Stingray Group Inc.

Good morning, ladies and gentlemen, and welcome to the Stingray Group, Inc. Q4 2024 results call. At this time, all lines are in listen-only mode. Following the presentation, we'll conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Wednesday, June 5, 2024. I would now like to turn the conference over to Lloyd Perry Feldman. Please go ahead.

Good morning, everyone, and thank you for joining us for Stingray's Financial Results Conference Call for the fourth quarter and fiscal year ended March 31, 2024. Today, Eric Boyko, President, Chief Executive Officer and Co-Founder, as well as Jean-Pierre Trahan, Chief Financial Officer, will be presenting Stingray's operational and financial highlights. Our press release reporting Stingray's fourth quarter results for fiscal 2024 was issued yesterday after the markets closed. Our press release, MD&A, and financial statements for the quarter are available on our investor website at www.stingray.com and on SEDAR. I will now provide you with the customary caution that today's discussion of the corporation's performance and its future prospects may include forward-looking statements. The corporation's future operations and performance are subject to risks and uncertainties and actual results may differ materially. These risks and uncertainties include, but are not limited to, the risk factors identified in Stingray's annual information form dated June 4, 2024, which is now available on SEDAR. The Corporation specifically disclaims any intention or obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable law. Accordingly, you are advised not to place undue reliance on such forward-looking statements. Also, please be reminded that some of the financial measures discussed over the course of this conference call are non-IFRS. Please refer to Stingray's MD&A for a complete definition and reconciliation of such measures to IFRS financial measures. Finally, let me remind you that all amounts on this call are expressed in Canadian dollars unless otherwise indicated. With that, let me turn the call over to Eric Boyko.

Good morning, everyone, and welcome to our fourth quarter conference call for fiscal 2024. We took giant strides and established Stingray as the leader in retail media advertising, fast channels, and in-car audio entertainment during the past fiscal year, resulting in a robust adjusted EBITDA of $125.9 million on revenues of $345 million. In the process, we expanded our share of in these new segments to operational excellence. Stingray advertising revenues, which include retail media advertising and fast channels, grew by 45.4% year-over-year against our annual growth target of 40%. For its part, in-car audio entertainment surged 60% during the same period. The trick-and-down effect of these high-growth, high-margin business on ProfitWP helped Stingray achieve a consolidated adjusted EBITDA margin of 36.4%. in 2024 versus our stated goal of 35%, again beating our KPI. Consequently, we outperformed internal expectations during the past year with most of our key performance indicators pointing upwards of our objectives. Looking at our reporting segments, broadcast and commercial music revenues increased 10.7% to 216 million in 2024, primarily again driven by higher revenue contribution from retail media advertising, fast channel, along with a positive foreign exchange impact. Radio revenues improved for the year by 0.5% to $129.4 million in 24, mainly due to growth in digital and local airtime sales, partially offset by lower national airtime revenues. In terms of our financial position, we reduced our debt level in a high interest rate environment in 2024, closing the fiscal year with a net debt to pro forma adjusted EBITDA of 2.76. We plan to further deleverage our balance sheet for a sweet spot closer to 2.5 in fiscal 25, which will provide us with a flexibility to invest in organic and acquisition-related growth. Looking ahead to fiscal 25, We will continue to evangelize the retail media advertising sector while growing our footprint and fill rate. Following a seasonally soft four quarter in which retail media still grew by 13% year over year, we witnessed a strong growth in Q1 2025. We continue to attract new advertisers and expand into existing accounts in North America. We also expect substantial revenue contribution from our fast channel business, now supported by a quarterly run rate of close to 60 million hours in Q1. We are launching with many platforms and are very excited about this segment. In addition, we are highly optimistic about our in-car audio entertainment segment with four global manufacturers under contract, including the ongoing deployment of Stingray Karaoke and 300,000 DYD cars, combined with a very strong pipeline. Ink Car Audio Entertainment presents another key business for Stingray, while keeping in mind that it's a longer sales process and a very long revenue recognition cycle. Turning to our radio segment, we should continue to outperform the industry that is expected to remain relatively flat on a normal basis. In the fourth quarter alone, our radio business grew by 5% year over year, which bodes well for the future. Given these growth opportunities and stable cost base, we will continue to maintain our just a little bit of margin objective of above 25% for 2025. I will now turn the call to our friend Jean-Pierre for a financial overview. Merci.