Business
Reservoir Media Announces First Quarter Fiscal 2023 Results
Delivers 46% top-line growth driven by increases in Digital and Synchronization revenues, as well as strength in Performance revenues Reaffirms full fiscal
About this update from Reservoir Media, Inc..
[{"type":"text","content":"Delivers 46% top-line growth driven by increases in Digital and Synchronization revenues, as well as strength in Performance revenues Reaffirms full fiscal year revenue and profitability guidance NEW YORK, Aug. 05, 2022 (GLOBE NEWSWIRE) -- Reservoir Media, Inc. (NASDAQ: RSVR) (“Reservoir” or the “Company”), an award-winning independent music company, today announced financial results for the first fiscal quarter of 2023 ended June 30, 2022. Recent Highlights: Revenue of $24.3 million, increased 14% organically, or 46% including acquisitions year-over-year Music Publishing revenue rose 35% year-over-yearRecorded Music revenue increased by 80% year-over-year Operating Income of $1.3 million, increased by $1.1 million year-over-yearOIBDA (“Operating Income Before Depreciation & Amortization”) of $6.7 million, an increase of 56%Net Income of $0.0 million, or $0.00 per share, 5 cents above the prior year periodAdjusted EBITDA of $7.4 million, up 73% year-over-yearClosed multiple catalog deals and acquisitions including Marley Marl and Matt Sorum, the latter of which also includes future worksSigned multiple publishing and future deals including Margo Price, Adia Victoria, Dan The Automator, and Conway The MachineExpanded frontline recorded music roster with Ben Harper Management Commentary: “We are off to a strong start for the fiscal year, exceeding our internal expectations for the first quarter and putting us on track to achieve our goals for the year. Our impressive year-over-year top-line growth of 46% was driven by continued execution of our strategic growth initiatives, as well as the benefits of increasing scale,” said Golnar Khosrowshahi, Founder and Chief Executive Officer of Reservoir. “Our results also demonstrate our durable business model and ability to deliver consistent financial results as we continue to capitalize on the steady secular growth of the music industry. We remain focused on generating significant long-term value through our strategy of building and optimizing a robust, curated, and diversified portfolio of award-winning songwriters’ and artists’ bodies of work.” First Quarter Fiscal 2023 Financial Results Summary FinancialsQ1 FY23Q1 FY22ChangeTotal Revenue$24.3$16.646%Music Publishing Revenue$16.4$12.235%Recorded Music Revenue$7.6$4.280%Operating Income$1.3$0.2NMOIBDA$6.7$4.356%Net Income (Loss)$0.0$(1.5...