | | | | $ | 897 | | | | | $ | 812 | | | | | | 91% | | |
Depreciation and amortization
|
| | | | 1,721 | | | | | | 1,062 | | | | | | 659 | | | | | | 62% | | | | | | 1,770 | | | | | | 300 | | | | | | 1,470 | | | | | | 490% | | |
OIBDA
|
| | | $ | 4,275 | | | | | $ | 3,277 | | | | | $ | 997 | | | | | | 30% | | | | | $ | 3,479 | | | | | $ | 1,196 | | | | | $ | 2,283 | | | | | | 191% | | |
| | |
For the
Nine Months Ended December 31, |
| |
2020 vs. 2019
|
| |
For the
Fiscal Year Ended March 31, |
| |
2020 vs. 2019
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||||||||||||||
Cash provided by (used in): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Operating activities
|
| | | $ | 17,332 | | | | | $ | 10,141 | | | | | $ | 7,190 | | | | | | 71% | | | | | $ | 11,882 | | | | | $ | 2,336 | | | | | $ | 9,546 | | | | | | 409% | | |
Investing activities
|
| | | | (107,313) | | | | | | (52,078) | | | | | | (55,235) | | | | | | 106% | | | | | | (107,806) | | | | | | (29,713) | | | | | | (78,094) | | | | | | 263% | | |
Financing activities
|
| | | | 38,231 | | | | | | 47,191 | | | | | | (8,961) | | | | | | -19% | | | | | | 147,030 | | | | | | 30,397 | | | | | | 116,632 | | | | | | 384% | | |
|
Term Loan
|
| | | $ | 18,750 | | |
|
Revolving Credit
|
| | | | 187,991 | | |
|
Total outstanding debt
|
| | | $ | 206,741 | | |
Firm Commitments and Outstanding Debt
|
| |
Less than
1 year |
| |
1 - 3
years |
| |
3 - 5
Years |
| |
After 5
years |
| |
Total
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Term Loan
|
| | | $ | 1,000 | | | | | $ | 2,000 | | | | | $ | 15,750 | | | | | | — | | | | | $ | 18,750 | | |
Revolving Credit
|
| | | | — | | | | | | — | | | | | | 187,991 | | | | | | — | | | | | | 187,991 | | |
Interest on Term Loan(1)
|
| | | | 639 | | | | | | 1,173 | | | | | | 459 | | | | | | — | | | | | | 2,271 | | |
Interest on Revolving Credit(1)
|
| | | | 6,580 | | | | | | 13,159 | | | | | | 5,483 | | | | | | — | | | | | | 25,222 | | |
Operating leases(2)
|
| | | | 821 | | | | | | 1,147 | | | | | | 31 | | | | | | — | | | | | | 1,999 | | |
Artist, songwriter, and co-publisher commitments(3)*
|
| | | | 5,778 | | | | | | 2,530 | | | | | | 25 | | | | | | — | | | | | | 8,333 | | |
Asset acquisition and share purchase acquisition
commitments(4) |
| | | | 3,047 | | | | | | 5,720 | | | | | | — | | | | | | — | | | | | | 8,767 | | |
Total firm commitments and outstanding debt
|
| | | $ | 17,864 | | | | | $ | 25,729 | | | | | $ | 209,740 | | | | | $ | — | | | | | $ | 253,333 | | |
Name
|
| |
Age
|
| |
Position
|
|
Golnar Khosrowshahi(1) | | | 49 | | | Chief Executive Officer and Director | |
Rell Lafargue(1) | | | 49 | | | President, Chief Operating Officer and Director | |
Jim Heindlmeyer | | | 49 | | | Chief Financial Officer | |
Stephen Cook(1) | | | 45 | | | Director | |
Ezra S. Field(1) | | | 51 | | | Chair of the Board of Directors | |
Neil de Gelder(1) | | | 68 | | | Director | |
Adam Rothstein(2) | | | 49 | | | Director | |
Ryan P. Taylor(1) | | | 45 | | | Director | |
| | |
Pre-Business Combination
|
| |
Post-Business Combination
|
| | ||||||||||||||||||||||||||||||||
| | |
Common Stock
|
| |
Assuming No
Redemptions |
| |
Assuming 100%
Redemptions |
| | |||||||||||||||||||||||||||||
Name and Address of Beneficial Owner(1)
|
| |
Number of
Shares Beneficially Owned |
| |
% of
Outstanding Shares of Common Stock |
| |
Number of
Shares |
| |
%
|
| |
Number of
Shares |
| |
%
|
| | ||||||||||||||||||||
Directors and Executive Officers of ROCC:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Byron Roth(2)
|
| | | | 2,234,000 | | | | | | 15.2% | | | | | | 2,234,000 | | | | | | % | | | | | | 2,234,000 | | | | | | % | | | | ||
Gordon Roth(3)
|
| | | | 2,097,063 | | | | | | 14.3% | | | | | | 2,097,063 | | | | | | | | | | | | 2,097,063 | | | | | | | | | | ||
Aaron Gurewitz(4)
|
| | | | 35,425 | | | | | | * | | | | | | 35,425 | | | | | | | | | | | | 35,425 | | | | | | | | | | ||
John Lipman(5)
|
| | | | 397,638 | | | | | | 2.5% | | | | | | 397,638 | | | | | | | | | | | | 397,638 | | | | | | | | | | ||
Rick Hartfiel(6)
|
| | | | — | | | | | | — | | | | | | 15,000 | | | | | | | | | | | | 15,000 | | | | | | | | | | ||
Molly Montgomery(7)
|
| | | | 88,189 | | | | | | * | | | | | | 88,189 | | | | | | | | | | | | 88,189 | | | | | | | | | | ||
David M. Friedberg(8)
|
| | | | 88,189 | | | | | | * | | | | | | 88,189 | | | | | | | | | | | | 88,189 | | | | | | | | | | ||
Adam Rothstein(9)
|
| | | | 113,189 | | | | | | * | | | | | | 113,189 | | | | | | | | | | | | 113,189 | | | | | | | | | | ||
All Directors and Executive Officers of ROCC as a Group (8 Individuals)
|
| | | | 3,000,441 | | | | | | 20.2% | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
ROCC’s 5% Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
CR Financial Holdings, Inc.(10)
|
| | | | 2,068,252 | | | | | | 19.1% | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Polar Asset Management Partners Inc.(11)
|
| | | | 750,000 | | | | | | 5.1% | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Castle Creek Arbitrage, LLC(12)
|
| | | | 849,501 | | | | | | 5.8% | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
683 Capital Management, LLC(13)
|
| | | | 936,624 | | | | | | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Directors and Executive Officers of the Combined Company:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Golnar Khosrowshahi
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Rell Lafargue
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Jim Heindlmeyer
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Stephen Cook(14)
|
| | | | — | | | | | | — | | | | | | 14,639,809 | | | | | | | | | | | | 14,639,809 | | | | | | | | | | ||
Ezra S. Field
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Neil de Gelder
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Adam Rothstein(9)
|
| | | | 113,189 | | | | | | * | | | | | | 113,189 | | | | | | | | | | | | 113,189 | | | | | | | | | | ||
Ryan P. Taylor(15)
|
| | | | — | | | | | | — | | | | | | 14,639,809 | | | | | | | | | | | | 14,639,809 | | | | | | | | | | ||
All Directors and Executive Officers of the Combined Company as a Group (8 Individuals)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
5% Stockholders of the Combined Company:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Wesbild Inc.(16)
|
| | | | — | | | | | | — | | | | | | 27,993,961 | | | | | | | | | | | | 27,993,961 | | | | | | | | | | ||
RS Reservoir LLC(17)
|
| | | | — | | | | | | — | | | | | | 14,639,809 | | | | | | | | | | | | 14,639,809 | | | | | | | | | |
| | |
Page
|
| |||
Roth CH Acquisition II Co. Audited Financial Statements | | | | | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
Reservoir Holdings, Inc. and Subsidiaries Unaudited Condensed Consolidated Financial Statements | | | | | | | |
| | | | F-19 | | | |
| | | | F-20 | | | |
| | | | F-21 | | | |
| | | | F-22 | | | |
| | | | F-23 | | | |
| | | | F-24 | | | |
Reservoir Holdings, Inc. and Subsidiaries Audited Consolidated Financial Statements | | | | | | | |
| | | | F-37 | | | |
| | | | F-38 | | | |
| | | | F-39 | | | |
| | | | F-40 | | | |
| | | | F-41 | | | |
| | | | F-42 | | | |
| | | | F-43 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | $ | 696,567 | | | | | $ | 25,000 | | |
Prepaid expenses
|
| | | | 395,887 | | | | | | — | | |
Total Current Assets
|
| | | | 1,092,454 | | | | | | 25,000 | | |
Cash and marketable securities held in Trust Account
|
| | | | 115,006,613 | | | | | | — | | |
TOTAL ASSETS
|
| | | $ | 116,099,067 | | | | | $ | 25,000 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accrued expenses
|
| | | $ | 83,654 | | | | | $ | 1,225 | | |
TOTAL LIABILITIES
|
| | | | 83,654 | | | | | | 1,225 | | |
Commitments and Contingencies (see Note 6) | | | | | | | | | | | | | |
Common stock subject to possible redemption 11,101,541 shares at redemption value
|
| | | | 111,015,410 | | | | | | — | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Common stock, $0.0001 par value; 50,000,000 shares authorized; 3,548,459 and 2,875,000 shares issued and outstanding (excluding 11,101,541 shares subject to possible redemption) at December 31, 2020 and 2019, respectively
|
| | | | 355 | | | | | | 288 | | |
Additional paid-in capital
|
| | | | 5,104,258 | | | | | | 24,712 | | |
Accumulated deficit
|
| | | | (104,610) | | | | | | (1,225) | | |
Total Stockholders’ Equity
|
| | | | 5,000,003 | | | | | | 23,775 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
| | | $ | 116,099,067 | | | | | $ | 25,000 | | |
| | |
Year Ended
December 31, 2020 |
| |
For the Period from
February 13, 2019 (inception) through December 31, 2019 |
| ||||||
Formation and operational costs
|
| | | $ | 109,998 | | | | | $ | 1,225 | | |
Loss from operations
|
| | | | (109,998) | | | | | | (1,225) | | |
Other income: | | | | | | | | | | | | | |
Interest earned on marketable securities held in Trust Account
|
| | | | 5,785 | | | | | | — | | |
Unrealized gain on marketable securities held in Trust Account
|
| | | | 828 | | | | | | — | | |
Other income
|
| | | | 6,613 | | | | | | — | | |
Net loss
|
| | | $ | (103,385) | | | | | $ | (1,225) | | |
Basic and diluted weighted average shares outstanding, Common stock subject to possible redemption
|
| | | | 11,111,752 | | | | | | — | | |
Basic and diluted net loss per share, Common stock subject to possible redemption
|
| | | $ | 0.00 | | | | | $ | — | | |
Basic and diluted weighted average shares outstanding, Non-redeemable common stock
|
| | | | 2,545,512 | | | | | | 2,500,000 | | |
Basic and diluted net loss per share, Non-redeemable common stock
|
| | | $ | (0.04) | | | | | $ | (0.00) | | |
| | |
Common Stock
|
| |
Additional
Paid-in Deficit |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Equity |
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
Balance – February 13, 2019 (inception)
|
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of common stock to Sponsor
|
| | | | 2,875,000 | | | | | | 288 | | | | | | 24,712 | | | | | | — | | | | | | 25,000 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1,225) | | | | | | (1,225) | | |
Balance – December 31, 2019
|
| | | | 2,875,000 | | | | | | 288 | | | | | | 24,712 | | | | | | (1,225) | | | | | | 23,775 | | |
Sale of 11,500,000 Units, net of underwriting discount and offering expenses
|
| | | | 11,500,000 | | | | | | 1,150 | | | | | | 113,343,873 | | | | | | — | | | | | | 113,345,023 | | |
Sale of 275,000 Private Units
|
| | | | 275,000 | | | | | | 28 | | | | | | 2,749,972 | | | | | | — | | | | | | 2,750,000 | | |
Common stock subject to possible redemption
|
| | | | (11,101,541) | | | | | | (1,111) | | | | | | (111,014,299) | | | | | | — | | | | | | (111,015,410) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (103,385) | | | | | | (103,385) | | |
Balance – December 31, 2020
|
| | | | 3,548,459 | | | | | $ | 355 | | | | | $ | 5,104,258 | | | | | $ | (104,610) | | | | | $ | 5,000,003 | | |
| | |
Year Ended
December 31, 2020 |
| |
For the Period from
February 13, 2019 (inception) through December 31, 2019 |
| ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (103,385) | | | | | $ | (1,225) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | |
Interest earned on marketable securities held in Trust Account
|
| | | | (5,785) | | | | | | — | | |
Unrealized gain on marketable securities held in Trust Account
|
| | | | (828) | | | | | | — | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid expenses
|
| | | | (395,887) | | | | | | — | | |
Accrued expenses
|
| | | | 82,429 | | | | | | 1,225 | | |
Net cash used in operating activities
|
| | | | (423,456) | | | | | | — | | |
Cash Flows from Investing Activities: | | | | | | | | | | | | | |
Investment of cash in Trust Account
|
| | | | (115,000,000) | | | | | | — | | |
Net cash used in investing activities
|
| | | | (115,000,000) | | | | | | — | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from issuance of common stock to Sponsor
|
| | | | — | | | | | | 25,000 | | |
Proceeds from sale of Units, net of underwriting discounts paid
|
| | | | 113,850,000 | | | | | | — | | |
Proceeds from sale of Private Units
|
| | | | 2,750,000 | | | | | | — | | |
Proceeds from promissory note – related party
|
| | | | 200,000 | | | | | | — | | |
Repayment of promissory note – related party
|
| | | | (200,000) | | | | | | — | | |
Payment of offering costs
|
| | | | (504,977) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 116,095,023 | | | | | | 25,000 | | |
Net Change in Cash
|
| | | | 671,567 | | | | | | 25,000 | | |
Cash – Beginning of period
|
| | | | 25,000 | | | | | | — | | |
Cash – End of period
|
| | | $ | 696,567 | | | | | $ | 25,000 | | |
Non-Cash investing and financing activities: | | | | | | | | | | | | | |
Initial classification of common stock subject to possible redemption
|
| | | $ | 111,117,520 | | | | | $ | — | | |
Change in value of common stock subject to possible redemption
|
| | | $ | (102,110) | | | | | $ | — | | |
| | |
Year Ended
December 31, 2020 |
| |
For the Period from
February 13, 2019 (inception) through December 31, 2019 |
| ||||||
Common stock subject to possible redemption | | | | | | | | | | | | | |
Numerator: Earnings allocable to Common stock subject to possible redemption
|
| | | | | | | | | | | | |
Interest earned on marketable securities held in Trust Account
|
| | | $ | 5,785 | | | | | $ | — | | |
Unrealized gain on marketable securities held in Trust Account
|
| | | | 828 | | | | | | — | | |
Less: interest available to be withdrawn for payment of taxes
|
| | | | (6,613) | | | | | | — | | |
Net income
|
| | | $ | — | | | | | $ | — | | |
Denominator: Weighted Average Common stock subject to possible redemption
|
| | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding, Common stock subject to possible redemption
|
| | |
|
11,111,752
|
| | | |
|
—
|
| |
Basic and diluted net income per share, Common stock subject to possible
redemption |
| | |
$
|
0.00
|
| | | |
$
|
—
|
| |
Non-Redeemable Common Stock | | | | | | | | | | | | | |
Numerator: Net Loss minus Net Earnings | | | | | | | | | | | | | |
Net loss
|
| | | $ | (103,385) | | | | | $ | (1,225) | | |
Net income allocable to Common stock subject to possible redemption
|
| | | | — | | | | | | — | | |
Non-Redeemable Net Loss
|
| | | $ | (103,385) | | | | | $ | (1,225) | | |
Denominator: Weighted Average Non-redeemable common stock | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding, Non-redeemable common stock
|
| | |
|
2,545,512
|
| | | | | 2,500,000 | | |
Basic and diluted net loss per share, Non-redeemable common stock
|
| | | $ | (0.04) | | | | | $ | (0.00) | | |
| | |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
Deferred tax assets | | | | | | | | | | | | | |
Net operating loss carryforward
|
| | | $ | 17,142 | | | | | $ | 257 | | |
Unrealized gain on marketable securities
|
| | | | (1,389) | | | | | | — | | |
Startup and organizational costs
|
| | | | 6,215 | | | | | | — | | |
Total deferred tax assets
|
| | | | 21,968 | | | | | | 257 | | |
Valuation Allowance
|
| | | | (21,968) | | | | | | (257) | | |
Deferred tax assets
|
| | | $ | — | | | | | $ | — | | |
| | |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
Federal | | | | | | | | | | | | | |
Current
|
| | | $ | — | | | | | $ | — | | |
Deferred
|
| | | | (21,711) | | | | | | (257) | | |
State and Local | | | | | | | | | | | | | |
Current
|
| | | | — | | | | | | — | | |
Deferred
|
| | | | — | | | | | | — | | |
Change in valuation allowance
|
| | | | 21,711 | | | | | | 257 | | |
Income tax provision
|
| | | $ | — | | | | | $ | — | | |
| | |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
Statutory federal income tax rate
|
| | | | 21.0% | | | | | | 21.0% | | |
State taxes, net of federal tax benefit
|
| | | | 0.0% | | | | | | 0.0% | | |
Meals and entertainment
|
| | | | 0.0% | | | | | | 0.0% | | |
Valuation allowance
|
| | | | (21.0) | | | | | | (21.0) | | |
Income tax provision
|
| | | | 0.0% | | | | | | 0.0% | | |
Description
|
| |
Level
|
| |
December 31,
2020 |
| ||||||
Assets: | | | | | | | | | | | | | |
Cash and marketable securities held in Trust Account
|
| | | | 1 | | | | | $ | 115,006,613 | | |
| | |
Nine Months Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Revenues | | | | | 56,184,190 | | | | | | 40,310,420 | | |
Costs and expenses: | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 23,819,732 | | | | | | 16,792,635 | | |
Amortization and depreciation
|
| | | | 10,447,015 | | | | | | 5,862,960 | | |
Administration expenses
|
| | | | 10,400,158 | | | | | | 9,376,283 | | |
Total costs and expenses
|
| | | | 44,666,905 | | | | | | 32,031,878 | | |
Operating income
|
| | | | 11,517,285 | | | | | | 8,278,542 | | |
Interest expense
|
| | | | (6,667,917) | | | | | | (4,520,935) | | |
(Loss) gain on foreign exchange
|
| | | | (549,708) | | | | | | 21,439 | | |
Gain (loss) on fair value of swaps
|
| | | | 1,259,738 | | | | | | (869,274) | | |
Interest and other income
|
| | | | 6,152 | | | | | | 27,910 | | |
Gain on retirement of RMM Issuer debt
|
| | | | — | | | | | | 10,644,084 | | |
Income before income taxes
|
| | | | 5,565,550 | | | | | | 13,581,766 | | |
Income tax expense
|
| | | | 1,336,424 | | | | | | 3,107,601 | | |
Net income
|
| | | | 4,229,126 | | | | | | 10,474,165 | | |
Net (income) attributable to noncontrolling interests
|
| | | | (12,085) | | | | | | — | | |
Net income attributable to Reservoir Holdings Inc.
|
| | | | 4,217,041 | | | | | | 10,474,165 | | |
Earnings per common share (Note 13): | | | | | | | | | | | | | |
Basic
|
| | | $ | 18.58 | | | | | $ | 55.92 | | |
Diluted
|
| | | $ | 18.58 | | | | | $ | 55.92 | | |
Weighted average common shares outstanding (Note 13): | | | | | | | | | | | | | |
Basic
|
| | | | 144,431 | | | | | | 125,227 | | |
Diluted
|
| | | | 226,931 | | | | | | 187,307 | | |
| | |
Nine Months Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Net income
|
| | | | 4,229,126 | | | | | | 10,474,165 | | |
Other comprehensive income (loss): | | | | | | | | | | | | | |
Translation adjustments
|
| | | | 5,912,547 | | | | | | (1,736,449) | | |
Total comprehensive income
|
| | | | 10,141,673 | | | | | | 8,737,716 | | |
Comprehensive income attributable to noncontrolling interests
|
| | | | (12,085) | | | | | | — | | |
Total comprehensive income attributable to Reservoir Holdings, Inc.
|
| | | | 10,129,588 | | | | | | 8,737,716 | | |
| | |
December 31, 2020
|
| |
March 31, 2020
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 12,401,568 | | | | | | 58,240,123 | | |
Accounts receivable
|
| | | | 12,748,995 | | | | | | 9,745,206 | | |
Amounts due from related parties (Note 11)
|
| | | | — | | | | | | 5,671 | | |
Current portion of royalty advances
|
| | | | 13,087,706 | | | | | | 13,845,419 | | |
Inventory and prepaid expenses
|
| | | | 896,149 | | | | | | 431,029 | | |
Total current assets
|
| | | | 39,134,418 | | | | | | 82,267,448 | | |
Intangible assets, net
|
| | | | 380,262,696 | | | | | | 285,109,108 | | |
Investment in equity affiliates
|
| | | | 1,517,238 | | | | | | 1,498,399 | | |
Royalty advances, net of current portion
|
| | | | 30,356,958 | | | | | | 26,418,020 | | |
Property, plant and equipment, net
|
| | | | 364,920 | | | | | | 602,976 | | |
Other assets
|
| | | | 644,521 | | | | | | 695,252 | | |
Total assets
|
| | | | 452,280,751 | | | | | | 396,591,203 | | |
Liabilities | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | | | 2,065,272 | | | | | | 876,144 | | |
Royalties payable
|
| | | | 17,694,559 | | | | | | 12,169,249 | | |
Accrued payroll
|
| | | | 1,442,301 | | | | | | 1,532,047 | | |
Deferred revenue
|
| | | | 1,873,553 | | | | | | 473,022 | | |
Other current liabilities
|
| | | | 4,514,291 | | | | | | 7,089,780 | | |
Amounts due to related parties (Note 11)
|
| | | | 111,126 | | | | | | — | | |
Current portion of loans and secured notes payable
|
| | | | 1,000,000 | | | | | | 1,000,000 | | |
Income taxes payable
|
| | | | 656,014 | | | | | | 297,112 | | |
Total current liabilities
|
| | | | 29,357,116 | | | | | | 23,437,354 | | |
Loans and secured notes payable
|
| | | | 202,503,833 | | | | | | 171,785,432 | | |
Deferred income taxes
|
| | | | 18,151,962 | | | | | | 16,415,239 | | |
Fair value of swaps
|
| | | | 6,295,120 | | | | | | 7,554,859 | | |
Other liabilities
|
| | | | 6,689,124 | | | | | | 6,306,430 | | |
Total liabilities
|
| | | | 262,997,155 | | | | | | 225,499,314 | | |
Contingencies and commitments (Note 15) | | | | | | | | | | | | | |
Shareholders’ Equity | | | | | | | | | | | | | |
Preferred stock, $0.00001 par value 500,000 shares authorized;
82,500 shares issued and outstanding at December 31, 2020 and March 31, 2020 |
| | | | 81,632,500 | | | | | | 81,632,500 | | |
Common stock, $0.00001 par value; 1,000,000 shares authorized, 145,560 shares issued and outstanding at December 31, 2020; 140,227 shares issued and outstanding at March 31, 2020
|
| | | | 1 | | | | | | 1 | | |
Additional paid-in capital
|
| | | | 110,473,478 | | | | | | 102,423,444 | | |
Accumulated deficit
|
| | | | (5,320,424) | | | | | | (9,537,465) | | |
Accumulated other comprehensive income (loss)
|
| | | | 1,526,932 | | | | | | (4,385,615) | | |
Total Reservoir Holdings Inc. shareholders’ equity
|
| | | | 188,312,487 | | | | | | 170,132,865 | | |
Noncontrolling interest
|
| | | | 971,109 | | | | | | 959,024 | | |
Total shareholders’ equity
|
| | | | 189,283,596 | | | | | | 171,091,889 | | |
Total liabilities and shareholders’ equity
|
| | | | 452,280,751 | | | | | | 396,591,203 | | |
| | |
Preferred Stock
|
| |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive income (loss) |
| |
Noncontrolling
interest |
| |
Shareholders’
equity |
| |||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
$
|
| | | | | | | |
$
|
| |
$
|
| |
$
|
| |
$
|
| |
$
|
| |
$
|
| |||||||||||||||||||||
Balance, March 31, 2019 (Note 1)
|
| | | | — | | | | | | — | | | | | | 125,227 | | | | | | 1 | | | | | | 104,250,000 | | | | | | (19,595,259) | | | | | | (2,403,862) | | | | | | — | | | | | | 82,250,880 | | |
Common share dividend
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (16,875,000) | | | | | | — | | | | | | — | | | | | | — | | | | | | (16,875,000) | | |
Issuance of preferred shares
|
| | | | 67,500 | | | | | | 66,675,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 66,675,000 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 65,429 | | | | | | — | | | | | | — | | | | | | — | | | | | | 65,429 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,474,165 | | | | | | — | | | | | | — | | | | | | 10,474,165 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,736,449) | | | | | | — | | | | | | (1,736,449) | | |
Acquisition of noncontrolling interest
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 336,275 | | | | | | 336,275 | | |
Balance, December 31, 2019
|
| | | | 67,500 | | | | | | 66,675,000 | | | | | | 125,227 | | | | | | 1 | | | | | | 87,440,429 | | | | | | (9,121,094) | | | | | | (4,140,311) | | | | | | 336,275 | | | | | | 141,190,300 | | |
Balance, March 31, 2020
|
| | | | 82,500 | | | | | | 81,632,500 | | | | | | 140,227 | | | | | | 1 | | | | | | 102,423,444 | | | | | | (9,537,465) | | | | | | (4,385,615) | | | | | | 959,024 | | | | | | 171,091,889 | | |
Issuance of common shares
|
| | | | — | | | | | | — | | | | | | 5,333 | | | | | | — | | | | | | 7,973,009 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,973,009 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 77,025 | | | | | | — | | | | | | — | | | | | | — | | | | | | 77,025 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,217,041 | | | | | | — | | | | | | 12,085 | | | | | | 4,229,126 | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,912,547 | | | | | | — | | | | | | 5,912,547 | | |
Balance, December 31, 2020
|
| | | | 82,500 | | | | | | 81,632,500 | | | | | | 145,560 | | | | | | 1 | | | | | | 110,473,478 | | | | | | (5,320,424) | | | | | | 1,526,932 | | | | | | 971,109 | | | | | | 189,283,596 | | |
| | |
Nine Months Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net income
|
| | | | 4,229,126 | | | | | | 10,474,165 | | |
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | | | | | | | | | | |
Amortization of intangible assets
|
| | | | 10,278,508 | | | | | | 5,744,335 | | |
Depreciation of property, plant and equipment
|
| | | | 168,507 | | | | | | 118,625 | | |
Share-based compensation
|
| | | | 77,025 | | | | | | 65,429 | | |
Gain on retirement of RMM Issuer debt
|
| | | | — | | | | | | (10,644,084) | | |
Non-cash interest charges
|
| | | | 577,613 | | | | | | 490,150 | | |
(Gain) loss on fair value of derivative instruments
|
| | | | (1,259,738) | | | | | | 869,274 | | |
Dividend from equity affiliates
|
| | | | — | | | | | | 55,678 | | |
Deferred income tax
|
| | | | 833,768 | | | | | | 3,077,256 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable
|
| | | | (3,003,789) | | | | | | (651,725) | | |
Inventory and prepaid expenses
|
| | | | (465,120) | | | | | | (250,686) | | |
Royalty advances
|
| | | | (3,181,225) | | | | | | (2,437,765) | | |
Other assets
|
| | | | 240,168 | | | | | | (40,376) | | |
Accounts payable and accrued expenses
|
| | | | 8,477,794 | | | | | | 3,234,220 | | |
Income tax payable
|
| | | | 358,902 | | | | | | 36,609 | | |
Net cash provided by operating activities
|
| | | | 17,331,539 | | | | | | 10,141,105 | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Purchases of music catalogues
|
| | | | (107,174,507) | | | | | | (51,248,675) | | |
Business combination and investment in equity affiliate
|
| | | | (18,839) | | | | | | (275,701) | | |
Decrease in deferred music composition acquisition costs
|
| | | | (50,731) | | | | | | (59,961) | | |
Purchase of property, plant and equipment
|
| | | | (69,157) | | | | | | (493,400) | | |
Net cash used for investing activities
|
| | | | (107,313,234) | | | | | | (52,077,737) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Common stock dividend paid
|
| | | | — | | | | | | (16,875,000) | | |
Issuance of preferred shares, net of issuance costs
|
| | | | — | | | | | | 66,675,000 | | |
Issuance of common shares, net of issuance costs
|
| | | | 7,973,009 | | | | | | — | | |
Repayment of secured notes
|
| | | | — | | | | | | (1,625,000) | | |
Proceeds from secured line of credit
|
| | | | 31,500,000 | | | | | | 1,355,366 | | |
Repayments of secured loans
|
| | | | (750,000) | | | | | | — | | |
Deferred financing costs paid
|
| | | | (609,212) | | | | | | (1,959,169) | | |
Repayments of related party loans
|
| | | | — | | | | | | (379,877) | | |
Draw on related party loans
|
| | | | 116,797 | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 38,230,594 | | | | | | 47,191,320 | | |
Foreign exchange impact on cash
|
| | | | 5,912,546 | | | | | | (1,736,450) | | |
(Decrease) increase in cash, cash equivalents and restricted cash
|
| | | | (45,838,555) | | | | | | 3,518,238 | | |
Cash, cash equivalents and restricted cash beginning of period
|
| | | | 58,240,123 | | | | | | 9,117,074 | | |
Cash, cash equivalents and restricted cash end of period
|
| | | | 12,401,568 | | | | | | 12,635,312 | | |
| | |
Nine Months Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Revenue by Type | | | | | | | | | | | | | |
Performance
|
| | | | 11,735,057 | | | | | | 9,214,342 | | |
Digital
|
| | | | 25,595,232 | | | | | | 16,462,371 | | |
Mechanical
|
| | | | 1,988,951 | | | | | | 1,520,630 | | |
Synchronization
|
| | | | 5,715,107 | | | | | | 5,147,367 | | |
Other
|
| | | | 1,636,680 | | | | | | 1,332,708 | | |
Total Music Publishing
|
| | | | 46,671,027 | | | | | | 33,677,418 | | |
Digital
|
| | | | 5,853,784 | | | | | | 3,493,968 | | |
Physical
|
| | | | 1,948,405 | | | | | | 944,013 | | |
Synchronization
|
| | | | 18,501 | | | | | | 853,171 | | |
Neighboring rights
|
| | | | 884,310 | | | | | | 1,039,031 | | |
Total Recorded Music
|
| | | | 8,705,000 | | | | | | 6,330,183 | | |
Other revenue
|
| | | | 808,163 | | | | | | 302,819 | | |
Total revenues
|
| | | | 56,184,190 | | | | | | 40,310,420 | | |
| | |
Nine Months Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Revenue by Geographical Location | | | | | | | | | | | | | |
United States Music Publishing
|
| | | | 24,312,965 | | | | | | 16,854,891 | | |
United States Recorded Music
|
| | | | 2,667,853 | | | | | | 1,873,268 | | |
United States other revenue
|
| | | | 808,164 | | | | | | 302,819 | | |
Total United States
|
| | | | 27,788,982 | | | | | | 19,030,978 | | |
International Music Publishing
|
| | | | 22,358,061 | | | | | | 16,822,527 | | |
International Recorded Music
|
| | | | 6,037,147 | | | | | | 4,456,915 | | |
Total international
|
| | | | 28,395,208 | | | | | | 21,279,442 | | |
Total revenues
|
| | | | 56,184,190 | | | | | | 40,310,420 | | |
| | |
Nine Months Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Balance at beginning of period
|
| | | | 473,022 | | | | | | 287,406 | | |
Cash received during period
|
| | | | 6,464,140 | | | | | | 96,709 | | |
Revenue recognized during period
|
| | | | (5,063,609) | | | | | | (229,377) | | |
Balance at end of period
|
| | | | 1,873,553 | | | | | | 154,738 | | |
| | |
Weight-average
useful life |
| |
December 31, 2020
|
| |
March 31, 2020
|
| ||||||
| | | | | |
$
|
| |
$
|
| ||||||
Intangible assets subject to amortization:
|
| | | | | | | | | | | | | | | |
Music catalogs (publishing and recorded)
|
| |
27 years
|
| | | | 441,037,551 | | | | | | 335,137,807 | | |
Artist management contracts
|
| |
9 years
|
| | | | 986,523 | | | | | | 925,398 | | |
Gross intangible assets
|
| | | | | | | | | | | | | | | |
Accumulated amortization
|
| | | | | | | (61,761,378) | | | | | | (50,954,097) | | |
Intangible assets, net
|
| | | | | | | 380,262,696 | | | | | | 285,109,108 | | |
| | |
December 31, 2020
|
| |
March 31, 2020
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Secured loan bearing interest at LIBOR plus a spread
|
| | | | 18,750,000 | | | | | | 19,500,000 | | |
Secured line of credit bearing interest at LIBOR plus a spread
|
| | | | 187,990,848 | | | | | | 156,490,848 | | |
Debt issuance costs, net
|
| | | | (3,237,015) | | | | | | (3,205,416) | | |
| | | | | 203,503,833 | | | | | | 172,785,432 | | |
Less: short term portion of Secured loan
|
| | | | 1,000,000 | | | | | | 1,000,000 | | |
| | | | | 202,503,833 | | | | | | 171,785,432 | | |
| | |
Nine Months Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Interest paid
|
| | | | 6,090,304 | | | | | | 4,341,895 | | |
Income taxes paid
|
| | | | 106,607 | | | | | | 165,067 | | |
| | |
December 31, 2020
|
| |
March 31, 2020
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Due to Wesbild Inc. | | | | | | | | | | | | | |
Unsecured, bears no interest, with no specific terms of repayment
|
| | | | 16,420 | | | | | | — | | |
Due to Wesbild Holdings Ltd., parent company of Wesbild Inc. | | | | | | | | | | | | | |
Unsecured, bears no interest, with no specific terms of repayment
|
| | | | — | | | | | | 7,665 | | |
Sub-total
|
| | | | 16,420 | | | | | | 7,665 | | |
Due to (from) DRI Capital Inc., a subsidiary of Wesbild Holdings Ltd.
|
| | | | | | | | | | | | |
Unsecured, bears no interest, with no specific terms of repayment
|
| | | | 15,733 | | | | | | (60,444) | | |
Due to Reservoir Media Management (Canada) Inc., a subsidiary of Wesbild Holdings Ltd.
|
| | | | | | | | | | | | |
Unsecured, bears no interest, with no specific terms of repayment
|
| | | | 78,973 | | | | | | 47,108 | | |
Sub-total
|
| | | | 94,706 | | | | | | (13,336) | | |
| | | | | 111,126 | | | | | | (5,671) | | |
| | |
Nine Months Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Basic earnings per common share | | | | | | | | | | | | | |
Net income attributable to Reservoir Holdings Inc.
|
| | | $ | 4,217,041 | | | | | $ | 10,474,165 | | |
Less: income allocated to participating securities
|
| | | | (1,533,091) | | | | | | (3,471,500) | | |
Net income attributable to common shareholders
|
| | | $ | 2,683,950 | | | | | $ | 7,002,665 | | |
Basic weighted average common shares outstanding
|
| | | | 144,431 | | | | | | 125,227 | | |
Basic earnings per common share
|
| | | $ | 18.58 | | | | | $ | 55.92 | | |
Diluted earnings per common share | | | | | | | | | | | | | |
Net income attributable to common shareholders
|
| | | $ | 2,683,950 | | | | | $ | 7,002,665 | | |
Add: income allocated to participating securities
|
| | | | 1,533,091 | | | | | | 3,471,500 | | |
Net income attributable to Reservoir Holdings Inc.
|
| | | $ | 4,217,041 | | | | | $ | 10,474,165 | | |
Basic weighted average common shares outstanding
|
| | | | 144,431 | | | | | | 125,227 | | |
Impact of assumed preferred share conversion
|
| | | | 82,500 | | | | | | 62,080 | | |
Diluted weighted average common shares outstanding
|
| | | | 226,931 | | | | | | 187,307 | | |
Diluted earnings per common share
|
| | | $ | 18.58 | | | | | $ | 55.92 | | |
| | |
Music
Publishing |
| |
Recorded
Music |
| |
Other
|
| |
Consolidated
|
| ||||||||||||
| | |
$
|
| |
$
|
| |
$
|
| |
$
|
| ||||||||||||
For the Nine Months Ended December 31, 2020: | | | | | | ||||||||||||||||||||
Total revenue
|
| | | | 46,671,027 | | | | | | 8,705,000 | | | | | | 808,163 | | | | | | 56,184,190 | | |
Reconciliation of OIBDA to operating income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income
|
| | | | 8,859,977 | | | | | | 2,553,779 | | | | | | 103,529 | | | | | | 11,517,285 | | |
Amortization and depreciation
|
| | | | 8,726,212 | | | | | | 1,720,803 | | | | | | — | | | | | | 10,447,015 | | |
OIBDA
|
| | | | 17,586,189 | | | | | | 4,274,582 | | | | | | 103,529 | | | | | | 21,964,300 | | |
| | |
Music
Publishing |
| |
Recorded
Music |
| |
Other
|
| |
Consolidated
|
| ||||||||||||
| | |
$
|
| |
$
|
| |
$
|
| |
$
|
| ||||||||||||
For the Fiscal Year Ended December 31, 2019: | | | | | | ||||||||||||||||||||
Total revenue
|
| | | | 33,677,418 | | | | | | 6,330,183 | | | | | | 302,819 | | | | | | 40,310,420 | | |
Reconciliation of OIBDA to operating income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income
|
| | | | 5,760,382 | | | | | | 2,215,341 | | | | | | 302,819 | | | | | | 8,278,542 | | |
Amortization and depreciation
|
| | | | 4,801,172 | | | | | | 1,061,788 | | | | | | — | | | | | | 5,862,960 | | |
OIBDA
|
| | | | 10,561,554 | | | | | | 3,277,129 | | | | | | 302,819 | | | | | | 14,141,502 | | |
| | |
March 31,
2020 |
| |
March 31,
2019 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Revenues
|
| | | | 63,238,672 | | | | | | 45,126,898 | | |
Costs and expenses: | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 27,305,489 | | | | | | 18,873,342 | | |
Amortization and depreciation
|
| | | | 8,423,197 | | | | | | 5,863,176 | | |
Administration expenses
|
| | | | 12,032,673 | | | | | | 7,947,183 | | |
Total costs and expenses
|
| | | | 47,761,359 | | | | | | 32,683,701 | | |
Operating income
|
| | | | 15,477,313 | | | | | | 12,443,197 | | |
Interest expense
|
| | | | (6,463,381) | | | | | | (6,201,055) | | |
Gain on foreign exchange
|
| | | | 30,700 | | | | | | 803,001 | | |
(Loss) on fair value of swaps
|
| | | | (5,555,702) | | | | | | (2,770,930) | | |
Interest and other income
|
| | | | 76,894 | | | | | | 82,025 | | |
Gain on retirement of RMM Issuer debt
|
| | | | 10,644,084 | | | | | | — | | |
Income before income taxes
|
| | | | 14,209,908 | | | | | | 4,356,238 | | |
Income tax expense
|
| | | | 4,199,141 | | | | | | 818,635 | | |
Net income
|
| | | | 10,010,767 | | | | | | 3,537,603 | | |
Net loss attributable to noncontrolling interests
|
| | | | 47,027 | | | | | | — | | |
Net income attributable to Reservoir Holdings Inc.
|
| | | | 10,057,794 | | | | | | 3,537,603 | | |
Earnings per common share (Note 14): | | | | | | | | | | | | | |
Basic
|
| | | $ | 51.38 | | | | | $ | 28.25 | | |
Diluted
|
| | | $ | 51.38 | | | | | $ | 28.25 | | |
Weighted average common shares outstanding (Note 14): | | | | | | | | | | | | | |
Basic
|
| | | | 128,875 | | | | | | 125,227 | | |
Diluted
|
| | | | 195,740 | | | | | | 125,227 | | |
| | |
March 31,
2020 |
| |
March 31,
2019 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Net income
|
| | | | 10,010,767 | | | | | | 3,537,603 | | |
Other comprehensive loss: | | | | | | | | | | | | | |
Translation adjustments
|
| | | | (1,981,753) | | | | | | (576,185) | | |
Total comprehensive income
|
| | | | 8,029,014 | | | | | | 2,961,418 | | |
Comprehensive loss attributable to noncontrolling interests
|
| | | | 47,027 | | | | | | — | | |
Total comprehensive income attributable to Reservoir Holdings, Inc.
|
| | | | 8,076,041 | | | | | | 2,961,418 | | |
| | |
March 31,
2020 |
| |
March 31,
2019 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 58,240,123 | | | | | | 9,030,883 | | |
Restricted cash
|
| | | | — | | | | | | 86,191 | | |
Accounts receivable
|
| | | | 9,745,206 | | | | | | 9,212,401 | | |
Amounts due from related parties (Note 11)
|
| | | | 5,671 | | | | | | — | | |
Current portion of royalty advances
|
| | | | 13,845,419 | | | | | | 14,575,058 | | |
Inventory and prepaid expenses
|
| | | | 431,029 | | | | | | 227,100 | | |
Total current assets
|
| | | | 82,267,448 | | | | | | 33,131,633 | | |
Intangible assets, net
|
| | | | 285,109,108 | | | | | | 164,652,065 | | |
Investment in equity affiliates
|
| | | | 1,498,399 | | | | | | 1,472,389 | | |
Royalty advances, net of current portion
|
| | | | 26,418,020 | | | | | | 18,775,881 | | |
Property, plant and equipment, net
|
| | | | 602,976 | | | | | | 245,918 | | |
Other assets
|
| | | | 695,252 | | | | | | 187,271 | | |
Total assets
|
| | | | 396,591,203 | | | | | | 218,465,157 | | |
Liabilities | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | | | 876,144 | | | | | | 2,091,144 | | |
Royalties payable
|
| | | | 12,169,249 | | | | | | 7,780,997 | | |
Accrued payroll
|
| | | | 1,532,047 | | | | | | 1,263,435 | | |
Deferred revenue
|
| | | | 473,022 | | | | | | 287,406 | | |
Other current liabilities
|
| | | | 7,089,780 | | | | | | 1,991,985 | | |
Amounts due to related parties (Note 11)
|
| | | | — | | | | | | 71,825 | | |
Current portion of loans and secured notes payable
|
| | | | 1,000,000 | | | | | | 751,644 | | |
Income taxes payable
|
| | | | 297,112 | | | | | | 114,201 | | |
Total current liabilities
|
| | | | 23,437,354 | | | | | | 14,352,637 | | |
Loans and secured notes payable
|
| | | | 171,785,432 | | | | | | 114,611,404 | | |
Deferred income taxes
|
| | | | 16,415,239 | | | | | | 3,473,845 | | |
Fair value of swaps
|
| | | | 7,554,859 | | | | | | 1,999,156 | | |
Other liabilities
|
| | | | 6,306,430 | | | | | | 1,777,235 | | |
Total liabilities
|
| | | | 225,499,314 | | | | | | 136,214,277 | | |
Contingencies and commitments (Note 16) | | | | | | | | | | | | | |
Shareholders’ Equity | | | | | | | | | | | | | |
Preferred stock, $0.00001 par value 500,000 shares authorized; 82,500 shares issued and outstanding at March 31, 2020
|
| | | | 81,632,500 | | | | | | — | | |
Common stock, $0.00001 par value; 1,000,000 shares authorized, 140,227 shares issued and outstanding at March 31, 2020; and 125,227 shares issued and outstanding at March 31, 2019
|
| | | | 1 | | | | | | 1 | | |
Additional paid-in capital
|
| | | | 102,423,444 | | | | | | 104,250,000 | | |
Accumulated deficit
|
| | | | (9,537,465) | | | | | | (19,595,259) | | |
Accumulated other comprehensive income (loss)
|
| | | | (4,385,615) | | | | | | (2,403,862) | | |
Total Reservoir Holdings Inc. shareholders’ equity
|
| | | | 170,132,865 | | | | | | 82,250,880 | | |
Noncontrolling interest
|
| | | | 959,024 | | | | | | — | | |
Total shareholders’ equity
|
| | | | 171,091,889 | | | | | | 82,250,880 | | |
Total liabilities and shareholders’ equity
|
| | | | 396,591,203 | | | | | | 218,465,157 | | |
| | |
Preferred Stock
|
| |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive income (loss) |
| |
Noncontrolling
interest |
| |
Shareholders’
equity |
| |||||||||||||||||||||||||||||||||
|
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
$
|
| | | | | | | |
$
|
| |
$
|
| |
$
|
| |
$
|
| |
$
|
| |
$
|
| |||||||||||||||||||||
Balance, March 31, 2018 (Note 1)
|
| | | | — | | | | | | — | | | | | | 125,227 | | | | | | 1 | | | | | | 95,950,000 | | | | | | (23,132,862) | | | | | | (1,827,677) | | | | | | — | | | | | | 70,989,462 | | |
Shareholder contribution
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,300,000 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,537,603 | | | | | | — | | | | | | — | | | | | | 3,537,603 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (576,185) | | | | | | — | | | | | | (576,185) | | |
Balance, March 31, 2019
|
| | | | — | | | | | | — | | | | | | 125,227 | | | | | | 1 | | | | | | 104,250,000 | | | | | | (19,595,259) | | | | | | (2,403,862) | | | | | | — | | | | | | 82,250,880 | | |
Common share dividend
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (16,875,000) | | | | | | — | | | | | | — | | | | | | — | | | | | | (16,875,000) | | |
Issuance of preferred shares
|
| | | | 82,500 | | | | | | 81,632,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 81,632,500 | | |
Issuance of common shares
|
| | | | — | | | | | | — | | | | | | 15,000 | | | | | | — | | | | | | 14,957,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,957,500 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 90,944 | | | | | | — | | | | | | — | | | | | | — | | | | | | 90,944 | | |
Net income (loss)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,057,794 | | | | | | — | | | | | | (47,027) | | | | | | 10,010,767 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,981,753) | | | | | | — | | | | | | (1,981,753) | | |
Acquisition of noncontrolling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,006,051 | | | | | | 1,006,051 | | |
Balance, March 31, 2020
|
| | | | 82,500 | | | | | | 81,632,500 | | | | | | 140,227 | | | | | | 1 | | | | | | 102,423,444 | | | | | | (9,537,465) | | | | | | (4,385,615) | | | | | | 959,024 | | | | | | 171,091,889 | | |
| | |
March 31, 2020
|
| |
March 31, 2019
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net income
|
| | | | 10,010,767 | | | | | | 3,537,603 | | |
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | | | | | | | | | | |
Amortization of intangible assets
|
| | | | 8,250,305 | | | | | | 5,810,880 | | |
Depreciation of property, plant and equipment
|
| | | | 172,892 | | | | | | 52,296 | | |
Share-based compensation
|
| | | | 90,944 | | | | | | — | | |
Gain on retirement of RMM Issuer debt
|
| | | | (10,644,084) | | | | | | — | | |
Non-cash interest charges
|
| | | | 674,331 | | | | | | 519,366 | | |
Loss (gain) on fair value of derivative instruments
|
| | | | 5,555,703 | | | | | | 2,770,930 | | |
Share of earnings of equity affiliates, net of tax
|
| | | | 4,407 | | | | | | 15,992 | | |
Dividend from equity affiliates
|
| | | | — | | | | | | 55,678 | | |
Deferred income tax
|
| | | | 3,651,234 | | | | | | 704,434 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable
|
| | | | (532,805) | | | | | | (1,408,455) | | |
Inventory and prepaid expenses
|
| | | | (203,929) | | | | | | (60,999) | | |
Royalty advances
|
| | | | (6,912,500) | | | | | | (7,543,734) | | |
Other assets
|
| | | | (103,595) | | | | | | — | | |
Accounts payable and accrued expenses
|
| | | | 1,684,961 | | | | | | (2,232,184) | | |
Income tax payable
|
| | | | 182,911 | | | | | | 114,201 | | |
Net cash provided by operating activities
|
| | | | 11,881,542 | | | | | | 2,336,008 | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Purchases of music catalogs
|
| | | | (106,841,628) | | | | | | (29,792,788) | | |
Business combination and investment in equity affiliate
|
| | | | (380,417) | | | | | | (49,096) | | |
Increase (decrease) in deferred music composition acquisition costs
|
| | | | (54,386) | | | | | | 234,736 | | |
Purchase of property, plant and equipment
|
| | | | (529,950) | | | | | | (105,583) | | |
Net cash used for investing activities
|
| | | | (107,806,381) | | | | | | (29,712,731) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Common stock dividend paid
|
| | | | (16,875,000) | | | | | | — | | |
Issuance of preferred shares, net of issuance costs
|
| | | | 81,632,500 | | | | | | — | | |
Issuance of common shares, net of issuance costs
|
| | | | 14,957,500 | | | | | | — | | |
Capital contribution
|
| | | | — | | | | | | 8,300,000 | | |
Repayment of secured notes
|
| | | | (1,625,000) | | | | | | — | | |
Proceeds from secured line of credit
|
| | | | 20,000,000 | | | | | | 29,600,000 | | |
Repayment of secured line of credit
|
| | | | (7,076,870) | | | | | | — | | |
Proceeds from secured loans
|
| | | | 236,490,849 | | | | | | — | | |
Repayments of secured loans
|
| | | | (178,247,825) | | | | | | (563,733) | | |
Deferred financing costs paid
|
| | | | (2,149,017) | | | | | | (477,462) | | |
Repayments of related party loans
|
| | | | (77,496) | | | | | | (6,720,836) | | |
Draw on related party loans
|
| | | | — | | | | | | 259,335 | | |
Net cash provided by financing activities
|
| | | | 147,029,641 | | | | | | 30,397,304 | | |
Foreign exchange impact on cash
|
| | | | (1,981,753) | | | | | | (133,886) | | |
Increase in cash, cash equivalents and restricted cash
|
| | | | 49,123,049 | | | | | | 2,886,695 | | |
Cash, cash equivalents and restricted cash beginning of year
|
| | | | 9,117,074 | | | | | | 6,230,379 | | |
Cash, cash equivalents and restricted cash end of year
|
| | | | 58,240,123 | | | | | | 9,117,074 | | |
| | |
2020
|
| |
2019
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Revenue by Type | | | | | | | | | | | | | |
Performance
|
| | | | 13,656,061 | | | | | | 12,556,210 | | |
Digital
|
| | | | 28,798,051 | | | | | | 17,938,142 | | |
Mechanical
|
| | | | 2,472,527 | | | | | | 2,393,703 | | |
Synchronization
|
| | | | 6,891,554 | | | | | | 7,596,146 | | |
Other
|
| | | | 2,124,043 | | | | | | 2,356,286 | | |
Total Music Publishing
|
| | | | 53,942,236 | | | | | | 42,840,487 | | |
Digital
|
| | | | 4,569,106 | | | | | | 1,045,094 | | |
Physical
|
| | | | 1,432,026 | | | | | | 69,199 | | |
Synchronization
|
| | | | 1,384,959 | | | | | | 173,699 | | |
Neighboring rights
|
| | | | 1,642,405 | | | | | | 674,499 | | |
Total Recorded Music
|
| | | | 9,028,496 | | | | | | 1,962,491 | | |
Other revenue
|
| | | | 267,940 | | | | | | 323,920 | | |
Total revenues
|
| | | | 63,238,672 | | | | | | 45,126,898 | | |
| | |
2020
|
| |
2019
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Revenue by Geographical Location | | | | | | | | | | | | | |
United States Music Publishing
|
| | | | 30,803,165 | | | | | | 22,770,555 | | |
United States Recorded Music
|
| | | | 3,475,647 | | | | | | 1,276,834 | | |
United States other revenue
|
| | | | 267,940 | | | | | | 323,920 | | |
Total United States
|
| | | | 34,546,752 | | | | | | 24,371,309 | | |
International Music Publishing
|
| | | | 23,139,071 | | | | | | 20,069,932 | | |
International Recorded Music
|
| | | | 5,552,849 | | | | | | 685,657 | | |
Total international
|
| | | | 28,691,920 | | | | | | 20,755,589 | | |
Total revenues
|
| | | | 63,238,672 | | | | | | 45,126,898 | | |
| | |
2020
|
| |
2019
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Balance at beginning of period
|
| | | | 287,406 | | | | | | 93,180 | | |
Cash received during period
|
| | | | 347,407 | | | | | | 284,665 | | |
Revenue recognized during period
|
| | | | (161,791) | | | | | | (90,439) | | |
Balance at end of period
|
| | | | 473,022 | | | | | | 287,406 | | |
| | | | | | | | | | | |
2019
|
| |||||||||||||||
| | |
Weight-
average useful life |
| |
2020
|
| |
Music catalogs
securing non- recourse debt of RMM Issuer(a) |
| |
All other
intangible assets |
| |
Total
|
| ||||||||||||
| | | | | |
$
|
| |
$
|
| |
$
|
| |
$
|
| ||||||||||||
Intangible assets subject to amortization:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Music catalogs (publishing and recorded)
|
| |
27 years
|
| | | | 335,137,807 | | | | | | 21,645,058 | | | | | | 185,731,030 | | | | | | 207,376,088 | | |
Artist management contracts
|
| |
10 years
|
| | | | 925,398 | | | | | | — | | | | | | — | | | | | | — | | |
Gross intangible assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accumulated amortization
|
| | | | | | | (50,954,097) | | | | | | (18,989,847) | | | | | | (23,734,176) | | | | | | (42,724,023) | | |
Intangible assets, net
|
| | | | | | | 285,109,108 | | | | | | 2,655,211 | | | | | | 161,996,854 | | | | | | 164,652,065 | | |
| | |
$
|
| |||
2021
|
| | | | 12,505,051 | | |
2022
|
| | | | 12,505,051 | | |
2023
|
| | | | 12,505,051 | | |
2024
|
| | | | 12,505,051 | | |
2025
|
| | | | 12,505,051 | | |
Thereafter
|
| | | | 222,583,853 | | |
Total
|
| | | | 285,109,108 | | |
| | |
2020
|
| |
2019
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Opening balance
|
| | | | 33,350,939 | | | | | | 25,807,205 | | |
Additions
|
| | | | 21,130,420 | | | | | | 18,146,866 | | |
Recoupments
|
| | | | (14,217,920) | | | | | | (10,603,132) | | |
Closing balance
|
| | | | 40,263,439 | | | | | | 33,350,939 | | |
| | |
2020
|
| |
2019
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Secured loan bearing interest at LIBOR plus a spread
|
| | | | 19,500,000 | | | | | | 6,576,870 | | |
Secured line of credit bearing interest at LIBOR plus a spread
|
| | | | 156,490,848 | | | | | | 98,247,825 | | |
Secured notes of RMM Issuer | | | | | | | | | | | | | |
Series 2007-A secured notes bearing interest at LIBOR plus 3.03%
|
| | | | — | | | | | | 12,329,871 | | |
Debt issuance costs, net
|
| | | | (3,205,416) | | | | | | (1,791,518) | | |
| | | | | 172,785,432 | | | | | | 115,363,048 | | |
Less: short term portion of Secured loan
|
| | | | 1,000,000 | | | | | | 751,644 | | |
| | | | | 171,785,432 | | | | | | 114,611,404 | | |
| | |
$
|
| |||
2021
|
| | | | 1,000,000 | | |
2022
|
| | | | 1,000,000 | | |
2023
|
| | | | 1,000,000 | | |
2024
|
| | | | 172,990,848 | | |
| | | | | 175,990,848 | | |
| | |
$
|
| |||
Intangible assets, net
|
| | | | 2,655,211 | | |
Restricted cash
|
| | | | 86,191 | | |
| | | | | 2,741,402 | | |
| | |
$
|
| |||
2022
|
| | | | 200,000 | | |
2023
|
| | | | 5,149,876 | | |
2024
|
| | | | 200,000 | | |
2025 and later
|
| | | | 756,554 | | |
| | | | | 6,306,430 | | |
| | |
2020
|
| |
2019
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Domestic
|
| | | | 12,174,556 | | | | | | 4,197,484 | | |
Foreign
|
| | | | 2,035,352 | | | | | | 158,754 | | |
Income before income taxes
|
| | | | 14,209,908 | | | | | | 4,356,238 | | |
| | |
2020
|
| |
2019
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Current income taxes: | | | | | | | | | | | | | |
U.S. federal
|
| | | | 236,057 | | | | | | — | | |
State and local
|
| | | | 192,141 | | | | | | 7,090 | | |
Foreign
|
| | | | 119,709 | | | | | | 107,111 | | |
Total current
|
| | | | 547,907 | | | | | | 114,201 | | |
Deferred income taxes: | | | | | | | | | | | | | |
U.S. federal
|
| | | | 2,775,979 | | | | | | 775,326 | | |
State and local
|
| | | | (114,785) | | | | | | 4,469 | | |
Foreign
|
| | | | 990,040 | | | | | | (75,361) | | |
Total deferred
|
| | | | 3,651,234 | | | | | | 704,434 | | |
Income tax expense
|
| | | | 4,199,141 | | | | | | 818,635 | | |
| | |
2020
|
| |
2019
|
| ||||||
Federal income tax statutory rate
|
| | | | 21.0% | | | | | | 21.0% | | |
State and local income taxes, net of federal income tax benefit
|
| | | | 1.4% | | | | | | 1.6% | | |
Foreign subsidiary earnings
|
| | | | 0.4% | | | | | | 0.9% | | |
Prior period adjustments
|
| | | | (1.5)% | | | | | | 1.7% | | |
Impact of change in tax rates
|
| | | | 8.2% | | | | | | (1.3)% | | |
Change in valuation allowance
|
| | | | 0.0% | | | | | | (5.2)% | | |
Other, net
|
| | | | 0.1% | | | | | | 0.1% | | |
Effective income tax rate
|
| | | | 29.6% | | | | | | 18.8% | | |
| | |
2020
|
| |
2019
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Net operating loss carryforward
|
| | | | 481,360 | | | | | | 2,652,723 | | |
Fair value of swaps
|
| | | | 1,718,059 | | | | | | 442,715 | | |
Compensation
|
| | | | 20,682 | | | | | | — | | |
Fixed assets and leasehold improvements
|
| | | | — | | | | | | 5,514 | | |
Unrealized foreign exchange losses
|
| | | | — | | | | | | 3,654 | | |
Total deferred tax assets
|
| | | | 2,220,101 | | | | | | 3,104,606 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Fixed assets and leasehold improvements
|
| | | | (72,006) | | | | | | — | | |
Intangible assets
|
| | | | (18,563,334) | | | | | | (6,521,334) | | |
Deferred charges
|
| | | | — | | | | | | (57,117) | | |
Total deferred tax liabilities
|
| | | | (18,635,340) | | | | | | (6,578,451) | | |
Net deferred tax liabilities
|
| | | | (16,415,239) | | | | | | (3,473,845) | | |
| | |
2020
|
| |
2019
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Cash and cash equivalents
|
| | | | 58,240,123 | | | | | | 9,030,883 | | |
Restricted cash
|
| | | | — | | | | | | 86,191 | | |
Total cash, cash equivalents and restricted cash
|
| | | | 58,240,123 | | | | | | 9,117,074 | | |
| | |
2020
|
| |
2019
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Interest paid
|
| | | | 6,099,653 | | | | | | 5,663,039 | | |
Income taxes paid
|
| | | | 205,067 | | | | | | — | | |
| | |
2020
|
| |
2019
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
Due to Wesbild Inc. | | | | | | | | | | | | | |
Unsecured, bears no interest, with no specific terms of repayment
|
| | | | — | | | | | | 108,746 | | |
Due to Wesbild Holdings Ltd., parent company of Wesbild Inc. | | | | | | | | | | | | | |
Unsecured, bears no interest, with no specific terms of repayment
|
| | | | 7,665 | | | | | | 4,376 | | |
Sub-total
|
| | | | 7,665 | | | | | | 113,122 | | |
Due to (from) DRI Capital Inc., a subsidiary of Wesbild Holdings Ltd. | | | | | | | | | | | | | |
Unsecured, bears no interest, with no specific terms of repayment
|
| | | | (60,444) | | | | | | (74,809) | | |
Due to Reservoir Media Management (Canada) Inc., a subsidiary of Wesbild Holdings Ltd.
|
| | | | | | | | | | | | |
Unsecured, bears no interest, with no specific terms of repayment
|
| | | | 47,108 | | | | | | 33,512 | | |
Sub-total
|
| | | | (13,336) | | | | | | (41,297) | | |
| | | | | (5,671) | | | | | | 71,825 | | |
| | |
Total
Number of Options |
| |
Weighted
Average Exercise Price |
| |
Aggregate
Intrinsic Value |
| |
Weighted
Average Remaining Contractual Term (Years) |
| ||||||||||||
| | | | | | | | |
$
|
| |
$
|
| | | | | | | ||||||
Outstanding at April 1, 2019
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Granted
|
| | | | 7,700 | | | | | | 1,000.00 | | | | | | | | | | | | | | |
Exercised
|
| | | | — | | | | | | | | | | | | | | | | | | | | |
Forfeited
|
| | | | (76) | | | | | | 1,000.00 | | | | | | | | | | | | | | |
Outstanding at March 31, 2020
|
| | | | 7,624 | | | | | | 1,000.00 | | | | | | — | | | | | | 9.1 | | |
Exercisable at March 31, 2020
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | |
Vested or expected to vest at March 31, 2020
|
| | | | 7,624 | | | | | | 1,000.00 | | | | | | — | | | | | | 9.1 | | |
| | |
2020
|
| |
2019
|
| ||||||
Basic earnings per common share | | | | | | | | | | | | | |
Net income attributable to Reservoir Holdings Inc.
|
| | | $ | 10,057,794 | | | | | $ | 3,537,603 | | |
Less: income allocated to participating securities
|
| | | | (3,435,754) | | | | | $ | — | | |
Net income attributable to common shareholders
|
| | | $ | 6,622,040 | | | | | $ | 3,537,603 | | |
Basic weighted average common shares outstanding
|
| | | | 128,875 | | | | | | 125,227 | | |
Basic earnings per common share
|
| | | $ | 51.38 | | | | | $ | 28.25 | | |
Diluted earnings per common share | | | | | | | | | | | | | |
Net income attributable to common shareholders
|
| | | $ | 6,622,040 | | | | | $ | 3,537,603 | | |
Add: income allocated to participating securities
|
| | | | 3,435,754 | | | | | | — | | |
Net income attributable to Reservoir Holdings Inc.
|
| | | $ | 10,057,794 | | | | | $ | 3,537,603 | | |
Basic weighted average common shares outstanding
|
| | | | 128,875 | | | | | | 125,227 | | |
Impact of assumed preferred share conversion
|
| | | | 66,865 | | | | | | — | | |
Diluted weighted average common shares outstanding
|
| | | | 195,740 | | | | | | 125,227 | | |
Diluted earnings per common share
|
| | | $ | 51.38 | | | | | $ | 28.25 | | |
| | |
$
|
| |||
2021
|
| | | | 825,085 | | |
2022
|
| | | | 817,966 | | |
2023
|
| | | | 586,303 | | |
2024
|
| | | | 248,981 | | |
| | | | | 2,478,336 | | |
For the Fiscal Year Ended March 31, 2020:
|
| |
Music
Publishing |
| |
Recorded
Music |
| |
Other
|
| |
Consolidated
|
| ||||||||||||
| | |
$
|
| |
$
|
| |
$
|
| |
$
|
| ||||||||||||
Total revenue
|
| | | | 53,942,236 | | | | | | 9,028,496 | | | | | | 267,940 | | | | | | 63,238,672 | | |
Reconciliation of OIBDA to operating income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income
|
| | | | 13,637,115 | | | | | | 1,708,568 | | | | | | 131,630 | | | | | | 15,477,313 | | |
Amortization and depreciation
|
| | | | 6,653,020 | | | | | | 1,770,177 | | | | | | — | | | | | | 8,423,197 | | |
OIBDA
|
| | | | 20,290,135 | | | | | | 3,478,745 | | | | | | 131,630 | | | | | | 23,900,510 | | |
For the Fiscal Year Ended March 31, 2019:
|
| |
Music
Publishing |
| |
Recorded
Music |
| |
Other
|
| |
Consolidated
|
| ||||||||||||
| | |
$
|
| |
$
|
| |
$
|
| |
$
|
| ||||||||||||
Total revenue
|
| | | | 42,840,487 | | | | | | 1,962,491 | | | | | | 323,920 | | | | | | 45,126,898 | | |
Reconciliation of OIBDA to operating income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income
|
| | | | 11,546,671 | | | | | | 896,526 | | | | | | — | | | | | | 12,443,197 | | |
Amortization and depreciation
|
| | | | 5,563,628 | | | | | | 299,548 | | | | | | — | | | | | | 5,863,176 | | |
OIBDA
|
| | | | 17,110,299 | | | | | | 1,196,074 | | | | | | — | | | | | | 18,306,373 | | |
| | |
2020
|
| |
2019
|
| ||||||
| | |
$
|
| |
$
|
| ||||||
United States
|
| | | | 339,420 | | | | | | 245,918 | | |
United Kingdom
|
| | | | 263,556 | | | | | | — | | |
Other
|
| | | | — | | | | | | — | | |
Total
|
| | | | 602,976 | | | | | | 245,918 | | |
| | |
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| ANNEXES | | | | | | | | ||||||
| Annex I | | | — | | | Assumed Indebtedness | | | | ||||
|
Annex II
|
| | — | | | Insiders of Acquiror | | | | ||||
| EXHIBITS | | | | | | | | ||||||
| Exhibit A | | | — | | | Form of Acquiror Support Agreement | | | | ||||
| Exhibit B | | | — | | | Form of Registration Rights Agreement | | | | ||||
| Exhibit C | | | — | | | Form of Lockup Agreement | | | | ||||
| Exhibit D | | | — | | | Form of Stockholders Agreement | | | | ||||
| Exhibit E | | | — | | | Form of Subscription Agreements | | | | ||||
| Exhibit F | | | — | | | Form of PIPE Registration Rights Agreement | | | | | | ||
| Exhibit G | | | — | | | Form of Equity Compensation Plan | | | | ||||
| Exhibit H | | | — | | | Form of Acquiror A&R Bylaws | | | | ||||
| Exhibit I | | | — | | | Form of Acquiror A&R Charter | | | | ||||
|
Disclosure Letter
|
| | |
Term
|
| |
Section
|
|
2020 Financials | | | 5.4 | |
Acquiror | | | Preamble | |
Acquiror A&R Bylaws | | | Recitals | |
Acquiror A&R Charter | | | Recitals | |
Acquiror Board | | | 1.5(b) | |
Acquiror Board Recommendation | | | 7.2(f) | |
Acquiror Certifications | | | 4.12(c) | |
Acquiror Change in Recommendation | | | 7.2(f) | |
Acquiror D&O Policy | | | 6.3(b) | |
Acquiror SEC Documents | | | 4.12(a) | |
Term
|
| |
Section
|
|
Acquiror Stockholder Approval | | | 4.26 | |
Acquiror Stockholders’ Meeting | | | 7.2(a) | |
Acquiror Support Agreement | | | Recitals | |
Additional Proposal | | | 7.2(b) | |
Affiliate Transaction | | | 3.21 | |
Agreement | | | Preamble | |
Alternative Proposal | | | 7.1 | |
Amendment Proposal | | | 7.2(b) | |
Antitrust Laws | | | 7.4(b) | |
As-Converted Preferred Stock | | | 2.1(a) | |
Balance Sheet Date | | | 3.7 | |
Benefit Arrangement | | | 3.19(a) | |
Bonds | | | 3.16(a) | |
Certificate of Merger | | | 1.2(a) | |
Certificates | | | 2.2(b) | |
C-H | | | 4.4 | |
Closing | | | 1.2(b) | |
Closing Date | | | 1.2(b) | |
Closing Form 8-K | | | 7.6(b) | |
Closing Legal Impediment | | | 8.1(a) | |
Closing Press Release | | | 7.6(b) | |
Closing Tax Opinion | | | 7.9(d) | |
Closing Tax Representation Letters | | | 7.9(e) | |
Company | | | Preamble | |
Company Board | | | 3.5(c) | |
Company Financial Statements | | | 3.7 | |
Company Preferred Stock Conversion | | | 2.1(a) | |
Computer Systems | | | 3.15(h) | |
D&O Policy | | | 5.6(a) | |
D&O Policy | | | 5.6(a) | |
DGCL | | | Recitals | |
Effect | | | 10.13(a) | |
Effective Time | | | 1.2(a) | |
Election of Directors Proposal | | | 7.2(b) | |
Equity Compensation Plan | | | Recitals | |
Equity Compensation Plan | | | Recitals | |
Equity Compensation Plan Proposal | | | 7.2(b) | |
ERISA | | | 3.19(a) | |
ERISA Affiliate | | | 3.19(d) | |
Exchange Agent | | | 2.2(a) | |
Exchange Fund) | | | 2.2(a) | |
Exchanged Option | | | 2.1(b)(iv) | |
Excluded Shares | | | 2.1(b)(ii) | |
Grant Date | | | 3.5(c) | |
HSR Filing | | | 3.3(a) | |
Insider Letter Agreement | | | 4.24 | |
Intended Tax Treatment | | | Recitals | |
IRS | | | 3.19(c) | |
Key Employees | | | 5.3 | |
Term
|
| |
Section
|
|
Leased Real Properties | | | 3.12(b) | |
Leased Real Property | | | 3.12(b) | |
Letter of Transmittal | | | 2.2(b) | |
Lockup Agreement | | | Recitals | |
Marketing Agreement | | | 4.4 | |
Material Contract | | | 3.22 | |
Merger | | | Recitals | |
Merger Sub | | | Preamble | |
Merger Sub Common Stock | | | 4.5(b) | |
Merger Sub Common Stock | | | 4.5(b) | |
Nasdaq Proposal | | | 7.2(b) | |
Nine Month Financials | | | 5.4 | |
Non-PEO Benefit Arrangements | | | 3.19(a) | |
Offer | | | Recitals | |
Other Filings | | | 7.2(a) | |
Outside Date | | | 9.1(e)(i) | |
Owned Intellectual Property | | | 3.15(a) | |
Parties | | | Preamble | |
Party | | | Preamble | |
PEO Benefit Arrangements | | | 3.19(a) | |
Per Share Merger Consideration | | | 2.1(b)(i) | |
Permitted Interim Acquisition Indebtedness | | | 5.1(iv) | |
Personal Information | | | 3.15(j) | |
PIPE Escrow | | | 7.2(g) | |
PIPE Financing | | | Recitals | |
PIPE Investment Amount | | | 4.19 | |
PIPE Investor | | | 4.19 | |
Policies | | | 3.16(a) | |
Post-Closing Directors | | | 1.5(b) | |
Pre-Closing Period | | | 5.1 | |
Pre-Closing Period | | | 5.1 | |
Privacy Policy | | | 3.15(i) | |
Real Property Leases | | | 3.12(b) | |
Registration Rights Agreement | | | Recitals | |
Required Financials | | | 5.4 | |
Required Financial Statements | | | 5.4 | |
Reservoir Media | | | 3.7 | |
Roth | | | 4.4 | |
SEC Tax Opinion | | | 7.9(d) | |
SEC Tax Representation Letters | | | 7.9(e) | |
Sponsor | | | Recitals | |
Stockholders Agreement | | | Recitals | |
Subscription Agreements | | | Recitals | |
Surviving Corporation | | | 1.1 | |
Surviving Corporation | | | Recitals | |
Tax Opinions | | | 7.9(d) | |
Tax Representation Letters | | | 7.9(e) | |
Transaction Proposal | | | 7.2(b) | |
Trust Account | | | 4.8 | |
Term
|
| |
Section
|
|
Trust Agreement | | | 4.8 | |
Trustee | | | 4.8 | |
Voting Matters | | | 7.2(b) | |
Works | | | 3.15(f) | |
Written Consent | | | Recitals | |
| | | | ROTH CH ACQUISITION II CO. | | ||||||
| | | | By: | | | /s/ Byron Roth | | |||
| | | | | | | Name: | | | Byron Roth | |
| | | | | | | Title: | | | Chairman & CEO | |
| | | | ROTH CH II MERGER SUB CORP. | | ||||||
| | | | By: | | | /s/ Byron Roth | | |||
| | | | | | | Name: | | | Byron Roth | |
| | | | | | | Title: | | | Chairman & CEO | |
| | | | RESERVOIR HOLDINGS, INC. | | ||||||
| | | | By: | | | /s/ Golnar Khosrowshahi | | |||
| | | | | | | Name: | | | Golnar Khosrowshahi | |
| | | | | | | Title: | | | Chief Executive Officer | |
| | | | [•] | | |||
| | | | By: | | | | |
| | | | Name: | | | | |
| | | | Title: | | | | |
| | |
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Name
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