Reservoir Media, Inc..

Greetings. Welcome to the Reservoir Q2 FY27 earnings call. At this time, all participants are in 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 telephone keypad. Please note the conference is being recorded. I will now turn the conference over to Jackie Marcus at Alpha IR. Thank you, Jackie. 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 results for its second quarter of fiscal year 2027 and did September 30th, 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 Golnar Khosrowshahi, founder and chief executive officer and Jim Heindlmeyer, 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 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 Golnar.

Thank you, Jackie. Good morning, everyone, and thank you for joining us today. Over the last two decades, Reservoir has built a reputation as a trusted partner for our talent, partners and shareholders alike. During the second quarter, we continue to deliver against that reputation, advancing our strategy across both publishing and recorded music, adding proven creative talent, expanding existing partnerships and pursuing opportunities in attractive markets. Our recent investments reflect our ability to identify value across different stages of the music lifecycle from supporting active talent whose efforts will yield new untapped copyrights over the coming years to stewarding established catalogs with enduring cultural and commercial significance. Today's earnings results continue to reinforce the strength of those fundamental strategic pillars with another successful quarter. In the second fiscal quarter, we extended our run of top line growth with revenue up 10% year over year and organic growth of 4%. Looking first at our publishing business, we continue to strengthen our roster with established songwriters and producers whose track records position them for continued success. In September, we announced a Futures Publishing deal with London-based songwriter and producer Fred Ball. Fred co-wrote and co-produced Rihanna's diamond-certified Love on the Brain, and his work spans records with Beyonce, Jay-Z, Eminem, Alicia Keys, Mariah Carey, and Olivia Deen, among many others. He remains a sought-after collaborator among leading artists, and we are excited to be part of the next chapter of his career. We also signed Grammy-nominated songwriter and producer Jake Sinclair to a publishing deal for his future works. Jake has written and produced hits for Fall Out Boy, Weezer, Five Seconds of Summer, and Panic at the Disco, including their Diamond-certified track, High Hopes. Alongside the publishing deal, we formed a joint venture with Jake to identify and develop emerging songwriters and artists. combining Jake's creative instincts with Reservoir's global platform and publishing expertise. We believe this approach can generate attractive opportunities to build incremental value for both Reservoir and Jake by further aligning our interests. We also expanded our frontline roster across key genres and markets. In the UK, we welcomed Scottish indie rock band, The Snuts, and Ivor Novello-winning singer-songwriter, Orla Garlet. Across country and folk music, we announced deals with songwriter Justin Dukes, singer-songwriters Ava Liv Mabry and Riley Biederer, and singer-songwriter duo The Recklaws. Together, these signings demonstrate our continued commitment to developing a globally diverse roster of talent. By investing in creators across genres, geography, and career stages, we strengthen the range of opportunities available across our publishing business. Beyond our active roster, we continue to build on long-standing relationships with established catalogs and their representatives. During the quarter, we announced the acquisition of Billy Strayhorn's publishing catalog, in addition to participating in rights to his name, image, and likeness. Widely regarded as one of the great composers in jazz history, Strayhorn was Duke Ellington's longtime creative partner and wrote enduring standards, including Take the A Train and Lush Life. Reservoir has published his catalog for more than a decade, working closely with his estate to champion his music, and we are honored to continue to steward his legacy in the years to come. In recorded music, we expanded our portfolio through a deal with legendary Puerto Rican singer-songwriter Jose Feliciano to acquire master recording rights to his catalog, as well as shared rights to his name, image, and likeness. Over a career spanning six decades, Jose has released more than 60 albums, crossing over into Anglo-American pop and earning multiple Grammy Awards, a star on the Hollywood Walk of Fame, and the National Medal of Arts, among numerous other honors. He is also the writer and original recording artist behind Feliz Navidad, one of the world's most enduring and widely played holiday songs to this day. The recording, which returns to the charts each holiday season and recently reached number six on the Hot 100, was inducted into the Grammy Hall of Fame in 2010 and just this year was selected by the Library of Congress for preservation in the National Recording Registry. This deal builds upon our existing investments in Latin music, which remains one of the fastest growing areas of global music demand. Jose's remarkable catalog combines lasting cultural relevance with continued audience engagement, reflecting our strategy of partnering with influential artists and investing in music with the potential to resonate across generations and markets. Notably, through the deals with Billy Strayhorn and Jose Feliciano, Reservoir is taking part in the NIL value chain. a facet of transactions we have leveraged throughout the last 12 months during the Miles Davis Centennial. Introducing Miles and his music to new fans through key brand partnerships has been an important way of continuing to bring value to his portfolio, both culturally and financially. Structuring deals with NIL components is a thoughtful way we continue to seek opportunities to enhance the value of Reservoir's assets and share them to a wider audience. In looking at the broader music landscape, several trends are particularly relevant to our business. Subscription pricing continues to present opportunities for growth as streaming services implement price increases and consumers consistently demonstrate the value they place on access to music. Additionally, sentiment around catalog transactions remains positive, reinforcing our view that well-managed catalogs are durable, long-life assets. And third, For many established artists, touring and brand partnerships now drive more of their economics than a traditional record contract. Together, these trends reinforce our conviction in the long-term value of music copyrights and the opportunities available to companies with the expertise to manage, market, and monetize them effectively. We remain focused on positioning Reservoir to participate in this growth while maintaining the financial discipline that has guided our investment decisions. One other trend worth noting is the potential industry growth from new AI licensing revenue, as noted in Goldman Sachs' annual Music in the Air report. You may have recently seen Reservoir's litigation against certain AI platforms. Reservoir's business is rooted in our responsibility to protect the rights and creative legacies of our songwriters, artists, estates, and partners. and when we believe their work has been exploited without authorization, we will hold AI platforms legally accountable to ensure those rights are upheld. We will continue to advocate for a framework that supports technological progress while protecting the creative work at the heart of our industry. Jim will take you through the details of our financial performance shortly, but I wanted to emphasize that the consistency of our revenue and cash generation is what allows us to continue investing in our team our infrastructure, our creators, and new strategic opportunities without compromising financial discipline. Before turning to our financial performance, I'd 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. While the special committee's review continues, our team remains focused on executing our long-term strategy, and the process does not change our day-to-day priorities. I will now turn the call over to Jim to discuss our fiscal second quarter financial performance.