Reservoir Media, Inc..

Good morning, everyone, and thank you for participating in today's conference call to discuss Reservoir Media's financial results for the third quarter of fiscal 2022, ended December 31, 2021. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during that session, please press star 1 on your telephone. I'd now like to turn the call over to Ms. Jackie Marcus. with the Alpha IR Group, who will review our agenda today and the company's forward-looking statement. Jackie?

Thank you, Operator. Good morning, everyone, and thank you for participating in today's earnings conference call. Reservoir Media issued an earnings press release with the results for its third fiscal quarter of 2022, ended December 31st, 2021, earlier this morning. If you did not receive a copy of our earnings press release, you may access it from the investor relations section of our website at investors.reservoir-media.com. With me on today's call are Goldmar Kozroshahi, Founder and Chief Executive Officer, and Jim Heindelmeyer, Chief Financial Officer of Reservoir Media. As a reminder, this call is being simultaneously webcast and will be recorded and archived on the Investor Relations section of our website. Before I turn the call over to Gulnar and Jim, I'd like to note that today's discussion will contain forward-looking statements that reflect the current views of Reservoir Media about our business, financial performance, and future events, and as such, involve certain risks and uncertainties. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that our expectations, beliefs, and projections will result or be achieved. Please refer to our earnings press release and our filings with the Securities and Exchange Commission for more information on the specific risks, uncertainties, and other factors that could cause our actual results to differ materially from our expectations beliefs, and projections described in today's discussion. Any forward-looking statements that we make on this call or in our earnings press release are as of today, and we undertake no obligation to update these statements as a result of new information or future events except to the extent required by applicable law. In addition to financial results presented in accordance with generally accepted accounting principles, We plan to present during this call certain financial measures that do not conform to U.S. GAAP if we believe they are useful to investors or if we believe they will help investors to better understand our performance or business trends. Reconciliations of these non-GAAP financial measures to the nearest comparable GAAP measures are included in our earnings press release. I would now like to turn the call over to Gulnar. Gulnar?

Thank you, Jackie. Good morning, everyone, and thank you for joining us today. I'm extremely excited to be here today to discuss our third fiscal quarter. During the period, we continued to execute on our strategy of building a strong portfolio of award-winning music, bringing new songwriters, artists, and catalogs into the fold. This helped us build significant momentum and deliver strong financial performance in our second quarter as a public company. Before I turn the call over to our CFO, Jim Heindelmeyer, for a deeper dive on our third quarter financial results, let's discuss the significant progress we made in the quarter and our excitement around the overall vibrancy of the music industry. The broader music industry is off to a strong start in 2022, building off a record-setting year in 2021. where global on-demand song streams were up over 26% compared to the prior year. This has been driven by continued streaming growth across emerging markets, the ongoing proliferation of new novel access points like video gaming and social media, as well as a resurgence and impressive growth in vinyl album sales and the ongoing strength of digital music consumption through various streaming platforms. We have and will continue to benefit from these industry trends, especially as our portfolio continues to grow both in size and diversity. As Jim will cover in more detail, the healthy industry performance coupled with strong execution by our team, the momentum of our business, and the opportunities we see ahead has allowed us to increase guidance on both revenue and adjusted EBITDA. As we've said previously, We believe we can exceed the industry's healthy organic growth based on our operating philosophy and the platform we have built. But we are also seeing attractive opportunities to grow our portfolio even amidst a backdrop of some high-profile, high-priced catalog sales. Since our last earnings call, we have made several strategic investments in assets we believe have significant potential for greater value enhancement, and we are honored to work with a growing list of very talented creators. The diversification of our roster across artists, genres, and musical eras represents an important component of the uniqueness and differentiation that we bring to the market. For example, in mid-December, we announced a publishing deal with four-time Grammy winner Michael Leake, his instrumental band Snarky Puppy, and his company, Ground Up Music, which represents his collaborators. We also expanded our foothold across a variety of genres, including R&B, doo-wop, hip-hop, pop, and EDM, with the addition of songs by Hall of Fame songwriter Dallas Austin, the founder and lead singer of the Five Satins, the late Fred Parris, Oak Felder, the Grammy and BMI award-winning songwriter and producer, whose credits include songs with John Legend and Demi Lovato, including Lovato's five-time platinum hit, Sorry Not Sorry. And the late Grammy-winning DJ, songwriter and producer Fred Rister, who, alongside his longtime creative partner David Guetta, contributed to the most downloaded song of all time in the United States, I Got a Feeling by the Black Eyed Peas. Lastly, our presence in Nashville continues to exceed our expectations, as we announced earlier this year the acquisition of country music star Travis Tritt's publishing and recorded music catalogs, as well as the producer catalog of Nashville Hall of Famer Buddy Cannon, which brings his 25 years of Kenny Chesney hit collaborations to Reservoir. We welcome all of these artists into the Reservoir family. We remain steadfast in our commitment to scale the business through a creative M&A with the objective of welcoming high quality music and talent to the company while driving operating leverage. Let's turn to our quarterly performance. In the third fiscal quarter, we saw growth across all our key performance metrics. We posted $27.1 million in total revenue, which represented a 26% gain over the year-ago period and also included 15% organic growth. Within the segments, 68% of our revenue came from music publishing, 30% from recorded music, and 2% from other sources. Consistent with broader industry trends I noted earlier, we saw 9% annual growth from physical sales due to increased demand for vinyl, and 217% annual growth from recorded digital revenue. We are continuing to manage our cash flow to support additional acquisitions while also prudently managing our costs. These actions resulted in a 26% improvement in our adjusted EBITDA. With that, I will turn the call over to Jim to discuss our financial performance during the quarter in more detail. Jim?