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 2024 and the December 31st, 2023. After this 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 automatic message advising your hand is raised. I would now like to turn the call over to Ms. Jackie Marcus with the Alpha IR Group. We'll 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 2024, ended December 31, 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 Golnar Kozrashahi, 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 Golnar and Jim, I'd like to take a note that today's discussion will contain forward-looking statements that reflect 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 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. Gulnar?

Thank you, Jackie. Good morning, everyone, and thank you for joining us today. Before diving into our performance in the third fiscal quarter, I want to take a moment to recognize our songwriters and artists who brought home Grammy Awards this past Sunday. Our roster earned an impressive 39 Grammy nominations across 28 categories and contributed to 10 wins, including Joni Mitchell's Best Folk Album, a sweep by Killer Mike across the three rap categories, and best R&B song for Chris Riddick Chine's collaboration, Snooze by SZA. Their nominations and wins are a testament to the caliber of talent we represent at Reservoir. Beyond these accolades, another marker of success for our roster is seen by consumption and activity on the charts. As reported by Billboard's Publishers Quarterly, Reservoir earned a Hot 100 Top 10 market share for the three quarters reported so far for calendar 2023. One of our top-consumed songs, Snooze, by SZA, co-written and co-produced by Chris Riddick-Times, was a Hot 100 chart staple over the last year, generating over half a billion on-demand audio streams alone. These achievements validate the talent and consistency of our roster and confirm the effectiveness of our team's strategy in signing and developing today's top hitmakers. Moving to our operational and financial performance in the third fiscal quarter, we continue to report strong growth numbers underpinned by healthy organic growth mirroring that of the wider music industry. Luminate, the industry standard measurement platform for tracking music sales, streams, downloads, and airplay, issued its year-end music report, which highlighted 34% year-over-year volume growth for total on-demand song streams globally in 2023. This includes over 13% year-over-year volume growth in U.S. catalog total album consumption, as well as an 11% growth in current total album consumption. As hip hop celebrated its 50th anniversary, the genre continued to lead all others in U.S. consumption, contributing to over a quarter of all streaming consumption. Additionally, Luminate reported more than 20% annual growth in the on-demand audio streams of both Latin and country genres in the U.S. These figures are another strong endorsement of our efforts to further invest in these genres in the calendar year 2023. Included in these investments were the additions of rapper Armani White, hip-hop producer Manny Fresh, and songwriter-producer Willy Willy Yanez, country music producers and songwriters Brent Marr, Rob Ragosta, Christian Stahlnecker, and Paul Coffin, and influential Latin songwriter and producer Rudy Perez and Miami Sound Machine co-founder Kiki Garcia. Moreover, Luminate's report also suggests the potential for India to overtake the U.S. as the country with the highest overall streaming volume globally. While India's streaming volume is currently just shy of the U.S.' 's, the country saw the biggest year-over-year increase in total on-demand music streams of any nation, with an increase of nearly half a trillion streams, while the U.S. volume increased by 184 billion. At that rate, we could see India surpass the U.S. in 2024. What's more, Luminate reported that the Hindi language music market share has more than doubled from 2021 to 2023, up to nearly 8% and also noted over 60% of both Gen Z and millennial listener groups listen to new music to experience new cultures and perspectives. We are excited by the implications of this data and as we enter 2024, we remain committed to investing accordingly in opportunities in this market and continuing to build relationships on the ground to support regional music and its exportation to consumers across the world. On the financial side, for the fiscal third quarter, we delivered top-line growth of 19%, 14% of which was organic. We also expanded our margins in the quarter, resulting in adjusted EBITDA growth of 25% over the prior year. These financial results allowed us to once again beat our guidance for the quarter and as Jim will discuss shortly, raise guidance for the remainder of the fiscal year. In addition, they demonstrate our ability to manage the business and deploy capital to further grow our portfolio. Along those lines, during the quarter, we continue to invest in our business with an emphasis on further diversifying our portfolio across various music genres. Some of our recent deals include a new publishing deal with songwriter, producer, singer, and multi-instrumentalist Theo Katzmann, best known as a founding member of American funk band Wolfpack. Theo has released four solo albums and collaborated with a wide range of artists across genres, including Kesha, Carly Rae Jepsen, Teddy Geiger, and more. We also announced the co-signing of Australian singer-songwriter Grant Perez to a worldwide publishing deal for his entire catalog and future works. This collaborative project with our Australian sub-publisher, Mushroom Music, sees our two companies come together on all creative and administrative aspects of Grant Perez's career to take his music to new heights in the U.S., Australia, and beyond. Lastly, in conjunction with Pop Arabia, we expanded our presence in the Middle East with a deal with Intimusica, the label, publisher, and production house of Lebanese superstar Nancy Adram. The deal includes her entire catalog and future works. With a combined total of 90 million followers across social media, she was the most streamed female Arab artist on Spotify in 2022, achieving more than 100 million plays of her songs, solidifying her moniker as the Queen of Arab Pomp. With respect to our pipeline of opportunities, we are actively evaluating multiple potential deals that will support our growth aspirations. Our pipeline sits roughly at $2 billion in total value for prospective deals, which I'd like to note does not include off-market opportunities that also remain strong. We remain a highly respected and regarded partner, and our proven reputation for being a strong steward for catalogs through our value enhancement initiatives allows us to acquire some of the best assets on the market. We look forward to closing out the fiscal fourth quarter in a position of strength, with new artists joining our roster and achieving our full year financial guidance, which Jim will address shortly. With that, I'd like to turn the call over to Jim to discuss our third quarter numbers in greater detail. Jim?