Reservoir Media, Inc..

Greetings and welcome to Reservoir Media's fourth quarter and fiscal year 2026 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 should require operator assistance during the conference, please press star zero on your keypad. As a reminder, this conference call is being recorded. I would now like to turn the call over to your host, Jackie Marcus. Thank you. You may begin.

Thank you, Operator. Good morning, everyone, and thank you for participating in today's earnings conference call. Reservoir Media issued a press release with its results for its fourth quarter and fiscal year 2026, ended March 31, 2026, 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, 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 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 delivered another strong year, generating 11% in revenue growth with 6% organic growth and 12% adjusted EBITDA growth in fiscal 2026. These results reflect the continued success of our disciplined acquisition strategy, the strength of our catalog, and the performance of our growing team around the world. Fiscal 2026 was a milestone year as we deployed approximately $120 million across acquisitions and advances for both publishing and recorded rights. This enabled us to retain exceptional creators, sign leading contemporary hit makers, and further expand and diversify our catalog by genre, by era, and geographic representation. In September, we acquired the catalog of music and culture icon Miles Davis. As we officially mark his centennial this week, we have launched a global campaign with countless activations and press moments. Highlights from this week alone included The Voice of Miles, a symphonic celebration by Park Avenue artists, a billboard in Times Square on the Nasdaq Tower, and an event with the New York Public Library for the Performing Arts and Simon & Schuster for the centennial edition of Miles' autobiography. With more to come this year, we look forward to continuing to celebrate Miles' legacy, and it is an honor to steward his extraordinary body of work and bring it to new audiences. We also continue to invest in today's hitmakers signing talent, including disco soul band Say She She, country pop songwriters Alison Feltz-Cruz and Sam Tenese, UK singer-songwriter Benjamin Francis Lefwich, and multi-genre songwriter Britton Newbill, to name a few. At the same time, we reinforced our long-standing relationships, extending deals with legendary singer-songwriter Joni Mitchell, Grammy-winning writer-producer Chris Riddick-Times, and the estate of seminal artist Nick Drake, as well as entering into a new deal with long-term client, Academy Award-winning composer Hans Zimmer. Our relationship with Zimmer extends as investors in Payam Music, an innovative piano school with a novel methodology for teaching. This past Sunday, Payam Music and Zimmer were featured on CBS 60 Minutes, highlighting the school's successful approach to piano education and Zimmer's involvement in advancing its mission. We are proud to support Payam Music to help nurture the next generation of pianists through technical training while fostering a lifelong love of music. During this fiscal year, we also continue to expand Reservoir's recorded music division, including a multifaceted deal with independent record label Fool's Gold Records. The transaction included the acquisition of catalog master rights of several of the label's artists, and an exclusive partnership to market and distribute all their recordings on Fool's Gold via the Reservoir Label platform. Internationally, we expanded our presence in key growth markets. We launched our Mumbai-based subsidiary, Pop India, and signed a publishing deal with Sri Lankan star, Yohani, while also extending our publishing agreement with multi-platinum Indian hip-hop artist, Divine. Pop India also executed its first catalog deal, acquiring the publishing and master rights to the entire music craft entertainment catalog. The establishment of Pop India marks an important step in building a meaningful, on-the-ground presence in India, one of the fastest growing music markets globally, with the streaming market alone projected to reach over $4.8 billion by 2030, with a compound annual growth rate of over 17%. This April, together with PopArabia, our partner in MENA region, we completed the acquisition of label and digital distribution company Viral Wave, a transformational transaction that significantly expands both the scale and capabilities of the PopArabia platform. Beyond increasing PopArabia's team to over 30 employees across Egypt, Morocco and the UAE, The acquisition establishes a fully integrated distribution infrastructure alongside the company's existing publishing and label services, creating one of the region's most comprehensive independent music platforms. Importantly, this move deepens Reservoir's operational footprint and strategic positioning across MENA and creates additional opportunities for cross-border collaboration and global reach for regional artists. In addition, in fiscal year 2026, we acquired the publishing and recorded music catalogs of Iraqi production house HFM Production and Kuwaiti singer-songwriter Essa Al-Marzoug and executed a publishing deal with Moroccan artist-producer 88 Young. MENA continues to be one of the fastest growing regions with recorded revenues increasing by 15.2% in 2025 and with growth projections reaching $8.5 billion by 2030, driven by streaming and digital adoption. We believe the proven success and expertise of our team and platform in MENA will continue to provide us a competitive advantage in securing top talent and capitalizing on the momentum across the region. Our ability to attract high-caliber talent globally is due in large part to the quality and performance of our existing portfolio. Unlocking value for our assets and identifying opportunities to introduce our music to the next generation of fans are key factors of that growth. In the last fiscal year, we partnered with leading global brands, including Anthropic, Volkswagen, Netflix, Lexus, and Amazon. and had placements in major feature films and television shows such as Hoppers, Happy Gilmore 2, Marvel's Fantastic Four, and Stranger Things. This drove continued strength in our sync business with growth of 5% in music publishing and 39% in recorded music year over year. As we have previously noted, the music industry continues to demonstrate resilience within overall market fluctuations. The recorded music industry grew 6% globally in 2025, according to the IFPI, while music publishing global revenues grew 9.5% globally, according to Music and Copyright's 2026 report. Against this backdrop, Reservoir also continued our growth trajectory. Digital revenue increased 7% in music publishing and 18% in recorded music. We were also proud to be included in Billboard's full year top 10 market share ranking, with Sabrina Carpenter's Espresso, co-written by Steph Jones, contributing to the company's position. In addition to market share, Reservoir's music boasted commercial and charting successes, as well as countless awards throughout fiscal 2026, demonstrating the widely recognized value of the assets and the creators. We curate not only catalogs but also relationships with the creators behind them and are honored to be the partner of choice for so many talented songwriters. Before turning to our financial performance, I would like to briefly address the previously disclosed non-binding and unsolicited acquisition proposals received by the company. In March 2026, the board formed a special committee of independent and disinterested directors to evaluate the proposals and the special committee engaged Morgan Stanley and Company LLC as its financial advisor and Wachtell Lipton Rosen and Katz as its legal counsel. Beyond that, we have no additional updates to share today and will provide further information as appropriate. 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 2027 guidance in greater detail. Jim?