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 year 2023, ended December 31st, 2022. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I now 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 statements. Jackie?

Thank you, Operator. Good morning, everyone, and thank you for participating in today's earnings conference call. Reservoir Media issued a press release with results for its third quarter of fiscal year 2023, ended December 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, 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 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. 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 trend. 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. Through the first three quarters of the fiscal year, we are very pleased with the performance of our business as we continue to report strong growth numbers fueled by healthy organic growth. as well as the continued execution of deals across musical genres. Since we last spoke in November, we've had some exciting developments at Reservoir, such as announcing that Della Soul's highly anticipated renowned back catalog is officially coming to streaming platforms globally for the first time ever on March 3rd, with two singles already released in January and February, and expanding our roster and presence in the Middle East and India. These examples really underscore the breadth and scope of our business and the kinds of value-building opportunities we are uniquely positioned to pursue as we grow. I want to take a moment to acknowledge our roster of songwriters, artists, and partners whose talent was on full display at the Grammy Awards this past Sunday, where our roster contributed to an impressive 30 nominations, including record, song, and album of the year, taking home seven awards, including Best Contemporary Instrumental Album for Snarky Puppy's Empire Central, Best Immersive Audio Album for Stuart Copeland and Ricky Kedge's Divine Tides, and Best Rock Album for Ozzy Osbourne's Patient No. 9, featuring 11 co-writes by Reservoir songwriter Ali Tamposi. We could not be prouder of these tremendous talents. For the third quarter, on the financial side, we delivered top-line growth of 16%, of which 7% was organic. As a result of the improvement to the top line, we enhanced our margin profile as both OIBDA and adjusted EBITDA margins expanded versus the prior year. On balance, we did experience some pressures on net income as a result of one-time non-cash tax and debt extinguishment charges which Jim will discuss as part of his deeper financial discussion. We are also raising guidance for the second consecutive quarter, reflecting the strength and momentum of our business as we close out our fiscal year. Before turning to that, I'd like to take a few minutes to discuss what trends we're seeing in the music industry and how we are poised to benefit from these opportunities. It is without question that music is an integral part of our daily lives, With the historic growth from digital consumption and record-setting revenues from live performance, our team is hard at work ensuring our artists' and creators' work is licensed and monetized across all mediums. Our unique value enhancement offerings allow us to attract some of the world's most prolific and iconic artists, which ultimately improves the durability of our business. As I mentioned on our last call, we have been closely following the recent Copyright Royalty Board, or CRB4, settlement. The CRB officially accepted the proposed settlement on December 30th, 2022. While the CRB4 settlement occurred in August of 2022, this official acceptance puts a stamp on the negotiation and legal process between the parties. This marks a critical moment for the music industry, with the headline digital streaming royalty rate increasing to 15.15% for 2023 and incrementally increasing to 15.35% through 2027, which will be the highest royalty rate in history. We commend all parties involved with special thanks to the NMPA and their CEO, David Israelite, for leading the charge and making this possible. The official acceptance of the rate increase is a testament to the progressive work being done within the industry to ensure fair compensation for songwriters and publishers. Turning to our business, our team has been busy adding award-winning creators across genres to our portfolio. I'd like to walk you through some of the notable additions this quarter. As I mentioned, we couldn't be more excited to be bringing the legendary Grammy-winning hip-hop trio Della Soul's back catalog to streaming platforms everywhere starting March 3rd. The first two singles, The Magic Number and I Know, were released in January and February this year respectively, distributed by Reservoir-owned Chrysalis Records. We are honored to partner with Della Soul on this long-awaited release and are looking forward to consumers having ease of access to their music through streaming services, as well as cultivating a whole new audience of De La Soul listeners. We also signed a new publishing deal for all future works with award-winning songwriter and producer Leroy Clampett. Leroy has been part of many successful projects, including co-writing Justin Bieber's hit song, Company. He is one of the most in-demand pop writer producers, and we are delighted to be his publishing home. We are also thrilled that Rock and Roll, and Grammy Hall of Fame inductee Dion signed a new publishing deal with Reservoir for his entire catalog, as well as all future works. Dion has been topping the charts for decades with hits such as Run Around Sue, The Wanderer, and Ruby Baby. Dion is a rock and roll pioneer, and we are honored to work with him. On the international front, Maltese rock band Red Electric joined the roster this quarter, Recognized as one of Malta's biggest bands, securing three number one singles in 2022, they are primed to now take their music to the wider world. We also expanded our roster and presence in India with the acquisition of the publishing catalogs and future works for Indian rappers MCL Top and D'Evil, along with producer Suna Beats. These signings built upon our established partnership with Indian rap superstar Divine Scully Gang. We look forward to further growing and partnering with these artists across the globe. We continue to be highly active and forward-looking as we invest time and resources into growing and diversifying our roster of artists. Our pipeline is robust at nearly $2.3 billion in total value for prospective deals. Over the years, we have implemented a rigorous process for analyzing transactions and we will continue to take a disciplined approach to assessing opportunities in the market to ensure that the capital that we deploy meets our internal requirements for ROI and is accretive to our margin profile. With that, I'd like to turn the call over to Jim to discuss our financial results for the quarter in greater detail.