Earnings call transcript Q3 2023

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Operator

Greetings. Welcome to the Pure Cycle Corporation Third Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

the to turn Harding. host, now will conference your over Mark I

may You begin.

Mark Harding

I'd you slide to third you, like Thank Holly. welcome call. do this. quarter We all have for a deck earnings our to

for you go deck, that the purecyclewater.com. website can to along to follow So with those slide at our want

as you On there the to will the landing join well. ability find page the slide deck

Land me Development have today; I on with also Kevin Vice McNeill, President CFO, our that, of Lashnits, Dirk vacation. joining is who family is So our

So pinch will hit I development into segment. his land

let So get with that, me started.

Harbor Our familiar here that Securities Litigation first meaning with slide historical by will all be of are are Act statement. that Reform this the our facts statements the I Safe forward-looking that from the or think with you're incorporated statement the reference of fact Private not XXXX, Harbor contained highlights Safe are presentation statements

of new time.. the for a operate put company those which We've the a segment, me in for water, some operate We key amount segment for time. are water utility that large business call multiple wastewater three little segments. Let complementary We into listening the overview or segment. water-short we development themes assets in resource kind this of investment is a in of owned own is those area. the The quite first

to those the processing cradle that. assets all continue those collection assets, and And from to water a in value So wastewater. basis have in we cost through we develop low very developing way rise resources, grave the

for a during Recession XXX-acre We very key land community. hottest of probably that we acquired own to again with metropolitan basis. about a of started the of that the In in very area volume for investment and this number favorable owning our until about we're timely was is The XXX segment, development submarkets plan XXXX in one Great land land developing the - about Held The happens be master a years low-cost in developing for development activities. it the theme here development XXXX land. basis in it Denver

great home rent then our So build single-family and still segment. team third we rental our in development segment, construction income is infancy that theme business already land Ranch costs already homes that its we from is receive the investment the which on we key of at and And on vertical own. that Sky lands lots is on own on real kind here the we

we these to accelerated positive assets, appreciating unit. the lot, on It's because can well land as carry each forward equity in the significant way a It own as cash the water that. to utilities provides flows and the develop tax advantage of

cash us provides very returns standpoint. on flow some it attractive So a

The We water and wastewater the to we our again, move diversion financial treat with rights, Q&A. and these we'll then from really through the it, the the just some color distribute we on let customers. and the So wells, each water mentioned, it segments, of then briefly take to as I utility, structures. owning that, it of into themes get metrics some water wholesale kind touch me of on of some

We reuse that to that able water that. once then and We we're collect process that they wastewater back supply. use

there. have market. Denver Did very on a the and model we reuse use press that in theme So recently get good some

channel a had really role if in feature the Denver, taking talked a water area. local So from that the West, to about is water can go its we and here Company reusing its development proactive scarcity supply news on story you the water scarcity how in within our website,

to treat our of here. take shows how this animated that supply We its at kind water look system we And a And from we customers. water distribute version source. so, moving forward, an we it you really balance of it,

little have system. that but loss of evaporation, bit we We that and collect a reuse we then through back

reuse really it those assets and to want really in preserve is a protect and model. We a use So water-short region.

a water little bit infrastructure. Talking about the

continue segment We grow assets. utility to our

more year-end. oil see water the as We're to this to investments production continue we're capacity into meet segment. additional our industrial get more into we gas in the segment, making now, drilling seeing we're help the of supply. You'll that demand wells and Right the in and

distribution, all continue So we to those elements, category broad our of the wells, this treatment, we add whether system. of in to continue a add transmission, to that's collection, assets, to all

little Talking our customer a bit about growth.

We areas. continue growth have our service to within organic

area service Wild area, three Pointe service principal a areas. have number ago, relatively a which acquired small. is service we We The years of

commercial have think, XX, or connections. XXX, close connections, I about XXX to XXX residential We about

have little in bit capacity that We system. a more

is XX% Ranch, around system But Sky on XXX we'll connections. in residential commercial which as our XX%, now highlight development that built And land we've about XXX connections side and probably out. about irrigation well. got segment the

X,XXX. about is there capacity Our

and So Excellent Ranch. the out the Lowry and Ranch Sky and at out our that's Ranch area both with service XX,XXX-acre organic XX% area It's at right growth metropolitan still built demand is edge potential the then we're the which that really of around Sky really of area. Wild service right Lowry a Pointe tremendous Ranch, that's undeveloped.

a a to a of gas. top oil sit not little about record happen gas. kind and play, on prolific Had heavy and gas for lot a deliveries. and We of a talk bit gas oil very play, of right oil Let's quarter oil our

resource oil. XX% of be going the is We have roughly to there

We really getting the have multiple unincorporated And the segment. largest operator The areas. Civitas, active of but very in is to they're they're that. operators kind in

going areas their been Aurora. Aurora, that required they're on development be where closest to were to water within to the the in are city the get developing of of city which They've from focusing

of on provide service As Aurora area, not properties they does then is Lowry, get around we service outside our areas. the like the city Lowry, and Aurora extraterritorial surrounding which - to to

in area can our that them areas or either And within those service are assist areas that water. are we providing

in growth continue And segment. this to so, you'll see

to in well. be as our side that demand. growth - And expand there's for future to a to it's supply large tremendous likely that can segment we the potential of for future. continue customer But decades or this to to make amount into meet into us decade sure continue the We continue yet

depiction pink Ranch of we has Slide Next service of in where really slide. going of Lowry Ranch Ranch, area. point the that are of those to areas is housing, encroached has for in into in and our our a as tremendous segment. sandbox seeing the The operate price land areas mostly kind Sky development development XX demand both be our define are, to we'll metropolitan which kind significantly area. the Sky areas really

market. excellently of both development positioning kind is place area that illustrates this Lowry and of as within in the growth Ranch But metropolitan be to of the the are right assets the market. Denver the these the potential the area. Denver metropolitan and opportunities positioned Both these the It key within of has

development let with So me that, the highlight segment. a about bit land little

Sky As community. a It's well-balanced property. it's community It's and plan master called I developing a Ranch. highlighted, plan XXX-acre a master

We and have size points. price multiple products single-family lot

space, have on recreational that trails, are opportunities We site. great open

transportation access. We have adjacent. We're right great

employment XXX centers about outstanding to and with Great in is area. proximity acres, have I-XX We other frontage along DIA schools. which the

a out opening the grades operator that with that this KX we we National charter phase partnered offering operator have August. a first through of will school charter - facility, school, are be an Michigan, of Heritage We we seven, And Academy.

great opportunity, the And We're us the proximity that asset commercial regional a interchange planning a interchange opening excited then we continue terrific that the It'll to and build for have pivot and give the to have an to be to multiple a school field master to that interstate. going the out given opportunity is on center we that's it's community. point great a in really us community. in

Taking residential products on. a we've the look at been some that working of

fully phase, about have We lots. It's XXX our first was complete. which

rental single-family a side. and rental kind into you these look our concept units side proof look had rental a really introduction If demand at of that take the building the segment, we for at on of taking our

rolling second So, tremendous that success on the into phase.

of phase second about lots. XXX was a The total

publicly homebuilders. national but portfolio nothing have traded We great of

these. able Phase community. see really get product all of XA XB. amount demand You as tremendous up. now market well in partners pulling force, with. on are we are sales and Great to XX work Right Denver top the to the to homebuilders nationally. a They're their Great they're consistent, Phase can These in as very working

that got now. two our time. irrigation play from on going the we've of same perspective, where those at out infrastructure the lots, some the We're into all right So projects and lots. the park go XX% overlapping structures about and the infrastructure, park the on landscaping horizontal and XA the complete delivered of the punching we've is

XX in starts that Homebuilders we've themselves, about XXX lots say, there. got and, XXX

And not the phase, tremendous what was in market. a demand also or we then lot slowing seeing are certainly second the a of that lots. that. housing into rolling We're a in XXX So otherwise next soft seeing to opportunity

same right our the package that the November the of storm the frame. currently is in drain weather water, We're our first to those making in end issues end some year, that available towards start of that lots make X/XX. sure the Colorado, which we that. now complete of sewer, quarter on pavement towards developing should time year some we get down systems sort that, can time being frame Those be fiscal on utility to the And chased next

Phase our that we're also demand XC. And then we're because the forward with of moving seeing,

got recordation earthwork those August look on of the then one. that we'll a at and we've So taking the in up be coming plats

the getting we're of into start going you're going we're going really what to XC. really at going XB, Phase Phase as on the time So out three to punching see have we're to meat XA, overlapping Phase is projects same

our indication of as we of homebuilders well kind from gives velocity an single-family sales have units. it from of you and interest level the that as of sale the So

the mix the the This on is have, sizes, detail we a the and of bit the kind a numbers on product phases kind of that per each of lot levels of gross of little builders, lot. different

And margins and between so the attractive we residential plan land well-balanced with commercial. the have

the heard past, also that the the public reimbursables sale not we improvements only collect the from As but us then put in you've the on we talk from revenue this. of lot,

- So recollection building million governmental typically storm summer, last that we offerings. so that did the all we $XX the through did under about that in drains, then under Colorado. a stuff the of through the We gutters, structure repaid accrues you curbs offering get a bond water, bond there. sewer, roads, we're of when see the here And operate and

fees. accrue We continue those to

have that. We interest an associated component with

a So time with as have we value well. that component money

is Let talk the seeing, that of subsets demand bit slide the about a about here I to of and entry the what particularly we're what of level next exceed know is And lot market to market. housing. there's and little and for biggest conditions. supply continues talk me a the market move some key the the driver really

that's And and so we're our in continuing project housing entry Denver. that to very in in in our wind level here affordable sale put houses offering because

And price we're operating to very carry it's can house - products. it is meet of hard that to better the have product say to $XXX,XXX, and profitably and target. is day, the There's good by to product a deliver housing do into small structure our at will we And that. of that to your lips, homebuilders than say a at that that hard our that but our not in X% end in less an finished just job, the forward very segment homebuilders, Denver Denver a entry metropolitan supply. that we their but not it's but level pass we better price the advantage of have do area level, I

conditions So in great our we market a that segment. relationship market on have meeting

of mortgage low making in rate. driver where have a and the bit the buyer rate. some cautious a in probably interest on a is very key the lot move-up because sale more that homes just got decision those market very will the The at mortgage that are declining basis they you've their locked are other little low The existing of be conditions probably of product mortgages

started have to of headwinds the in normalize. Some things the market,

interest the averages But know. folks years interest They're interest the that not markets rate rates. the have than and historical a interest more It XX current X% last uptick that I That's anomaly. in are all rate. You the anomaly. to was the still for as we rates are understanding recalibrating in maybe think

statistics, traffic you - Sky is look of and Ranch wide weakening of seeing out those locked national at you pretty consistent. interest the if But kind rate We're mortgage because mostly there. the site at have buyers traffic

So that our we're segmentation delighted for in entry price level.

our highlight we that want how at do to well we about - for That opportunity was key to I here project, things want when can of - started highlight, that this talk were Sky very me don't we one opening Let not educational alternative cognizant school. Ranch. our the provide

is happy with The are partner about school than Academy. delighted Ranch this August. the to XXX and sure And Staffing on making that more opening. will really we're in the so finished. got to that community They're final and We've building grand very putting students up well we and National has furniture Heritage gone the that forward be Sky into for looking touches. opening

on the to segment. Move single-family rental

And with lots take fee finance when with still money. horizontal vertical cheap as you the additional type land It's is to as it's attractive that vertical, cost, lot within as use the some sale vertical not the going we from cost the that. that. to but that was then really lots that at as investment segment, retaining very investment money in it leverage look was that able here can segment. mortgage a that recovered on If be the at the from that, go we of this X%, We're development we're the we the cost, it community well the theme in tap key costs, fully cheapest

are values to Our loan asset to there. value XX%, typically about loan

$XXX,XXX So in home they value that. entry range, looking and at in about equity because we've level our to know putting value. our product that year. the high continues banks, what X% low that that Almost at is house equity per the single in value up, $XXX,XXX appreciate that every then they $XXX,XXX, If got in we're something market, whole this love we're

We very margins. attractive have

these have we of We free units. asset have and flows each growth cash on

triple kind in that of threat have units a we the we're So each of single-family building.

XX single-family kind Slide units a - of are. of be where distribution This will our

And went little more almost in project. four we We portfolio rest the more a the into or our from bit doubled the in are phase in XA were where phase XX. the we and then see first we the got You second even aggressive that in units of the then with increase XX% aggressive. portfolio Phase

I phase then to then So around XX. XX, XX, our is next going think, have,

of increase appetite the that our proposition this our for to continue we So because value shareholders. it for product just provides

of family. All This metrics kind be right. will the on single the

provide unit $XX,XXX cash that renters provides the vertical in well highlights - but side. here as to payments You've as to leverage seen in the to this are interest key before, our each continue principal free approximately flow, the the and having continue we have construction

attractive segment So us. very it's a for

a have and we we're And applications financially these we applicants of people when rent. to in these get get pricing we're get just that. everyone, attractive - pricing these choose on we just coming very are rent, at an they They that healthy interesting - for ton all they're applications we typically don't It's - level. to

And so delighted to opportunity provide were this we them. to

townhome bathroom, these and to duplex in a they from half, product detached two single range some product multiple four product. to a the a larger product where bedroom, three have We here family segments of

we in So like we're and of those accordingly. price But a each seeing lot. here demand kind we very this segment of strong

Okay, the who Take over can financial Kevin. you some let QX. turn presentation Kevin, me highlights results give for on it to away, the

Kevin McNeill

Thank you, Mark.

shows of just one. water water quarter said, operators, segments customers oil water. the almost on add here Yes, Continue XXX slide great gallons and especially sales we're wastewater. really reiterates our starting with the and a through to had million year, last Mark three highlights we're Obviously, Sky each in to the what for the Ranch, first growth and gas

of A a Mark the rain. It phases X of a our Phase Land the sub ground, we on stayed our development time. winter. noted, same two tough of of - at was in pretty going development, two have as snow lot lot

So the is the out development - - going faster time hopefully obviously in going in it's get we'll and raining. months. Phase even X typical sunny Phase summer when not XB Colorado in summer That's

as which in once XX between start, next to that. XX single-family that the in all continued the we'll total. homes out, - phase market, going will pointed the got rental in X then phases, is two Mark Phase another growth done, we're have And We've units rental

a and from out we a financial we'll press sent results, be issuing one release with we'll standpoint the next - tomorrow. then last night The of financial XX-Q Form which results, our

You can on see the three consistent revenue the the three - the nine months left ended pretty last years.

of hasn't taken are we're feel pretty is happy continuing Ranch market showing pace, which results, it - pretty sustainable community off, what really So XXXX hasn't the Sky the year. with to typical dropped challenges through through at indicative XXXX pace. grow we It pretty a the standard despite consistent

XXXX that's had completion because recognize Phase of was and more a than X, under phases the completion we how individual the method, more itself we revenue And we which of X. the little we was lots the the bit this develop by in more construct sub of we Phase higher the revenue any infrastructure, recognize. of larger revenues where percentage

have off And and rental which segment expand water we revenue then into rental market, the right, segments, has wastewater see the now and can the to the years, other yellow. few the two continued like. fairly And development, to last the remained houses consistent land that of looking you the

pretty consistent, the so this wise, $X.X $X.X year million. and year nine income Net ended million months last are to

and get You because large that was can very net these we XXXX reimbursed. improvements are that of see public a income in we year, that had

Board through Authority through the revenue, based amount Sky balance the until revenue all growth we past the through that the tax run sheet. were that recognized we sure into there. was XXXX and We on We due in of the out coming stuff we of now Community used that of and paid P&L take Ranch to those were getting

our we lumpy to on collect be through as that. it as So long P&L can won't as continue

was are and but pretty earnings see XXXX thing showing consistent You by heavily, diluted that a per remaining there. same trend share, pretty impacted XXXX XXXX, that nice

Balance that issued Won't lot statement we are see, the sheet the when our two a slides, when release XX-Q to gets through detail. next of in get income and two you'll obviously and go this press yesterday. next pages, - through

a Just items. few out point

We've that's cash. the million and quarter rate. can You in pretty run at good cash bank. at see $XX maintained end the of one all We're not a

months, we've the banks. well. with few two Obviously the pretty out problems bank diversified that We separate last use

ICS up into We separates insurance what's and banks FDIC product it it multiple in us hundreds night. all also literally called it invest banks, every of at does that automatically an gets the and of

So that's rate. interest pays very a product that a good

fees notes public down through that are the it's improvements paid improvements Board. get to of the in over see bodies donated that property government balance That public we reimbursable the $XX bonding taxes is million. other or Continuing development receivable Authority the Community sheet, back or time, you'll section really through at through whether for that

that We far - Authority million-ish a we the continue that get until continue little that this to about up of from did top we $XXX,XXX Community we year. and go as got Board get So year. payments so in was will to payments. over $XX property last on develop the That

us then then recognize builders will continue as have So we going. we'll - that and the revenue we paying developing continues that revenue And do that in property. the advance, from

months you fairly you consistent. When XX, sales the was lot May on, for the a most the spend again ended slow, period at over income part, a but at look last XXXX, remained time bit lot won't can the of have, statement, Looking see three there. period, I which little year the

phases Really we we many and It this have way the and at said, year revenue. going going. on all time, the XB going, timing both like I we are depends Phase a recognize same XA thing. how phases two it's have

sell there, recognize the we As we from through to get runs construct, through the the margin. those Again, public just we lots. revenue the homebuilders don't as run improvements it

Continuing expenses. down our G&A

Not those, see received hiring and decline to was you this a can that. still tremendous months year for If had retention We like because continuing sharp It some layoffs the opposite. you or We're pretty right XX. any ended was employment through from people not May at that the had look off we people. laying anything we what do COVID. actually credits three

this - we bunch that got So that was of a quarter. money

We we outsource We efficient also we and don't work about as do to operate a house We we much very can we're as as the to work. try try in continue streamlined can. as - lot employees of hire.

interest you we Interest a rates. income, very FDIC talking we quite like and bit insurance can our were year cognizant this had good the were with making rates about bank at about, with up getting see we sure and obviously

We We average interest all change. been that, members point stock weighted employees was some Our I'll at Board and out much the but options shares, - the The income haven't had pretty with do fund stuff common is and stock nothing and hasn't earnings. good. not of we our offerings much operations to bottom, tremendous. like There dilution. our

obviously an dates filed about have person. then - week, the so holding think coming people Wednesday, We're already. so number We we it's that also program next tomorrow. repurchase few stock before, next talked will of up the in for Day We'll XX-Q A Investor host up. signed I a but get

can join to email us there's if want website, at you to sign you up or a So place info@purecyclewater.com. our on

session have also the over Q&A will a We lunch hour.

Chicago Teams the August. week through And So Mark We the email. website in broadcast then can be you through on link. IDEAS that'll and we'll our conference email next available in presenting or also that at is

we'll information so it's available. that as And more get on

Now some and I'll questions Mark to turn it back for answers.

Mark Harding

Great.

look forward quarter. to results. grow, So the thrilled segment all value to continuing We're terrific to demonstrate great we to these again - on assets deliver margins, capitalizing continuing of continuing the that and is legacy each a

to I'll can for and open back she that, it with up turn it Holly So Q&A.

Operator

coming today Funds. from Greg Adirondack Roeder question first for Your Instructions] [Operator at is

Greg Roeder

Hi, Mark, me? you hear can

Mark Harding

Greg. morning, Good can. I

Greg Roeder

West rights complete you of Good and will it. much of as a partnered project. got question for on. How morning. I've have How a are Once fully Ranch water you that your result book-value you you? Sky complete

Mark Harding

XX% them. service. have would wouldn't say put is What into I with about really we we that parted Yes,

So in when service. have a it, you XX,XXX look of take X,XXX connections we'll about at

segment collected sewer We thing the of revenue. It's perpetual. get to is those have to going to We're interesting to is recurring say related that hard the revenues will the water about it, and tap right? one But And it fee. continue a the to that right? they're same aspects revenue with be XXX in years that systems doing I exact going will classes very, asset those have maintained thing very of built and it, are we of. stream our delivery multigenerational and for mean,

So we're to not is selling rights. And the in way want have as XX% service. perpetual portfolio. think I the tell the and customers business of about We a what it. total buying can that we'll That's provide water to you of for

Greg Roeder

Right.

will you own of subject agreement. how service works? technically, rights to that Is kind a So it the

Mark Harding

right. that's Yes,

Greg Roeder

Okay.

to sell utility, type - those you of you that to to are want So transactions a if common. ever could

Mark Harding

that want But typically, with whole together maintenance if number customers that go there's the responsibilities - a with allocated, the goes it, any and of buy tap, and stay are. there's portfolio I that mean they they the utility private unallocated operation infrastructure of they ours, the once come or where portfolio, buy they say, water I it, would buy we and it, sell there's customers, mean to I Yes, you're customer with traded with utilities, in the private would with to water existing the account that they that with want water be publicly it goes base it. go whether combinations. a peer the

Greg Roeder

that the you we rentals plan to one own, at how question, should what type? that on you. last Got product by XX - look And

Mark Harding

Really, it's all family. single

between the be single five a concentration single-family, going paired we building may the be as be but call They'll And multifamily so the as range are a commercial where or to will well. That area. family categories a product, the we attached. maybe get part segments developed product, We'll area units of own duplex that. detached have they'll as do the of take we townhome - they higher be pack these it. the from entire as may various of There'll of few to probably this a look development transition and of or residential six own in attached

exist of look field folks partner a with very on that area in what we in well. for opportunities those play as at take may not together where There's how to But we'll over now, that And think good say, some I us two develop concentration we some multifamily single on next, years. multifamily. right with We'll three and right is be see the the or our the commercial that. the the family now to of players going

Greg Roeder

townhome? And big a there is between rents spread detached in and

Mark Harding

Not and are somewhere so our we But segmentation now between right price much. I do on have it. spreads X,XXX X,XXX. mean

be four-bedroom, three might that, big might a two-bedroom, So might duplex three-bedroom a on the you have, or of the townhome half high where low that end end bath house be two-bath at say, of that.

Greg Roeder

Okay.

Thanks. all. That's Okay.

Mark Harding

You bet.

Operator

[Operator Instructions] Your next Advisors. question Knight for today is coming at from Elliot Knight

Elliot Knight

Mark. morning, Good

Mark Harding

Elliot. morning, Good

Elliot Knight

fees It ago cap much heard up pleasant they morning. $XX,XXX. are XX. to closer wasn't that now is One long noticed to surprise that Two this I've I were that

So that's just an observation.

from that sell earlier lots than apparently, builders had Second for strong is been to first-time Has call, builders. that the lots Denver Pure surprise an thought. might back is the enough want the so a to market market I particularly lot owners Cycle that some back stronger, speculated you you take don't In

Mark Harding

you're phase, time And said, Why hay market start of much they you about us do a opportunity actually this? an Good haven't little to to customer question. a for I with want out It's of us paid made of the at not so these it sell on became that. yet for it actually they lot the paid next you What or the because I instead I'll them back lots don't so both agreement that rates few wasn't time. and going for particularly was and into the everybody got what cold I - and of months when take enter why that a we to into of was dark fast, and percentage our winter a got about rising were that for we have an that concerned you've and don't to all back and don't worrying It the interest phase. do. moved was next

an And We they they interesting their for gives have had one five and these. on the and if into have the would had the the building was in six them maybe both number, us XX and lot. build presold buy exercise on, going there contract taken do. we okay, they still them picked of had side, to to entered You or for do don't we would have We lots team a lots can it it management that confidence that on what builders that we're to those do had lots.

it for opportunity us. a was so both And of great

kind of in wasn't that's the opportunity. they of how opportunity. it out were getting that the actually was they iced in being were It it that - worked of So presales terms

So the and on very both astute Very fees. us. and for your relationship tap them good observations

either competitive our fees really in that a One of in see they've or develop the the that to are thing, but water advantages, tap in And our area local markets, we we right? time, And value highlight think we've value. and long the for investment choose to very had can rights tap not. where I these fees. is Customers significantly our and in appreciated

seen a tap that market-based a from the fees. so staff on pressure fee fee of tap of And we've and availability water - resources, reaction big that those

XX. XX, been XX them from You've XX the to not to tap fees go from seen with tracking you've company company to the but go see and

area has constrained. So resources more growth had be tremendous and will as become growth, it that in continued there

Elliot Knight

I know were with tap in don't that's Actually, when the fees XXXX, I company. where started but

Mark Harding

They were slightly less.

Elliot Knight

water you're largest you that company's going the is that it well. through be and area. a doing Thanks what the doing through valuable But going made exercise it's observation big far the Denver $XX,XXX water first that sort questioner so you're It's thing. and to fascinating the reserves supply Mark. that that Multiply very number. making you're available. XX% get still taking It's But and interesting, of and undedicated you're are in more it salient water by rent the to build of

Mark Harding

like keep going. Thank on back that you. the me That's

Operator

remarks. closing to the turn over question-and-answer reached have and for of We end the will the I session, call now Mark

Mark Harding

of issue listening of you give make either that seeing that. and trails week. development community side and a than hesitate enhance through that we replay shows got me side, those and up, the what question that next than a the the the very do are on you tremendous question we on land slide open call. deck. It's continue and investment centers, this much we're in as for the had don't it commercial of sides rec to charter parks value getting space looking, community we've highlighted, development, to pops ultimately out kick schools, to the and Elliot as everything we're homeowner, all integrating and a we're that those We doing to and then you're who if to the assets to in For on to vertically looking to does continues each or a individual better a look participate going add to forward tires on technology the of It and in-person in come velocity -

doing we're we're account. doing, we're for a that also own doing So what

continue expand helps decisions, so all to the segment, we water utility motivate and land development the these And that segment. investment

As development land I've like before, utilities. water with we said development pairing land that and

land water value additional expertise. and horizontal and opportunities nets on vertical even of are the out our and maybe the then our for opportunity our increasing by some of So bringing resources, water development adding expertise

and thank it next seeing confidence I So again, to support of continued you you to week. make can and all forward those for want look the that in your company

So off. I'll sign

Operator

and conference, you your this lines may for at your Thank today's concludes time. participation. This disconnect you

Mark Harding

Holly. Thank you,

Pure Cycle (PCYO) 13 Jul 232023 Q3 Earnings call transcript