The following is a summary of the Reservoir Media, Inc. (RSVR) Q3 2024 Earnings Call Transcript:
Financial Performance:
Reservoir Media reported a 19% increase in top line growth during the third fiscal quarter and expanded its margins by 25% over the prior year in adjusted EBITDA growth.
Q3 revenue was $35.5 million, a 19% increase from the same period last year, with a 32% year-over-year increase in recorded music driving this revenue growth.
Operating expenses rose by 13%, and net loss was down to $2.9 million. Total available liquidity is $121.7 million.
Revised guidance for fiscal year 2024 projects revenue in the range of $140 million to $142 million, and adjusted EBITDA between $53 million and $55 million.
Business Progress:
Reservoir is investing in a range of music genres and markets, including Latin and Country music, bolstering its roster with artists like Armani White, Mannie Fresh, Willy Will Yanez, and Rudy Perez.
The company expanded into the Middle East via a partnership with In2Musica and plans to invest heavily in the Indian market due to promising growth in streaming volume.
Reservoir's artists and songwriters earned a total of 39 Grammy nominations and contributed to 10 victories, which supports the company's talent acquisition and development strategies.
More details: Reservoir Media IR
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