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 second quarter of fiscal year 2024, ended September 30th, 2023. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 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'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 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 second quarter of fiscal 2024 and did September 30, 2023, 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 Goldner Khosrowshahi, 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, 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 the 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.

Thank you, Jackie. Good morning and thank you for joining us today. Our second fiscal quarter was highlighted by top line growth of 15% with strong performances from both our music publishing and recorded music businesses. We reported healthy organic growth in the period driven by our value enhancement capabilities and we executed numerous high-quality deals that further diversified and expanded our portfolio. In addition to continuing our revenue growth in Q2, we also thoughtfully managed our business as we both enhanced our margin profile and grew adjusted EBITDA by 24% over the prior year. Our financial results in the first half of fiscal 2024 demonstrate the benefits of our disciplined approach to capital allocation and our ability to drive growth and close deals within any market backdrop. The music industry's resiliency across all market cycles combined with our cost management and capital allocation continues to fortify us against a complicated economic backdrop. Recently, the National Music Publishers Association, or NMPA, estimated double-digit year-over-year growth for the entire U.S. music publishing market in calendar year 2023. This marks the eighth consecutive year where U.S. music publishing revenues experienced double-digit growth. Further, there have been no signs of a slowdown in subscriber growth from streaming services amid subscription price increases. Spotify announced a 16% growth year-over-year in premium subscribers despite its price increase. Deezer raised subscription pricing for the second time in 12 months, and Apple increased the price of several of its bundled subscription services. This activity suggests not only that we should expect price increases to occur with some regularity moving forward, but also demonstrates the stickiness of consumers and the market opportunity for digital music consumption for what continues to be one of the most under-monetized forms of entertainment content. We are confident in the growth trajectory for the industry, and we are particularly pleased with how Reservoir will continue to benefit from this growth as well as the growing recognition that artists' work has been undervalued in the ecosystem. Before we get into our new deals and financial performance, I want to take a moment to call out some of our roster's recent achievements. Last week, we celebrated Sheryl Crow and the Spinners' inductions into the Rock and Roll Hall of Fame. Blue Raincoat management client Ezra Collective became the first-ever jazz act to take home the Mercury Prize. This quarter saw chart-topping hits across genres from David Guetta and Bebe Rexha's hit song, I'm Good, Blue, spending 55 weeks at number one on Billboard's Hot Dance Electronic Song Chart. To Jelly Roll's Need a Favor, co-written by Robert Gosta, climbing to number one on both country airplay and mainstream rock airplay, making it the first song to do so. Additionally, SZA single Snooze, a collaboration by our writer-producer, Chris Riddick-Tynes, topped several Billboard charts, and helped propel the album, SOS, to become the longest-running number one on Billboard's R&B albums chart, spending 45 weeks at the top. Over the past few months, we made several accretive strategic investments, diversifying our portfolio across genres and eras. Some of the deals we recently announced include legendary guitarist, songwriter, and vocalist Joe Walsh. The deal includes hits from his catalog as a solo artist, and as a member of groups like the Eagles and the James Gang, plus his future works. Joe contributed to Hotel California, one of the best-selling albums of all time, and we are honored to be his publishing home and to support his high-quality catalog. We also welcomed genre-defining Latin writer-producer Rudy Perez to the roster. The deal includes the acquisition of his catalog, including hits performed by Christina Aguilera, Julio Iglesias, and more, as well as a publishing deal for his future works. Leveraging his impressive legacy, Rudy is also the co-founder of the Latin Recording Academy, the Latin Grammys, and the Latin Songwriters Hall of Fame. We are proud to be in business with such an important steward for the genre and its creators. We expanded our international roster with the additions of content production and distribution company Remedia and Egyptian rap duo El Sawarich. These deals were executed in conjunction with Pop Arabia and we're pleased to further grow our presence in the region as we see an untapped opportunity for music in these regions to grow both locally and globally. We bolstered our country music roster and catalog with the additions of the Judds collaborator Brent Marr, decorated writer-producer Kerry Kirk Phillips, emerging hitmaker Cam Becker, and history-making cross-genre writer-producer Robert Aosta. We're thrilled to build on our catalog of established country titles while also developing the new class of hit country creators. We also signed a publishing deal for the future works of platinum-selling songwriter Steph Jones. Steph has contributed to number one albums by Selena Gomez, Celine Dion, Pink, Keith Urban, and Panic! at the Disco, and collectively garnered billions of streams throughout her discography. Looking ahead, we are working through a robust pipeline of deals with the objective of continuing to complete transactions that exceed our return expectations. As a business rooted in acquisitions, we have a rigorous underwriting process, and we have a strong track record of deploying capital that ultimately becomes accretive to our margin profile. We have a pipeline of roughly $2 billion in total value for prospective deals, and we see no slowdown in our off-market opportunities. We also believe that with each quarter, as we build our roster and catalog, our reputation as trusted stewards of music with a differentiated approach to value enhancement continues to grow. We see that reflected in the artists and estates who come to us as we explore opportunities. With that, I'd like to turn the call over to Jim to discuss our second quarter numbers in greater detail. Jim?