Reservoir Media, Inc..

Good morning, everyone, and thank you for participating in today's conference call to discuss those of our media financial results for the fourth quarter and fiscal year 2024 ended March 31st, 2024. At this time, all participants are on the 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 1-1 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 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 fourth quarter and fiscal year 2024, ended March 31, 2024, 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 Gulnar 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 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.

Thank you, Jackie. Good morning, everyone, and thank you for joining us today. Our 2024 fiscal year results are representative of our high quality roster and catalog, our management team, and our value enhancement infrastructure. Together, these factors contributed to record setting total revenue and operating income for the full year. We continue to build on our proven track record and strong financial footing. We posted an 18% increase in revenue for the fiscal year, which includes acquisitions, and 15% and 22% growth in our music publishing and recorded music segments, respectively. We added several award-winning artists and songwriters to our catalog, which I will discuss in a moment. And we were honored to share recognition with our creators, who contributed to an impressive 10 Grammy Awards across six genres, two Rock and Roll Hall of Fame inductions, and 42 number ones across all of Billboard's charts. Our roster broke records and achieved new milestones this year, including the celebration of the 35th anniversary of De La Soul's groundbreaking debut album, Three Feet High and Rising. We also saw Sizzle Snooze, co-written and co-produced by our writer-producer, Chris Riddick-Times, sit at number one on Billboard's R&B hip-hop airplay chart for a record-breaking 37 weeks. Additionally, Robert Gosta's co-write, Need a Favor, by Jelly Roll, became the first song ever to reach the top ten on both the Billboard Country Airplay Chart and the Mainstream Rock Airplay Chart, going on to claim the top spot on multiple other charts. Our strategy to work with hit-making creators across genres provides for more revenue-generating opportunities and access to diverse listening audiences. We finished out the year with a strong fourth quarter with healthy organic revenue growth of 8% or 12%, including acquisitions. This year's Super Bowl was a standout moment in Q4 with the Halftime Entertainment Show featuring Usher's performance of several reservoir-owned assets, including Yeah and Get Low. Between the halftime performance and advertisements featuring syncs by our roster and catalog, including David Guetta, De La Soul, Creed frontman Scott Stapp, and Lil Jon, our music reached an estimated 123.7 million viewers, the largest audience for a single network telecast to date. While we always strive to find new opportunities for our existing catalog, and add new talent to our portfolio, we also want to be at the forefront of how music is created, consumed, and analyzed to help increase the ROI on our investments. Early on, our team recognized the value our official intelligence and machine-based learning could bring to our business, and we have made investing in these areas part of our general operating practice over the past few years. To date, we have successfully used AI to increase revenue by tracking and identifying more uses of our copyrights across digital platforms. We are now able to detect works that have been covered or altered and then monetize these songs in a scalable way. AI has also opened up an opportunity for us to rework existing archival audio and repurpose it in new and imaginative ways. Moreover, we are capturing and gleaning insights from large volumes of detailed metadata thereby improving efficiencies. For example, our sync team is using AI to automatically generate more descriptive metadata to service new ways to promote our catalog. Additionally, our marketing teams are utilizing platforms with enhanced AI capabilities to create marketing collateral. We are also seeing our songwriters explore this technology to help expedite and enhance their own creative process in the studio. All of these align with our common priority to use AI tools to capture more revenue by automating previously time-consuming tasks, freeing up our human resources to focus on higher value work. We will continue to make investments in AI-enabled tools and as caretakers of our roster's body of work, we will ensure our artists and assets are protected and fairly compensated as this technology continues to evolve. Turning to other industry trends, we have seen user engagement remain high despite recent price increases by global streaming platforms. The market still added 83 million new paid subscribers in 2023 according to the latest IFPI report. Looking forward, we are poised to benefit from what we believe will become a regular cadence of price increases across streaming platforms. However, we remain focused on the impact of Spotify's recent accounting change as a result of their bundled subscription reclassification. To that end, we are steadfast in ensuring our roster is compensated both accurately and justly, and we will continue to work toward achieving solutions with all entities that use our assets. The audience's relationship with music extends beyond casual listenership, and people around the world are re-engaging with old favorites discovering new artists, and uniting in niche superfan communities. Goldman Sachs' 2024 Music in the Air report estimates these superfan communities to be a $4.5 billion market, with 20% of paid streaming subscribers willing to spend two times more on music than the average person. With this, we have seen an increase in demand for concerts and music festivals, particularly from Gen Z and millennials. In the calendar year 2023, the global live music market generated $9 billion in revenue per the IFPI. Our total performance revenue, which includes live performances as well as other public performance sources in fiscal 2024, rose 37% year over year. This engagement solidified fan relationship with music and impacts continued listenership and familiarity. Before Jim dives into our financials, I'd like to take a moment to discuss some of our signings and important acquisitions over the past year, all of which further demonstrate our resounding commitment to building a catalog across musical genres, geographies, and eras. These include five-time Grammy-winning rock legend Joe Walsh, including the publishing rights to his hits as both a solo artist and with era-defining bands The Eagles, and the James Gang, as well as Future Works. We announced a catalog acquisition and go-forward deal with Latin hit maker and Latin Grammy Awards founder, Rudy Perez. We welcomed four-time Grammy Award-winning rock band, Kings of Leon, to the roster. We acquired the catalogs of four members of legendary R&B and pop vocal group, The Spinners, who were inducted into the Rock and Roll Hall of Fame in November. We expanded our presence in emerging markets this year in conjunction with our partner, Pop Arabia. We added the catalog of Cairo-based content production and distribution company, Ari Media, which included over 6,000 recordings and compositions. We also secured the master in publishing rights for the catalog of Egyptian rap duo, El Sawarif. We announced the acquisition of and joint venture with Saudi Arabian hip-hop label, Mashrex, And in January, we announced a deal with Intimusica, the label, publisher, and production house of Lebanese pop star Nancy Adram, known as the queen of Arab pop, to bring her full catalog to reservoir. Goldman Sachs' 2024 Music in the Air report stated emerging markets accounted for 60% of net subscriber additions in 2023 and are expected to make up 70% of additions by 2030. These new subscribers are expected to grow emerging markets revenues to 22% of global streaming revenue by 2030. This anticipated growth reinforces our investments in these markets. And we were also the new home of artists and songwriters who are reshaping today's music landscape one hit at a time, including Steph Jones, who is one of the co-writers of Sabrina Carpenter's hit record, Espresso. which has already been dubbed the song of the summer by outlets like Time, Business Insider, Pitchfork, Fox, Nylon, and more. And we signed viral rapper Armani White to a publishing deal. Armani's popularity rose meteorically with his global hit, Billie Eilish, and his star has only continued to rise with follow-up releases, prominent sync placements, and performances on stage and screen. We look to build on the success of our fiscal 2024 with the addition of more genre-defining artists while helping to foster the next generation of creators. Our pipeline remains robust with over a billion dollars in consideration, and as Jim will discuss, we are in a solid financial position to continue executing on transactions where we see the greatest ROI. We have the right tools and team to drive organic growth from our existing catalog, and we will continue to make technology investments to help us better understand our data, usage trends, and revenue capture. With that, I'd like to turn the call over to Jim to discuss our fourth quarter and fiscal year results, as well as our fiscal 2025 guidance in greater detail. Jim?