Business
Reservoir Media Announces Fourth Quarter and Fiscal Year 2022 Results
Delivers 34% annual top-line growth, exceeds $200 million capital deployment goal for the fiscal year, and exceeds full fiscal year revenue and profitability
About this update from Reservoir Media, Inc..
[{"type":"text","content":"Delivers 34% annual top-line growth, exceeds $200 million capital deployment goal for the fiscal year, and exceeds full fiscal year revenue and profitability outlook Issues fiscal 2023 outlook, including 8%-to-12% top-line growth NEW YORK, June 21, 2022 (GLOBE NEWSWIRE) -- Reservoir Media, Inc. (NASDAQ: RSVR) (“Reservoir” or the “Company”), an award-winning independent music company, today announced financial results for the fourth quarter and full year for fiscal 2022 ended March 31, 2022. Fourth Quarter 2022 & Recent Highlights: Revenue of $35.1 million, increased 20% organically, or 46% including acquisitions year-over-year Music Publishing revenue rose 29% year-over-yearRecorded Music revenue increased by 123% year-over-year Operating Income of $8.7 million, increased by 28% year-over-yearOIBDA (“Operating Income Before Depreciation & Amortization”) of $13.9 million, an increase of 34% driven by Recording Music revenueNet Income of $8.9 million, or $0.14 per share, three cents above the prior year periodAdjusted EBITDA of $15.4 million, up 47% year-over-yearCompleted several recent catalog acquisitions, including Larry Smith, Henry Jackman, Larry Kusik and othersSigned multiple publishing and futures deals over the last few months including Ali Tamposi, Killer Mike, Phil Manzanera, Mohamed Ramadan and others Fiscal Year 2022 Highlights: Revenue of $107.8 million, increased 15% organically, or 34% including acquisitions year-over-year Music Publishing revenue rose 17% year-over-yearRecorded Music revenue increased by 126% year-over-year Net Income $13.1 million, or $0.22 per diluted share, one cent above the prior year periodAdjusted EBITDA of $41.3 million, up 29% year-over-yearExceeded previously increased expectations for fiscal year 2022 for both top-line and Adjusted EBITDA outlooksClosed numerous high-profile and diverse deals throughout fiscal year 2022, including the Tommy Boy record label, a Joni Mitchell administration deal, the recorded music rights to supergroup Alabama, and expanded Middle East and North Africa footprint with the signing of Egyptian rapper Mohamed Ramadan and Moroccan rapper 7liwa.Deployed over $224 million in capital across 110 deals during first year as a public companyProvided outlook for 10% growth for both revenue and Adjusted EBITDA in fiscal 2023, at the midpoints Management Commentary: “W...