Pure Cycle Corp (PCYO) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Pure Cycle Corporation Year-End 2024 Earnings Call. At this time, all participants are on a listen-only mode, and a question-and-answer session will follow the formal presentation. (Operator Instructions) Please note this conference is being recorded.

您好，歡迎參加 Pure Cycle Corporation 2024 年年終收益電話會議。此時，所有參與者都處於僅聽模式，正式演示之後將進行問答環節。（操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Mr. Mark Harding, President and Chief Executive Officer of Pure Cycle Corporation. Sir, you may begin.

現在我將會議交給東道主、Pure Cycle 公司總裁兼執行長馬克哈丁先生。先生，您可以開始了。

Thanks very much. Good morning, and I'd like to welcome you all to our 2024 fiscal year-end earnings call. We do have a slide deck for this call, so it is on our website if you go to purecyclewater.com. It's on the landing slide page, you can click there, and then we will note through the transition of the slides. And if you have any technical difficulties you can probably get it there. And then, you can also get it on the Investor Page for the PDF version of it.

非常感謝。早安，歡迎大家參加我們的 2024 財年終收益電話會議。我們確實為此電話會議提供了幻燈片，因此如果您訪問 purecyclewater.com，您可以在我們的網站上找到幻燈片。它位於登陸幻燈片頁面上，您可以單擊那裡，然後我們將透過幻燈片的過渡進行註釋。如果您有任何技術困難，您也許可以在那裡解決。然後，您也可以在投資者頁面上取得 PDF 版本。

So, with that, let me get started. First, I want to talk about our forward-looking statements. I think most of you are familiar with forward-looking statements. The meaning as defined by the Securities and Exchange Act, these are statements that are forecast and planned statements of -- you cannot rely on anything I say in the call. Anyway, you're familiar with forward-looking statements.

那麼，就讓我開始吧。首先，我想談談我們的前瞻性陳述。我想你們大多數人都熟悉前瞻性陳述。根據《證券交易法》的定義，這些聲明是預測和計劃聲明——你不能依賴我在電話會議中所說的任何內容。無論如何，您對前瞻性陳述很熟悉。

Want to talk a little bit about our continuing leadership team. I have the privilege of getting to work with some outstanding people here at Pure Cycle. And they're really responsible for the key drivers of what it is that we're doing. With me in the room today is Marc Spezialy, as well as Cyrena Finnegan, who is our Controller. And then, we also have the privilege of having one of our Board members, Dan Kozlowski join us this morning.

想談談我們的持續領導團隊。我很榮幸能夠與 Pure Cycle 的一些傑出人士一起工作。他們確實對我們正在做的事情的關鍵驅動因素負責。今天和我一起在會議室的是 Marc Spezialy，以及我們的財務長 Cyrena Finnegan。然後，我們還有幸邀請了我們的董事會成員之一 Dan Kozlowski 今天早上加入我們。

So welcome, Dan. But Scott Lehman, who heads up our engineering department, as well as Dirk Lashnits who heads up all of our land development; An outstanding leadership team that continues to exemplify professionalism in each of their disciplines.

歡迎，丹。但負責我們工程部門的 Scott Lehman 以及負責我們所有土地開發工作的 Dirk Lashnits；優秀的領導團隊持續在各個學科領域展現專業。

In addition to a great management team, we have a great Board of Directors. We continue to punch above our weight class with our Board. And with the addition of our newest Board member, who I think some of you remember I introduced in our last call, that Susan Heitman, who is a 30-year veteran, retired KPMG partner. So, she's provided terrific insights in some of the SEC reporting mechanisms that we do. So, we welcome her as well.

除了優秀的管理團隊之外，我們還擁有優秀的董事會。我們的董事會將繼續努力超越我們的體重級別。隨著我們最新的董事會成員的加入，我想你們中的一些人還記得我在上次電話會議中介紹過的蘇珊·海特曼(Susan Heitman)，她是一位擁有30 年經驗的退休畢馬威合夥人。因此，她對我們所做的一些 SEC 報告機制提供了極好的見解。所以，我們也歡迎她。

I'm going to do something a little bit different on this call. I'm going to jump directly into the financials. If you've got great financials, you want to talk about them upfront. So, we've had an outstanding year this year. And so, we want to really highlight our financials. And I'll talk a little bit about the company for those that are new to the company.

我將在這次通話中做一些不同的事情。我將直接跳到財務方面。如果你有很好的財務狀況，你想提前談論它們。所以，今年我們度過了出色的一年。因此，我們想真正強調我們的財務狀況。我將為剛加入公司的人簡單介紹一下公司。

I think most of the folks that joined the call are going to be a little bit familiar with the company. But for those of you that are new or that joined the call on a replay, you can get a bit of an overview of at least how we describe the company, and how we think about it.

我認為大多數參加電話會議的人都會對這家公司有點熟悉。但對於那些新來的人或透過重播參加電話會議的人來說，您至少可以大致了解我們如何描述該公司以及我們如何看待它。

And then, as something very new for us is just give you a little bit of foreshadow as to what we think is going happen in the future. So, a little bit of all three of those elements. Let me dive right in and talk a little bit about our fourth quarter results. We've had record fourth quarter results here. If you take a look at how we performed, typically, our fourth quarter is our best quarter, and it's really not so much that we are seasonal.

然後，對我們來說非常新鮮的事情只是給你一點關於我們認為未來會發生的事情的預示。所以，這三個要素都有一點。讓我直接談談我們第四季的業績。我們第四季的業績創歷史新高。如果你看一下我們的表現，通常情況下，我們的第四季度是我們最好的季度，而且實際上我們並不是季節性的。

But as we work on delivering a lot, just because we operate in Denver, you do have some seasonality on the delivery of some of those lots. And the pavement and asphalt and concrete don't work so well in the winter, but they do deliver in the spring and summer.

但當我們致力於交付大量貨物時，僅僅因為我們在丹佛運營，其中一些貨物的交付確實存在一些季節性。路面、瀝青和混凝土在冬天的效果不太好，但在春天和夏天卻能發揮作用。

And so, that's a large measure of how we time our projects out to make sure that we can time that with the building season here and make sure that we get a lot of those lot deliveries from our land development segment.

因此，這是我們如何安排專案時間的一個重要指標，以確保我們能夠與這裡的建築季節同步，並確保我們從土地開發部門獲得大量交付。

But taking a look at that, we generated about $12.5 million in the Q4. And that was really a function of delivering Phase 2D lots, which was about 197 lots. We retained 17 of those lots that we're going to hold for our BTR segment. And then, just a record quarter in terms of gross profit. Let me translate that a little bit in terms of each of the metrics that we take a look at, revenue for the year, $28.7 million. Again, that's another record year for us.

但看看這一點，我們在第四季度創造了大約 1250 萬美元。這實際上是交付第 2D 階段批次的函數，大約有 197 批次。我們保留了其中的 17 塊土地，將用於 BTR 部門。然後，就毛利而言，這個季度創下了歷史新高。讓我用我們所關注的每個指標來稍微翻譯一下，即今年的收入 2870 萬美元。這對我們來說又是創紀錄的一年。

Gross profit about $20 million, which is terrific gross margins, really benefiting from our historic acquisition of both our land and our water rights there. So, we've got 69% -- close to 70% gross margin on those. And then, net income, where we earned $11.6 million and about $0.48 per share, so, terrific metrics for the company.

毛利約為 2000 萬美元，毛利率非常高，這確實得益於我們歷史性地收購了那裡的土地和水權。因此，我們的毛利率為 69%——接近 70%。然後是淨利潤，我們賺了 1,160 萬美元，每股收益約為 0.48 美元，因此，這對公司來說是非常棒的指標。

Taking a look at that on a year-over-year basis, if you compare that and where we are for the last trailing three years, clearly another great year. Last year was a bit of an anomaly just because of the delay that we were looking at because interest rates rose so rapidly there in the first part of 2023 that some of our homebuilder partners were looking for us to really work with them on the inventory of our lots. So, that's a bit of a gap on that. But I think you're going to see that this is more typical performance for the company as we roll forward.

逐年來看，如果將其與過去三年的情況進行比較，顯然又是偉大的一年。去年有點反常，因為我們看到了延遲，因為 2023 年上半年利率上漲得如此之快，以至於我們的一些住宅建築商合作夥伴正在尋找我們真正與他們合作處理庫存問題。所以，這方面還有一點差距。但我認為，隨著我們的前進，你會發現這是公司更典型的表現。

Again, taking a look at the other metrics that we've got, net income, earnings per share continuing to really put up outstanding results for these legacy assets, and really, I think the company has hit a tipping point where we've reached critical mass in these investments at Sky Ranch, and not only in the land side that how we really monetize bringing the water utility online.

再次，看看我們獲得的其他指標，淨利潤、每股收益繼續為這些遺留資產帶來出色的業績，實際上，我認為該公司已經達到了我們已經達到的臨界點Sky Ranch 的這些投資的臨界點，不僅體現在土地方面，也體現在我們如何真正實現供水公司在線盈利。

And in lot of that, we make these upfront investments. And then, we continue to add connections to utilize that capacity. And so, that's been a great performance for us. So, we're really proud of the year, proud of kind of how this is rolling out for shareholder value and being able to demonstrate our execution of the business model. Take a little bit more on the financial performance.

在很多方面，我們都進行了這些前期投資。然後，我們繼續添加連接以利用該容量。所以，這對我們來說是一場很棒的表演。因此，我們對這一年感到非常自豪，為股東價值的推出以及能夠展示我們對商業模式的執行而感到自豪。更專注於財務業績。

This is a dissection of this thing by each of our segments. So, you take a look at our water utility segment. And we had a record year in the water utility segment. I think the largest driver in this segment is going to be our oil and gas opportunities where we're providing water to our industrial customers. We had a very, very strong year there. As you can see, it was a record year for us.

這是我們每個部分對這個東西的剖析。那麼，您來看看我們的水務部門。我們在水務領域取得了創紀錄的一年。我認為該領域最大的推動力將是我們為工業客戶提供水的石油和天然氣機會。我們在那裡度過了非常非常強勁的一年。正如您所看到的，這對我們來說是創紀錄的一年。

I know oil and gas is a little over $5.5 million, some of that on the tap fee revenue came in, and then, our recurring revenue from our existing customers. And as we keep developing Sky Ranch, we keep developing other portions of our service areas. We continue to add our customers. So, you're seeing great customer growth. So, we have a 21% growth rate in our CAGR for our utility customers. And we're still averaging about $1,500 per connection per year for our reuse or our recurring revenue customers from our utility model.

我知道石油和天然氣略高於 550 萬美元，其中一些來自自來水費收入，然後是我們來自現有客戶的經常性收入。隨著我們不斷開發天空牧場，我們也不斷開發服務區域的其他部分。我們繼續增加我們的客戶。所以，您會看到客戶的巨大成長。因此，我們的公用事業客戶的複合年增長率為 21%。我們仍然平均每年為每個連接支付 1,500 美元左右的費用，用於我們的重複使用或來自我們實用模型的經常性收入客戶。

Taking a look at one of the things that we've been benchmarking ourselves on and some of the things that we look at is, how are we performing by segment compared to our peers? And so when you take a look at our numbers and our sector performance in the water utility, we benchmark our performance against some of the best-in-class water companies out there. And so, you take a look, these are some of the comparisons where we take a look at how American Water and they're probably the largest public water utility company, and, York Water and Global Water Resources.

看看我們一直在對自己進行基準測試的一件事以及我們關注的一些事情是，與同行相比，我們按細分市場的表現如何？因此，當您查看我們在自來水公司的數據和部門績效時，我們會將我們的績效與一些一流的自來水公司進行比較。所以，你看一下，這些是一些比較，我們看看美國水務公司和他們可能是最大的公共供水公司，以及約克水務公司和全球水資源公司。

Really how are margins compared to some of these that are performing in that sector? And you can see we're very, very competitive in that. The real takeaway from this comparison is we're really only using 5% of our utility assets. And so, when you take a look at how we're doing and doing that on a return on asset, with only 5% of that asset in production, it really tells a very strong story about how our assets are really delivering value to our shareholders.

與該行業中的一些公司相比，利潤率真的如何？你可以看到我們在這方面非常非常有競爭力。從這個比較中得出的真正結論是，我們實際上只使用了 5% 的公用事業資產。因此，當你看看我們的做法以及資產回報率時，我們的資產只有 5% 投入生產，這確實講述了一個非常強大的故事，說明我們的資產如何真正為我們的客戶創造價值。

If I take a look at really the strongest performer in that segment for 2024 will be our oil and gas operations. And this kind of just gives you an illustration by quarter how those revenues came in. But it was a pretty strong year throughout the quarter. I'd say, it was stronger in the first three quarters than in the fourth quarter, which is really atypical because that summer is where you have a lot of that demand.

如果我看一下，2024 年該領域表現最強勁的將是我們的石油和天然氣業務。這只是按季度向您展示這些收入是如何產生的。但整個季度的表現都非常強勁。我想說，前三個季度比第四季更強，這確實很不典型，因為那個夏天有很多需求。

And we still look for continued performance from this segment. The most interesting thing about our oil and gas deliveries are our excess capacity doesn't really take away any water service from other customers.

我們仍然期待該細分市場的持續表現。關於我們的石油和天然氣輸送，最有趣的是我們的過剩產能並沒有真正剝奪其他客戶的任何供水服務。

Denver's water constrained. I think we've all talked a lot about that. And that water constrained market provides an opportunity for us having excess capacity that we can divert some of that for use by the oil and gas industry. They are looking at continuing to expand. I think they've been focusing on nearly 200 well permits on the Lowry Ranch, which is going to be within our service area.

丹佛的用水緊張。我想我們都已經討論過很多了。這個用水受限的市場為我們擁有過剩產能提供了機會，我們可以將其中一些產能轉用於石油和天然氣產業。他們正在考慮繼續擴張。我認為他們一直專注於洛瑞牧場 (Lowry Ranch) 的近 200 個井許可證，該牧場將位於我們的服務區域內。

And so, there's going to be continued strong performance in the oil and gas segment for several years to come. And so, we continue to look forward to making that water available to those customers and making sure that we keep up with that demand.

因此，未來幾年石油和天然氣領域將繼續保持強勁表現。因此，我們繼續期待為這些客戶提供這些水，並確保我們滿足這項需求。

Taking a look at our land development segment, here's a little bit of color on that land development segment where, excuse me. Again, we delivered our finished lots for Phase 2D. So, 194 lots on the for sale side, 17 single family rental reserve lots on there. So, we're about 92% complete there. And really what this is illustrating for you is kind of how we've been performing in that land development segment through the years.

看看我們的土地開發部分，請原諒，這裡有一些關於土地開發部分的色彩。我們再次交付了 2D 階段的成品批次。因此，待售地塊有 194 個，其中有 17 個單戶出租儲備地塊。所以，我們大約完成了 92%。實際上，這向您展示的是我們多年來在土地開發領域的表現。

And really bringing online, we've developed a total of about 1200 lots in total. We've got about 700 residents now out at Sky Ranch, and we've got about 700 lots currently under production. So, you're seeing an acceleration of our land development segment, and you're going to see how that really monetizes that asset.

真正上線後，我們總共開發了約1200個拍品。Sky Ranch 目前約有 700 名居民，目前約有 700 塊地正在生產中。因此，您將看到我們的土地開發部門的加速發展，並且您將看到這如何真正使該資產貨幣化。

And as most master plan communities go, they develop on a bell curve format where you start out relatively slow because you've got a lot of investment coming out of the ground. You continue to add units to that and then you really start to accelerate that development as you've got more and more traction in there. So, you'll continue to see results in that side.

正如大多數總體規劃社區所發展的那樣，它們以鐘形曲線的形式發展，起步相對較慢，因為大量投資來自地下。你繼續向其中添加單位，然後你真正開始加速開發，因為你在那裡獲得了越來越多的牽引力。因此，您將繼續看到這方面的結果。

Again, another sector performance, how we stack up some of the other land developers and people that do similar types of activities. And I think what this is really going to illustrate for everyone is the value of our acquisition.

再次，另一個部門的表現，我們如何疊加其他一些土地開發商和從事類似類型活動的人。我認為這真正向每個人展示的是我們收購的價值。

We ended up acquiring Sky Ranch at the bottom of the market. We've been at really historic lows for land acquisition and land trading. And the most interesting thing there is when you compare us to other developers, whether that's Green Brick or the Howard Hughes Company or Forestar, our basis in the land continues to drive shareholder value here.

我們最終在市場底部收購了 Sky Ranch。我們的土地徵用和土地交易一直處於歷史低點。最有趣的是，當您將我們與其他開發商進行比較時，無論是 Green Brick、Howard Hughes Company 還是 Forestar，我們在這片土地上的基礎將繼續推動這裡的股東價值。

And the most interesting thing about it is that, and I'll illustrate this later in the presentation, we're still just getting started with developing Sky Ranch. When you look at the totality of the residential and the commercial lots there, we're really only about 15% in our development cycle for the land business. So, much, much more to come and I think we're very excited about those opportunities.

最有趣的是，我們仍然剛開始開發 Sky Ranch，我將在稍後的演示中對此進行說明。當你查看那裡的住宅和商業用地總量時，我們的土地業務開發週期實際上只完成了 15% 左右。因此，未來還會有更多、更多的事情發生，我認為我們對這些機會感到非常興奮。

I want to highlight a little bit about our most recent segment, who you heard me talk a lot about, is our single-family rentals. We continue to invest in those, we continue to grow those. Our annual revenue associated with those is now starting to reach the half a million dollars. We're very early on in that phase.

我想強調我們最近的部分，你聽到我經常談論的是我們的單戶租賃。我們繼續投資這些，我們繼續發展這些。我們與這些相關的年收入現在開始達到 50 萬美元。我們還處於該階段的早期階段。

We've got kind of that proof of concept model here, where we've got about 14 units completed in that segment, and we're really moving towards going up to about 200 units in there, and again, terrific margins in our single-family rental segment. If you want to compare that to some of the best-in-class on the single-family rental to America Home for Rent and Innovation Homes, again, we're very competitive with our gross margins in those.

我們在這裡有一個概念驗證模型，我們在該細分市場中完成了大約 14 個單元，並且我們確實正在朝著增加到大約 200 個單元的方向前進，而且，我們的單一單元的利潤率非常高-家庭租賃部分。如果您想將其與 America Home for Rent 和 Innovation Homes 的單戶租賃同類最佳產品進行比較，我們的毛利率非常有競爭力。

And so, when you take a look at a small company like us and how we're executing on our performance side. I think where we compare ourselves to is those that are doing it well. And we are proud that we're competitive with their rates and charges and how they perform in their asset prime.

因此，當您看看像我們這樣的小公司以及我們在績效方面的執行情況時。我認為我們與那些做得好的人進行比較。我們感到自豪的是，我們的費率和收費以及他們在資產優質方面的表現都具有競爭力。

So with that, I'm going to kind of give you a little bit of an overview. And maybe for those that are new to the company or for those that are familiar with the company how do I -- how do I talk about the company to somebody that's new, give you kind of an overview of some of the more metrics that we really focus on and how we introduce the company to others.

因此，我將向您提供一些概述。也許對於那些剛加入公司的人或熟悉公司的人來說，我該如何與新人談論公司，讓您大致了解我們所提供的一些更多指標真正關注我們如何向他人介紹公司。

So, a little bit -- as we operate in three different business segments, which are all complementary. These are vertically integrated segments where we have water in a water short area. We own about 30,000 acre feet of water that can serve about 60,000 connections. And the important component there is how we generate revenue from that water utility segment.

所以，有一點——因為我們在三個不同的業務領域開展業務，這些業務領域都是互補的。這些是垂直整合的部分，我們在缺水地區有水。我們擁有約 30,000 英畝英尺的水域，可為約 60,000 個連接提供服務。其中重要的組成部分是我們如何從水務部門產生收入。

We get paid from two different fee instruments. We get a tap fee, which is a large capital fee that's amortized in the cost of the house. And those tap fees continue to grow in the metropolitan area. A lot of these tap fees, when we started Sky Ranch, were around $30,000. And I think that average is now closer to $40,000.

我們透過兩種不同的收費工具獲得報酬。我們會收取自來水費，這是一筆大筆的資本費用，需要在房屋成本中攤提。在大都會區，這些自來水費持續成長。當我們創辦 Sky Ranch 時，許多水龍頭費用約為 30,000 美元。我認為現在的平均價格已接近 40,000 美元。

And then, we get that recurring revenue from the customer connections and we operate and maintain those water and wastewater systems. That is complementary to the land development because you can't develop land without having that water utility.

然後，我們從客戶關係中獲得經常性收入，並營運和維護這些供水和廢水系統。這是對土地開發的補充，因為沒有供水設施就無法開發土地。

And so, the combination of developing the water utility together with the land is a unique opportunity for us because it allows us to manage those high capital costs, those big investments that you're making and making sure that we understand as best of knowledge as we can, what we need to do, when we need to do it, and how fast we need to do it.

因此，將水務設施與土地結合起來開發對我們來說是一個獨特的機會，因為它使我們能夠管理那些高資本成本和您正在進行的巨額投資，並確保我們了解盡可能多的知識我們可以，我們需要做什麼，我們需要什麼時候做，以及我們需要多快做。

And so, when we are able to understand the land development segment, as well as we do bringing those units online, it also allows us to make sure that we have sufficient capacity in our water and our wastewater segment.

因此，當我們能夠了解土地開發部分，以及我們將這些單位上線時，它也使我們能夠確保我們的水和廢水部分有足夠的能力。

And then finally, moving into the single-family rentals, we're adding tremendous value in the communities that we're building. And one of the things that we saw was just an enormous appreciation in home values and then ultimately the lots that we're delivering to our homebuilders.

最後，進入單戶租賃領域，我們為我們正在建立的社區增加了巨大的價值。我們看到的一件事就是房屋價值的巨大升值，以及最終我們交付給房屋建築商的土地的升值。

And so, without competing with our homebuilders, because we're really not looking to do that, we want to be able to benefit from those investments that we're making on the utility side, as well as those investments that we're making on the land development side, and then bring single-family rental units online. And there's a growing and ever-appreciating market for single-family rentals for folks that just choose to rent, where our rentals are on average around $2,800 to $3,000 a month.

因此，在不與我們的房屋建築商競爭的情況下，因為我們真的不想這樣做，我們希望能夠從我們在公用事業方面進行的投資以及我們正在進行的投資中受益在土地開發方面，然後將單戶出租單位帶到網上。對於選擇租屋的人來說，單戶租賃市場正在不斷成長且不斷升值，我們的租金平均每月約為 2,800 至 3,000 美元。

They're brand new homes, so we've got a high retention rate on our rental customers. And it's really a terrific segment for us because it allows us to carry forward the equity appreciation that we have buying the land rights. So, we've got a very low basis in the land cost, as well as the low basis and the legacy asset that we have in the water system. So, it's a terrific segment for us and one that continues to grow.

它們是全新的房屋，因此我們的租賃客戶保留率很高。這對我們來說確實是一個非常棒的部分，因為它使我們能夠繼續推進我們購買土地權所帶來的股權增值。因此，我們的土地成本基礎非常低，供水系統的基礎成本和遺留資產也很低。因此，這對我們來說是一個非常棒的細分市場，而且還在持續成長中。

Let me drill down a little bit more into the water segment and talk a little bit about kind of why we're so excited about that. When you take a look at the overall segment, it's about $65 million on the balance sheet. And the important drivers here are going to be what we have booked these assets for. We've been working on these assets for more than 30 years, particularly the acquisition of the water rights portfolio. And these are recorded at book value.

讓我更深入地了解水領域，並談談為什麼我們對此如此興奮。當你看整個部門時，資產負債表上大約有 6500 萬美元。這裡重要的驅動因素將是我們預訂這些資產的目的。30 多年來，我們一直致力於這些資產，特別是水權組合的收購。這些都是以帳面價值記錄的。

You all know that GAAP allows you to just record that at cost. And having an asset that can serve 60,000 connections and the ability to generate more than $2 billion in top line revenue with a 50% margin that you've got booked at $14 million really understates the asset. We continue to invest into that water system capacity so that we can provide water to our one-time customers, which are our oil and gas customers, and making sure that they have sufficient supplies when they need those supplies.

大家都知道，公認會計原則允許您僅以成本記錄。擁有一項可以為 60,000 個連接提供服務的資產，並且能夠以 1400 萬美元的價格預訂的 50% 利潤率，產生超過 20 億美元的營收，這確實低估了該資產。我們繼續投資於供水系統容量，以便我們能夠向我們的一次性客戶（即我們的石油和天然氣客戶）提供水，並確保他們在需要這些供應時有足夠的供應。

And so, that's kind of where you see that $40 million investment, and then also in our wastewater system. If you look at some of that system capacity, this year we were a little bit better. We used a little bit more than 50% of our developed capacity, but it does tell you that we still have pedal left and the ability to continue to meet the demands of this oil and gas customers. And then, as we add new connections at Sky Ranch when we're delivering lots, we have that capacity ready and available for those customers.

因此，這就是您看到的 4000 萬美元投資，以及我們的廢水系統的投資。如果你看看一些系統容量，今年我們會好一點。我們使用了已開發產能的 50% 多一點，但這確實告訴您，我們仍然有剩餘的踏板，並且有能力繼續滿足這些石油和天然氣客戶的需求。然後，當我們在交付大量貨物時在 Sky Ranch 添加新的連接時，我們可以為這些客戶準備可用的容量。

Taking a look at just the build-out portion of the tap fee portfolio, again, we're just getting started, just about 2% of that capacity of the 60,000 connections. So, we're we're very excited about how we continue to grow this water utility segment.

再次看一下分接費組合的擴建部分，我們才剛開始，只佔 60,000 個連接容量的 2% 左右。因此，我們對如何繼續發展這個水務部門感到非常興奮。

Talk a little bit about land development. How we positioned ourselves for the land development. We did buy this land right. We bought it in 2010. And we're very patient about that, but bought it at the real bottom of the market. Our cost basis in the land is around $4 million dollars. And total lot sales to date close to $80 million. And again, our gross margins in this area, just because the land basis is so attractive in that, we continue to maintain very attractive gross margins in our land business.

談談土地開發。我們如何為土地開發定位。我們確實買對了這塊土地。我們是2010年買的。我們對此非常有耐心，但在市場真正的底部買入了它。我們的土地成本約為 400 萬美元。迄今為止，拍品總銷售額接近 8,000 萬美元。再說一遍，我們在這一領域的毛利率，正是因為土地基礎如此有吸引力，我們才繼續在土地業務中保持非常有吸引力的毛利率。

I want to highlight what we've got going on. You've heard me talk about Phase 1, which was our initial entry into the market. And that was about 500 lots. And then, Phase 2 was about 880 lots. And so, we divided the Phase 2 up into four sub-phases. And really did this so that we can make sure that we deliver just-in-time inventory to our homebuilders, and really how our business model executes as important as the value of the lots that we're delivering.

我想強調一下我們正在發生的事情。您已經聽過我談論第一階段，這是我們最初進入市場的階段。大約有 500 手。然後，第二期大約是880塊。因此，我們將第二階段分為四個子階段。這樣做確實是為了確保我們能夠向房屋建築商提供及時的庫存，並且我們的業務模式的執行方式與我們所交付的批次的價值同樣重要。

Our segment here, Sky Ranch, is really tapping into, in the Denver area, an entry-level house. And so, in Denver, an entry-level house is anything less than $500,000. And the odd thing about it is, when we took a look at this in 2010, just before the downturn in the recession for approximately 50% of all home starts in the Denver area were in that entry-level space. And that number has really eroded down to less than 4%.

我們這裡的部分「天空牧場」其實是利用丹佛地區的入門級住宅。因此，在丹佛，一套入門級房屋的價格不到 50 萬美元。奇怪的是，當我們在 2010 年查看這一情況時，就在經濟衰退之前，丹佛地區大約 50% 的新開工房屋都位於入門級空間。而這個數字確實已經下降到不到 4%。

And so, we're one of those communities where homebuilders can come in, they can build an affordable product. And really attract that bulk of the buyer market. Delivered Phase 2A, and we've got about all seven -- or about all 229 of those homes are fully built and occupied. The fiscal year for '24 delivered the 211 lots from Phase 2D. We've got Phase 2C under construction. So, we're midway on that, where we've done the grading and we're doing the utility work concurrently.

因此，我們是住宅建築商可以進入的社區之一，他們可以建造價格實惠的產品。並真正吸引了大部分買家市場。2A 階段已交付，我們已經擁有大約所有 7 套房屋，或者說其中大約所有 229 套房屋均已完全建成併入住。'24 財年交付了 2D 階段的 211 塊地。我們的2C期正在建設中。所以，我們已經完成了分級工作，同時也進行公用事業工作。

And then, we've also -- just because of the level of demand that we have from our builders, we've also started Phase 2D. And so, adding, we really have about 500 lots under production. And then, we'll have the 211 lots from Phase 2D, where homebuilders are going to be pulling taps and building permits for that. So when you look at it, we really have as many lots under production as we have homes existing out there. So we're going to be doubling that over the next 18 months.

然後，我們也——僅僅因為我們的建築商的需求水平，我們也開始了第 2D 階段。因此，補充一下，我們確實有大約 500 批產品正在生產。然後，我們將獲得 2D 階段的 211 個地塊，住宅建築商將為此拉動水龍頭並獲得建築許可。因此，當您查看它時，我們實際上正在生產的土地與現有房屋的數量一樣多。因此，我們將在未來 18 個月內將這一數字加倍。

Taking a look at some of the ultimate build-out projections for Sky Ranch, we divide that up into our residential component as well as our commercial component. So we have zoning for around 3,200 single-family equivalents, and about 1,800 single-family equivalents in the commercial side. The total that we've got developed for the residential is about 22%. We've yet to start the commercial.

看看天空牧場的一些最終擴建預測，我們將其分為住宅部分和商業部分。因此，我們在商業方面規劃了約 3,200 個單戶住宅，以及約 1,800 個單戶住宅。我們為住宅開發的總量約為22%。我們還沒開始廣告。

And when you take a look at the project as a whole, we're really only about 18% complete on that. And so, that gives you that perspective of, well, is 2024 a trend or is 2024 an anomaly? And, I think just because of the dynamic of how we're bringing this project online, you're really likely to see much more consistent results coming out as a result of the velocity and the inertia that we've got in Sky Ranch.

當你從整體上看這個項目時，我們實際上只完成了 18% 左右。因此，這讓您得出這樣的觀點：2024 年是趨勢還是異常？而且，我認為僅僅因為我們如何將這個項目上線，你真的很可能會看到由於我們在 Sky Ranch 中獲得的速度和慣性而產生的更一致的結果。

Talk a little bit about single-family rentals, little bit of the markets on that. It's maximizing our land development opportunities. And because we're bringing value to the community and value to each of these homes, we want to continue to do that. We want to benefit from that. It's a great asset for us because it provides us that valuable recurring revenue for the market you want to get your arms around.

談談單戶住宅的租賃，以及市場的一些情況。它最大化了我們的土地開發機會。因為我們正在為社區和每個家庭帶來價值，所以我們希望繼續這樣做。我們希望從中受益。這對我們來說是一筆巨大的資產，因為它為我們提供了寶貴的經常性收入，適合您想要擁抱的市場。

It leverages some of that market demand. And it provides an enormously high return on investment. So, we're very excited about how we're continuing to take a look at this. One of the things that is unique about it is -- and really one where nobody can compete with us in terms of these single-family rentals is we are carrying forward a lot of that equity that we have from the lot ownership as well as the utility system.

它利用了部分市場需求。它提供了極高的投資回報。因此，我們對如何繼續研究這個問題感到非常興奮。它的獨特之處之一是，在這些單戶住宅租金方面，實際上沒有人可以與我們競爭，我們正在繼承我們從地塊所有權和土地所有權中擁有的大量股權。

And so when we partner with our homebuilder partners to build our single-family rentals, we're coming in building a house at $350,000. And when that house is delivered, it's worth anywhere from $500,000 to $550,000. And so, we've got a tremendous equity in each of those houses. And so, the nice part about it is it's a tax advantaged way for that asset to grow on the balance sheet.

因此，當我們與住宅建築商合作夥伴建造我們的單戶出租房屋時，我們將以 35 萬美元的價格建造一棟房屋。當房子交付時，它的價值從 50 萬美元到 55 萬美元不等。因此，我們在每一棟房子中都擁有龐大的股權。因此，它的好處在於，它是該資產在資產負債表上成長的一種稅收優惠方式。

And so, not only are we delivering that but the fair market value of the 14 homes that we've got is about a 50% equity margin in there already. And so, you'll likely see that continue. We get to rent those houses out at their fair market value. And we continue to benefit from that segment. This will give you a snapshot. I think this is a slide you've seen before. But it gives you a snapshot about how many of these homes are coming online.

因此，我們不僅實現了這一目標，而且我們擁有的 14 套房屋的公平市場價值已經達到了約 50% 的股本利潤率。因此，您可能會看到這種情況繼續下去。我們可以按照公平的市場價值來出租這些房子。我們繼續從該領域受益。這將為您提供快照。我認為這是您以前看過的幻燈片。但它可以讓您大致了解有多少家庭正在上線。

If you look at that first phase, we've got -- that first line, we've got 14 homes in occupied, 17 homes in this next phase. 2D, we'll have another 40 homes and 26 homes, so, rapidly growing from 14 to 100 homes. We've proved this concept out. The Board has given us an enthusiastic green light to accelerate the development of this. And working with our homebuilder partners, we've got the best delivery of home construction that we could have.

如果你看一下第一階段，我們有——第一行，我們有 14 套房屋被佔用，下一階段有 17 套房屋。2D，我們將有另外 40 個家庭和 26 個家庭，因此，從 14 個家庭迅速增加到 100 個家庭。我們已經證明了這個概念。董事會為我們加速這一發展開了綠燈。透過與我們的住宅建築商合作夥伴合作，我們獲得了盡可能最好的住宅建築交付。

As they're building homes right next to us, they're going deliver homes for us. And so, these are proven modeled homes that they have that they've built thousands of times. And so, again, it's a great opportunity for both them and us where they pre-sold these homes and we are happy to work with them on delivery of them. Want to talk about balance sheet. As you know, we're very conscientious of our liquidity. And have just a terrific balance sheet, great cash position, as well as liquid note receivable from our tap.

當他們在我們旁邊建造房屋時，他們將為我們提供房屋。因此，這些都是經過驗證的模型房屋，他們已經建造了數千次。因此，這對他們和我們來說都是一個很好的機會，他們預售了這些房屋，我們很高興與他們合作交付這些房屋。想談談資產負債表。如您所知，我們非常重視我們的流動性。並且擁有出色的資產負債表、充足的現金狀況以及來自我們水龍頭的流動應收票據。

So I think this is a -- building into a record liquidity, almost $57 million of cash and note receivables, and really then receivables, as you've heard me talk about, are that investment that we've made into the roads, curbs, and gutters. And we get reimbursed from that, from the tax base that we create at Sky Ranch. And we did have a subsequent event to that. We'll talk a little bit about it. And some of you probably already started the press on that.

所以我認為這是一個——建立創紀錄的流動性，近5700 萬美元的現金和應收票據，而真正的應收賬款，正如你聽到我談論的那樣，是我們對道路、路緣石的投資。我們從中得到補償，從我們在天空牧場創建的稅基中得到補償。我們確實舉辦了後續活動。我們會稍微討論一下。你們中的一些人可能已經開始對此進行報道了。

But again, continued high performance and very conservative balance sheet protection. So, one of the things I want to do, this is going be new for us, is to give you kind of a framework for how this is going to move forward. While I've been a bit conservative in the past about giving some guidance, I think we have the opportunity to tell you how we look at it and how it's going roll forward in the future.

但同樣，持續的高性能和非常保守的資產負債表保護。因此，我想做的一件事（這對我們來說是新的）就是為您提供一個框架，說明這將如何向前發展。雖然我過去在提供一些指導方面有點保守，但我認為我們有機會告訴您我們如何看待它以及它未來將如何向前發展。

And so what we want to do is kind of illustrate not only how we've done the last couple of years but also how we think next year is going to go, as we have a lot more predictability to these segments. And while we had a record year this year, we do continue to look for that to continue. And so we look for revenues to continue to increase modestly. But we're looking at delivering excellent results from our land development segment as well as our water segment.

因此，我們想要做的不僅是說明我們過去幾年的表現，而且還說明我們認為明年將會如何發展，因為我們對這些細分市場有更多的可預測性。雖然今年我們創下了創紀錄的成績，但我們確實希望這種情況能持續下去。因此，我們預計收入將繼續小幅成長。但我們希望在土地開發部門和水務部門取得優異的業績。

And then, continuing to build into that single family rental segment. So, the some of those are going to be still a bit new, but really going to continue to grow in value. Not only are we growing the top line but we're growing the bottom line. As you can see, we're going to have a higher -- we're forecasting higher margins for next year. And so, we want to continue to improve our margins as well as continue to deliver top line results.

然後，繼續進軍單戶租賃市場。因此，其中一些仍然有點新，但其價值確實會繼續增長。我們不僅在增加收入，而且在增加利潤。正如您所看到的，我們預計明年的利潤率將會更高。因此，我們希望繼續提高利潤率並繼續實現營收目標。

Taking a look at that net income, again, delivering better margins off both the water segment as well as the land development segment, and continuing with the single-family rental and then continued return to the shareholders. So these earnings and the value of these acquisitions that we have will continue to benefit the shareholders. Want to take a look at kind of how we look at the company.

再次看看淨利潤，水務部門和土地開發部門都提供了更好的利潤，並繼續提供單戶住宅租賃，然後繼續向股東回報。因此，我們所擁有的這些收益和這些收購的價值將繼續使股東受益。想看看我們是如何看待這家公司的。

What we do is we certainly continue to keep our eye on execution, which is the current year. We take a look at what we're doing over the next short term. So, if you take a look at that, what's our three- to-five year horizon, and then also be mindful of how we build this thing out. So, want to give you kind of why we're so optimistic about this opportunity.

我們所做的當然是繼續關註今年的執行情況。讓我們看看我們在接下來的短期內要做的事情。所以，如果你看一下，我們三到五年的願景是什麼，然後還要注意我們如何建構這個東西。因此，我想告訴您為什麼我們對這個機會如此樂觀。

And so, in the short term, our customer growth looks to grow to about 2,500 accounts, consistent tap sales, our tap fees are continuing to increase on an inflationary basis. So, you've got asset protection on that and the ability to continue to grow on that. And then, when we look at what we look to build out, just from what is already in the book on this thing is the 5,000 single-family connections at Sky Ranch.

因此，在短期內，我們的客戶數量預計將增長至約 2,500 個帳戶，水龍頭銷售持續穩定，我們的水龍頭費用將在通貨膨脹的基礎上繼續增加。因此，您可以獲得資產保護，並有能力繼續發展。然後，當我們考慮要建造的東西時，僅從書中已有的內容來看，天空牧場的 5,000 個單戶家庭就已經存在。

We both have residential and commercial connections. Commercial connections are more valuable than the residential connections. And so, the high value of our asset is still yet to come. We continue to improve our operational efficiencies as each of our segments grow, and then we continue to build that value. So, we're going to expand our system both on the Lowry Ranch as well as in unincorporated Arapahoe County parcels.

我們都有住宅和商業聯繫。商業聯繫比住宅聯繫更有價值。因此，我們資產的高價值尚未到來。隨著每個細分市場的成長，我們不斷提高營運效率，然後繼續建立這一價值。因此，我們將在洛瑞牧場以及非建制的阿拉帕霍縣地塊上擴展我們的系統。

If you take a look at the land development outlook again, we have both of the infrastructure already invested a lot of the heavy offsite infrastructures. Some of the big group, major roadways, the drainage ways are all in and working and delivering results for the community. We still are working on interchange, so we're going to upgrade our interchange in there to give us additional capacity.

如果你再看看土地開發前景，我們的基礎建設已經投資了大量的場外基礎設施。一些大群體、主要道路、排水道都已投入使用，為社區帶來成果。我們仍在進行立交橋建設，因此我們將升級那裡的立交橋，以提供額外的容量。

And we have a bond capacity within the Sky Ranch cab to be able to finance that and are looking to really initiate that in the next two years. And that's going to unlock just a continuation of development of the commercial as well as the residential out there. And then, just build up. We are at the real meat of the stage. If you look at the bell curve on delivery of the land development, we're kind of moving into that thick part of the top portion of the bell curve.

我們在 Sky Ranch 計程車內擁有債券能力，能夠為此提供資金，並希望在未來兩年內真正啟動這項計畫。這將開啟商業和住宅的持續開發。然後，就建立起來。我們正處於舞台的真正核心。如果你看一下土地開發交付的鐘形曲線，我們正在進入鐘形曲線頂部的厚部分。

So we're really looking at delivering strong value in that land development segment. And then, single family rentals, again, expanding. You saw in the next 18 months to 24 months, we'll be moving from 14 homes up to 100 homes, terrific margins in that, terrific efficiencies and giving us scale in that side.

因此，我們確實希望在土地開發領域提供強大的價值。然後，單戶住宅的租金再次擴大。您會看到，在接下來的18 個月到24 個月內，我們將從14 個住宅增加到100 個住宅，這方面的利潤率非常高，效率很高，並且使我們在這方面具有規模。

And then, ultimately on the long-term side, we look to be in that 8% to 10%. So, I might stretch that 200 homes and put that into the 250 to 300 home side of it. But we'll continue to add to that portfolio and deliver results there.

然後，最終從長期來看，我們希望達到 8% 到 10%。因此，我可能會擴展這 200 個家庭，並將其放入其中的 250 到 300 個家庭一側。但我們將繼續增加該產品組合併在那裡取得成果。

Consistent, what I want to do is kind of recap how did we do? I mean, if you look at this on a retrospective basis, how did we do in Phase 1? When you look at kind of a postmortem of the first 500 lots, we had entered the market on that. We were a new builder, a new player. And so, our entry-level lot prices really were attractive, right?

始終如一，我想做的是回顧我們的表現？我的意思是，如果你回顧一下，我們在第一階段做得怎麼樣？當你查看前 500 批拍品的事後分析時，我們已經進入市場了。我們是一個新的建設者，一個新的參與者。所以，我們的入門級地塊價格確實很有吸引力，對嗎？

They were attractive for us to be able to entice our customer base. We were looking for national homebuilder partners on this. And so, we did price those lots very competitively. This is an average lot cost about $73,000. When we make those investments on roads, curbs and gutters, we had a little bit higher reimbursables up front. So, it was about a $55,000 per lot reimbursable on that.

它們對我們來說很有吸引力，能夠吸引我們的客戶群。我們正在為此尋找全國性的住宅建築商合作夥伴。因此，我們對這些批次的定價確實非常有競爭力。這塊地塊的平均成本約為 73,000 美元。當我們對道路、路緣石和排水溝進行投資時，我們的預付款要高一些。因此，每批可報銷的金額約為 55,000 美元。

And then, there's non-reimbursable. So, there's improvements that you make that are on the lot themselves that you sell privately. That was about $28 million, I'm sorry, $28,000 per lot. And then, as you've seen, we have -- we do finance that reimbursable component.

然後就是不可報銷。因此，您對私下出售的地塊本身進行了改進。那大約是 2800 萬美元，抱歉，每手 28,000 美元。然後，正如您所看到的，我們確實為可報銷部分提供資金。

So we just did get another repayment on that, so we're making a good return on that as well. So, when you take a look at this, total land values, we made about $110,000 per lot, and then the average tap fee at about $30,000. On average, in our first phase, we made about $140,000 per lot on that.

所以我們確實得到了另一筆還款，所以我們也獲得了不錯的回報。所以，當你看一下土地總價值時，我們每塊土地的收入約為 11 萬美元，平均自來水費約為 3 萬美元。平均而言，在第一階段，我們每手賺了大約 14 萬美元。

You want to take a look at how that dissects out in the utility segments. This gives you an illustration of how our tap fees compare to other water providers in the area. And as you can see, we're very competitive for our tap fees. In fact, we're right on that.

您想看看如何在實用程式部分進行剖析。這向您展示了我們的自來水費與該地區其他供水商的比較。正如您所看到的，我們的水龍頭費用非常有競爭力。事實上，我們在這一點上是對的。

There's probably a little bit of pedal room for us on the tap fees. We want to be consistent with these tap fees. We want to be competitive with these tap fees. We look to our neighbors, City of Aurora, and being competitive with Aurora tap fees as well as the overall market.

我們在水龍頭費用上可能還有一點踏板空間。我們希望與這些水龍頭費用保持一致。我們希望在這些水龍頭費用方面具有競爭力。我們著眼於我們的鄰居奧羅拉市，並與奧羅拉自來水費以及整個市場競爭。

You can see tap fees are approaching $60,000 in some of these market segments. So, the cost of water continues to grow in the metro area and really it's a function of the scarcity value. The takeaway from this is we've only developed 2% of the asset, so we've still got 98% of the asset to go off these 60,000 connections.

您可以看到其中一些細分市場的點擊費用接近 60,000 美元。因此，都會區的水費持續上漲，這其實是稀缺價值的函數。由此得出的結論是，我們只開發了 2% 的資產，因此我們仍然有 98% 的資產可以用於這 60,000 個連接。

Taking a look at kind of the land developments, we were at that original lot cost of about 73,000. And as we've worked through Phase 2, our lot pricing for Phase 2D is now about $125,000. So, on a comparison basis on the same lot that we had on Phase 1 and the same lot that we had on Phase 2D, in that four-year period, we're seeing maybe as much as a 50% increase in that lot cost or in that lot price. So, how is 2D going to look?

看看土地開發的類型，我們發現該地塊的原始成本約為 73,000 美元。當我們完成第 2 階段時，第 2D 階段的批量定價現在約為 125,000 美元。因此，根據我們在第 1 階段的相同批次和第 2D 階段的相同批次進行比較，在這四年期間，我們看到該批次成本可能增加了 50%或該批次的價格。那麼，2D 會是什麼樣子呢？

How is the delivery of this next phase of lots going to be looking compared to our first phase? Lot revenues are significantly higher. Reimbursables are consistent, a little bit inflationary up. The non-reversible components are going to be consistent.

與第一階段相比，下一階段批次的交付情況如何？地塊收入明顯較高。報銷金額是一致的，有點通貨膨脹。不可逆組件將是一致的。

So the total land value in that is about $175,000 per lot. Tap fees have increased a bit, so it's getting a little bit more margin on that. So, as opposed to $140,000, we're looking at about $215,000. Again, this is an opportunity for us to continue to develop entry-level homes, and our builder partners continue to do very well with these entry-level pricing mechanisms.

因此，每塊土地的總價值約為 175,000 美元。水龍頭費用增加了一點，因此它的利潤也增加了一點。因此，我們考慮的不是 14 萬美元，而是 21.5 萬美元。同樣，這對我們來說是一個繼續開發入門級住宅的機會，我們的建築商合作夥伴將繼續在這些入門級定價機制方面做得很好。

So it's a win-win both for us as well as for our homebuilder partners. Little bit on the single-family rentals. We've got about 200 of those planned. We're building them, again, as I mentioned, with a strong equity component as we deliver each and one of these, because we're carrying forward the land basis as well as our water basis in it.

因此，這對我們以及我們的住宅建築商合作夥伴來說都是雙贏的。單戶租金很少。我們計劃了大約 200 個。正如我所提到的，我們正在建造它們，在我們交付其中每一項時都具有強大的股權成分，因為我們正在推進土地基礎以及其中的水基礎。

And each unit contributes about $33,000 in recurring revenue per year. So, you're going to see a strong acceleration of our recurring revenue associated with that. And we're only 7% complete on what we're planning on that.

每個部門每年貢獻約 33,000 美元的經常性收入。因此，您將看到與此相關的經常性收入的強勁增長。我們的計劃只完成了 7%。

And so, when you look at this, when we're looking at each of these individual components were really just getting started. We have 2% of our water asset in production 18% of our land development segment in business and 7% of our rentals. And we're really executing well on each of these. So we're very proud of these opportunities.

因此，當您看到這一點時，當我們查看每個單獨的組件時，實際上才剛剛開始。我們的水資產的 2% 用於生產，18% 的土地開發部門用於商業，7% 用於租賃。我們在每一個方面都執行得很好。因此，我們對這些機會感到非常自豪。

If you look at that same comparison on how we look at things concurrently with year-over-year execution. We look at next year's performance and then maybe what we're looking at on the short-term. This will give you kind of a view of how those are going to translate into results.

如果你看一下我們如何看待事物以及逐年執行的相同比較。我們會關註明年的表現，然後可能會關注短期的表現。這將使您了解這些將如何轉化為結果。

So, 2024, a record year, 2025, we're looking at, again, exceeding that. But then, within a short period of time, and this is going to be that kind of three to five year window. If you take a look at that, how that's going to translate into the company's performance, we're start with just being at 18% of our land development business. We're starting to bring on our commercial and we're going to see some high values attributable to that.

因此，2024 年，創紀錄的一年，2025 年，我們將再次超越這個目標。但是，在很短的時間內，這將是那種三到五年的窗口。如果你看看這將如何轉化為公司的業績，我們一開始只佔土地開發業務的 18%。我們開始投放我們的廣告，我們將看到一些由此帶來的高價值。

And so, this is kind of a foreshadow of where those revenues are likely to go in a very short period of time and very exciting results here, even more compelling. And so, doing the math, and this is kind of what the company has in its portfolio, doing the math on that short-term 2028, as well as the build-out of Sky Ranch. What does it look like when we build out Sky Ranch? I mean, what kind of opportunity does Sky Ranch present for us in terms of building this company, building the asset side, as well as the recurring revenue.

因此，這預示著這些收入可能會在很短的時間內流向何處，並且會產生非常令人興奮的結果，甚至更加引人注目。因此，進行數學計算，這就是該公司投資組合中的內容，對 2028 年的短期以及 Sky Ranch 的擴建進行數學計算。當我們建造天空牧場時會是什麼樣子？我的意思是，天空牧場為我們這個公司建設、資產端建設、經常性收入帶來了什麼樣的機會。

And really, we've structured this out so that we get tremendous recurring revenue, both from the water utility as well as from the single-family rental. And why we're so excited about that, if you look at the build out of the 5,000 single-family connections at Sky Ranch, we'll move from where we're at today at $2 million-$2.5 million in recurring revenue to $15 million dollars in recurring revenue, $15 million in recurring revenue.

事實上，我們已經對此進行了結構調整，以便我們可以從自來水公司和單戶住宅​​租賃中獲得巨大的經常性收入。為什麼我們對此如此興奮，如果你看看 Sky Ranch 5,000 個單戶家庭的建設情況，我們的經常性收入將從今天的 200 萬至 250 萬美元增至 15 美元萬美元的經常性收入， 1500 萬美元的經常性收入。

And that number really is just still only utilizing roughly 15% of the water asset and that inventory of maybe a $100 million worth of the single family rental segment business, so, again, tremendous growth potential here. And then, how does that translate in terms of asset growth?

這個數字實際上仍然只利用了大約 15% 的水資產，以及價值可能為 1 億美元的單戶租賃業務庫存，因此，這裡再次具有巨大的成長潛力。那麼，這如何轉化為資產成長呢？

When we build that system and when we add all those and the cash component to it, we move from where we're at today at roughly $150 million asset growth almost to $700 million, almost three times our market cap, just by executing what we have at Sky Ranch alone.

當我們建立該系統並將所有這些和現金成分添加到其中時，我們從今天大約 1.5 億美元的資產增長幾乎增加到 7 億美元，幾乎是我們市值的三倍，只需執行我們的計劃獨自自在天空牧場。

And so, that's a bit of how we look at the business when you look at just doing the numbers on that and how that's baked into the acquisition of the land value as well as the acquisition of the water utility segment, just tremendous opportunities for the company, and so, very excited about how that's going to roll out for us. I want to talk a little bit about a couple of things that happened subsequent to our year end.

因此，這就是我們看待業務的方式，當你只看數字時，以及如何將其納入土地價值的收購以及水務部門的收購中，這對企業來說是巨大的機會公司，因此，對於我們將如何推出它感到非常興奮。我想談談年底後發生的幾件事。

One or two, I think you're familiar with. We did have another refinancing of our 2019 bonds, and so, the big takeaway here is, in large measure, how we manage the community, how we're delivering results in the community, the appreciation of the homes in the community.

一兩個，我想你很熟悉。我們確實對 2019 年的債券進行了另一次再融資，因此，這裡最大的收穫在很大程度上是我們如何管理社區、如何在社區中交付成果以及社區中房屋的升值。

We got one of those very, very rare and very coveted investment grade ratings for our refinanced bumps here. And so, we are very proud of that, working with our thanking partner, DA Davidson, to take this out to the market segment.

我們在這裡獲得了非常非常罕見和非常令人垂涎的投資級評級之一。因此，我們對此感到非常自豪，與我們的合作夥伴 DA Davidson 合作，將其推向細分市場。

And what that enabled us to do is the initial 500 lots. We are able to deliver us another $10 million of proceeds to continue to pay down that reimbursable bond that are reimbursable on our balance sheet due to these bond activities.

這使我們能夠做的是最初的 500 批。我們能夠再交付 1000 萬美元的收益，以繼續償還由於這些債券活動而在我們的資產負債表上可償還的可償還債券。

Another subsequent event, we did have another land and water acquisition, and this really illustrates our disciplined approach to acquisitions. And so, this will kind of give you approximately we bought another 400 acres, which happens to be right next to where our farm and water acquisitions that we acquired back in 2018, and the interesting part of this is the red lines here illustrate where we developed our pipeline infrastructure to connect these wells, the two yellow stars on there are the new wells that we got, and these are already on our pipeline.

接下來的另一件事是，我們確實進行了另一次土地和水資源收購，這確實說明了我們在收購方面的嚴謹態度。因此，這將為您提供大約 400 英畝的土地，這恰好位於我們 2018 年收購的農場和水收購的地方，其中有趣的部分是這裡的紅線說明了我們在哪裡開發了我們的管道基礎設施來連接這些井，那裡的兩顆黃色星星是我們獲得的新井，這些井已經在我們的管道上。

So the cost of interconnecting these are almost just insignificant, which makes it for a great consolidation on that, not only we get the land, we got the water and very valuable mineral interest. This is actually up in Wells County, which is where the bulk of the oil and gas activities are occurring. We have tremendous activity in the Southern Wattenberg Field.

因此，將這些互連起來的成本幾乎微不足道，這使得我們可以進行很大的整合，我們不僅獲得了土地，還獲得了水和非常有價值的礦產資源。這實際上是在威爾斯縣發生的，那裡是大部分石油和天然氣活動發生的地方。我們在南瓦滕貝格油田開展了大量活動。

This is indeed the nameplate Wattenberg Field. So, happy with this acquisition, and really working with our neighboring landowners to make sure that as they take a look at transitioning in their family planning that we have an opportunity to get those calls.

這確實是瓦滕伯格球場的銘牌。因此，我們對這項收購感到滿意，並與我們鄰近的土地所有者真正合作，以確保當他們考慮計劃生育的過渡時，我們有機會接到這些電話。

So again, our preference is for more real estate land acquisitions in and around where we are with Sky Ranch, and we continue to work with our neighboring landowners to make sure that they understand what our business model is, and our anxious level. But again, this is demonstrating how we look at continuing to grow the asset base.

因此，我們更傾向於在 Sky Ranch 所在地及其周邊地區收購更多的房地產土地，並且我們將繼續與鄰近的土地所有者合作，以確保他們了解我們的商業模式是什麼以及我們的焦慮程度。但這再次表明了我們如何看待繼續擴大資產基礎。

Just a little bit on our stock repurchase, we continue to reinvest in ourselves through our repurchase program. And so, we are going to be continuing to be in the market on a progressive basis, as you can see on some of these forecasts and doing the math on this thing, illustrating at $9, $10, $12 a share is a bargain.

就我們的股票回購而言，我們繼續透過回購計畫對自己進行再投資。因此，我們將繼續逐步進入市場，正如您可以從其中一些預測中看到的那樣，並對此事進行數學計算，說明每股 9 美元、10 美元、12 美元是便宜的。

And so, we think it's a bargain. We are going to continue to buy those shares. We don't want to compete with you, but we do appreciate the value of what we are building, and want to make sure that that's another way that we can return shareholder value.

因此，我們認為這是一筆划算的交易。我們將繼續買這些股票。我們不想與您競爭，但我們確實欣賞我們正在建立的產品的價值，並希望確保這是我們回報股東價值的另一種方式。

So with that, I'm going to turn it back to Ali, and see if we got any questions that we can drill down on.

因此，我將把它轉回阿里，看看我們是否有任何可以深入研究的問題。

Thank you, sir. Ladies and gentlemen, at this time we will be conducting our question-and-answer session. (Operator Instructions)

謝謝您，先生。女士們、先生們，此時我們將進行問答環節。（操作員說明）

Elliot Knight, Knight Advisors

艾略特奈特，騎士顧問

Good morning, Mark.

早上好，馬克。

Morning Elliot.

早安，艾略特。

One of the growing water consumers are datacenters. And have you had any interest? I think then you have the largest undedicated water supply in the Denver Area, at least at one time I believe that was true. And so, I would think if datacenters are going to be built they might have come to you. Anything going on in that area, and if a datacenter was built, could it operate on non-potable water as opposed to potable water?

資料中心是日益增長的用水者之一。你有興趣嗎？我認為，您擁有丹佛地區最大的非專用供水系統，至少在某個時刻我相信這是事實。因此，我認為如果要建造資料中心，他們可能會來找你。該地區發生了什麼事，如果建立了一個資料中心，它是否可以使用非飲用水而不是飲用水來運作？

So, a good question, I'm not sure about the latter part of that, on the non-potable water. I know the bulk of the water demand that they have is basically from the cooling side of it. And I think scaling would make an issue about -- that's a good question.

所以，這是一個很好的問題，我不確定後半部關於非飲用水的問題。我知道他們的大部分用水需求基本上來自冷卻方面。我認為規模化會造成一個問題——這是一個很好的問題。

I don't know if it could operate independently of a potable versus a non-potable segment, but you're right. There's two critical components when you're taking a look at a datacenter. One is energy and the second is water. And so, we have significant capacity in both of those. Sky Ranch has brought -- build-out utilities there, both gas and electric. And then, we have build-out water there.

我不知道它是否可以獨立於飲用水和非飲用水部分運行，但你是對的。當您查看資料中心時，有兩個關鍵元件。一是能源，二是水。因此，我們在這兩方面都擁有強大的能力。天空牧場在那裡擴建了天然氣和電力設施。然後，我們在那裡建造水。

And so, we have a commercial area within the development, which happens to be right along the interstate. Now, these are largely vacant buildings. They have a very skeletal staff for them. So they don't have to have great transportation access. And so, I'm not so sure that the real estate value is as important as the other two components of it.

因此，我們在開發案中擁有一個商業區，恰好位於州際公路沿線。現在，這些建築物大部分都是空的。他們有一支非常骨幹的員工團隊。因此，他們不必擁有便利的交通。因此，我不太確定房地產價值是否與其他兩個組成部分一樣重要。

We have reached out to some folks that do datacenters. And we have let them know that we're available to explore those types of opportunities. We haven't had a lot of traction there yet. But we have recognized that when they do their diligence, some of the key things on their diligence is water. And so, that would be a great opportunity for us to have a very strong water customer.

我們已經聯繫了一些做資料中心的人。我們已經讓他們知道我們可以探索這些類型的機會。我們在那裡還沒有太多的吸引力。但我們已經意識到，當他們勤奮工作時，他們勤奮工作的一些關鍵因素就是水。因此，這對我們來說是一個擁有非常強大的水客戶的絕佳機會。

I will tell you, I'm not dying for a large water customer, because I already have a large water customer in our industrial customers, right? They pay that high dollar value because they're not buying a tap. And they pay that high consumption rate.

我告訴你，我不是渴求一個水務大客戶，因為我在我們的工業客戶中已經有一個水務大客戶了，對吧？他們支付如此高的價格是因為他們購買的不是水龍頭。他們支付那麼高的消費率。

And I'm selling a ton of that excess capacity to oil and gas who's paying for that. And so, whether I substitute a datacenter or add a datacenter into that component, love to have that. But I will tell you that we continue to grow our demand segment through the industrial sector as well.

我正在將大量過剩產能出售給石油和天然氣公司，而石油和天然氣公司則為此買單。因此，無論我替換資料中心還是將資料中心添加到該元件中，我都喜歡這樣。但我會告訴你，我們也將繼續透過工業部門擴大我們的需求領域。

Good. Thank you very much. And this has been a great presentation, very helpful looking forward.

好的。非常感謝。這是一次很棒的演講，對未來非常有幫助。

Bill Miller, Private Investor.

比爾·米勒，私人投資者。

Great quarter, great year. Outlook is terrific. And so, I'll go to the old question. Because you say you're repurchasing common stock, but when I look at the yearend '23 versus yearend '24, we have now more shares outstanding than we did in '23. So, I'm not sure how to read that. But maybe you can reconcile it, particularly given the fact that your recurring revenue is going to be so high.

偉大的季度，偉大的一年。前景非常棒。那麼，我將回到舊問題。因為你說你正在回購普通股，但是當我查看 23 年末與 24 年末時，我們現在的流通股比 23 年多。所以，我不知道如何閱讀。但也許你可以調和它，特別是考慮到你的經常性收入將會如此之高。

Borrowing, not that you need to, would make great sense and borrow money from the bank, so I'm sure I'd be very willing to lend it to you and get going. This is ridiculous. Valuation is just way under what it should be. And you've outlined why it should be a great deal higher. So, why not --

借款，不是你需要的，是很有意義的，從銀行借錢，所以我確信我會非常願意借給你並開始。這太荒謬了。估值遠低於應有水準。您已經概述了為什麼它應該高得多。那麼，為什麼不呢--

Fair question. Yes. No, no fair question. We do and my answer has not changed. We do feel very strongly that we're undervalued. And we do that and back that up by a share repurchase. We still are balancing out keeping some dry powder so that we can pursue these acquisitions. And we did have a very nice, very strategic acquisition where it was important for us to be able to act on that. And we usually have to act on a very quick basis.

公平的問題。是的。不，這不是一個公平的問題。我們這樣做了，我的答案沒有改變。我們確實強烈地感覺到我們被低估了。我們這樣做並透過股票回購來支持這一點。我們仍在平衡保留一些乾粉，以便我們能夠進行這些收購。我們確實進行了一次非常好的、非常具有戰略意義的收購，對我們來說能夠採取行動非常重要。我們通常必須非常迅速地採取行動。

So, that transaction came available and closed within say 75 days. And we want to make sure that we have that flexibility to do that, Bill. That doesn't necessarily consume all of our balance sheet. But as we continue to deliver three phases at once, that's a capital intensive program.

因此，該交易在 75 天內完成並完成。比爾，我們希望確保我們有足夠的靈活性來做到這一點。這並不一定會消耗我們所有的資產負債表。但隨著我們繼續同時交付三個階段，這是一個資本密集計劃。

We are reinvesting and making sure that we can accelerate the development of Sky Ranch and maintain that inventory for our homebuilders. And the reason we're so sought after from the homebuilder market is what our business model is. There are fewer and fewer people in the marketplace that either have the desire or the capacity to be a horizontal developer. And it does require significant capital expenditures.

我們正在進行再投資，確保我們能夠加速 Sky Ranch 的開發，並為我們的住宅建築商維持庫存。我們受到住宅建築商市場如此追捧的原因在於我們的商業模式。市場上有意願或有能力成為橫向開發人員的人越來越少。而且它確實需要大量的資本支出。

And we put that to work and we get that back very quickly. But there's a lot of velocity to that money. And so, we want to make sure that we protect that as well. Do we want to leverage ourselves a little bit to kind of continue to go after a stock purchase program? We're going to continue to go after it. We really are. We're going to be acquiring that, not just through this phase of offers -- excuse me, but continuing and you're going to see that if that doesn't translate, we're going to be continuing to be more aggressive.

我們將其付諸實踐，並且很快就得到了回報。但這筆錢的流通速度很快。因此，我們希望確保我們也能保護這一點。我們是否想利用一點槓桿來繼續追求股票購買計劃？我們將繼續追尋它。我們確實是。我們將不僅僅透過這一階段的報價來獲得這一點——對不起，而是繼續下去，你會看到，如果這沒有轉化，我們將繼續更加積極進取。

So, I know it's like my wife, can't you do -- can't you do it faster? Yes, we could do it faster. But we're also making sure that we keep those other opportunities as competitive as repurchasing the stock in the program. So those are very, very well-deserved observation and maybe well-deserved input on terms of going after a little bit more aggressively.

所以，我知道這就像我的妻子，你不能做嗎——你不能做得更快嗎？是的，我們可以做得更快。但我們也確保我們保持其他機會與回購計畫中的股票一樣具有競爭力。因此，這些都是非常非常當之無愧的觀察，也許也是當之無愧的投入，以更積極地追求一點點。

But Mark, last year, your authorization was how many shares or how many dollars? And, how many shares or how many dollars did you actually buy last year ending in August?

但是馬克，去年你的授權是多少股或多少美元？並且，截至 8 月的去年，您實際上購買了多少股票或多少美元？

Yes, I mean -- so we're buying about 50,000 -- 60,000 shares a year. And yes, I will concede the point we could be more aggressive on that and maybe more aggressive on that. What we're trying to do is be anti-dilutive so that, as you point out, that we're not -- the incentive stock program that we have where we issue shares to our employees and management and board of directors that we're repurchasing an equal amount.

是的，我的意思是 - 所以我們每年購買大約 50,000 - 60,000 股。是的，我承認我們可以在這方面更加積極，甚至可能更加積極。我們正在努力做的是反稀釋，所以，正如你所指出的，我們不是——我們的激勵股票計劃，我們向我們的員工、管理層和董事會發行股票。

We're not quite there, but we're looking to be there.

我們還沒有完全做到這一點，但我們正在努力做到這一點。

So, what's preventing you from doing it? I mean you made the first acquisition.

那麼，是什麼阻止你這樣做呢？我的意思是你進行了第一次收購。

No, it's absolutely liquidity, Bill. We want to make sure that we maintain that liquidity for reinvesting in the business and delivering the top-line results that we did this last year. And I do not want to compromise that.

不，這絕對是流動性，比爾。我們希望確保保持流動性，以便對業務進行再投資並實現去年的最高業績。我不想在這一點上妥協。

I agree with you. Do you have a line of credit, Mark?

我同意你的看法。馬克，你有信用額度嗎？

Yes, we do.

是的，我們願意。

Okay. Well, isn't that a source of liquidity if it comes down to making a big acquisition or doing something extraordinary?

好的。那麼，如果要進行大型收購或做一些非凡的事情，這不是流動性的來源嗎？

All those are opportunities bill and, and you know, I appreciate that. And you know, my direction will be to continue to be aggressive but conservative.

所有這些都是機會法案，而且你知道，我對此表示讚賞。你知道，我的方向將是繼續激進但保守。

Okay. Well, isn't that the source of liquidity if it comes down to making a big acquisition or doing something extraordinary?

好的。那麼，如果要進行大型收購或做一些非凡的事情，這不是流動性的來源嗎？

All those are opportunities, Bill. And I appreciate that. And my direction will be to continue to be aggressive but conservative.

所有這些都是機會，比爾。我很欣賞這一點。我的方向將是繼續激進但保守。

Okay. Well, I'm not going to win that argument. I haven't won it for about 10 years. So, why would I think now would be the time? Well, I hope it all works out.

好的。好吧，我不會贏得這場爭論。我已經大約10年沒有贏得它了。那麼，為什麼我認為現在是時候呢？好吧，我希望一切順利。

John Rosenberg, Loughlin Water Partners.

約翰‧羅森伯格，洛夫林水務夥伴。

Well, thank you for the presentation. And I will say that my questions have, in large part, been answered by the prior people on the call, by the prior investors. I was going to ask you about datacenters. And as always, I wanted to talk about the share repurchase as well. I will not reiterate about the share repurchase. You don't deserve that this morning. You've done a wonderful job.

好的，謝謝你的介紹。我要說的是，我的問題在很大程度上已經由之前參加電話會議的人員、之前的投資者回答了。我本來想問你有關資料中心的問題。和往常一樣，我也想談談股票回購。我不會重申股份回購的事情。今天早上你不值得這樣。你做得很好。

However, going back to the datacenter, and I have one more question after that. Have you guys actually -- I realize that it's a tremendous lift to actually build a datacenter. And that would not be something that the company nor its shareholders would really want to do. But I just would like to emphasize that there might be some opportunities for you.

然而，回到資料中心，我還有一個問題。你們真的嗎——我意識到，實際建立一個資料中心是一個巨大的提升。這並不是公司及其股東真正想要做的事情。但我只是想強調，你可能有一些機會。

You have the water. You have the land. You have open land. You have sunlight as well for a solar farm. And it might really pencil out for you guys as opposed to selling another hundred or so lots. I mean, I think these things generally take up anywhere from 10 to 30 acres, depending on their size. I don't know if you have any thoughts on that, but I just wanted to add that.

你有水。你有土地。你有開闊的土地。太陽能發電場也有陽光。對你們來說，這可能真的是一筆划算的事情，而不是再賣掉一百多件。我的意思是，我認為這些東西通常佔地 10 到 30 英畝，具體取決於它們的大小。我不知道你對此有什麼想法，但我只是想補充一點。

Yes. And so, a couple of the key areas for that -- and you brought up a really good point, the renewable component. We do have 300 days of sunshine a year. And when you take a look at datacenter opportunities and space requirements and water requirements, it's a good fit for a large land area. And we just happen to have a large land area in our service area.

是的。因此，有幾個關鍵領域——您提出了一個非常好的觀點，即可再生能源部分。我們一年確實有300天陽光明媚。當您考慮資料中心的機會、空間要求和用水要求時，您會發現它非常適合大面積的土地。而我們的服務區域剛好有很大的土地面積。

We have the Lowry Ranch, and that's an opportunity perhaps for pursuing something in partnership with the states, where they can get leases on the renewable solar farms, they do have some solar farms on the Lowry Ranch out there. We certainly have a water system capable for that. And these don't have a strong need for terrific access.

我們有洛瑞牧場，這也許是與各州合作尋求某種東西的機會，他們可以在其中獲得可再生太陽能發電場的租賃，他們在洛瑞牧場上確實有一些太陽能發電場。我們當然有一個能夠做到這一點的供水系統。而且這些並不強烈需要出色的存取權限。

So putting them at a high real estate value next to the interstates isn't exactly the best use of land for both the development as well as the datacenter, but having land, water, and power are the key attributes. And so, those are some of the types of things that I think we would like to move along in the process.

因此，將它們放在州際公路旁的高房地產價值並不是開發和資料中心土地的最佳利用方式，但擁有土地、水和電力是關鍵屬性。因此，我認為我們希望在過程中推進一些類型的事情。

You are right. We are probably not going to be a partner with the development at the datacenter. That's not our business model. But I certainly love to help facilitate something like that. And there is many ways that those can generate exciting opportunities both with the landowners as well as the service providers on that.

你是對的。我們可能不會成為資料中心開發的合作夥伴。那不是我們的商業模式。但我當然喜歡幫忙促進類似的事情。這些可以透過多種方式為土地所有者和服務提供者創造令人興奮的機會。

Okay, thank you. That is a thoughtful answer. My next question involves, you mentioned you are about two years out from redeveloping or enhancing your interchange with I70. And you have, I believe, a couple hundred residents right now at Sky Ranch. Do you think that any of the large, the big box stores like super market or large retailers, the commercial entities are waiting for that to go ahead and start the plug down and store on your property and serve the community?

好的，謝謝。這是一個深思熟慮的答案。我的下一個問題是，您提到大約需要兩年時間重新開發或增強與 I70 的交匯處。我相信天空牧場現在有幾百名居民。您是否認為任何大型商店（例如超市或大型零售商）、商業實體都在等待這一點，開始在您的財產上關閉並儲存並為社區服務？

It certainly will continue to enhance the commercial value. We have about 700 residents out there. So, we are rapidly approaching. And I would love to say I knew what the magic number was for these retailers. They do share a bit of that. And I think that number continues to be around that 1,500 residents more. And so -- (multiple speakers) --

其商業價值必將不斷提升。我們那裡大約有 700 位居民。所以，我們正在迅速接近。我想說我知道這些零售商的神奇數字是什麼。他們確實分享了一些。我認為這個數字仍然在 1,500 名左右。所以--（多位發言者）--

I see. Thank you. That's helpful.

我懂了。謝謝。這很有幫助。

Yes. Having 700 living there, and having 700 lots under production give us a tremendous amount of confidence that by that short-term range, that three to five-year range that we are going to be seeing that commercial land coming to production.

是的。那裡有 700 人居住，並且有 700 塊地塊正在開發中，這讓我們充滿信心，在短期內，三到五年內，我們將看到商業用地投入生產。

Okay, great. Thank you. Well, thank you very much. I would just also like to add just for the record, in agreement with one of the prior followers, if you could get that share count down and talk about value, if we could see the share count going down, that actually would be a great signal for public buyers. So, I just wanted to add that.

好的，太好了。謝謝。嗯，非常感謝。我還想補充一點，只是為了記錄在案，與之前的一位追隨者一致，如果你能減少股票計數並談論價值，如果我們能看到股票計數下降，那實際上會很棒向公眾買家發出的信號。所以，我只是想補充一點。

Yes, I get it.

是的，我明白了。

Thank you very much, great quarter and very excited about your progress.

非常感謝，很棒的季度，對您的進步感到非常興奮。

One of things -- and let me weigh in here, we have a great opportunity here having one of our Board members, Dan Kozlowski with us, and maybe it would be helpful for -- he can maybe add a different perspective on kind of the performance of the company, some of the assets, and Dan, I don't know if you want to weigh in and just give your insights on some of this, and certainly give you an opportunity to address our shareholders.

其中一件事- 讓我在這裡權衡一下，我們有一個很好的機會讓我們的董事會成員之一Dan Kozlowski 和我們在一起，也許這會有所幫助- 他也許可以就某種問題添加不同的觀點公司的業績，一些資產，丹，我不知道你是否想參與進來並就其中一些問題發表你的見解，當然也給你一個向我們的股東發表講話的機會。

Yes. Hello. My name is Dan Kozlowski. I served on the Board for four years now. I represent the largest shareholder, which is Plaisance Capital LP. So, they have invested with me in Pure Cycle through my firm. And it would be helpful I think, maybe to give my perspective. I had a front row seat to progress over the last four years.

是的。你好。我的名字是丹‧科茲洛斯基。我在董事會任職已有四年了。我代表的是最大的股東，即Plaisance Capital LP。因此，他們透過我的公司與我一起投資了 Pure Cycle。我認為這可能會很有幫助，也許可以表達我的觀點。在過去的四年裡，我在前排取得了進步。

So there's a lot of things we can talk about, but usual perspective, I've known Mark for over 10 years now, a decade, I sat down with him in probably the 2013-14 timeframe, and he showed me the water portfolio, and he showed me really the brilliant purchase of land that he made in 2010-11 time period, and returns of that. It's extraordinary. I still don't think it's well-appreciated, the competitive advantage we have with the low basis, but it was immediately obviously to me the share price is probably in the $3 range at the time, and progress great.

所以我們有很多事情可以討論，但從通常的角度來看，我認識馬克已經十多年了，十年了，我大概在2013-14 年的時間範圍內與他坐下來，他向我展示了水投資組合，他確實向我展示了他在 2010-11 年期間購買土地的出色表現以及回報。這是非凡的。我仍然不認為我們在低基礎上所擁有的競爭優勢得到了充分的重視，但對我來說，當時的股價可能在 3 美元的範圍內，而且進步很大。

But over the last four years, five years, I sat in amazement in board meetings and conference calls that the share price has not tracked the underlying progress of the company, and we are a wholly different business than we were five years ago, but much stronger.

但在過去的四年、五年裡，我在董事會會議和電話會議上驚訝地發現，股價並沒有跟上公司的基本進展，我們的業務與五年前完全不同，但也有很大不同。強。

I mean, we have gone from growing up from moving forward, putting in a child analogy from a toddler, to a teenager, to now an adult and we're much more muscular than it was. And for whatever reason and there are reasons, market structure, passive, et cetera. It might have gotten in the way little bit of this, but overall, it's shocking to me that the progress is now more appreciated.

我的意思是，我們已經從成長中向前邁進，用一個孩子的比喻來說，從一個蹣跚學步的孩子，到一個青少年，到現在一個成年人，我們比以前更加肌肉發達。而無論是什麼原因，都有原因、市場結構、被動等等。它可能對這方面造成了一點阻礙，但總的來說，令我震驚的是，現在的進展得到了更多的讚賞。

However, I think today's numbers that we have put up, the 2024 year, is a point of inflexion from a Wall Street perspective, because we were high-end potential, and we have executed on a lot of that potential, proven out the business model, prove out the water utility mechanism for monetizing our massive water portfolio.

然而，我認為今天我們提出的數字，即 2024 年，從華爾街的角度來看是一個拐點，因為我們具有高端潛力，而且我們已經發揮了很多潛力，證明了業務的可行性模型，證明將我們龐大的水投資組合貨幣化的水利用機制。

And as Mark pointed out, we are in the top of the second ending here. And yet, we put pretty good numbers. Our RLE is closer to 10%, which in isolation it's not apples today, but you got to remember that's on a very limited fraction of our asset base, that is, what I would call, active earning assets. So, there is a lot more to come.

正如馬克所指出的，我們正處於第二個結局的頂部。然而，我們給出了相當不錯的數字。我們的 RLE 接近 10%，單獨來看，這不是今天的蘋果，但你必須記住，這是我們資產基礎（即我所說的主動盈利資產）中非常有限的一部分。所以，還有很多事情要做。

So, with that said, another factor that's surprising is, I would argue that Pure Cycle's asset base is one of the counterpoint, I mean, we are a small company, but one of the great inflation-protected assets out there, and with the bout of inflation that the country in the world has endured over the last four, five years, it doesn't make any sense, given if you look at carefully at what we have, water most likely has appreciated, generally speaking, above the high rate of inflation.

因此，話雖如此，另一個令人驚訝的因素是，我認為Pure Cycle 的資產基礎是一個對立面，我的意思是，我們是一家小公司，但卻是偉大的通膨保護資產之一，而且隨著世界上的國家在過去四、五年經歷了一輪通貨膨脹，這沒有任何意義，因為如果你仔細看看我們所擁有的，水很可能已經升值，一般來說，高於最高水平通貨膨脹率。

The land values, Mark laid that out very nicely, 75K to 125K, land in Colorado and the I70 corridor is just getting started. So, that's another surprising factor that the market has appreciated that even in a conservative view, this is heck of an asset to own from an environmental basis in an inflationary environment, which we maybe having for a while. We are in the better end of that. I think we are inflation-plus.

土地價值，馬克說得非常好，75K 到 125K，土地位於科羅拉多州，I70 走廊才剛開始。因此，這是市場認識到的另一個令人驚訝的因素，即使從保守的角度來看，在通膨環境下，這也是從環境基礎上擁有的資產，而我們可能會經歷一段時間。我們處於更好的結局。我認為我們是通膨加成的。

So, those are few things that go through my mind. I'll just touch on the buyback concept. Every once in a couple of years ago, not buying back shares, to buying some back, to this year we bought more back, we really appreciate, we love to see that share count over time begin to decline year over year.

所以，這些是我腦中想到的幾件事。我只想談回購的概念。幾年前，我們不再回購股票，而是回購一些股票，到了今年我們又回購了更多股票，我們真的很感激，我們喜歡看到股票數量隨著時間的推移開始逐年下降。

But we moved the needle a lot from an internal perspective of how to think about it. But we need to be fair there in terms of, our number one goal, and I say, are, because I'm on the Board, was to put up the kind of numbers that we put up right here. That was the focus.

但我們從內部角度思考如何思考這個問題，並且取得了很大進展。但我們需要公平地說，我們的首要目標是，因為我是董事會成員，所以我們的首要目標是提出我們在這裡提出的那種數字。這就是焦點。

The focus was to create value, generate value in the core business, and for a couple of years was COVID and then the rise in the interest rate environment, and some of these external income, external almost chaos in the market, right, we stayed focused on the business, and was kind of an internal marker, we said, well, let's still keep the earnings power of our asset base in all progress we've made.

重點是創造價值，在核心業務中產生價值，有幾年是COVID，然後是利率上升的環境，還有一些外部收入，外部市場幾乎混亂，對吧，我們留下來了專注於業務，並且是一種內部標記，我們說，好吧，讓我們在取得的所有進展中仍然保持資產基礎的盈利能力。

And what we did pick up to buy back and it continues to grow each year. We are now at a point where a lot of things are back to the point that we are much more muscular than we were three or four years ago. We've got recurring revenue starting to scale.

我們買回來的東西每年都在持續成長。我們現在正處於這樣一個階段，很多事情都回到了我們比三、四年前更強大的階段。我們的經常性收入開始擴大。

Some of the things we highly, single-family rentals, for example, I mean, we have 14 homes, so that's not in and of itself it seem small, but I think what a lot of investors like to see is something proven out that has a long runway that you can pour down. And the move from 14 to 140, you can pencil out, and it probably won't stop there. There will be other opportunities.

我們高度重視的一些事情，例如單戶住宅，我的意思是，我們有 14 套房屋，所以這本身並不顯得很小，但我認為很多投資者喜歡看到的是事實證明的東西有一條很長的跑道，可以傾瀉而下。從 14 到 140 的變化，你可以用鉛筆寫下來，而且它可能不會就此停止。還會有其他機會。

So, all of this conspires to what we think, position Pure Cycle for more recurring revenue, more opportunities, and it's nothing lost in our partners, homebuilders who have done extraordinarily well, and Phase 1 project had to one of their most profitable projects in their portfolio during that time period.

因此，所有這些都符合我們的想法，將Pure Cycle 定位為更多的經常性收入、更多的機會，這對我們的合作夥伴、做得非常好的住宅建築商來說沒有任何損失，而且一期項目必須成為他們在那段時間的投資組合。

Everyone is doing business with us as we integrate for them. And that's something we are proud of, and yes, it's helping us in negotiations going forward, there is people in the area who have watched us carefully, again, grow up from -- and they're starting to see that we're here, we are open to business, we have the scarce resource that is needed for growth in Colorado in the I70 corridor, the water. And now we have development expertise that's been proven and is generating returns, and I think we will increase returns going forward.

當我們為他們整合時，每個人都在與我們做生意。這是我們感到自豪的事情，是的，它正在幫助我們繼續談判，該地區的人們再次仔細地觀察我們的成長——他們開始看到我們在這裡，我們對商業開放，我們擁有科羅拉多州I70 走廊發展所需的稀缺資源，即水。現在我們擁有經過驗證並正在產生回報的開發專業知識，我認為我們未來將增加回報。

So that's all about my perspective. But you can ask me questions too just how we think about the world. One of the things that people appreciate about Mark is, he maybe one of the foremost experts on water in the West, and certainly in Colorado. He has been at this for 30 years. He knows every pipeline, every ditch, every inch of this geographic area. And he is out of the water value to the water portfolio.

這就是我的觀點。但你也可以問我關於我們如何看待世界的問題。人們欣賞馬克的原因之一是，他可能是西方最重要的水專家之一，當然也是科羅拉多州最重要的水專家之一。他在這方面已經做了30年了。他了解這個地理區域的每條管道、每一條溝渠、每一寸。而他則是出於水的價值去水的組合。

And if you look at our balance sheet, balance sheet by nature are convoluted in terms of -- when you buy something, you keep it on the books with that, price, and then if you ever monetize it, of course you get market value for it. But when I look at the balance sheet, I see the water assets on there, a certain number, which is certainly low versus probably fair market, and even lands, we talked about.

如果你看看我們的資產負債表，資產負債表本質上是複雜的——當你買東西時，你把它和價格一起記在賬上，然後如果你把它貨幣化，你當然會得到市場價值為了它。但當我查看資產負債表時，我看到那裡有水資產，一定數量，與可能的公平市場相比，這肯定是低的，甚至是我們談到的土地。

So our balance sheet is much more muscular than it appears at first glance. And that's a little bit of the point we are trying to get through, and at the end of the day, Mark and I talked, and what we talked with the Board is like, what, let's put up the numbers, let's put up record earnings in a quarter, in a year, and keep it going, and that's why this is such a point of inflexion for our long-term shareholders like myself and others on the call.

因此，我們的資產負債表比乍看之下強大得多。這就是我們想要解決的一點點，在一天結束時，馬克和我進行了交談，我們與董事會的交談內容是，讓我們列出數字，讓我們列出記錄在一個季度、一年內實現盈利，並保持下去，這就是為什麼這對我們的長期股東（例如我和其他參加電話會議的人）來說是一個轉捩點。

So, yes, maybe Mark, as you think about, Sky Ranch is going well, how do you think about on development projects, if you compare your expectations in the first project, first phase, the returns, the cash flows versus what it would look like as you get in quarter two, you get to the midway point, you get to the back-half, how do those return metrics kind of play out in your view?

所以，是的，也許馬克，正如你所想，天空牧場進展順利，如果你將你對第一個項目、第一階段、回報、現金流的期望與它的預期進行比較，你如何看待開發項目看起來，當你進入第二節時，你到達了中間點，你到達了後半部分，在你看來，這些回報指標是如何發揮作用的？

Good question. As we entered the market for land development, we had not been in that space introducing ourselves, I would say, I'm fairly familiar with the water utility space, but as we enter the land development space, we wanted to partner with all the national homebuilders, right, we are really looking for a high caliber portfolio of homebuilders, and in doing that, the land was well-positioned in the quarter, being along the interstate was, we know that the land itself had tremendous opportunity. But we were the next project in the growth in the metropolitan area, it was inevitable we can only grow one direction in the Denver area, we can only grow to the East, this has great transportation access, but could we execute, there was unknown from the Richmans, and the Taylor Morrison, and KB, and Pulte, and the big homebuilders, whether or not this isn't an easy business. It is, as you hear me talk about on protecting the liquidity, there is a higher velocity of money, and you've got to invest that money, you've got to get those roads in, you've got to get the utilities in, all that sort of stuff.

好問題。當我們進入土地開發市場時，我們並沒有在那個領域進行自我介紹，我想說，我對水務領域相當熟悉，但當我們進入土地開發領域時，我們希望與所有合作夥伴合作國家住宅建築商，對吧，我們確實在尋找高素質的住宅建築商組合，在這樣做的過程中，這片土地在該季度處於有利位置，沿著州際公路，我們知道這片土地本身有巨大的機會。但我們下一個計畫是在大都會區發展，不可避免的是我們只能在丹佛地區發展一個方向，我們只能向東發展，這裡交通便利，但是我們能不能執行，還是個未知數來自Richmans、Taylor Morrison、KB、Pulte 以及大型住宅建築商，無論這是否不是一件容易的事。正如你聽到我談論保護流動性一樣，資金周轉率更高，你必須投資這些錢，你必須建造這些道路，你必須獲得公用事業諸如此類的事情。

And so, we wanted to make sure that they get well in that first space. In the lot pricing, entry level pricing for them to make sure that they got a high-value in there. And I think they all did well. You might be right. This might be one of their more valuable projects in that first phase. And not only are they doing well in the first phase, they're doing well in the second phase. Us being able to deliver a finished lot, not forcing the homebuilders to have to put that investment in there is a tremendous value for the company. We are dying greed in that just because of the velocity of the money and how that capital flows.

因此，我們希望確保他們在第一個空間中表現良好。在批量定價中，為他們提供入門級定價，以確保他們獲得高價值。我認為他們都做得很好。你可能是對的。這可能是他們在第一階段中更有價值的項目之一。他們不僅在第一階段表現出色，在第二階段也表現出色。我們能夠交付成品，而不是迫使房屋建築商必須在那裡進行投資，這對公司來說具有巨大的價值。僅僅因為貨幣的流通速度和資本的流動方式，我們就貪婪地死去。

And so, I hear the opportunity for us to continue to reinvest and the share purchase, and what we are really looking for is making sure that the market understands that opportunity on the annual revenue and converting those lots, converting those taps, converting those single-family homes into productive assets for shareholder returns. So, there is multiple shots on goal here, where we are really looking to partner with all of the high performers in this industry to deliver those results. So, that's how we look at it.

因此，我聽說我們有機會繼續再投資和購買股票，我們真正尋求的是確保市場了解年收入的機會，並轉換這些批次，轉換這些水龍頭，轉換這些單一的-將家庭住宅轉化為生產性資產，為股東帶來回報。因此，這裡有多次射門，我們真正希望與該行業的所有高績效企業合作以實現這些成果。所以，這就是我們的看法。

Yes. And I think on that too is, from my perspective, when you start there is other successful projects in our area, but we were some of the pioneers and had to be careful as you're moving East and proving out the -- by the speed limit we are only 60 miles from downtown and so at 60 miles an hour, you are there in 16 minutes.

是的。我認為，從我的角度來看，當你開始時，我們地區還有其他成功的項目，但我們是一些先驅者，當你向東方移動並證明——通過限速我們距離市中心僅60 英里，因此以每小時60 英里的速度，您將在16 分鐘內到達。

We are key in developing the I70 corridor, and you see it just to left of us here, the big industrial players of today, Amazon warehouses et cetera, the logistical at the center or Denver has shipped from I25 to I70 to really E4 70 and I70. And we are right there. And as job growth, we talked about Anschutz Medical Facility, one of the lead medical facilities in the world is really close to us.

我們是開發 I70 走廊的關鍵，你可以看到它就在我們這裡的左邊，今天的大型工業參與者，亞馬遜倉庫等等，中心或丹佛的物流已經從 I25 運到 I70 到真正的 E4 70， I70 。我們就在那裡。隨著就業成長，我們談到了安舒茨醫療機構，世界領先的醫療機構之一離我們非常近。

DIA, which Denver International Airport, which is the largest fastest-growing airport maybe in the world, certainly the top three, it's huge, it's the fourth largest in the United States, Home for United, Home for Southwest, that's four miles away from us.

DIA，丹佛國際機場，可能是世界上最大、發展最快的機場，當然是前三名，它很大，是美國第四大機場，是美聯航的主場，是西南航空的主場，距離這裡有四英里我們。

So, the logistical epicenter, i.e. job growth is right next to us. And again, we are still pretty close to downtown. So, from a timely perspective, Denver congestion from the south and the north is quite large now, and from our area it's closer than it looks.

因此，物流中心，即就業成長就在我們旁邊。再說一次，我們仍然非常靠近市中心。所以，從及時的角度來看，丹佛南部和北部的擁擠現在相當大，而且從我們的地區來看，它比看起來更近。

So yes, so I think there is -- as you get to the back-half, my question was around, did you see -- we develop, that we get Phase 1 done, we have to entice builders to come in, they have huge margins on it, and they're happy partners. As we move to Phase 2, Phase 3, now it's a collective effort, and we have proven out to community, there's been a lot of small things that don't come up in our press release or conference call, the building of a school, very efficient, building of the school on site.

所以是的，所以我認為 - 當你到達後半部分時，我的問題是，你看到了嗎 - 我們開發，我們完成了第一階段，我們必須吸引建築商進來，他們有利潤豐厚，而且他們是快樂的合作夥伴。當我們進入第二階段、第三階段時，現在這是集體努力，我們已經向社區證明，有很多小事情沒有出現在我們的新聞稿或電話會議中，例如建造一所學校，非常高效，學校現場建設。

So the newer school in the area is the Sky Ranch Academy. That was something Mark really did an expert job of bringing that together, and narrowly costing us much capital, and it's probably the single greatest value-add to the communities is having a school, just to walk with their backpacks to their facility.

所以該地區較新的學校是天空牧場學院。馬克確實做了一件專業的工作，將這些整合在一起，並勉強花費了我們很多資金，而且對社區來說最大的增值可能就是擁有一所學校，只需背著背包步行到他們的設施即可。

So, this is the reason why the lots are so much more valuable in Phase 2 and Phase 3, than they were in Phase 1. And the cash flows, once you get up and then you begin to monetize it. And I think this is again, inflexion, you are starting to see the monetization as the project matures pound-for-pound is quite attractive. Critical mass is kind of where I like. I think we are hitting that critical mass at Sky Ranch in a lot of different ways, integrating a lot of portfolio.

因此，這就是為什麼第二階段和第三階段的拍品比第一階段的拍品價值高得多的原因。還有現金流，一旦你起床，你就開始將其貨幣化。我認為這又是一個拐點，隨著專案的成熟，你開始看到貨幣化是相當有吸引力的。臨界質量是我喜歡的地方。我認為我們正在透過多種不同的方式，整合大量的產品組合，達到 Sky Ranch 的臨界點。

And expertise, Mark, can you talk a little about -- I think it's underappreciated, what you bring to the table and then how you have added value to the water portfolio, and certainly since inception, but more recently, last five years. You do a look-back, years ago; I think the overall water rights portfolio was smaller. It's bigger now, it's grown materially.

馬克，你能談談專業知識嗎？ 我認為你所帶來的東西以及你如何為水產品組合增加價值，當然是從一開始，但最近五年來，這一點被低估了。你回顧一下，幾年前；我認為整體水權組合規模較小。現在它更大了，物質上也增長了。

Maybe you can update us on those. You've made some very strategic, again, small -- it's small from the sense of people on the outside looking at it but very -- it's small but very powerful acquisitions up in Weld County that have increased the overall value of the water portfolio on the blended portfolio. Can you talk a little bit about how that, your perspective, what you're proud of, and how the future might look in the water acquisition front?

也許您可以向我們通報最新情況。你再次進行了一些非常具有戰略意義的小規模收購——從外部人士的角度來看，它很小，但非常——在韋爾德縣進行了規模雖小但非常強大的收購，增加了水務投資組合的整體價值關於混合投資組合。您能談談您的觀點、您引以自豪的事情以及水資源獲取領域的未來前景嗎？

So big question, and this -- you're right, we continue to build that water portfolio and really leverage our ability to develop water supplies in all areas. And water isn't just single-dimensional, not all water is treated the same. You have renewable water components, which are surface water supplies. And Colorado is blessed to have Mother Nature store our water for us for six months of the year.

這是一個很大的問題，你是對的，我們繼續建立水務投資組合，並真正利用我們在所有領域開發供水的能力。水不只是單維的，並不是所有的水都經過同樣的處理。您擁有可再生水成分，即地表水供應。科羅拉多州很幸運，大自然母親為我們儲存了一年中六個月的水。

But she has a sense of humor, and she gives it to us in 45 days. And so, the elements of the water assets that we have that are hard to get your arms around and appreciate without being so in-depth into water are storage; our ability to store water at Lowry.

但她很有幽默感，而且她在 45 天內就給了我們這種幽默感。因此，我們所擁有的水資產的要素是儲存，如果不深入水，就很難獲得和欣賞。我們在洛瑞儲存水的能力。

And we have literally maybe 30,000-acre feet of water storage right side of Lowry in two reservoirs, which are probably the most valuable reservoir sites in the Metropolitan Area. And that's because it's, one, it's -- we're on the Eastern Plains. And by being on the Eastern Plains, it's flat.

事實上，我們在洛瑞右側的兩個水庫中擁有大約 30,000 英畝英尺的蓄水空間，這可能是大都會區最有價值的水庫地點。那是因為，一，我們在東部平原。由於位於東部平原，地形平坦。

You don't have a lot of relief out there. And we do we have some fortunate sites that have relief on the Lowry Ranch, that we have really engineered and put a lot of effort into over the last few years to make sure that that asset develops, and continues to build in our portfolio.

你在那裡沒有太多的安慰。我們確實在洛瑞牧場上有一些幸運的地點，我們在過去幾年中確實進行了設計並投入了大量精力，以確保該資產得到發展，並繼續在我們的投資組合中建立。

You mentioned a couple of the water rights that we're acquiring up in County. And again, it's another renewable surface water component that is available when there's a lot of water in a wet year, but there's some climate issues associated with that. And we need to be prepared for the variability of water as a water community. And so, Colorado is probably tip of the sword on being able to understand the importance of that and plan for being able to use all your supplies, renewable water supplies, ground water supplies.

您提到了我們正在縣內獲得的一些水權。再說一次，它是另一種可再生的地表水成分，在潮濕的年份有大量水時可以使用，但也存在一些與此相關的氣候問題。作為一個水社區，我們需要為水的變化做好準備。因此，科羅拉多州可能是能夠理解這一點的重要性併計劃能夠使用所有供水、可再生供水、地下水供應的劍尖。

And then most importantly, and this is something that we're very proud of is how we manage our waste water and our reuse supplies, where we're bringing and where we built one of the leading water reclamation facilities in the country, it's probably one of five facilities in the country that has a zero-discharge water reclamation, so 100%. 100% of what goes into that plant comes back out as usable water supply. And we use that. We've used that, store that in a reservoir, treat that, bring it back into an irrigation system, where we have our demands met for irrigation. And we get to sell that water multiple times.

最重要的是，我們非常自豪的是我們如何管理廢水和再利用供應，我們將廢水帶到哪裡以及在哪裡建造了全國領先的水回收設施之一，這可能是該國五個零排放水回收設施之一，即100%。進入該工廠的水 100% 都以可用水的形式返回。我們使用它。我們已經使用了它，將其存放在水庫中，對其進行處理，然後將其帶回灌溉系統，在那裡我們滿足了灌溉需求。我們可以多次出售這些水。

And so, when you look at it, it's hard to get that sense of value that we're creating in it. But by the same token, we're doing cutting-edge stuff on the water utilities side, between domination of our ground water supplies, our surface water supplies or storage supplies, and our reuse supplies; we're building that water utility in probably one of the most advanced ways that water utilities take a look at.

因此，當你看到它時，很難體會到我們在其中創造的價值感。但出於同樣的原因，我們正在水務公司方面做尖端的事情，在我們的地下水供應、地表水供應或儲存供應以及我們的再利用供應之間進行控制；我們正在以自來水公司所採用的最先進的方式之一來建造自來水公司。

And we're doing it on the front-end; we're not having to retrofit some of this stuff where it's harder and harder for water utilities to capitalize on some of these things. And so, only being at 2% of that asset is frustrating. We will continue to see some acceleration of that, but those are going to continue to pay dividends in perpetuity.

我們是在前端做的；我們不必對其中一些東西進行改造，因為水務公司越來越難以利用其中的一些東西。因此，僅佔該資產的 2% 是令人沮喪的。我們將繼續看到這種趨勢的加速，但這些將繼續永久地帶來紅利。

The thing that's most exciting that I often refer to about the water business is, in 100 years we're going to be doing the same thing that we're doing with this asset, right? It's an absolute essential asset for our daily lives, and in the business community, and in the primary businesses that we focus on, whether that's land development, whether that's single-family rental, it's a component that won't be [obsoletted] it won't be as style, it won't -- that the technology will innovate it.

關於水務業務，我經常提到的最令人興奮的事情是，100 年後我們將做與我們利用這項資產所做的相同的事情，對嗎？它是我們日常生活、商界、我們關注的主要業務中絕對重要的資產，無論是土地開發，還是單戶租賃，它都是一個不會被[淘汰]的組成部分不會像風格那樣，不會——技術會對其進行創新。

So we continue to look at that dividend opportunity and continue to look at the opportunity to develop this asset for century. So, that's an exciting component of it, and we'll continue to make those investments concurrent with growing that system.

因此，我們將繼續尋找股息機會，並繼續尋找世紀以來開發這項資產的機會。因此，這是其中一個令人興奮的組成部分，我們將繼續在發展該系統的同時進行這些投資。

Yes. I mean to add to that, I think the water in the West, general storage, in some ways, it's -- the whole world had cheap water. Two-third of the earth or more is water. So, there's water, but the cheap water that was available for the last century, that's kind of gone. There's no more cheap water. And by cheap water, which mean like market price of water today versus where it could go and it needs to go higher.

是的。我的意思是補充一點，我認為西方的水，一般儲存，在某些方面，整個世界都有廉價的水。地球的三分之二或更多是水。所以，有水，但上個世紀可用的廉價水已經消失了。沒有更便宜的水了。廉價水，這意味著今天的市場水價與可能的水價相比，需要更高。

So you've got a fixed supply in the West, and you've got growing demand. People are moving to the whole mountain region. Denver is the capital of the mountain region, and it's a growing city that's going to be a monster of a municipality in the decades to come, EIA and shoots. I mean it has all of the key attributes.

因此，西方的供應量是固定的，而需求量卻不斷成長。人們正在向整個山區遷移。丹佛是山區的首府，從環境影響評估和拍攝來看，這是一個不斷發展的城市，在未來幾十年將成為一個城市的怪物。我的意思是它具有所有關鍵屬性。

But the gating factor to growth, residential for affordable housing, entry-level new build, it's water, and we have it. And so, it's coming. And it's -- and you can see it's coming. You see the numbers we put up this. It's not just out there somewhere. We just showed you, it's here. The demand for our lots is high and the single-family rental business can grow forever alongside that. So, we have opportunities.

但成長的控制因素、經濟適用房、入門級新建建築，都是水，而我們擁有水。所以，它來了。你可以看到它即將到來。你看我們列出的數字。它不只是在某個地方。我們剛剛向您展示了，它就在這裡。對我們土地的需求很高，單戶住宅租賃業務可以永遠成長。所以，我們有機會。

Two other things just to touch on there, the conservation efforts that Pure Cycle has employed for the public good, for the good of this whole water shortage that the state is grappling with, the region is grappling with. We -- Mark has done some really interesting things to use that water as efficiently as possible, the recycling that he just talked about.

另外還有兩件事要談一談，Pure Cycle 為公共利益、為解決該州和該地區正在努力解決的整個水資源短缺問題所做的保護工作。我們——馬克做了一些非常有趣的事情來盡可能有效地利用水，也就是他剛才談到的回收。

I mean we're on the cutting edge of that. And I think that's really appreciated by our neighbors, by our partners. So, we're a high-quality water provider and then we've got the deep reservoir of inventory of water rights and wet water building. So, those are some things I think about.

我的意思是我們正處於這方面的最前沿。我認為我們的鄰居和我們的合作夥伴對此非常讚賞。所以，我們是一個優質的供水商，然後我們有水權庫存和濕水建設的深層水庫。所以，這些是我想到的一些事情。

Another question, Mark, on the land development side, interest rates have moved considerably over the last 24 months, 36 months. Historically, people have held land, land speculators, maybe east of Denver. How does that look and feel to you in terms of people's carrying cost to hold that land? And has that -- obviously, it's more costly for someone to hold land when the opportunity costs are 7%, 8%, 9%, 10%, 11% in some different types of fixed income.

另一個問題，馬克，在土地開發方面，利率在過去 24 個月、36 個月發生了很大變化。從歷史上看，人們擁有土地，土地投機者，也許是丹佛以東的土地。就人們持有那塊土地的持有成本而言，您對此有何看法和感覺？顯然，當某些不同類型的固定收益的機會成本為 7%、8%、9%、10%、11% 時，持有土地的成本會更高。

Has that shaken loose or changed the attitude of some of the folks that might want to be more interested in selling land or co-developing or moving quicker given the higher interest rates. There's obviously higher interest rates obviously have a -- or should, in theory, have somewhat of a mitigant effect on mortgage rates, et cetera. But another powerful part is that the opportunities in front of us should increase here as those carrying costs have risen considerably for our neighbors.

鑑於利率較高，這種情況是否動搖或改變了一些人的態度，他們可能希望對出售土地或共同開發或更快地搬家更感興趣。顯然，更高的利率顯然會對抵押貸款利率等產生某種程度的緩解作用，或者從理論上講，應該對抵押貸款利率等產生一定程度的緩解作用。但另一個重要的部分是，隨著鄰國的運輸成本大幅上升，我們面前的機會應該會增加。

I think that's true. It's hard to gauge motivations by each individual seller and some of the attractive portions of where we're at in the Denver metropolitan area, whether that's the I-70 corridor or specifically in Arapahoe County. There's some large land assemblages. And some of that -- some of those land assemblages have been held by homestead families.

我認為這是真的。很難衡量每個賣家的動機以及我們在丹佛大都會區的一些有吸引力的部分，無論是 I-70 走廊還是特別是阿拉帕霍縣。有一些大的土地組合。其中一些——一些土地組合由宅基地家庭持有。

And so, each year ticks along and it gets older, the family patriots get older, the interest level of what they want to do and the opportunity cost, as you mentioned, about what they can do with that change, and so, much like the strategic opportunity that we saw with the Farm acquisition this quarter.

因此，每一年過去了，它變得更老了，家庭愛國者變老了，他們想做的事情的興趣水平和機會成本，正如你提到的，關於他們可以用這種變化做些什麼，所以，很像我們在本季收購農場時看到了策略機會。

We want to be well positioned for that, and so some of that capital that we keep on our balance sheet is really so that we can be very strategic, disciplined and opportunistic. Sometimes it just has to be there and it has to be available. And we want to make sure that we get that call, that we respond to those opportunities and that we can incentivize some of those folks by being a good buyer, being a ready buyer.

我們希望為此做好準備，因此我們在資產負債表上保留的一些資本實際上是為了讓我們非常具有策略性、紀律性和機會主義。有時它只需要存在並且可用即可。我們希望確保我們接到電話，我們對這些機會做出回應，並且我們可以透過成為一個好的買家、一個準備好的買家來激勵其中一些。

Okay. Yes. So, as I think about this, just to close on my end, I cut my teeth 25 years ago in the business and Janus Capital the time we were one of the largest shareholders of Berkshire Hathaway. And so, Kim and Doc and Warren Buffett thought thinking about investing. And to me, this is just a classic old school, not sort of modern algo-driven, passive-driven deal, but a true investment where there's scarce supply, there's obviously scaling demand of the scarce asset that we own, water.

好的。是的。因此，當我想到這一點時，最後，我在 25 年前開始涉足這個行業，當時我們還是波克夏海瑟威最大的股東之一。因此，金、多克和華倫巴菲特想到了投資。對我來說，這只是一個經典的老派，不是現代演算法驅動、被動驅動的交易，而是一種真正的投資，在供應稀缺的情況下，我們擁有的稀缺資產水的需求顯然在擴大。

And time is our friend here and speaking back to the inflationary protection plus. And it's really interesting. And we're creating value now on the income statement, as you saw in '24, you saw this quarter, you'll see it in '25 and beyond, as Mark laid out. But I think what's underappreciated is the value -- kind of the value creation and appreciation of our assets on the balance sheet.

時間是我們的朋友，現在我們來談談通膨保護附加。這真的很有趣。我們現在正在損益表上創造價值，正如您在 24 年看到的那樣，您在本季度看到的，您將在 25 年及以後看到它，正如馬克所指出的那樣。但我認為我們資產負債表上資產的價值被低估了，也就是價值創造和增值。

So, while we're going to flow through income and cash flow going forward consistently, don't miss the fact that the value of our water portfolio, which Mark continues to curate and scale is probably appreciating at a much greater rate than inflation. And that will lead to future monetizations, of course. But it's pretty real, in my view, having had a box seat to this for five years and been involved for 10.

因此，雖然我們將持續不斷地通過收入和現金流，但不要忽視這樣一個事實：馬克繼續策劃和擴大的水投資組合的價值可能會以遠高於通貨膨脹的速度升值。當然，這將導致未來的貨幣化。但在我看來，這是非常真實的，我已經坐了五年，參與了十年。

So I think just to close, one of the best lines I've heard on Pure Cycle is that Pure Cycle is water looking for land, development, co-development opportunities and the water is a solution for a lot of -- whether it be municipalities or again, neighbors of ours who are looking to create value.

所以我想最後，我聽到的關於 Pure Cycle 的最好的台詞之一是 Pure Cycle 是尋找土地、開發、共同開發機會的水，而水是很多人的解決方案——無論是市政當局，或者我們的鄰居，他們正在尋求創造價值。

And so, we're water looking for land. And most of our peers are -- who have land or land in need of water. And that's a good setup. That's a good setup. So we hope to continue to be a positive force in helping Colorado grow, doing responsible things with our water and creating value and helping Colorado with their affordability constructs and challenges. We're the best new build entry-level housing development and housing development company in the area, and that should be coming our way.

所以，我們正在尋找土地。我們的大多數同行都是——他們擁有土地或需要水的土地。這是一個很好的設定。這是一個很好的設定。因此，我們希望繼續成為幫助科羅拉多州發展的積極力量，用我們的水做負責任的事情，創造價值，並幫助科羅拉多州應對其負擔能力結構和挑戰。我們是該地區最好的新建入門級住房開發和住房開發公司，這應該會成為我們的目標。

So, that's -- I'll close on that, and maybe I'll add one more thing. You're right about it. And these numbers, as we've put forth are going to happen, the share buyback becomes increasingly attractive. I think it speaks to how many attractive opportunities that we are considering going forward, our patience.

所以，我將結束這一點，也許我還會添加一件事。你是對的。正如我們所提出的，這些數字將會發生，股票回購變得越來越有吸引力。我認為這說明了我們正在考慮未來有多少有吸引力的機會，以及我們的耐心。

But don't take that past patience for anything other than we wanted to show the numbers and show the power of the business model that we -- Mark manages with his team and the Board, our Chairman, Patrick Beirne, does an extraordinary job leading the Board. And all in, we -- it's not lost on us that the value disconnects, so, stay tuned and more to come.

但是，除了我們想要展示數字和展示我們馬克及其團隊和董事會管理的商業模式的力量之外，不要把過去的耐心放在任何事情上，我們的董事長帕特里克·貝爾恩（Patrick Beirne）在領導方面做得非常出色董事會。總而言之，我們並沒有忘記價值的脫節，所以，請繼續關注，未來還會有更多。

Thanks, Dan. And again, really appreciate the strength and the caliber of our Board and their engagement with the company. They bring a tremendous value to the company, and we're the beneficiary of that. So, while we're probably running long on our call, we're going to go ahead and wrap this up.

謝謝，丹。再次，非常感謝我們董事會的實力和才幹以及他們與公司的合作。他們為公司帶來了巨大的價值，我們是其中的受益者。因此，雖然我們的電話會議可能會講得很長，但我們還是要繼續講下去。

If you didn't get a chance to weigh in on this thing or you're hearing about -- listening to this on a rebroadcast or replay and have something that piqued your interest or you want to drill down on some specifics, don't hesitate to give me a call.

如果您沒有機會對這件事發表意見，或者您在重播或重播中聽到了這一點，並且有一些內容激起了您的興趣，或者您想深入了解某些細節，請不要這樣做猶豫是否要打電話給我。

If you guys are new to the story and want to do some diligence on it, come out and see us. It shows much better than it presents.

如果你們對這個故事不熟悉並且想對其進行一些研究，請出來見我們。它顯示的比它呈現的要好得多。

And so, we'll probably have another Investor Day every summer so that you get the opportunity to understand why everybody wants to move out to Denver and why everybody wants to move out to Sky Ranch.

因此，我們可能每年夏天都會舉辦另一個投資者日，以便您有機會了解為什麼每個人都想搬到丹佛以及為什麼每個人都想搬到天空牧場。

So, anyway, I want to thank you all. Again, we are very proud of this year, of the continuing development of the assets that we have, and we are very optimistic about what's ahead of us. So, thank you all for your attention, and for your loyalty, and then, for your investor confidence. So with that, I'll turn it back out and close the call.

所以，無論如何，我要感謝大家。再次，我們對今年以及我們擁有的資產的持續發展感到非常自豪，並且我們對未來的發展非常樂觀。所以，感謝大家的關注、忠誠，以及投資人的信心。因此，我會將其轉回並結束通話。

Thank you. This does conclude today's conference. You may disconnect your lines at this time. Have a wonderful day. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。祝你有美好的一天。感謝您的參與。