Reservoir Media, Inc..

Greetings and welcome to Reservoir Media's fourth quarter fiscal year 2025 earnings conference call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If anyone requires operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jackie Marcus, Investor Relations. Thank you. Please go ahead.

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 2025, ended March 31, 2025, 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 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 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. 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, everyone, and thank you for joining us today. Reservoir's fiscal 2025 performance exceeded both guidance and expectations. At a high level, this year's results are hallmarked by top-line annual revenue growth of 10% and 18% improvement in adjusted EBITDA and significant capital deployment with over $115 million towards acquisitions and advances. Our accomplishments in the fiscal year are a testament to the strength of our strategy, the team, and expertise we have at Reservoir, and the quality of our portfolio. We are meeting our objectives as a public company and are well positioned to continue doing so in fiscal 2026. Strategic off-market M&A continued to drive the company's growth. We signed notable publishing deals with legendary artists this year, such as Snoop Dogg and Katie Lang, and acquired and adjusted large catalogs and assets accretive to the portfolio as a whole. Earlier this calendar year, we announced the acquisition of La Strada Entertainment's full publishing catalog of more than 5,600 compositions spanning multiple generations and genres. La Strada was a pioneer in understanding the importance and value of increasing the longevity of compositions via sampled music and syncs. Its assets have contributed to such mega hits as Tupac's California Love, Mariah Carey's We Belong Together, and Will Smith's Miami. Through the acquisitions of Chrysalis Records in 2019 and Tommy Boy Records in 2021, Reservoir grew and diversified our business, establishing a deep well of recorded music expertise on our team, and a solid infrastructure that has enabled us to support the addition of many more assets in that vertical. In February, we acquired UK dance and electronic label New State and its entire recorded music catalog of over 13,000 tracks. Included in the transaction were the rights to continue to market and release new music by New State artists. The recorded music segment of our business showed continued growth in both the fourth quarter and the full fiscal year. We believe there is considerable operational leverage in the segment to help us drive organic growth from our value enhancement efforts and easily integrate additional acquisitions into our catalog in the future. Alongside our successful investment philosophy is our commitment to organic growth. We have the necessary rights and infrastructure to aggressively market our portfolio and the relationships to secure opportunities with strong ROIs. For example, in the fourth quarter, we had four Super Bowl sink placements, including Papa Loves Mambo in a Michelob Ultra ad, This is America in a Him and Her spot, Mama Said Knock You Out in a Pfizer ad, and Take Me Home Country Roads for Rocket Mortgage. Within the full year, our evergreen hit Deo by Harry Belafonte featured prominently in the feature film Beetlejuice, Beetlejuice, while also driving a resurgence in listenership across DSPs. We also saw tremendous commercial success for Reservoir's active songwriters, earning a top 10 US market share in the last four quarters, according to Billboard's Publishers Quarterly, with our talent co-writing and contributing to chart-topping records by Sabrina Carpenter, Dasha, SZA, and more. While North America has historically driven much of the music industry's growth, we have long focused on building our business in emerging markets in recognition of the massive opportunities in these territories, particularly as Internet connectivity and consequently listenership is on the rise. We took an early stake in establishing a presence in the Middle East with our subsidiary, Pop Arabia, to build relationships with the region's most influential creators. Our successful boots-on-the-ground approach to building relationships allows us to remain deeply involved in these important markets and participate in off-market deals. In March, we announced our acquisition of the publishing and master rights to Egyptian star Omar Kamal's catalog. Having brought Maraghanat, a genre of music that mixes Egyptian rhythms, electronic music, and rap lyrics to listeners throughout the Arab world, Kamal's Maraghan Ben Elgaran was one of Rolling Stone's 50 best Arabic pop songs of the 21st century. Just last month, we continued our international expansion with the launch of our latest subsidiary, Pop India, and the opening of a new office in Mumbai. PopIndia is led by Speck, a longtime member of the Reservoir team with extensive experience in emerging markets, including founding and running PopArabia. PopIndia is focused on signing and developing regional talent, as well as acquiring catalogs across both publishing and recorded music, while also providing music supervision and sub-publisher services in the country. We are incredibly excited by the signing of PopIndia's first publishing deal with singer-songwriter, rapper, and YouTube star Yohani. With more than 175 million people streaming music across channels and analysts expecting the industry to grow at a 13% CAGR through 2027, India is an ideal market for us to further grow our international roster at attractive valuations. We look forward to the potential partnerships with some of the region's most celebrated artists and up-and-coming talent. I will now turn the call over to Jim to discuss our fourth quarter and full fiscal year financial results, as well as our fiscal 2026 guidance in greater detail. Jim?