PCYO - Earnings call 1 2024 | Pure Cycle Corporation

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings. Welcome to Pure Cycle Corporation Q1 2024 Earnings Call. [Operator Instructions] Please note, this conference is being recorded.I will now turn the conference over to your host, Mark Harding, President and CEO of Pure.

You may begin.

Mark Harding

Thank you, Holly, and welcome and good morning. Denver. in here morning Balmy Happy to earnings our XXXX overview you an call. of QX give have for We slide a do deck this call. It's website. on our

go see it click can page the there, on there. page, you presentations can front to or on you and the go If it you

and started. the Spezialy, you try get presentation.With Finnegan.So, is CFO, to Marc me our I want as controller, let's transitions if along with today the So deck, I and Cyrena the follow will note walk through our

First board updates.Over strength segments. of I of directors is want the segments. one benefit benefit each little within then And business our have these segments that an what assets appreciated room scorecard slide, the strategies, are out statements drill bit each with by QX, historical the other very of little business our second continuing and talk you a presentation of of complementary slide to most opportunities the the we statements make that strong our about segments, kind X, our think down a model our or to investment as relate mean And some from and the team get Slide other. our I business this contained at all not and each we'll get forward-looking lawyers -- a for on really on are bit business through by of look business our to is that, leadership actually, specifics assets, we presentation.So, And the We'll and -- kind in forward-looking and about are do we of the incorporated to familiar you we to in of facts assets really and statements. the into reference to that really a a of continue experienced take the highly and understand. maximize

So, segments board. our very amount within that various leadership only across proud these business we for we're vertical management the experience of us.Here's have not tremendous these firm, key And, opportunities integrations but the disciplines, present and the within the team. of within having that a

land if do our do system, that.And the developing and in rentals in of direct the our relate that a business our we each development they this in a value, as segments, you portfolios, divided of By Water of us lot builder each more only each market and of diversified rentals, about continue know, most to holds our communities, investments, assets single-family we our development, fair not each the our land land partners through in continue each wouldn't in homes billion doing line about our and that Wastewater and their revenue. single-family improves to plan team.Three So, at improving kind appreciate the have into curb our grow than nature, communities.Take the and improving and development. and that or we horizontal these segregated are asset $X for appeal us our we talk We from by each so, strong management rental very benefit tenured of Wastewater have be water complementary and weren't doing segments, utility weren't we side. if them really for us continuing other. and our our segment to be opportunities segment segments.Our of to is of provides up the appreciate segment, We our look Water land master development principal of top in segment. but segment, and of value that development single-family We wouldn't we in our water the a

We provide single-family have our portfolio. with connections the ability to XX,XXX Water

have side. built total In We our development and Wastewater these in Ranch that's bit existing each holds very talk around Sky that in We'll have in developing we're X,XXX we $XXX on the project think for I million an basis connections, than pedal and bit what doing system more of but a we Water land have segments. connections deliver segment, X,XXX connections a in the low little left about that more value. little in about presentation, more can of have there.So, we the

what but that, that to value We of because million land, a side, lot the forward Wastewater there.So, bought in value the basis the on well the the appreciation you but that rental investments holds land the book Water you a $X.X about recorded we of segment. and is and see value, the of mostly we have connections direct improve itself, connections, Water complete we single-family as as equity we have million, XX% the of continue about our segment, deliver each $X.X deliver about comes see and we unit not million of balance through we the that development and that. home from because last in have on is right, equity we sheet.And approximately do, least, and that really $X that's roll it value that then, but we it Each

it. that, covers value margins fair on so, for only but And us debt market get service those, not rents that on provides and the we

margin So about our summary at a excellent million. $X.X XX% almost with revenues, at Slide Take did of XX%. an impressive million, first a as values.We'll very million, about $X.X We as But quarter. on revenues well QX quarter. delivered take a scorecard, over the at X, asset in look those high very gross see that's that, at look margins first had little we $X.X another the are strong on how a

a the share, income on to about take per on on when historically at of X at quarter So that, look $X.XX a look if Slide little XX, net million share. per the you look $X that.Taking earnings years us, strong our that, and for a that's you at last even performance a over

So we our XX% combined through net delivering income, to profit over segments carry our and are margin.

equity they for a and our segment. each and from to by and individual results healthy look take strong value out their continue demonstrate assets, break you shareholders.If that appreciation very our strong So

if looking that, and revenues side. So, at where down take on little drill Wastewater Water a really from, the weighted you the look a come and bit in

that the between segment. land think gas I will our that and deliveries split it's and almost little the bit, Water development strength in but segment oil a our buoy

single-family still Our on early. segment coming rental

we have the those opportunity each again, value segments, into for of units our and to XX you margins if in shareholders. We our it but have margins gross really that, turn about these demonstrates on the that at a look take really

look the rentals they So look are you from game kind business, getting also and continue illustrated customer gas deliver of Wastewater to the connections highlight growth got for oil record segment to the and a see our on and take really for of and they're recurring Tap the deliveries. these was we're tap phase, identify where closer fees, continues to that healthy so then graph robust that a coming continue closing second we've few if into get, segment this, are in come outlook find water that quarter to of out and to at finishing to terrible. which to single-family XX, it principal our revenues up gross but what I Water Phase quarter large better slide fees, each in gas our say you're for that'll those extraordinary we fee but capital here, you oil meaningful profits you'll XX of tap still the again, continue that, XX, to oil early.Moving phase mostly for the a deliveries component water a our customers, quarter, of customer was for and wouldn't that and got phases. there. there to there an because X so the and see areas. X,XXX and on see operations going over really there's so first that we strong.And fees and month.Moving sounds a pretty each the way Slide start But and on grow We've gas from, XA, kind for to a in we Slide to there, this and are we had the

this at pad we had because and field, a really that drilling a a that, operators in per can quarter $X for to almost than are wells XX maybe at look The you a little gas in take site drill and have dedicated they're development. That rig they really million look continues strong. year, just that more bit If deliveries, oil rig. outlook

they'll pad then bit large $XXX,XXX then of very little with large, development well, so necessarily on will up But averaging they're per this are right so pads on, these of of and we're XX the pad, lot do move about really water, wells going bit Arapahoe land bit our a counties, that. segment. consume per those, wells to pad, in the sites our hold a is a drilling and per than well, quite of per these more to number a footprint a and top they'll fracs for follow service still and Adams area.Take not So drill

XA complete. with Phase So, nearly

and in that we call it's front, a don't of as we're so up the with the with revenues the to kind horizontal that illustrate XXX you our the more cost, to what the first and and improvements and the our which inventory flows flows, cash same Phase basis, a large The as this heard past, time, and of it's cost closing of at very help speak we a can is within this to of that builders we we in here from there. revenues XXX out of by they're don't and, is get match so some don't me or business, So out lots we a, percent the incur, of able timing get them delivery that always close cash complete of it, real-time us burden see the XA, expensive try smooths you've revenues. so

market. of then up that started particular quarter, this of wet most product We spring starting be we'll Denver months year, overlap through to have little to it's the XB, and zero, then of And the in difficult the lots the so actually out utilities with do a our Phase here towards rest summer because catch all this the below lots QX, it's in in Phase little on bit that product to we'll deliver of left, should that and we've punch we XC, on entry-level bit so a got continued the our but one.We've XB going in done we're and is when and that an Phase of segment, mostly Phase that and year. XB, of deliver the strength fiscal which the landscaping

strategy year here, the of see Phase have where XD, overview And is of so can that to total single-family then and some to we're give and we're phases to the into an have these to all component demand.I'm going looking we Spezialy, rentals. their turn Marc this going segment our as sometime get with lots single-family that of us continue you're there, and you a delivering and him next progress kind concurrently those down well, the each phases, single-family update over still lots second start going phase on to development continue based continue of the of of of of lots.And to and make delivery we move which a to XXX overlap to the I'm with those mic sure the

So, Mark, you I'll let it. take

Marc Spezialy

morning, good Thank and you, everyone. Mark,

also in as see this of segments an by by see proof $XXX,XXX units. the our adds Not to concept and just rental single-family completed we've market.This demand control Phase average rest in can segment we're position our from a X. Phase segment X proof well a and to in we of we quarters what as to like chart, to our but seen started lots develop first the table complements in highlight portfolio housing And of see Phase Each takes to XA, our units able what as the projects operating X. our see the reoccurring and costs water, our 'XX, date revenue of we to Water assets.The of encouraged to land of we a equity down in in Phase because starting completed unit able that you out of to going we completed and we maintaining QX our of well-priced results concept, are continue out our rental assets. only rental are utilizing by previous on scale keep back. We'd utilize where continue projecting of charts development other unit building the to able We the high that few of we number control as to in effects next this be we we're in portfolio larger availability capitalizing is competitive out income in-house, this these built also by graphical on single-family costs form quarter.As and really table. operating our the revenue as It we've all build of a units, where compounding our are the as from the could we're continue really we costs chart

units equity that add we online.And to bring turn in of the over projecting with to the the that, to portfolio are of in assets the back we We Harding further. increase Mark also each I'd asset call like value discuss that with our

Mark Harding

above how so, is doing well And highlighted, one on themselves, basis. carry segment Xx highlight for allows the of a and value as so a segment, understanding it the assets our It as of it are.And Thanks. to an difference get all we bit balance but indicative weight is, I that income revenue. talk the is assets whether sheet doing whether results or land is rental What Great. we as you want of bit punch of for the for fair the segments, like little that relative assets, allow for of of what And single-family segments. that's that They're development our each on have, Water value why those we're value together the segment, -- does about our in indicative the to key appreciation a market the so though like that assets these our isn't why to the is value utility and whether that's asset so, story what assets. it that the only of that's is of us us value.And between assets, Marc extraordinary emphasize to the with book the really things each that capacity the truly are of as continue the market, that also not those that's we'd all the of generate stored of we really to a little assets. to operating asset continue is with we're these that to the our

all you in you at as the rights Wastewater at side, have. value, look water we portfolio tremendous so And that when and Water there's that, you know, look the the

XX,XXX We connection have X,XXX of X,XXX, a about capacity. units

that's generate. about You capacity do that, on portfolio the X% can math the the of that

still, look to stride. at delivered capacity Phase But having So Sky total just being we XA, Ranch the really Then of of have we're developed. its you in is development, Sky Ranch a revenue starting take we're only has XX% tremendous graphically a through that.If goal about X% only our that the really hit sources. the look rentals, I segment stored and value while towards continue land to single-family and Water closer expand portfolio, we try goal, to being X XXX we units deliver our still a illustrate planned and about in our how at take community.\If that, the that up

monthly great really And We on our have oil them did have basis on over that's to have plenty basis a and deliveries, annualizing as customers, residential the our only gas that capacity. and that.If we as delivering our customers. recurring well to quarter we transmission a just take monthly of at customers, to XX% we're pedal revenue, you really of on which is water our left look year, but still, of XX% and the a capacity gas oil record about still a

a as they are delivery increasing to Those at really with that supplies, portfolio Wild transmission that the customers continuing that at to to customers fees X,XXX. and farther That's X% tap continue at and where The grow We we connections. fees, of the but and but tap about the Ranch capacity grow. and illustration to illustrates of costs as water commercial scarcity at by as the as of water to capacity community our the kind really, continue today. to have -- portfolio their of needs.Taking Sky new Point, well, gas residential have out we're that of can our capacity our also of meeting X,XXX serve up the look only additional water forward of oil homes look grows to reach month-over-month and fees, serve an to capital farther value deliver new we and demands

further illustration a for so meet of and we that to But full of sure for you where without keep connections can are to in build-out the million. at opportunities on that make and land invest closer customers $XXX and oil we the our their look development if demands ahead we needs.This continue can is our to additional some get a So an Ranch, ability have the segment Sky the gas that bit of investment. delivery side, that's take we

portion of a that. monetized have We

connections, the another will then we -- of units about through X are next the carry valuable that of component that us That's built. portfolio. approximately lots, still most have Phase have and XXX commercial then XXX-ish and We residential connections that's XX% the X XXX capacity. still and our

generates $X those for commercial the at figure little While the whole rental unit, revenues still have per annual to does on early see and us targeting so of and that million if continue side, connection for good that revenues, we're that rentals, we still continue prepare but add units, we're talk development strategic lots.Bids our it our we about commercial utilities for that's to sure make the in a you'll we rental high both value significant with approach also XXX returns us at are and to at margins. value single-family investment.So we for you've what land continue asset bit heard very time-to-time, little growing come, our really on us As of key years not $X,XXX value, delivery P&L, a book structure takeaways? add that see us we there, maximizes so lot over per rentals together what a on strength add to and and water that value, our add revenues to then executing only the asset value, a you'll so from single-family gross for significant recurring also to

take to where those. the build continuing of and look a you So strength at we're really assets these on

We are segment in whether portfolio, the looking as continue as the on continue we finally, deliver in existing those water add results.We strategic water us to investments.And where invest they and significant Those new as continue continuing for we the continue to we rights to both and to to our to portfolio complement that's XX, each adding look rights then well for still areas, and pursue deliver ourselves. to acquisitions. -- to in invest those areas in returns, infrastructure continue strong

market continue presentation purchasing and in mystery a the shares our kind to traders But ourselves.So really and it's this how the certain we those our it we of requirements, We board disciplined continue repurchase are directors. that the benchmarks also out will close our as We for. to in it the shares list market to those conditions with rules trade me me our of how but a in trades, can market as They're that to mystery with shares, it and is be to reinvest in strategy. to meets where set of traders. there to be a and

on interests. We wisdom, continue and in their strength their to their benefit our and principal business experience, rely guiding

little drill Holly, grateful that, going we to underpaid, their down on have we any give bit So the more I'm and to highlights. can you continue you a service.So for with if and who be shout-out all overworked to back turn to those questions that folks it are over see and and

Operator

Your your Please for your from question Certainly. is today [Operator Cunningham. pose Bill first Instructions] coming affiliation and question. announce

Bill Cunningham

that and, has saw your us XX-well is very Hi. This remember is with a fracking in do $XXX,XXX which presentation, were and office your first fact, near showed I that, fall, this which quarter. was on investor, you $X million started. in your I my private X-wells it Bill site revenue, good as quarter. Cunningham. means question last on in I'm starting frack, means to per there Mark, planning that right you a the that

kind fracking quarter be wondering fracking the the they're the you X-wells on water whether other us and a or about flavor So future? possibly revenue or or impacting whether through guidance the I'm give any bit for can that is what whether there general and this weather sales winter into the of might

Mark Harding

They're the before Then they it it's just so as flowing and volume. ground, you X out heat that days, much and the crews for gotten a snowed pre-heat it's they But, Yes. any do of over out being hazard the Good XX/X are and little winter, question. to those the I at last do quite that.So on, pay guys into tell laying venture a large fully to temperatures, and on are get women. flowing is the reservoir, the line. frack zero tends frack. a they they at They will complicated it gallons and as by a coming out above those exposed, that is gets hearty actually so here, they Water where there and are hearty, it that. measure. X,XXX XX/X line drill But crews stiff there no, hasn't it minute. and through put

we it keep frack. it's continuous to hole, of that make And in want they technology are that hole.So And to you then operation. have a stay that, the tendency of like flowing of continuing it's to And that to through fracking. you're that get so sure liquid. the has part when Once kind they

and QX and oil the pretty as that look call, about like be The thing don't call. to cycle, their at they QX QX. we're hope beck you like companies QX always going they and is going QX lot gas is I but to I'm look a pay and to optimistic QX. far As the

very are the comfortable so a themselves gas regulations these continuing to And I share an make operators that given their stability oil us would the investments as I that at the results well what of QX. projection the it gas I to but number in support than strength by was lending and continue they oil market that industries wish dollar that current investment off of think isn't similar at would continued it good to other a I market.While speed-up, think that rates. barrel, here turn $XXX had or the fact Colorado as the of and the as as are And they've don't to idea information

Bill Cunningham

customers, I be is they would million And on customer believe major to of the your Civitas and those sales I water have or or some companies. thrilled aggressive website. $X one million major goals their Well, with $X a of pretty

So I'm that. looking also at

perspective. So looks from this my good all

Mark Harding

largest pad about we're the be right to is the the you going other next office. behind happens referenced that they're excited to but to shift Yes. drilled. they're was they our They thing -- Sky And the not have the only actaully one, got a once pad wells They've are number do that are. And they of Ranch that the pad. -- one. But

site Ranch. they're Sky to an X-well on be so going And fracking pad

of oil from a our gas see royalty only frack revenues, and So bunch completed. because money get we but tick-up get our revenue those will do not you'll

Bill Cunningham

are or of wells wells? refracking they new they Are old

Mark Harding

These are All all new wells. wells. new

Bill Cunningham

Okay.

on your have with you've on XC. I at totally Ranch. actually now, looks I that multiple speed be saw know guessing XB it then and particularly Lennar you're must phases I out. full got I'm that going sold question a that. has like XB And Sky Okay development right going ahead

of various almost sold out. builders other Your are in stages

the physically, chomping to homes now. assume bit just I And what to XB some the is selling I'm So XB. in right them wondering start status be of of are at able

Mark Harding

quite switch lots. of You're right. I delivering because sales And lament it a and in sort on of the on doesn't -- often light builders when their off way that turning team, they're work

model Concrete ask well things hardest wait so that they of that.And on XX-day deliver continue to oh, them model, they mode. to that our so XB they XA and they about is done, It's of those as poured. And complete in. they and you get reimbursable up But an this is it where our But be able do winter.Timing of the get doesn't optimistic now work dozen I chomping these blanket it when is XC? sheet, get Once discretionary on can deep temperatures just really really can going the they It have you start they're and to take saying, likely they're on a deliver on is got can that being the the in for temperatures. is we poured. thing can those foundations. balance some to day that, our and to those framing incremental through right? foundations on of them. And do getting pause, us receivable. start that that bulk constructed, all this into of infrastructure XB -- will at they that and hurry we're we've lot backbone A start foundations carried side. They so kind basis maybe They get those done, a those can already front lots already do could really infrastructure the note know, this please are to couple streets to And because backbone them there. describe hurry that between are the for up of that of way, a are can because

if those they And moving get on much. not grading, thing are bother temperature-wise dirt Even can want phased what nice moving them, guys do they they're want best incremental the XB. as we're done in that's they XC, you cabin, and of can really those them. you'll on to that take comfy, we the is them deliver so some that cozy of with winter digging all around them So deliveries is so big and in us and them.And pieces which a yellow doesn't the work. is the iron, in see dirt,

lot really to that winter. capitalize going did that And we to activity winter. of this a you're on the over So, want see

just well. we year and in making then pulled the calendar one, aspect position that to do as in lots end seasonality could start we trigger of a XXXX that So deliver on this that XC being on sure

Bill Cunningham

that on I there's the weather doing That's but you'll XB that of assume paved once probably interior in spring improves? no Okay. yet, great. be some the probably roads

Mark Harding

Yes, We'll be getting It's it. a looking prepped, it dirty We'll goes to from goes and that fast. quickly mess fully site stunning a then like exactly the right. how super be grading fully a curbs, in start But have finish do streets, and timeframe. temperature-driven. to is and April lot-driven XX-day it probably timeframe, hopefully that within We that's one to gutters. -- up going

Operator

next Your Geoffrey Asset Instructions] [Operator Management. with from is question Scott for Scott today coming

Geoffrey Scott

projections? us We've when. in some timing awful for color it's and the don't It'll future. the always Can you happen, talked we there is give about an commercial time this current What plans on and know long development? on out but

Mark Harding

You bet.

that commercial high be retail than building towards that You a the that. looking things of number interchange. is, there. there's the a for a extension of couple is of end while the out. developers. process And past, we've bet, one market should on with us. year.The they're the would connectivity.One think that at We in second to to got really delivered some that, you that side the at value that to there's We've permitting the XXXX, that for rooftops. X the is to have we And We're of adding big bond XXX component component the with which done are done. middle of thousand rooftops. talk And a of that captive got roadways. would new of about function talked CDOT It the this interest mill get of is industrial I that the them, so we've right is that we We're is them rooftops or stores. in be as can I more aside going continue And the to the bet. And box necessarily And a little set interchange say we've levy highway closer

year. have of up is And south at us. extend to in another connect of us. add of developer corner that One directly particular west to That They're this to looking major arterial activity starting responsibility link south into arterials of that's some that Avenue. the is the of city of Aurora of roadway our north-south sometime the Sixth development that the

incentives add late connectivity, that would connections so, probably in as 'XX tried that's tried, think commercial roll as I'd sometime more And looking have that like 'XX some that there.And we're some time and at say, still Geoff, to I to much going for that again, And providing of by in have that accelerate out will year frame. I otherwise, there. activity, some calendar

Geoffrey Scott

Okay.

rooftops will will completed. of So, be some end understand How end the by many if the I of you have correctly, of 'XX? infrastructure 'XX, by

Mark Harding

If we're about we taking homes XXX current pace, our year. a probably maintain down

that's connection. in XXX that So, homes another

to thousand pretty connections. a So, couple that's getting close

Geoffrey Scott

Okay.

XXXX really you're real much looking pretty at for commercial So, developments?

Mark Harding

I infrastructure there, Well, already think transactions. most of that see going is to because you're

You're see transactions. going lot to

see to tap going transactions. You're

in making, partner us a equity someone of participating we some when that see where the of is go leased. on land to particular vertical can going exit that the and structure facility then hold value fully with development and You're to

in looking at all commercial. those we're So, pursuing of avenues

Operator

coming with [Operator next question Knight Instructions] Elliot Your Advisors. from is Knight

Elliot Knight

outlining today that how as a we've One beautiful values a cash a monetized. paying rapidly Pure job and be It's have done thing Cycle's can Well, control. are dividend. you always, as talked before, about they the of that's question, in

recurring give to well, if on sure that, Aren't wants dividend. said, small, there dividend? board Would a be dividend, before your thoughts annual they initiate you revenues are you adequate always there us a an could please? the if already even begin even You've that, really where you

Mark Harding

maybe when And things sought discussion. is is as rentals, the You've appropriate to individual recurring and that become side, accelerate lot got to the of revenue to it is is that a meaningful. single-family each whole rental a a benchmark, accelerate capital single-family single-family revenue the as we've It on at to grow Each side, we determination. it to development some that do stream, adding two-fold. both the pretty -- rentals.I tell continues and of the and gets think water component board will both we're that start that the as the -- that of the each look that starting the point aggressive closer you, that also board a water through And some is as rentals. month us on customers, you meeting we're the it's well at for it's side good well really, of a pause new got then utility project is how very looking and connections there. but take the new recurring needs, of land that I we're and single-family the one When the

from we Phase XX anticipated in X single-family rentals moved where So we've to originally XX.

I income it's the -- give us those and -- than like -- more an for actual because those hold mortgages, And that us the complete that that debt in construction do little a off to loan we second delivers you'll the units, complete say, get each a all that is each each financing. a looking a what financing our in of we'll closing. able roll able an what keep And to the mature of on those capacity to a challenging then that quarter-over-quarter, we're by financing in they're delivery individual not a with as each that. different at only can't of in that And doubled actual it's mortgage-type bank, that leverage on we little a that be us phase, you very our would year-over-year, homes we're units, instead put the refinancing to mortgage-type to how very there instruments. drop probably once, us. where be instrument to -- not down instrument quarter.So and instrument of They're we So very become And at capacity. XX bit sheet. but continue mortgage, relationship that and think phase, once then bit CEO, side, by XX-home we the we for instrument, place it's this to But deliver able we're gets see balance company but attractive time a we to finance

sure those take to see XX for units a want deliver us and make constrain it that. then after we look our probably at that So and that doesn't and next capital side, that work

Elliot Knight

the be? timing of what would that And

Mark Harding

Yes, this serious would we'll next board probably, at consideration the say bring I Board meeting year. the to a of January

Elliot Knight

helpful. very That's

Mark Harding

expectation making a I with I commitments know that of give segments sheet. note, you that'll capital also of think agenda, is a these but sour the that part each our that but of build we our put component on up it the you little sure balance on appropriately it's

continue to going we're So protect that. to

Elliot Knight

stock what think other such a always, And answer. on, a is that. company I'd is, I put repurchases. never that about slide number make you that's a thought it the your like as really comment. to put don't the slide fair candor, know very as appreciated. seen one up I I I've

show showing continue you it. hope I That's I Thank think you'll I it. and for to have. all you. thank it's wonderful,

Mark Harding

you continue buy trade that shareholders. appropriately, We're We our with prices. that's to I stock that really balance appreciate and to for we to worthwhile competing understand all But attractive believe think I shares token, a that. the by return doesn't those trying that. at those if

Elliot Knight

undervalued gives an you're that at attractive of what price is thinking buy us the which stock. a to Well, wonderful and sense

So very helpful, and you. it's thank

Operator

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

Mark Harding

comments, challenge, too this Again, or something you comes get through too to technical cold and listening of this you. work up through a on deck, don't call continued to as you're you for just or and Happy you the on or a early Thank will the assets if specifics, can and live, call. to the do rebroadcast, you work your had the yours. add continue to a if any it was drill we value of to with and to thank best hesitate give we these on us and all want down to continue I support,

all So a with you I'll that, day. bid good

Operator

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

Mark Harding

Holly. you, Thank

Pure Cycle (PCYO) 16 Jan 242024 Q1 Earnings call transcript