Thu, May 30, 8:06 PM (144 days ago)
Reservoir Media, Inc. filed its annual 10-K report for the fiscal year ending March 31, 2024. Key financial highlights include an 18% increase in total revenues to $144.9 million, driven by a 22% rise in Recorded Music revenue and a 15% increase in Music Publishing revenue. Digital revenues grew by 17%, representing 54% of total revenues. Cost of revenues rose by 16%, while administration expenses surged 28%, partly due to a $2.7 million write-off of recoupable legal fees. Operating income increased by 17% to $24.6 million, but net income fell 70% to $0.8 million, impacted by higher interest expenses and a decrease in gains from fair value swaps. Adjusted EBITDA grew 20% to $55.6 million, maintaining a 38% margin. The company’s liquidity includes $18.1 million in cash and $114.2 million available under its Senior Credit Facility. Future outlook hinges on leveraging digital growth, managing costs, and strategic acquisitions.