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 fourth quarter and full year fiscal year 2022 ended in March 31st, 2022. After the speaker's prepared remarks, there will be a question and answer session. To ask a question during the session, you will need to press the start and the one key on your touch-down telephone. I would now like to turn the call over to Alec Buchmelter with the Alpha IR Group, who will review our agenda today and the company's forward-looking statements Alec?

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 results for its fourth quarter and fiscal year 2022 ended March 31st, 2022, 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 Golnar Kozroshahi Founder and Chief Executive Officer, Rel Lafargue, President and Chief Operating Officer, and Jim Heindelmeyer, Chief Financial Officer. 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 Golnar, Rel, 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 involves 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 Golnar. Golnar?

Thank you, Alec, and good morning, everyone, and thank you for joining us today. I'm extremely excited to be here to discuss our fourth quarter and full fiscal year results. This year has shown the strength, the potential, and resilience of Reservoir's business model as we continue to execute on our goal of building a robust, curated, and diversified portfolio through our strategic investment strategy. We exceeded our original expectations for the year, both financially and strategically. This included 15% organic growth in fiscal 2022, which was complemented by the deployment of over $224 million of capital above the original $200 million goal. This capital was deployed over 110 separate transactions, 87% of which were focused on catalog acquisitions. This expansion now puts our team in a great position to organically expand the cash generation power of those assets through our value enhancement strategy, which will support continued consistent growth in fiscal 2023. We closed the year with great momentum and delivered 46 percent top-line growth in the fourth quarter. In terms of our annual financial commitments, we exceeded our revenue and adjusted EBITDA full-year guidance ranges, which, as a reminder, we had already raised during the third quarter. Before our CFO, Jim Heindelmeyer, reviews our financial results for the fourth quarter, and fiscal 2022, our Chief Operating Officer, Rel Lafargue, and I would like to discuss industry trends we are seeing, Reservoir's journey as a public company, and what the future holds for the business. I'd like to start with simply stating that music touches the lives of everyone on our planet, consumption is growing, and the monetization opportunity is vast. This last year was a very strong year for the music industry overall, despite how some aspects such as live performance and events, were impacted by the ups and downs of the pandemic. According to IFPI, in calendar 2021 alone, the global recorded music market grew by 18.5%, taking into account all sources of consumption. As expected, this growth was driven by streaming services, which saw 65% yearly growth in revenue. The music industry is now on its seventh consecutive year of revenue growth globally, and we do not expect this to slow down anytime soon, even in a weaker macro environment. In fact, just last week, Goldman Sachs revised its 2030 global music forecast by 10%. Further, music is traditionally resilient during economic cycles, but as you will hear, we are expecting growth to continue as new ways to consume music increase, and specific geographies like the Middle East and Latin America continue to accelerate adoption of the emerging platforms and alternative revenue sources. Reservoir's strong performance in fiscal 2022 illustrates the benefit of having a diversified portfolio and a flexible business model. And to that point, Reservoir outperformed for the full year relative to internal expectations due to a combination of industry growth and our active value enhancement platform. This led to our strong digital top-line numbers earlier in fiscal 2022, which continued throughout the year. As the industry evolves and music consumption takes on different forms, we will continue to leverage Reservoir's unique capabilities and diversified portfolio to achieve sustainable performance and to consistently create value for our shareholders. Coming back again to how music touches the lives of everyone, we are really encouraged by the continued growth we are seeing in many geographies. Notably, last year we saw significant growth in the emerging markets, justifying the focus on our business of Paparabia, based in Abu Dhabi. We continue to build on our portfolio in the region and invest in talent for our roster through new signings, such as Egyptian rapper Mohamed Ramadan, and Moroccan rapper Haliwa, plus the acquisition of Egyptian record label 100 Copies. And Pop Arabia's subsidiary, Esna, concluded a major licensing agreement with Dubai Expo, a six-month cultural event which featured thousands of musical performances, including by acts like Coldplay, Alicia Keys, and the Black Eyed Peas. The deal was the first of its kind to be concluded in the region, The Middle East has been one of the fastest-growing markets with 35% revenue growth as reported by the IFPI as compared to more mature markets like North America with 22% growth. As the team and I look at the Middle Eastern market, it reminds us of nascent markets with significant growth potential. Going forward, we anticipate continued growth in emerging markets like the Middle East, and we are excited about the potential this region has. Our investments in regional content and artists put us in prime position to take advantage of continued growth. Now turning to our fourth quarter achievements. In the fourth quarter, we advanced our capital deployment strategy by making several strategic investments that complement our strengths and add significant value to the artists who partner with us. Our focus remains on emphasizing quality and continuing to diversify our roster through across different artists, genres, and musical eras. The investments we made in the fourth quarter of fiscal 2022 illustrate our ability to execute on our strategic initiatives, and here are a few highlights. New additions to our catalog in the quarter include award-winning film score composer Henry Jackman, adding the rights to feature films like the Captain America franchise and many more. This builds on an already diversified and high-quality Frim Score catalog, which began in 2015 with an investment in Hans Zimmer's portfolio. We also expanded our hip-hop genre with our catalog deal for the legendary hip-hop producer and songwriter Larry Smith. Larry Smith's seminal album, Escape, made history with the artist Houdini as the first hip-hop album to be certified platinum. We are proud to represent more and more artists who have revolutionized music, and Larry Smith's influence on the hip-hop genre and the industry is monumental. We extended our deal with multi-platinum songwriter Ali Tamposi, a reservoir writer since 2017, underscoring the mutual commitment between the company and our roster. More recently, we executed against our emerging markets growth strategy with the signing of Egyptian rapper Mohamed Ramadan and Moroccan rapper Haliwa. These deals were in conjunction with Pop Arabia and will certainly provide opportunities to increase our presence in the Middle East and North Africa. Overall, it was a very active quarter, and we have already hit the ground running just as fast with a strong start to fiscal 2023. We will continue to pursue deals that are in line with our objectives and are accretive to margins so that our inorganic developments are not only enhancing our top line, but also our margin profile, improving long-term operating leverage. While our acquisition path represents a clear growth opportunity, reservoir continues to outperform the industry on an organic growth rate as well. We remain very confident that we can maintain this as reservoir is insulated against broader market pressures through having an asset class that is uncorrelated to macroeconomic headwinds that typically impact other businesses. Ultimately, reservoir is positioned for growth through turbulent times due to a recession-resistant business model, and this resilience is partly due to the fact that music remains one of the most under-monetized forms of entertainment. Turning to our quarterly performance, in the fourth fiscal quarter, we saw growth across many of our key performance metrics. We posted $35.1 million in total revenue, which represented growth of 46% versus the prior year period and included a very healthy 20% organic growth. Within the segments, 72% of revenue came from music publishing and 28% from recorded music. We are continuing to manage our cash flow to support additional acquisitions while also prudently managing our costs. These actions resulted in a 47% improvement in our adjusted EBITDA. With that, I'd like to turn the call over to Raoul to further discuss the broader industry and our operations. Raoul?