Pure Cycle Corp (PCYO) 2025 Q1 法說會逐字稿

(audio in progress) -- presentation for the three months ended November 30, 2024. We're doing a little bit different format for this particular call through our Teams meeting. And what we wanted to do is allow us to go ahead and have all of you participate.

（音訊正在進行中）—截至 2024 年 11 月 30 日的三個月的演示。我們透過團隊會議為這次特定的通話採取了一些不同的格式。我們想做的是讓我們繼續前進並讓你們所有人參與。

And then as we go through the presentation, there's a slide deck for this for those of you who have dialed in and are not on the call through our Teams, through the website, you can see this presentation deck if you log into purecyclewater.com, and you go to the opening page there, there will be a link that will allow you to join us and see both the slide deck for this and then we will have a camera that we'll turn on after the presentation, and then we'll handle that through a visual format through a Q&A session.

然後，當我們瀏覽簡報時，有一個幻燈片可供那些已透過我們的團隊撥入但未透過網站通話的人使用，如果您登入 purecyclewater.com，則可以看到此簡報。您轉到那裡的開啟頁面，將有一個連結允許您加入我們並查看這兩個幻燈片，然後我們將有一個相機，我們將在演示後打開它，然後我們我們將通過問答環節以可視化的形式來處理這個問題。

So it will allow us to have a little bit more interactive presentation with you for this earnings call. With me today is our controller, [Saria Panegan], who make sure that all these numbers get presented accurately and fairly. And also with me is Marc Spezialy, who's our CFO. And then joining us will be also Dan Kozlowski, who is a Director and one of our shareholders.

因此，這將使我們能夠在本次財報電話會議上與您進行更多互動的演示。今天和我在一起的是我們的控制員，[Saria Panegan]，她確保所有這些數字都得到準確和公平的呈現。和我在一起的還有我們的財務長 Marc Spezialy。然後加入我們的還有丹‧科茲洛斯基 (Dan Kozlowski)，他是我們的董事兼股東之一。

And as we did with our annual (technical difficulty) presentation for our year-end presentation, we had kind of more of an interactive format for that, and we'd like to carry that forward. Got a lot of good feedback from shareholders about that format. So we'd like to carry that forward and be a little bit more interactive in the presentation with that.

正如我們在年終演示中所做的年度（技術難度）演示一樣，我們有更多的互動形式，我們希望將其繼續下去。從股東那裡得到了很多關於這種形式的良好回饋。因此，我們希望將這一點發揚光大，並在演示中更具互動性。

So with that, I'll go ahead and start the presentation. We do have our forward-looking statement that incorporates statements by reference that are forward-looking statements within the meaning of the Securities and Exchange Act. You're all familiar with forward-looking statements on that. So I'll move forward and get the lawyers out of the room.

那麼，我將繼續開始演示。我們確實有前瞻性聲明，其中包含引用聲明，這些聲明屬於《證券交易法》含義內的前瞻性聲明。你們都熟悉這方面的前瞻性陳述。所以我會繼續前進並讓律師離開房間。

I want to continue to acknowledge our leadership team. It's my pleasure to get to work with an outstanding team of professionals that really are executing our business with great success. It's really a privilege to work with these professionals who have industry experience that are decades long, and they bring that experience to the work environment every day. So the true success of the company is really by the employees and the people that make it happen each day.

我想繼續感謝我們的領導團隊。我很高興能與一支傑出的專業團隊合作，他們確實在執行我們的業務方面取得了巨大的成功。與這些擁有數十年行業經驗的專業人士一起工作真是一種榮幸，他們每天都將這些經驗帶到工作環境中。因此，公司的真正成功實際上取決於員工和每天努力實現這一目標的人。

I also want to acknowledge our Board of Directors. We continue to punch above our weight on an outstanding Board who provide just terrific leadership for the company. And each of them have industry experience where they've spent their careers doing -- the key elements of what it is that we're doing, whether it's in land development, whether it's in water rights, whether it's in corporate governance, and just SEC experience. So pleasure to work with a great team of professionals.

我還要感謝我們的董事會。我們繼續超越我們的職責，打造一個傑出的董事會，他們為公司提供了出色的領導。他們每個人都有他們職業生涯所做的行業經驗——我們正在做的事情的關鍵要素，無論是土地開發、水權、公司治理，還是美國證券交易委員會的經驗。很高興與優秀的專業團隊合作。

So I want to dive right into the financials on this. We'll talk about the quarterly performance. And again, we're continuing the momentum that we had with the fiscal year-end 2024 and doing just a terrific execution of our business model.

所以我想直接深入了解這方面的財務狀況。我們將討論季度業績。再次強調，我們將繼續保持 2024 財年末的勢頭，並出色地執行我們的業務模式。

So we had record revenues again for our first quarter. So revenues about $5.7 million. Gross profit, looking at an outstanding gross margin on these assets. We've got sort of these legacy assets that we purchased and really have seen a tremendous increase in value on that. And they're really driving revenue from a number of operating business segments.

因此，我們第一季的營收再次創下紀錄。因此收入約為 570 萬美元。毛利，查看這些資產的毛利率。我們購買了一些遺留資產，並且確實看到了其價值的巨大增長。他們確實推動了許多營運業務部門的收入。

So we're really having a great execution on all this stuff and seeing these great gross margins. So about $3.67 million, 64% gross margin. We had an outstanding quarter in terms of royalty income. And so what that is, I'll give a particular call out here on these numbers because we earned about $2.6 million in oil and gas royalties. So we do have mineral interest that was associated with some of the land interests that we acquired.

因此，我們確實在所有這些方面都有出色的執行力，並看到了巨大的毛利率。約 367 萬美元，毛利率為 64%。就特許權使用費收入而言，我們的季度表現出色。那麼這是什麼，我將在這裡特別強調這些數字，因為我們賺取了約 260 萬美元的石油和天然氣特許權使用費。因此，我們確實擁有與我們收購的一些土地權益相關的礦產權益。

So our mineral interest for the oil play that we have at Sky Ranch. And so we had an additional six wells drilled in that formation that were pooled with some other mineral interest in that. So those are starting to produce revenue royalties there. And net-net really is aiding in our gross margins and then also our quarterly income on that. And then great net income for the quarter, almost $4 million or $0.16 per share.

因此，我們對 Sky Ranch 的石油開採有興趣。因此，我們在該地層中又鑽了六口井，這些井與其他一些礦產資源集中在一起。因此，這些開始在那裡產生特許權使用費。淨淨確實有助於提高我們的毛利率，進而提高我們的季度收入。該季度淨利潤也很高，接近 400 萬美元，即每股 0.16 美元。

Continuing on with the revenue picture really comparing this quarter-over-quarter. Our revenues are up almost 7%, $5.7 million. Gross profit is up almost 10% from -- quarter-over-quarter from 2024. Our momentum continues to carry that forward in all metrics. So we're really pleased with how that's executing quarter-over-quarter and year-over-year.

繼續比較本季的營收情況。我們的收入成長了近 7%，達到 570 萬美元。與 2024 年相比，毛利較上季成長近 10%。我們的勢頭繼續在所有指標上向前推進。因此，我們對季度環比和同比的執行情況感到非常滿意。

Drilling down into some of the other metrics here, the -- taking a look at (technical difficulty) net income, sorry. Quarter-over-quarter on net income, for '25 over '24, we almost doubled those performance numbers, taking a look at that. So getting buster increase in net income as well as earnings per share. So we had about 78% increase in earnings per share when you take a look at that on a period-over-period basis.

深入研究這裡的一些其他指標，看看（技術難度）淨收入，抱歉。就淨收入而言，25 年與 24 年相比，我們的業績數字幾乎翻了一番，看看這一點。因此，淨利潤和每股收益都會大幅增加。因此，如果你比較一下同期的情況，我們的每股盈餘成長了約 78%。

And then really taking a look at this on a 12-month rolling average basis, we're really, again, hitting some key drivers here where we're putting up record revenue year-over-year, 12-month rolling average over 12-month rolling average.

然後真正以 12 個月滾動平均為基礎來審視這一點，我們真的再次遇到了一些關鍵驅動因素，我們的收入同比創紀錄，12 個月滾動平均超過 12 - 月滾動平均值。

Taking a look at sort of how we gave guidance in this rolling that forward. So our 2024 results compared to our guidance for 2025, we are on pace to continue to perform on that guidance. So what you're going to see is our positive performance on that and really continue to roll that forward. We gave guidance right around $31 million in total revenue.

看看我們如何在這方面提供指導。因此，我們 2024 年的業績與 2025 年的指導相比，我們將繼續按照該指導進行執行。因此，您將看到我們在這方面的積極表現，並真正繼續向前邁進。我們給出的總收入指引約為 3,100 萬美元。

So we got about $5.8 million in that for the first quarter. Gross profit right around that $20 million, so -- or $23 million. So we'll continue to demonstrate that and keep you guys appraised on a quarterly basis as to how we want to meet those metrics for our fiscal year-end.

所以第一季我們獲得了大約 580 萬美元。毛利約 2,000 萬美元，即 2,300 萬美元。因此，我們將繼續證明這一點，並每季向大家進行評估，以了解我們希望如何在財政年度結束時達到這些指標。

Those performance metrics for net income and earnings per share. Again, we had a record year $0.48 a share. Last year, we forecast out $0.52 a share and $0.16 in the first quarter gets us off a great start on that for continuing to execute and deliver that for fiscal year-end. So it gives you a perspective of how that compares to previous year as well as how that compares to our guidance.

這些績效指標針對淨利潤和每股盈餘。今年我們再次創下每股 0.48 美元的紀錄。去年，我們預測每股收益為 0.52 美元，第一季每股收益為 0.16 美元，這為我們在財年末繼續執行和實現這一目標奠定了良好的開端。因此，它可以讓您了解與去年相比以及與我們的指導相比如何。

Want to break it down a little bit in terms of each of the individual segments. So this is an analysis of our water utility segment. And we've got a little bit weaker here, but I think our guidance for the water segment will still be very strong on that. That's primarily attributable to a trade-off between monetizing tap fees, which are the continued growth of Sky Ranch and adding new connections to that. So as we've talked about, we've got three phases at Sky Ranch under development and then the oil and gas revenues.

想要將其分解為每個單獨的部分。這是對我們水務部門的分析。我們在這裡有點弱，但我認為我們對水領域的指導在這方面仍然非常強大。這主要歸因於將自來水費貨幣化（即 Sky Ranch 的持續成長和為此增加新連接）之間的權衡。正如我們所討論的，我們正在開發天空牧場的三個階段，然後是石油和天然氣收入。

And so when you take a look at the oil and gas revenues, we're a little bit weaker on that, which is what we anticipated. We did forecast that a little bit weaker this year. That's primarily because our oil and gas operators are really expanding their coverage and they've been working on the next set of permits and they've got a tremendous number of permits.

因此，當你看到石油和天然氣收入時，我們的表現有點弱，這正是我們的預期。我們確實預測今年會稍弱一些。這主要是因為我們的石油和天然氣營運商確實正在擴大他們的覆蓋範圍，他們一直在研究下一組許可證，並且已經獲得了大量許可證。

They've got about 180 wells permitted on the Lowry Ranch, which they're expanding their infrastructure to getting pad sites structured over there. And so you're going to see a little bit more of that activity in late 2025 and into 2026 through 2030. So that was kind of a forecasted area.

他們已獲准在洛瑞牧場 (Lowry Ranch) 打井約 180 口，他們正在擴大其基礎設施，以便在那裡建造墊地。因此，從 2025 年末到 2026 年到 2030 年，您將看到更多此類活動。所以這是一個預測區域。

We did see a significant uptick in the number of new connections and that's because of the Sky Ranch. So our tap fees are up about 150% in that area and then continuing growth in our recurring customer base with about a 12% increase in customer revenues on that.

我們確實看到新連接的數量顯著增加，這是因為天空牧場。因此，我們在該領域的水龍頭費用上漲了約 150%，然後我們的經常性客戶群持續成長，客戶收入增加了約 12%。

Just a little bit of a highlight on the oil and gas. We did anticipate that to be a bit weaker, but the outlook for '26 through '30 continue to look very strong because they've got a tremendous amount of pedal that they're looking to continue to develop this, a very proven field. So they have a very optimistic runway for continued drilling and continued tracking right within our service area where we're very efficient on delivering those water supplies for that well field enhancement.

只是石油和天然氣的一點亮點。我們確實預計這一點會稍弱一些，但 26 年到 30 年的前景看起來仍然非常強勁，因為他們擁有大量的踏板，他們希望繼續開發這個非常成熟的領域。因此，他們在我們的服務區域內有一個非常樂觀的跑道，可以繼續鑽探和繼續跟踪，我們可以非常有效地為井場增強提供供水。

A little bit more on sector performance. This is a carryforward from our year-end presentation. And one of the things we like to -- we wanted to do is give you guys a perspective of how we are executing on each of these business models compared to our peers in this. And so when you take a look at this, this really describes how each of our segments performed compared to what can be considered best-in-class performers on that. And we're very competitive to our much larger peers in EV business segments.

更多關於行業表現的資訊。這是我們年終示範的結轉。我們想做的一件事是讓你們了解我們與同行相比如何執行這些業務模式。因此，當您查看此內容時，您會發現，這確實描述了我們每個細分市場的表現與同類最佳表現者相比的表現。在電動車業務領域，我們與規模較大的同業相比非常有競爭力。

So this shows you our deliveries of gross margins and return on assets in our water segment. And you can see, we're really in that category of delivering good margins with the assets that we have. So we continue to do that. The biggest call out in the water utility sector is really just the utilization. We're just still getting started.

這向您展示了我們在水務領域的毛利率和資產回報率。您可以看到，我們確實屬於利用我們擁有的資產提供良好利潤的類別。所以我們繼續這樣做。水務業最大的需求其實就是利用率。我們才剛開始。

We're really only utilizing about 5% of our assets. So we've got tremendous opportunity to continue to grow this segment, not only serving land areas that we're developing, but other land areas in and around our area as well as our service area. So we're really excited about that opportunity.

我們實際上只利用了大約 5% 的資產。因此，我們有巨大的機會繼續發展這個細分市場，不僅為我們正在開發的土地區域提供服務，還為我們區域內和周圍的其他土地區域以及我們的服務區域提供服務。所以我們對這個機會感到非常興奮。

Taking a look at our land development. If you want to take a look at call outs there, as we mentioned, we've got 3 phases currently under development. So we've got Phase 2, which is about a total of 890 units and that really is in four sub phases. The first Phase 2A is fully completed, and we've got homes constructed and they're all sold and occupied. Phase 2B, we delivered end of last summer. And so what you will be able to see is vertical construction on that. And so we've probably got about 35 homes vertical in Phase 2B.

看看我們的土地開發。如果您想查看那裡的呼叫，正如我們所提到的，我們目前正在開發 3 個階段。所以我們有第二階段，總共大約有 890 個單位，實際上分成四個子階段。一期2A已全部竣工，房屋已建好，全部出售併入住。2B 階段，我們於去年夏末交付。所以你將能夠看到的是垂直結構。因此，我們在 2B 階段可能有大約 35 個垂直住宅。

Phase 2C is what we're most active on. So we finished the grading on Phase 2C. We're about 70% complete on the utilities, and then we will move from utilities to the pavement curb and gutter on that, and then be able to deliver those homes for building permits on Phase 2C. That's another 200 lots, where we've got about 190 of those lots that are going to be for sale and about a real strengthening of our single-family rental segment in there where we've got 40 units that we reserve for us to go vertical on that base.

2C 階段是我們最活躍的階段。這樣我們就完成了Phase 2C的分級。我們的公用設施已完成約 70%，然後我們將從公用設施轉移到人行道路緣和排水溝，然後能夠在 2C 階段交付這些房屋以獲得建築許可。那是另外 200 個地塊，其中大約有 190 個地塊將要出售，我們的單戶租賃市場將得到真正的加強，我們在那裡預留了 40 個單位可供我們使用垂直於該底座。

And then Phase 2D, which we are currently grading. So we've got -- we're about halfway through the grading of that segment as well.

然後是 2D 階段，我們目前正在對其進行評分。所以我們已經完成了該部分的分級工作。

This is a comparison of taking a look at how we stack up to some of the peer performers in land development. And so again, tremendous execution. Really, this is a testament to the high equity value that we have in the land.

這是我們在土地開發上與一些同儕表現者的比較。再次，巨大的執行力。確實，這證明了我們在這片土地上擁有的高股權價值。

So just because of the strategic acquisition and execution of our horizontal construction, we're very efficient and pleased that we're delivering these lots at that entry-level price point, which is really our most competitive advantage in the master planned community here in the Denver area, which -- it is no different than most other major metropolitan areas. It does challenge itself through affordability.

因此，正是由於我們橫向建設的策略性收購和執行，我們非常高效，並且很高興能夠以入門級價格交付這些地塊，這確實是我們在總體規劃社區中最具競爭優勢的地方。 ，與大多數其他主要大都市區沒有什麼不同。它確實透過負擔能力挑戰自己。

And we're probably one of the most affordable master-planned communities in the Denver metropolitan area, where we're actually delivering lots and you can buy a home in sub-$500,000 and then in some cases, on the duplexes and the paired product and townhomes, some of those products you can deliver sub-$400,000. So very advantageous for us in this market segment.

我們可能是丹佛大都會區最實惠的總體規劃社區之一，我們實際上正在交付大量土地，您可以以低於500,000 美元的價格購買一套房屋，然後在某些情況下，購買複式公寓和配套產品和聯排別墅，其中一些產品的售價可以低於 40 萬美元。所以我們在這個細分市場非常有優勢。

And then also taking a look at continued growth in our single-family rental segment. We continue to improve those. We've got rental incomes, up about 14%. And so that's a combination of strengthening in the rents as well as bringing on new units.

然後也要看看我們的單戶租賃市場的持續成長。我們將繼續改進這些。我們的租金收入成長了約 14%。因此，這是租金上漲和新單位引進的結合。

And then this segment is also very attractive for us because not only does it provide that recurring revenue for us, it also has asset growth from the portfolio. So we have a strong equity position in there because we're keeping the equity value of the land that we have as well as the horizontal development of the community. And so those are rolling forward on the appreciation of each individual home as well as the ability to continue to rent those out.

這個細分市場對我們也非常有吸引力，因為它不僅為我們提供經常性收入，而且還使投資組合實現資產成長。因此，我們在那裡擁有強大的股權地位，因為我們保持了我們擁有的土地的股權價值以及社區的橫向發展。因此，每套房屋的升值以及繼續出租這些房屋的能力都在不斷向前推進。

And so we've got higher than a 90% renewal rate of our lessees on that. So we have a great customer experience for the single-family rental. And again, this is a carryforward from our year-end presentation, which compares us on this particular segment to the larger operating groups that are in this space. And so as you can see, we have very favorable comparisons to some of those that are best-in-class. So that gives you a great summary of really how the quarter went.

因此，我們的承租人的續約率高於 90%。因此，我們為單戶租賃提供了良好的客戶體驗。再說一次，這是我們年終演示的結轉，該演示將我們在這個特定領域與該領域較大的營運群組進行比較。正如您所看到的，我們與一些同類最佳的產品進行了非常有利的比較。這樣您就可以很好地總結本季的實際情況。

And again, another record quarter for us, a great experience for our delivery of these asset values. Maybe what I want to do is for those of you that are just learning about the company or just get familiar with this, really take this up a few feet and give you kind of an overview of really the company's strategic positioning here.

這對我們來說又是一個創紀錄的季度，這對我們交付這些資產價值來說是一次很棒的經驗。也許我想做的是，對於那些剛剛了解公司或剛剛熟悉這一點的人來說，真正將其提升幾英尺，讓您對公司的策略定位有一個大致的了解。

We operate in three different business segments. We have water and wastewater utility segment, which allows us to own water rights in a water-short area and really be able to participate not only in the appreciation value of water, but also what water does. That water allows us to be able to bring service to land that could not otherwise develop and be able to change the composition of that land.

我們經營三個不同的業務部門。我們有水和污水公用事業板塊，這使我們能夠在缺水地區擁有水權，真正能夠不僅參與水的增值，還參與水的作用。這些水使我們能夠為原本無法開發的土地提供服務，並且能夠改變土地的組成。

And so we look at participating on a vertical scale on all elements of that. And so that led to our entry into the land development segment. We've been in this segment for probably five years. I think we've done a very good job really entering the marketplace.

因此，我們著眼於垂直參與其中的所有要素。因此，我們進入了土地開發領域。我們進入這個領域大概有五年了。我認為我們在真正進入市場方面做得非常好。

We're in the right submarket of the segmentation of that as an affordable product out here, where we're developing land, we're delivering that to our own builder partners at very competitive rates, our homebuilder partners are able to execute and really compress their time line from when their money comes in to when they're able to go vertical on a house. And so that's very important for them.

我們處於細分市場的正確子市場，作為一種負擔得起的產品，我們正在開發土地，我們以非常有競爭力的價格將其交付給我們自己的建築商合作夥伴，我們的住宅建築商合作夥伴能夠執行並且真正壓縮他們的時間線，從他們的錢進來到他們能夠垂直買房子。所以這對他們來說非常重要。

And really, this partnership is really on delivering things just in time where we're not overburdening them on inventory of some of that horizontal infrastructure. We're able to carry forward the strategic acquisition costs of our land opportunities and be able to carry that into the model where they can be competitive and have a lot of absorption and some velocity of sales. That's one of the key metrics for them.

事實上，這種合作關係確實是為了及時交付東西，我們不會讓他們在某些水平基礎設施的庫存上負擔過重。我們能夠結轉土地機會的策略性收購成本，並能夠將其納入具有競爭力、具有大量吸收和一定銷售速度的模型中。這是他們的關鍵指標之一。

And then the most recent segment is our single-family rental segment, where we're holding back some of those lots and we're partnering with our homebuilder partners to go vertical on those and be able to deliver those lots. And again, when we're doing that, we're seeing each individual home that we're bringing to market, we're carrying forward as much as $150,000 of equity value in each of those homes.

最近的部分是我們的單戶租賃部分，我們保留了其中一些地塊，我們正在與我們的住宅建築商合作夥伴合作，垂直發展這些地塊並能夠交付這些地塊。再說一次，當我們這樣做時，我們會看到我們推向市場的每一棟房屋，我們都會結轉每棟房屋的股本價值高達 15 萬美元。

And we're able to rent those out at fair market value, brand-new homes, where renters are coming in. These are -- we see a very strong qualifying marketplace for those. The folks that are applying for rent on this are choosing to rent for various reasons. And so we've got a very strong portfolio of that, and we're continuing to grow that.

我們能夠以公平的市場價格出租這些全新的房屋，讓租戶進來。我們看到了一個非常強大的合格市場。在此申請租房的人們出於各種原因選擇租房。因此，我們擁有非常強大的產品組合，並且我們正在繼續擴大其規模。

If you want to take a look at each of these in some of the real specifics, if you take a look at our water segment here, these are just some of the metrics on that. We've got tremendous value in our water segment. you take a look at the asset value here and what we're generating in revenues, and there seems to be a disconnect, right? You can imagine, you say, how does a company that has $65 million of total water assets start to generate $10 million, $12 million, $15 million a year, year-over-year revenue from this water segment.

如果您想了解其中的一些實際細節，如果您查看我們的水部門，這些只是其中的一些指標。我們在水務領域擁有巨大的價值。你看看這裡的資產價值和我們產生的收入，似乎存在脫節，對吧？你可以想像，一家擁有 6,500 萬美元總水務資產的公司如何開始從該水務領域每年產生 1,000 萬美元、1,200 萬美元、1,500 萬美元的收入。

And it's really because of the low basis that we have in that. We've acquired these assets some 30 years ago. These assets have appreciated significantly in the market. We can serve about 60,000 connections here and we get two revenues from that.

這確實是因為我們的基礎薄弱。我們大約 30 年前就收購了這些資產。這些資產在市場上大幅升值。我們可以在這裡為大約 60,000 個連接提供服務，並從中獲得兩項收入。

We get a [tap-e] from that, which is a system development charge, and that's about $40,000 combined water sewer. And so when you connect that over to 60,000 connections, that's a very large top-line revenue. That's almost $2.5 billion worth of revenue, and that's about a 50% margin business for us.

我們從中得到[tap-e]，這是系統開發費用，大約是 40,000 美元的綜合下水道費用。因此，當連線數超過 60,000 個時，這將是一筆非常大的收入。這相當於近 25 億美元的收入，對我們而言，這意味著業務利潤率約為 50%。

And then we have the continuing water revenues on that, right? We have a perpetual customer there, where we're delivering monthly water and wastewater service fees. Those fees are around $1,500 per connection and that's about a 50% margin business on the water utility side.

然後我們就有持續的水收入，對吧？我們在那裡有一個永久客戶，我們每月提供水和廢水處理服務費。每個連接的費用約為 1,500 美元，這相當於水務公司業務的 50% 利潤率。

So a very attractive business segment for us and it's really driven by the early recognition of the value of water a number of years ago. A particular note in this particular segment is also percent utilization. So we're still very early on in that. As you can see, our capacity that we're delivering, we have about I'd say another 50% capacity.

因此，這對我們來說是一個非常有吸引力的業務領域，它實際上是由多年前對水的價值的早期認識所推動的。此特定細分市場中的一個特別值得注意的是利用率。所以我們還處於早期階段。正如您所看到的，我們正在提供的產能大約還有 50% 的產能。

This shows that the acre foot of production for the year-end, and this shows a ferry. We use about 25% for the first quarter, but we do have excess capacity in here, which we continue to deliver to our oil and gas customers on that excess capacity, and it's a good partnering relationship where their utilization of water does not come at the expense of our other customer base. And then when they're done using that water, we have existing capacity to reallocate to our permanent customers.

這說明了年末的畝尺產量，這說明了渡口。我們第一季使用了大約25%，但我們這裡確實有過剩產能，我們將繼續利用過剩產能向我們的石油和天然氣客戶提供服務，這是一個良好的合作關係，他們的用水量不會達到預期水平。然後，當他們用完這些水時，我們就有能力重新分配給我們的永久客戶。

So there's a very good relationship for us continuing to expand and invest in our system for our current customer and then have the utility value of that investment in perpetuity, delivering that system capacity to our residential customers as those come online at Sky Ranch and other places.

因此，我們之間建立了非常良好的關係，繼續為我們目前的客戶擴展和投資我們的系統，然後永久擁有該投資的效用價值，當我們的住宅客戶在Sky Ranch 和其他地方上線時，為我們的住宅客戶提供系統容量。

Really highlighting our land development segment. So historically, this is really an opportunity where the company saw strategic opportunity back in the real -- the depths of the recession, we were able to act and strategically purchase a particular piece of property, which we could deliver water service to.

真正突出我們的土地開發領域。因此，從歷史上看，這確實是一個機會，公司在現實中看到了戰略機會——在經濟衰退的最深處，我們能夠採取行動並策略性地購買一塊特定的財產，我們可以為其提供供水服務。

Our basis in the land is very, very low. We have a land basis that is less than $1,000 a lot and then we're able to carry that forward with bringing utilities to it and then getting into executing on the land development, the horizontal infrastructure where we're delivering a finished lot. And that's very rare.

我們在這片土地上的基礎非常非常低。我們擁有一塊不到 1,000 美元的土地基礎，然後我們能夠透過引入公用事業來推進這一目標，然後開始執行土地開發，我們正在交付成品地塊的水平基礎設施。這是非常罕見的。

What you're seeing in the marketplace is that it's because of the complexity of land development, and the investment in both water utilities here locally in the Denver area as well as just all the other phases of that, that is very difficult to manage all of those investments, who carries that inventory. And so the relationship that we have with our homebuilder partners is outstanding, mostly because we're one of the few that actually do that work in this market segment.

您在市場上看到的是，由於土地開發的複雜性，以及丹佛地區當地供水設施以及所有其他階段的投資，因此很難管理所有這些這些投資中，誰持有該庫存。因此，我們與房屋建築商合作夥伴的關係非常出色，主要是因為我們是少數在這個細分市場中真正進行這項工作的人之一。

So we've seen almost $80 million in lot sales to date, we've got great gross margins in there. So we're executing on all aspects of how we're delivering that both on a real-time basis so that the homebuilders don't carry too much inventory and then we don't have to carry that inventory as well. So both of those are working very well for us. This is a little bit of how we're executing.

到目前為止，我們的批量銷售額已接近 8,000 萬美元，毛利率很高。因此，我們正在即時執行交付方式的各個方面，以便房屋建築商不會攜帶太多庫存，然後我們也不必攜帶該庫存。所以這兩者對我們來說都非常有效。這就是我們執行的一些方式。

So we typically are looking at about 250 lots per phase. And so this will really show you that annual delivery capacity. And what we're seeing is a strengthening of the entry-level market and the opportunity on the entry-level market is really because of our land basis and because we're controlling the investment in the utilities on a real-time basis. We're able to do that together with our home builder partners.

因此，我們通常每期都會檢視約 250 塊地塊。因此，這將真正向您展示年交付能力。我們看到的是入門級市場的加強，入門級市場的機會實際上是因為我們的土地基礎以及因為我們即時控制公用事業的投資。我們能夠與我們的房屋建築商合作夥伴一起做到這一點。

And so this will give you a progress of that. We've got that Phase 2A, which we talked about is fully built out and occupied. Phase 2B, some of the vertical going on there and we've had a fairly mild winter so far. So the builders are out there continuing to pour foundations and go vertical on Phase 2B. We're finishing up the utility side of that Phase 2C and then the grading of Phase 2D.

所以這會給你一個進步。我們談到的 2A 期已經完全建成並入住。在第 2B 階段，一些垂直項目正在那裡進行，到目前為止我們已經度過了一個相當溫和的冬天。因此，建築商正在繼續澆築地基並在 2B 階段進行垂直施工。我們正在完成 2C 階段的公用事業方面的工作，然後是 2D 階段的分級工作。

So it really does give a good inventory of both existing opportunities as well as continuing to sell through all of those phases for our homebuilders.

因此，它確實為我們的房屋建築商提供了現有機會的良好清單，並在所有這些階段繼續進行銷售。

And this would give you a little bit of the capacity of that. When you take a look at Sky Ranch, a fairly big project. It was started out as 1,000 acres originally and a total of about 5,000 single-family units. It will be about 3,200 residential units and then some commercial. We're very -- we're privileged to be able to have the land located in really the most active submarket of the Denver metropolitan area, which is along the I-70 Corridor. We have an interchange right at our property.

這會給你一點點的能力。當你看看天空牧場時，這是一個相當大的項目。它最初佔地 1,000 英畝，共有約 5,000 個獨戶單位。它將包括大約 3,200 個住宅單元，然後是一些商業單元。我們非常榮幸能夠擁有位於丹佛大都會區最活躍的次市場（位於 70 號州際公路沿線）的土地。我們的飯店內設有轉乘站。

We're improving that interchange. And so we'll have about 1,800 to 2,000 really lots and water utility connections attributable to that commercial, which is yet to start. We're about 22% done, with the residential side and when you add that over to the total, 18% done with the project as a whole.

我們正在改善該交換站。因此，我們將擁有大約 1,800 到 2,000 個真正的地段和供水設施連接，歸因於該廣告，該廣告尚未開始。我們住宅方面的工作已完成約 22%，如果將其加到總數中，整個專案已完成 18%。

And so we still got of this to go and really looking at a very favorable climate because we've got most of the hard off-site infrastructure built. So expanding that is a lot easier than coming out of the ground.

因此，我們仍然需要繼續努力，並真正尋找非常有利的氣候，因為我們已經建造了大部分堅硬的場外基礎設施。因此，擴大規模比從地下開採容易得多。

Lastly, if we really drill down a little bit on the single-family rentals, this really is an opportunity for us to maximize our land development opportunities, where we're carrying forward all the hard work to build a great community, bring good schools out there. We've got a great school partner with National Heritage Academy on a charter school out at Sky Ranch and carrying forward the parks, the open space and then ultimately, the commercial.

最後，如果我們真的深入研究單戶住宅的租金，這確實是我們最大限度地利用土地開發機會的機會，我們正在繼續努力建立一個偉大的社區，帶來好的學校在那裡。我們與國家遺產學院有一個很好的學校合作夥伴，在天空牧場建立了一所特許學校，並推動公園、開放空間以及最終的商業發展。

So that we're bringing that retail commercial opportunity to not only the residents that live at Sky Ranch, but also in the regional area. And it really allows us to leverage some of that market demand on those. So good return on investment through single-family rental segments.

因此，我們不僅為天空牧場的居民，也為該地區的居民帶來零售商業機會。它確實使我們能夠利用其中的一些市場需求。透過單戶租賃細分市場獲得了良好的投資回報。

If you take a look at the numbers on that, we've got about $5 million worth of homes that are constructed. And when you -- that's what it cost us to build those homes. And then when you look at the equity value on that, we really have about another 50% margin in there in the equity.

如果你看相關數字，我們已經建造了價值約 500 萬美元的房屋。當你——這就是我們建造這些房屋的成本。然後，當你查看其股權價值時，我們實際上還有大約 50% 的股權利潤率。

So that fair market value, we're seeing at $7.6 million continue to rise just because of the value that we're creating within the community itself and then what it's generating to us on monthly recurring revenues on that. So a very good segment for us and continued execution on that.

因此，我們看到 760 萬美元的公平市場價值繼續上漲，只是因為我們在社區本身創造的價值，以及它為我們帶來的每月經常性收入。這對我們來說是一個非常好的部分，並且繼續執行。

Just to give you a foreshadow of really how we look at phasing this thing out, we started out with Phase 1 on a proof of concept with just four units. And then when Phase 2 rolls in, we're going to add nearly another 95 units to that. So that model has proven out very well, and we've been able to partner with our homebuilder partners to execute on that so that they -- we're not competing with them, and we're actually giving them sold product before they even start.

為了讓您真正了解我們如何逐步淘汰這個東西，我們從第一階段開始，僅用四個單元進行概念驗證。然後，當第二階段開始時，我們將再增加近 95 個單位。因此，這種模式已經被證明非常有效，我們已經能夠與我們的住宅建築商合作夥伴合作執行該模式，這樣他們——我們就不會與他們競爭，我們實際上在他們甚至之前就向他們提供了已售出的產品開始。

So as they go into each of these phases, each -- they are able to demonstrate to the market that they've got sold units contracted with us to be able to deliver these rental units. Lastly, what I want to do is continue to highlight the stewardship of the company. We've got a great balance sheet, very strong liquidity that allows us to really execute on some of these business models.

因此，當他們進入每個階段時，他們都能夠向市場證明，他們已經與我們簽訂了合同，能夠交付這些租賃單位。最後，我想做的是繼續強調公司的管理。我們擁有良好的資產負債表和非常強大的流動性，使我們能夠真正執行其中一些業務模式。

And what we're really doing with some of that liquidity really on a two-phase we all face fronts is we're continuing to grow the business through acquisitions. We're continuing to accelerate the development of Sky Ranch and have the ability to do what others cannot, which is we can deliver the finished lot to our homebuilders. And then we're able to continue to transfer shareholder value by repurchasing shares and using some of that liquidity to help really optimize what the market may not be fully appreciating yet.

我們真正利用一些流動性在我們所有人面臨的兩個階段中所做的是，我們繼續透過收購來發展業務。我們正在繼續加速Sky Ranch的開發，並有能力做到別人做不到的事情，那就是我們可以將成品交付給我們的房屋建築商。然後，我們能夠透過回購股票並利用部分流動性來幫助真正優化市場可能尚未完全欣賞的內容，從而繼續轉移股東價值。

So we continue to add to that balance sheet and be good stewards of that invested capital that you've allowed us to have. A little bit on some of the outlook, again, this will be a little bit of the carryforward, how we look at kind of the business model over the short term. And then really where does this look like through Sky Ranch build-out. We have customer growth about 2,500 accounts into that short-term period where we'll continue to add accounts at Sky Ranch, Wild Pointe, and in other areas.

因此，我們將繼續增加資產負債表，並成為您允許我們擁有的投資資本的好管家。關於一些前景，這將是一點點結轉，我們如何看待短期的商業模式。那麼天空牧場的擴建到底是什麼樣子呢？短期內我們的客戶數量增加了約 2,500 個，我們將繼續在 Sky Ranch、Wild Pointe 和其他地區增加客戶。

Our tapping increases are very modest. We have those built in on a yearly basis. So those are increasing at 3%. And then you take a look at the long-term build-out of that, Sky Ranch, there's 5,000 total connections between the residential and the commercial. And we're seeing continued growth in the value of that, not only on the residential lots, but also the continuing value of what we look to see and monetize in commercial opportunities.

我們的攻牙增量非常有限。我們每年都會內建這些。所以這些正在以 3% 的速度成長。然後你看看 Sky Ranch 的長期建設，住宅區和商業區之間總共有 5,000 個連接。我們看到其價值持續成長，不僅是住宅用地，而且是我們希望看到並貨幣化的商業機會的持續價值。

Taking a look at the land development, we'll see steady lot sales over the next five years with completion of Sky Ranch. We don't expect build-out. Build-out might be in that five- to seven-year range, but it's certainly within a, I guess, foreseeable future. And so when you look at already baked into the balance sheets, we've got Sky Ranch generating tremendous revenue for us. There's more than probably twice what our market cap is.

從土地開發來看，隨著天空牧場的完工，我們將在未來五年看到穩定的土地銷售。我們不期望擴建。擴建可能需要五到七年的時間，但我想，這肯定是在可預見的未來。因此，當你查看已經納入資產負債表的數據時，你會發現天空牧場為我們帶來了巨大的收入。可能是我們市值的兩倍多。

There's looking at maybe $600 million-worth of revenue potential at Sky Ranch alone through build-out. So continue -- we want to really keep our focus on that opportunity and continue to deliver shareholder value there.

光是 Sky Ranch 的擴建就有望帶來價值 6 億美元的收入潛力。因此，繼續吧——我們希望真正把注意力集中在這個機會上，並繼續在那裡創造股東價值。

And then the single-family rentals, we look to get to somewhere between 200 and 300 homes for that. And again, that's going to be somewhere around $100 million to $125 million of asset value. And then again, that recurring revenue on that where we're generating somewhere close to $30,000-a-year in excess of that per unit. And so that's, again, a tremendous driver for recurring revenue for the company. This will translated into a more tangible picture of how that growth looks like, not only on what we're doing for our fiscal 2025, compared to 2024.

然後是單戶出租，我們希望能提供 200 到 300 套房屋。同樣，這將是大約 1 億至 1.25 億美元的資產價值。再說一遍，我們每年產生的經常性收入超過每單位收入近 3 萬美元。因此，這又是公司經常性收入的巨大推手。與 2024 年相比，這將轉化為更具體的成長情況，而不僅僅是我們在 2025 財年所做的事情。

So this shows -- it will give you a three-year comparison from the growth potential in '23 through '25 and then also that short-term projection, growing that up into where we think we're going to be in 2028 time frame. So that will give you a continued acceleration of that moving from very modest revenues in '23 up to strong performance of over $60 million in the short term.

因此，這表明 - 它將為您提供從 23 年到 25 年的成長潛力的三年比較，然後是短期預測，將其發展到我們認為在 2028 年時間範圍內將達到的水平。因此，這將持續加速您從 23 年的微薄收入轉變為短期內超過 6000 萬美元的強勁業績。

And then how that translates into recurring revenue, both in terms of the short term, and then ultimate build-out of Sky Ranch. So this gives you a flavor for the built-in value that we have within our project and really what's within our own control here. So looking at that asset growth, we're looking at almost 2.5 times our current market cap just from what the company is currently got in this portfolio.

然後，這如何轉化為經常性收入，無論是短期收入，還是天空牧場的最終建設。因此，這讓您了解我們專案中的內建價值以及我們自己控制範圍內的價值。因此，從資產成長來看，僅從公司目前在該投資組合中獲得的資產來看，我們的市值幾乎是我們目前市值的 2.5 倍。

Again, we continue to be in the market, continuing to purchase shares. So you're going to see us continue to be in there, on the disconnect between what we believe the company's value is, and then also the opportunity to continue to deliver shareholder value by reducing the denominator in our share count.

再次，我們繼續留在市場，繼續買股票。因此，你會看到我們繼續存在，我們認為公司的價值與透過減少股票數量的分母來繼續提供股東價值的機會之間存在脫節。

Okay. So with that, what we'd like to do is open it up into a Q&A and then really show that more collaborative format with maybe some observations from our director and a shareholder to give you a perspective. He's got a great career as an equity analyst with a number of institutions, most recently, Janus, where -- he retired from Janus and is really managing an independent portfolio, but we'll open it up for questions.

好的。因此，我們想做的是將其開放為問答形式，然後真正展示更具協作性的格式，也許還有我們的董事和股東的一些觀察結果，以便為您提供一個視角。作為股票分析師，他在多個機構擁有出色的職業生涯，最近在 Janus，他從 Janus 退休，真正管理著一個獨立的投資組合，但我們將開放它以供提問。

And let me stop sharing this and see if we can get it converted over to our Teams' presentation where you can see our smiling faces in the conference room. Great. That worked out. So with that --

讓我停止分享此內容，看看我們是否可以將其轉換為我們團隊的演示文稿，您可以在會議室中看到我們的笑臉。偉大的。成功了。那麼這樣--

This will now begin the Q&A of our presentation. So as you know, we're using Teams this quarter to have a more interactive experience with the investor base. (Operator Instructions)

現在開始我們示範的問答環節。如您所知，我們本季將使用 Teams 來與投資者群體獲得更多的互動體驗。（操作員說明）

Question on one of those -- the latter slides, I think it was slide 27, where you showed the projected asset value. I guess, I was curious a little more detail on how do you arrive and what are the -- what does that represent?

關於其中一張投影片的問題 - 後一張投影片，我認為是投影片 27，您在其中展示了預計的資產價值。我想，我很好奇更多關於你是如何到達的細節以及它們代表什麼？

So yeah, we'll say 26 and we show that --

所以是的，我們會說 26，然後我們會展示這一點--

Actually, it might have been 37.

事實上，可能是37。

Okay. Yes, I was going to say that might have been just the land development. But yeah, when you take a look at 37 and that's an asset road, what that shows is from each of the segments, whether that was going to be the land development opportunities on selling lots, and the number of lots that we have still remaining in inventory, and we're making between what we're -- what we make from our homebuilders, which is fairly modest, on actually the sale of the lot to the homebuilders and then the reimbursables.

好的。是的，我想說這可能只是土地開發。但是，是的，當你看37 號公路時，這是一條資產道路，它顯示的是每個細分市場的情況，這是否會成為出售地塊的土地開發機會，以及我們仍然剩餘的地塊數量在庫存中，我們正在從我們的房屋建築商那裡賺到錢，這是相當適度的，實際上是將土地出售給房屋建築商，然後是可償還的。

As you see in our balance sheet, we have a continued growth of the reimbursables on the balance sheet. And that's really -- we get paid back for all the public improvements that we do with that. And we get paid back from the tax receipts on that. And so periodically, we'll go forward and we'll bond the continued growth of homes.

正如您在我們的資產負債表中看到的那樣，我們的資產負債表上的可償還費用持續成長。這確實是——我們利用它所做的所有公共改進都得到了回報。我們從稅收中得到回報。因此，我們會定期向前推進，並促進房屋的持續成長。

And so each phase gets a new set of homes and then that adds to the assessed value, which is the value of the home times the tax base on that. And then that's how we get that money back, together with the water tap fees and then the single-family homes. So that's really just a core mathematic computation of Sky Ranch and only Sky Ranch.

因此，每個階段都會獲得一套新房屋，然後增加評估價值，即房屋的價值乘以稅基。然後我們就這樣拿回這筆錢，連同水龍頭費和單戶住宅​​。所以這其實只是 Sky Ranch 的核心數學計算，而且只是 Sky Ranch。

It does not take into account all of the 60,000 connections that we have inventory available to serve other land interests or serve development within our service area at the Lowry Ranch or any other of those opportunities. This is just what's on the balance sheet on things that we own.

它沒有考慮到我們擁有的全部 60,000 個連接，這些連接可用於服務其他土地利益或服務於我們洛瑞牧場服務區域內的開發或任何其他機會。這正是我們擁有的資產負債表上的內容。

All right. We'll take -- our next question is from a caller with area code 201. So your line is open.

好的。我們將接受－我們的下一個問題來自區號 201 的來電者。所以你的線路是開放的。

And you're muted.

而你卻靜音了。

Yeah. If you were -- if you had your hand up ending in 7586, you're muted, but you're allowed to talk if you have -- still have a question. And if there's anybody else who has a question, please raise your hand.

是的。如果你——如果你舉手的結尾是 7586，你就會被靜音，但如果你舉手——你可以發言——仍然有一個問題。如果還有其他人有疑問，請舉手。

Okay. While we're still sort of queuing up some of the questions on that, maybe what we can do is turn it over and open it up to Dan and have you give maybe a little bit of perspective, both in terms of a Board perspective as well as someone on the outside looking at valuations as to not only what you've seen since your participation on the Board, but how you see this thing maturing quarter-over-quarter, year-over-year.

好的。雖然我們仍在排隊回答一些問題，但也許我們能做的就是把它交給丹，讓你給出一些觀點，無論是從董事會的角度還是從董事會的角度來看。您加入董事會以來所看到的估值，也要了解您如何看待這件事逐季度、逐年成熟的情況。

Thanks, Mark. Good to be on the call again today. We've got a pretty good feedback from the call last the year-end call. So we decided to do it again. It was not something a lot of people have seen, but both Mark and I and Mark received phone calls saying it was interesting to hear from a Board member, working collaboratively with the management team as well as a large shareholder.

謝謝，馬克。很高興今天再次接到電話。我們從上次年終電話會議中得到了很好的回饋。所以我們決定再做一次。這不是很多人都見過的事情，但馬克和我以及馬克都接到電話說，聽到董事會成員與管理團隊以及大股東合作的消息很有趣。

So as you all know, I'm fully vested in this. We own over 10% of the company, and we've been pretty active. And so I want to say that was a pretty good quarter again. You followed up with more earnings power in a typical sleepy Q1, but the resource base allowed us to stack some more EPS on the books.

眾所周知，我對此完全有信心。我們擁有該公司超過 10% 的股份，而且我們一直非常活躍。所以我想說，這又是一個非常好的季度。在典型的昏昏欲睡的第一季中，您的盈利能力增強了，但資源基礎使我們能夠在帳面上增加更多的每股收益。

So as I look at it, I think coming into today, based on year-end numbers, we had done $0.48. Now the rolling 12 months or rolling last four quarters is a $0.55 earnings run rate. So that's an all-time record. If we look back historically accurately, I think a couple of years ago, there was a one-time accounting true-up for the reimbursables, I think spiked an EPS number in one particular quarter. But that was a catch-up.

因此，據我觀察，我認為，根據年終數據，到今天為止，我們的收入為 0.48 美元。現在，滾動 12 個月或滾動過去四個季度的獲利運行率為 0.55 美元。所以這是一個歷史記錄。如果我們準確地回顧歷史，我認為幾年前，對可償還費用進行了一次性會計調整，我認為在某個特定季度每股收益數字飆升。但那是一個追趕。

So really, if you look at it on a like-for-like apples-to-apples comparison, this is -- we continue to progress to new, at least for now record earnings rolling forward and future, as Mark has softly guided just given direction for next year continues to point up and to the right.

所以說真的，如果你從同類比較的角度來看，我們將繼續邁向新的、至少目前創紀錄的盈利滾動和未來，正如馬克溫和地指導的那樣明年的既定方向繼續指向上方和右側。

So Marc, any comment on that? Just how you feel about hitting the higher run rates of earnings? And the sustainability over the next 18, 24 months?

馬克，對此有何評論？您對於實現更高的獲利運行率有何感想？未來 18、24 個月的可持續性如何？

Yeah, and I think it's -- really the proof in the pudding here is that we're able to get all these segments producing at the same time. We made strategic investments in each of them individually. And so the water assets that we've acquired, we've grown these water assets. We've made investments in that. And you see that how we not only make the investments year-over-year basis, but then where we're getting that money to invest from.

是的，我認為這確實證明了我們能夠同時生產所有這些部分。我們分別對每個項目進行了策略性投資。因此，我們已經收購了水資產，我們也開發了這些水資產。我們已經在這方面進行了投資。您將看到我們不僅如何逐年進行投資，而且還看到我們從哪裡獲得投資資金。

We're taking some of that oil and gas fracking revenue money and investing that into the system. That's excess capacity within our system. And then you see that being able to transfer over into the land development segment because as we add new connections to the accounts, that investment is already amortized. And so it improves the margins in the land development segment.

我們將部分石油和天然氣水力壓裂收入投資到該系統。這是我們系統內的過剩產能。然後你會看到能夠轉移到土地開發領域，因為當我們向帳戶添加新的連接時，該投資已經攤銷了。因此，它提高了土地開發領域的利潤。

And then we continue to invest in the land and development segment, parks, the schools, the open space, which we get that revenue back, right? We get -- that's an investment in that public infrastructure, which adds to the community value and it increases the land value. But we're seeing that monetize itself into the single-family rental segments, where that equity is continuing to appreciate. We get that recurring revenue from the rentals coming in from the individual homes that we've gotten.

然後我們繼續投資土地和開發領域、公園、學校、開放空間，我們就能收回收入，對嗎？我們得到——這是對公共基礎設施的投資，這增加了社區價值，也增加了土地價值。但我們看到，它在單戶租賃領域實現了貨幣化，而該領域的資產正在持續升值。我們從我們獲得的個人房屋的租金中獲得經常性收入。

And then finally, one of the biggest surprises this quarter was we knew that we had new wells that were coming online, and that royalty income is another key surprise. We were strategic in acquiring Sky Ranch when we did and have remade that back just on auto revenues.

最後，本季最大的驚喜之一是我們知道我們有新油井即將上線，而特許權使用費收入是另一個重要的驚喜。當我們收購 Sky Ranch 時，我們是策略性的，並且僅依靠汽車收入來重新實現這一目標。

Just the royalty revenue from the is, let alone what we're doing on monetizing it from the water utilities, the land utilities, the single-family revenue. So all these assets really are driving into the company all at once, and it's thrilling. It's great that we're able to do that. It's great that we're able to do that on an experiential basis so that we're partnering with national homebuilders who want us to expand beyond Sky Ranch, right? They're like, do this, do this in this market in that market. And we love that enthusiasm. We're looking at expanding that net to continue to reinvest in there.

只是特許權使用費收入，更不用說我們從水利設施、土地設施、單戶收入中將其貨幣化了。因此，所有這些資產確實同時湧入公司，這令人興奮。我們能夠做到這一點真是太好了。很高興我們能夠在經驗的基礎上做到這一點，這樣我們就可以與希望我們擴展到天空牧場以外的國家住宅建築商合作，對吧？他們就像，在這個市場在那個市場做這個，做這個。我們喜歡這種熱情。我們正在考慮擴大該網絡，以繼續在那裡進行再投資。

That's right, a couple of questions. Let me pause you for a second and get this interaction with Tucker Anderson.

沒錯，有幾個問題。讓我暫停一下，並與塔克·安德森進行互動。

Your line is open if you want to unmute your computer.

如果您想取消電腦靜音，您的線路已開啟。

I can see you and hear you. Welcome.

我可以看到你並聽到你的聲音。歡迎。

Good. Fantastic. Once I learn how to do this, you get up to speed, well, you know I've been with you for a long time, Mark. So I told you I was a long-term investor. I have a couple of questions.

好的。極好的。一旦我學會瞭如何做到這一點，你就會加快速度，好吧，你知道我已經和你在一起很長時間了，馬克。所以我告訴過你我是一個長期投資者。我有幾個問題。

First, on the oil and gas, what is the outlook going forward? Are there potential for more wells and more fracking to be done? Are we now on a gradual decline curve on the wells? Obviously, royalties are partially dependent on the price of oil and gas. But excluding that, how do we look for continuing royalties?

首先，關於石油和天然氣，未來的前景如何？是否有可能進行更多的油井和更多的水力壓裂？我們現在的油井是否處於逐漸下降的曲線上？顯然，特許權使用費部分取決於石油和天然氣的價格。但排除這一點，我們如何尋找持續的特許權使用費？

That's a good question. And really two different avenues there. Let me speak to the royalty first. So we have six new wells that were drilled in Sky Ranch. And typically, you get those royalties coming in upfront, right?

這是個好問題。實際上有兩種不同的途徑。讓我先跟皇室談談。因此，我們在 Sky Ranch 鑽了六口新井。通常情況下，您會預先獲得這些版稅，對吧？

The shale oil play delivers very, very high returns very early on. And they have a pretty steep decline curves. So what I would say is you're likely to see continued high performance through this fiscal year and then a little bit of a decline. We still get about $50,000 a month and have been getting that for years -- for four, five years as the initial development of wells went in.

頁岩油開採很早就帶來了非常非常高的回報。而且它們的下降曲線相當陡峭。因此，我想說的是，您可能會在本財年看到持續的高績效，然後略有下降。我們仍然每月獲得大約 50,000 美元，並且多年來一直在獲得這種收入 - 隨著油井的初步開發，已經有四到五年了。

And now we're looking -- and that was really an initial two wells. And so that is probably a good tail for, say, a longer-term trend. But when you get these wells coming online, they do have a big pop on those first side.

現在我們正在尋找——那確實是最初的兩口井。因此，對於長期趨勢來說，這可能是一個很好的尾巴。但是，當這些井上線時，它們的第一側確實會出現很大的爆炸。

When you take a look at the frac revenue and the opportunity for us to continue to support our oil and gas partners in new wells that they're bringing online that we don't have the mineral interest in, that trend looks very favorable for the next five years. They've got hundreds, hundreds of wells that they have been permitting and working on in and around our service area that will allow them continuing developing the field.

當你看到壓裂收入以及我們繼續支持我們的石油和天然氣合作夥伴開發新井的機會時，他們正在將我們沒有礦產權益的新井投入生產，這種趨勢看起來非常有利於未來五年。他們已經在我們的服務區域內和周圍獲得了數百口井的許可和工作，這將使他們能夠繼續開發該油田。

So that still looks like -- that can be from years '26 through '30 and beyond, that can be significant revenue to us. We had a record year last year, it's somewhere around close to $6 million of revenue from oil and gas water sales. And I think that can even grow from there in that period of time. And for a period of time, 5 to 10 years in that segment. So those outlooks look very favorable.

因此，從 26 年到 30 年甚至更長時間，這對我們來說仍然是一筆可觀的收入。去年我們創下了紀錄，石油和天然氣水銷售收入約 600 萬美元。我認為在那段時間甚至可以從那裡開始增長。在一段時間內，該領域有 5 到 10 年的時間。因此，這些前景看起來非常有利。

The second question is, most homebuilders that I listened to their calls because I'm investing in several of them, at this level of interest rates to continue to get the sales or having to do mortgage buy-downs. Could you talk specifically about the Denver area and what's happening there? And what incentives your builders may be having to give to, to continue to get the sales level?

第二個問題是，我聽取了大多數房屋建築商的電話，因為我正在投資其中的幾家房屋建築商，在這種利率水平下，為了繼續獲得銷售或不得不進行抵押貸款購買。您能具體談談丹佛地區以及那裡正在發生的事情嗎？為了繼續保持銷售水平，您的建築商可能必須給予哪些激勵措施？

Interesting you asked this, because I had this very conversation with one of our builders more recently. And they really like Sky Ranch because the buy downs at Sky Ranch are significantly less than they have to do in other price points. So if you compare it, our entry-level price point here is the high $400,000s, right? So anything less than $500,000 is what they'll consider a starter home market in Colorado, which is extraordinary.

有趣的是你問這個問題，因為我最近與我們的一位建築商進行了這樣的對話。他們真的很喜歡 Sky Ranch，因為 Sky Ranch 的購買量明顯低於其他價位的購買量。所以如果你比較一下，我們的入門價格點是 40 萬美元，對嗎？因此，任何低於 50 萬美元的東西都被他們視為科羅拉多州的入門住宅市場，這是非同尋常的。

I mean, it just boggles the mind that, that's still considered entry level here in this market, but we do have, as many major metropolitan markets are seeing an affordability problem. And they're saying, what we like about your price point and what it is that you're doing is, they may be having an average incentive in the marketplace of $120,000 of buy-down incentives, and they may have $15,000 at Sky Ranch.

我的意思是，令人難以置信的是，這仍然被認為是這個市場的入門級，但我們確實有，因為許多主要大都市市場都面臨著負擔能力問題。他們說，我們喜歡你的價格點和你正在做的事情是，他們在市場上的平均購買獎勵可能為 120,000 美元，而他們在 Sky Ranch 可能有 15,000 美元。

And so when you compare it on a relative basis, if your price point is the $700,000, $800,000 home, that incentive is gone, right? They've liquefied their margins in that price point where they can hold their margins at that entry level price point. So they're looking at that opportunity of Sky Ranch saying, that's where the bulk of the buyer demand is. It's very difficult for a move-up buyer right now because it's hard to walk away from 2.8% mortgage rate that they locked in two years ago.

因此，當你進行相對比較時，如果你的價位是 70 萬美元、80 萬美元的房屋，那麼這種激勵就消失了，對嗎？他們已經液化了該價格點的利潤，可以將利潤保持在入門價格點。因此，他們正在尋找天空牧場的機會，他們說，這就是大部分買家需求所在。現在對於升級買家來說非常困難，因為他們很難擺脫兩年前鎖定的 2.8% 抵押貸款利率。

And so you're going to see really the strength continue to be at that entry level and the incentives for the homebuilders being the smallest at that entry level. So that's how I would -- that's how that conversation led us to understand the importance of continuing to deliver these lots in that price point in this interest rate market.

因此，您將看到真正的實力仍然處於入門級，而對住宅建築商的激勵在該入門級是最小的。所以這就是我的想法——這就是那次談話如何讓我們理解在這個利率市場上繼續以這個價格點交付這些批次的重要性。

That's very helpful. The last question is a philosophical question that you or your other team members may want to comment on. And as you -- first, I'd like to congratulate you on the attempt to really lay out more of how your value creation works in the last few quarters and give us the extra chart and stuff like that.

這非常有幫助。最後一個問題是您或您的其他團隊成員可能想要評論的哲學問題。作為您，首先，我要祝賀您嘗試真正展示您在過去幾季的價值創造如何運作，並向我們提供額外的圖表和類似的東西。

But as you think about balancing what I would call value creation versus reported earnings, which may not always coincide as you pointed out the appreciation you're getting on your rental homes and things like that, how does the team think about that?

但是，當你考慮平衡我所說的價值創造與報告收益時，這可能並不總是與你指出的出租房屋升值之類的東西一致，團隊如何看待這一點？

And how important are just the ability to show continued progress in reported earnings, which may not equate to value creation?

能夠顯示報告收益的持續進展有多重要，這可能不等於價值創造？

That's a great question, and one we struggle with. Because we see that -- you're right. We see that not only in the rental segments and carrying forward the equity value there. We see that and what we've done on the land development segment, and we see that in the water assets, right? So each of these assets have this tremendous equity value in it that's just not on the balance sheet. And what we're hoping that we can continue to demonstrate to the market is how that translates into earnings per share.

這是一個很好的問題，也是我們一直在努力解決的問題。因為我們看到──你是對的。我們不僅在租賃領域以及結轉那裡的股權價值中看到這一點。我們看到了這一點以及我們在土地開發領域所做的事情，我們在水務資產中也看到了這一點，對吧？因此，這些資產中的每一項都具有巨大的股權價值，而這只是資產負債表上沒有的。我們希望能夠繼續向市場展示這如何轉化為每股盈餘。

The margins -- the gross margins that we're going to be delivering year-over-year such that we can then take that gross margin and equate that out to the balance of the inventory. And that's really what PJ's question was earlier is, how do you get to that $700 million asset value when your asset right now is only $100 million. And it's really that equity value.

利潤率－我們將逐年提供的毛利率，這樣我們就可以將毛利率等同於庫存餘額。這確實是 PJ 之前提出的問題：當你現在的資產只有 1 億美元時，如何達到 7 億美元的資產價值。這確實是股權價值。

And you're going to see that, and you're going to see us start to just crush these year-over-year returns through that equity value. I don't know, Dan, you've seen that a lot in your career, you've seen how companies express that and then really how they demonstrate that. And that's one we talk about a lot at the Board level.

你會看到這一點，你會看到我們開始透過股權價值來壓垮這些同比回報。我不知道，丹，你在你的職業生涯中見過很多這樣的情況，你已經看到公司如何表達這一點，然後又如何真正證明這一點。這是我們在董事會層級經常討論的問題。

Yeah. I mean these assets were put on -- we talked about this last call a little bit, Mark, what year was the water -- we it's the bulk of the water rights purchased.

是的。我的意思是，這些資產已投入使用 - 我們討論了最後一次電話會議，馬克，水是哪一年的 - 我們購買了大部分水權。

You're going to go back to almost 30. Again, this is my 35th year. So I think I bought it two years in, so more than 30 years.

你很快就會回到30歲左右。再說一遍，今年是我的第 35 年。所以我想我是在兩年前買的，也就是三十多年了。

So more than 30 years. And we talk about water out here in Colorado and other places. I mean there's been people who come to the market, they get excited. They try to buy some water. They try to flip it to a municipality and there's stories of that not working out perfectly. many stories.

就這樣30多年了。我們談論科羅拉多州和其他地方的水。我的意思是有人來到市場，他們很興奮。他們試圖買一些水。他們試圖將其轉交給市府，但有報告指出這種做法並不完美。很多故事。

And so buying market water and trying to do something key with it and flipping it is not an easy thing. This is a very different situation. This is 30 years of embedded appreciation effectively of the water rights that were purchased. And so one way I think about it, and you're just trying to triangulate valuation. We never know exactly what something is worth, but what was the price paid for the bulk of the water to recall, Marc?

因此，購買市場水並嘗試用它做一些關鍵的事情並翻轉它並不是一件容易的事情。這是一個非常不同的情況。這是對購買的水權有效嵌入增值的 30 年。因此，我認為，你只是想對估值進行三角測量。我們永遠不知道某樣東西到底值多少錢，但為了召回大部分水付出了多少代價，馬克？

The more recent acquisitions?

最近的收購？

No the one long time ago.

沒有很久以前的那個了

Our capital basis in that is about $15 million.

我們的資本基礎約為 1500 萬美元。

So $15 million. So in some ways, this is another take on it. 30 years of appreciation on $15 million and pick your discount rate and if you do something smaller, 7%, 8%, 9%, I mean think about the compounding of that using the rule of 72 or right now your spreadsheet. So that -- it's not to say that that's exactly what it's worth today, but that would be a reasonable starting point to talk about it. And the state landlord sold that effectively to at the end of the day, a per cycle.

那麼1500萬美元。所以在某些方面，這是另一種看法。 1500 萬美元升值 30 年，然後選擇你的折扣率，如果你做一些較小的事情，7%、8%、9%，我的意思是考慮使用 72 規則或現在你的電子表格來計算複利。所以，這並不是說這正是它今天的價值，但這將是談論它的一個合理的起點。州房東在一天結束時實際上將其出售給每個週期。

And -- so in some ways, they got a really good deal, right? (multiple speakers) Yeah, with the time value of money. So it kind of worked out. But Pure Cycle did monetize that for 30 years. So here we are, and Mike points out, it's on the balance sheet at these historical levels.

而且——所以在某些方面，他們得到了一筆非常划算的交易，對吧？（多個發言者）是的，具有金錢的時間價值。所以這有點成功了。但 Pure Cycle 確實將其貨幣化了 30 年。麥克指出，我們的資產負債表現處於這些歷史水準。

That's why the returns in today's dollars should be pretty good and increasing into the future. could be quite an asset. Again, we're not going to say that's what it's worth today, but that would be a reasonable assumption that water in the West has compounded or has grown in value appreciated probably better than inflation over 30 years, and it was -- starting point was over $13 million 30 years ago. So that number is big -- kind of a bigger number than you take. So that's one way I thought about this, and there's five or six different ways to think about it, but that's one.

這就是為什麼以今天的美元計算的回報應該相當不錯，並且在未來會不斷增加。可能是一筆相當大的財富。再說一次，我們不會說這就是它今天的價值，但這是一個合理的假設，即西方的水的價值已經複合或增長，其升值可能比過去30 年來的通貨膨脹要好，而且它是——起點30 年前價值超過 1300 萬美元。所以這個數字很大——比你想像的還要大。這是我思考這個問題的一種方式，有五、六種不同的方式來思考它，但這只是一種。

In terms of the -- part of the question, Tucker, I think you asked was the tug of war sometimes between posting earnings and creating value long term. And I think that Mark did a great job creating value at per cycle over the last 5 years. And you can see looking back the last three years ago, two years ago, we had quarters where we didn't put a lot of EPS on the board but we were adding a lot of value to the portfolio or to the asset base, and it didn't necessarily show up.

就問題的一部分而言，塔克，我想你問的是有時發布收益和創造長期價值之間的拉鋸戰。我認為馬克在過去 5 年在每個週期創造價值方面做得非常出色。你可以看到，回顧過去三年前、兩年前，我們有幾個季度沒有在董事會上投入大量每股收益，但我們為投資組合或資產基礎增加了很多價值，而且它不一定會出現。

I think what we've gotten to now is the point where we're continuing to do all those things for the future. But the earnings power can no longer really -- it's never -- it's no longer suppressed by those investments.

我認為我們現在已經達到了這樣的程度，我們將繼續為未來做所有這些事情。但獲利能力不再真正——永遠不會——不再受到這些投資的抑制。

I mean we're looking at opportunities and to build the water portfolio. We're looking for opportunities to build the land portfolio, the single-family rentals. We're doing all those things. But the reality is, at the same time, those prior investments, Sky Ranch, namely, investments in oil and gas, commercial water sales, those are just earning through now.

我的意思是，我們正在尋找機會並建立水產品組合。我們正在尋找機會建立土地投資組合、單戶住宅租賃。我們正在做所有這些事情。但現實是，同時，那些先前的投資，天空牧場，也就是石油和天然氣、商業水銷售的投資，現在才剛獲利。

And so we're getting -- we think we're doing both, and we have the resources to do both. It's just the earnings power flowing through, and we continue to do what we do for the future. Anything to add there?

所以我們認為我們正在做這兩件事，而且我們有資源去做這兩件事。這只是流動的獲利能力，我們會繼續為未來做我們所做的事情。有什麼要補充的嗎？

No, I think that's great.

不，我認為那太好了。

(multiple speakers) I don't go back quite as far as he does, but I go back a long way, way before Sky Ranch and those sort of things. And I would just make the comment that as a long-term shareholder, I am much happier for you to continue to build value and do things that make economic sense, including buying stock back, which clearly you're getting an excellent return on and let the earnings fall where they may within a reasonable area and that way, your stockholder base will be aligned with people who are interested in making very long-term commitments to this company.

（多個發言者）我不像他那樣回溯得那麼遠，但我回溯了很長一段時間，早在天空牧場之類的事情之前。我只想說，作為長期股東，我很高興您繼續創造價值並做一些具有經濟意義的事情，包括回購股票，這顯然您獲得了極好的回報讓收益落在合理的範圍內，這樣，您的股東基礎就會與有興趣對該公司做出長期承諾的人保持一致。

And I say that even though I'm a lot older than I used to be, what I've listed. So just keep up the good work, Marc.

我說的是，儘管我比以前老了許多，但我所列出的是。所以繼續努力吧，馬克。

Thank you. Thank you, Tucker.

謝謝。謝謝你，塔克。

So we'll take -- we'll take number-three, which is area code 919, ends in 1214, -- so your line is open. (Operator Instructions)

所以我們會採取 - 我們會採取第三號，即區號 919，以 1214 結尾， - 所以您的線路是開放的。（操作員說明）

Mark, this is Jeff Scott. (multiple speakers) I drove through about 10 days ago, and I continue to be amazed at the progress out there. First question. When we started this, the combined tap and water fees were kind of in the low 20s.

馬克，這是傑夫·斯科特。（多名發言者）大約 10 天前我開車經過這裡，我仍然對那裡的進展感到驚訝。第一個問題。當我們開始這項工作時，自來水費和水費總計在 20 多美元左右。

And I think you said on the call that they're now 40. Are you starting to get any competitive or political pushback. And if you're not yet, at what level would you expect to get some pushback?

我想你在電話中說過他們現在 40 歲了。您是否開始受到任何競爭或政治阻力？如果還沒有，您預計會在什麼程度上受到阻力？

Great question. And I didn't have that slide in this deck, but I do have it in the year-end deck. And what we try to do is keep consistent with where the market is for these states. And so when you look at that, we're right in the meat of the market. We take a look at our most regionally -- competitor, which is going to be the neighbor, which is City of Aurora, and our tape fees are just slightly less than city of Aurora tape fees.

很好的問題。我在這個牌組中沒有這張幻燈片，但我在年終牌組中有它。我們試圖做的是與這些州的市場狀況保持一致。因此，當你看到這一點時，我們就處於市場的核心位置。讓我們看看我們最具區域性的競爭對手，這將是鄰居，即奧羅拉市，我們的磁帶費用略低於奧羅拉市的磁帶費用。

But when you look at the overall tap fees, there are water providers whose staff these are reaching $60,000 a connection. And so it really is a play between how -- what it costs you to develop that system. -- what your cost of capital and carrying those assets forward together with the market appreciation and the cost of the next incremental amount of water that needs to get developed in the system.

但如果你看看總的水龍頭費用，你會發現有些供水公司的員工每次接水的費用高達 6 萬美元。因此，這實際上是開發該系統的方式和成本之間的遊戲。 ——您的資本成本以及將這些資產結轉的成本以及市場升值以及系統中需要開發的下一個增量水量的成本是多少。

And so I would say we've been very good about keeping up with the bulk of the market and having that opportunity to continue to drive the investments that we're doing in oil and gas to be able to monetize that going forward.

因此，我想說，我們非常善於跟上大部分市場的步伐，並有機會繼續推動我們在石油和天然氣領域的投資，以便能夠在未來將其貨幣化。

So what I'm hearing is you're not seeing any pushback yet.

所以我聽到的是你還沒看到任何阻力。

No. I think -- and intentionally, right? We want to stay in the meat of that market.

不。我認為——而且是故意的，對吧？我們希望留在這個市場。

Okay. On the commercial side, what are we looking at in terms of timing for initial development? .

好的。在商業方面，我們對初始開發的時間表有何看法？。

Great question. We continue to have those conversations with some of those end users, right? We've got a lot of demand for our commercial for the people that develop commercial, right? There's a lot of folks that want to come in and they want to buy that commercial land. And then they want to they want to either flip it to the end user or they want to participate in some of that development with the end user.

很好的問題。我們繼續與其中一些最終用戶進行對話，對嗎？對於開發商業廣告的人來說，我們對我們的廣告有很多需求，對吧？有很多人想進來，他們想買那塊商業用地。然後他們想要將其交給最終用戶，或者他們想與最終用戶一起參與一些開發。

And I think our philosophy there is much like we've done with our residentials to vertically integrate ourselves, and we're really looking not for a commercial developer but for commercial users, right? I'm looking for the Kroger. I'm looking for Walmart, a Home Depot, I'm looking for the folks that we can actually facilitate that role on delivering a pad site and then have them carry that forward.

我認為我們的理念很像我們對住宅的垂直整合，我們真正尋找的不是商業開發商，而是商業用戶，對嗎？我正在尋找克羅格。我正在尋找沃爾瑪，一家家得寶，我正在尋找那些我們可以真正促進這一角色的人，提供一個墊網站，然後讓他們繼續前進。

And what they're looking for is probably around 1,500 homes. We have about 800 now, and we have 700 under construction. And so as we carry forward through '25, we're going to deliver another, say, 200 to 300 homes at our fiscal year-end and then probably another 400 homes by our calendar year-end.

他們正在尋找的可能是大約 1,500 套房屋。我們現在大約有 800 個，還有 700 個正在建造中。因此，當我們繼續到 25 年時，我們將在財政年度結束時再交付 200 至 300 套房屋，然後在日曆年末可能再交付 400 套房屋。

That really puts us very close to that threshold of their number of rooftops where they like to see that economic opportunity. And then the upgrades to the interstate that the interchange that we're working on, we have been working with the county with CDO for the last three years on that. that looks to be a project where we'll start that construction in 2026, using some of the mill levies that we reserve for that to be able to bond that particular project. So all those things are coming together here in, say, the next 18 to 24 months.

這確實使我們非常接近他們希望看到經濟機會的屋頂數量的閾值。然後是我們正在進行的州際公路立交橋的升級，過去三年來我們一直與 CDO 一起與該縣合作。看起來我們將在 2026 年開始建造這個項目，使用我們為此預留的一些工廠稅來保證該特定項目。因此，所有這些事情都會在接下來的 18 到 24 個月內匯集在一起。

And then you'll start to see a lot of that commercial activity.

然後你會開始看到很多商業活動。

So we're looking end of calendar '26 or '27, something like that?

所以我們正在尋找日曆'26 或'27 的末尾，類似的事情？

I think that's a good timeframe. We'll start to -- we'll really start to get some transactions codified in that '26 timeframe and then a lot of that real monetization in the '27 timeframe, which is what you see a little bit in our forecast. When I show a little bit of that forecast, in that 2028 time frame. It's really just the entrance, just the start of the commercial in that.

我認為這是一個很好的時間表。我們將開始 - 我們將真正開始在 26 年的時間範圍內進行一些交易，然後在 27 年的時間範圍內進行大量真正的貨幣化，這就是您在我們的預測中看到的一點。當我展示 2028 年時間範圍內的一點預測。這其實只是入口，只是廣告的開始。

Okay. Completely different question. Of your homebuilders, do you track the metric of how many days on the market, each house is?

好的。完全不同的問題。對於您的房屋建築商，您是否追蹤每棟房屋的上市天數指標？

I don't know if they do.

我不知道他們是否這樣做。

I know they do. Has it gone up at all?

我知道他們會的。到底漲了嗎？

That's a good question. What we've seen at Sky Ranch is they pretty much -- they don't quite -- they're not like it was when interest rates were at 2%, right? They were taking preorders. And they didn't start a house until they sold it -- and so what they like to do is they like to have -- they have a model home and they usually have three or four homes built. So that they can be in a real-time basis, if somebody walks in and says, I want to own today, here's your home today.

這是個好問題。我們在 Sky Ranch 看到的是，它們幾乎——不完全是——它們與利率為 2% 時的情況不同，對嗎？他們正在接受預訂。他們直到賣掉房子才開始建造房子——所以他們喜歡做的就是他們喜歡擁有——他們有一個樣品房，通常會建造三到四棟房子。這樣它們就可以即時進行，如果有人走進來說，我今天想擁有，今天這裡就是你的家。

And then they have them at various stages of completion where they say, I don't need a home today, I need a home in three weeks or I need a home in three months. And they have various phases of development. So they say, okay, three months, that will be this address, or you can pick from these three addresses at this particular unit.

然後他們讓它們處於不同的完成階段，他們說，我今天不需要一個家，我需要三週後一個家，或者我需要三個月後一個家。它們有不同的發展階段。所以他們說，好吧，三個月，這就是這個地址，或者你可以從這個特定單位的這三個地址中選擇。

If it's, oh, I need it in six months. Okay, great. There's these addresses that will be delivering in the six months. So they're managing that inventory as close to real time as the people that are walking in. And I don't know what that number is.

如果是的話，哦，我六個月後需要它。好的，太好了。這些地址將在六個月內交付。因此，他們與走進的人一樣即時管理庫存。我不知道那個數字是多少。

Okay. But there hasn't been any appreciable change over the last 12 months or so?

好的。但在過去 12 個月左右的時間裡沒有任何明顯的變化？

No, I think that's their model. At least that's how they try to phase it for us. Now that depends on builders too. Some builders, the bigger builders are just going to say, look, we just want we want full inventory. We're going to start our 40 homes, and we'll be under construction with all 40 at once and some of them are saying, okay, I'm going to start -- each week, I'm going to start three, four homes so that they're phasing that completion over a sales cycle.

不，我認為那是他們的模型。至少他們是這樣嘗試為我們分階段進行的。現在這也取決於建築商。一些建築商，更大的建築商只會說，看，我們只是想要完整的庫存。我們將開始建造 40 棟房屋，我們將同時建造所有 40 棟房屋，其中一些人會說，好吧，我要開始建造——每週，我將開始建造三棟，四個房屋，以便他們在銷售週期內分階段完成。

Okay. Another completely different topic. The development of Lowery Ranch, that requires a lot of moving parts to come together. Where do you see that in a time scale?

好的。另一個完全不同的話題。Lowery Ranch 的開發需要將許多活動部件整合在一起。從時間尺度上看，你在哪裡看到了這一點？

That's a good question. Certainly, the metropolitan area has grown out to it. And the state is evaluating a number of different options on it. So they're looking at what partners can they bring in it for development, what partners can they bring in it from a lessor land use standpoint, what partners can they bring in it from a conservation standpoint. And sometimes when you look at all the options that you have, there's too many options that you have in it, it makes it complicated in making some of those things come to fruition.

這是個好問題。當然，大都會區已經發展到了這一點。該州正在評估多種不同的選擇。因此，他們正在考慮可以引入哪些合作夥伴進行開發，從出租人土地利用的角度來看，他們可以引入哪些合作夥伴，從​​保護的角度來看，他們可以引入哪些合作夥伴。有時，當你查看所有的選擇時，你會發現其中有太多的選擇，這使得其中一些事情的實現變得複雜。

But certainly, the road ahead is a lot shorter than what we've seen over the last 30 years since we've been involved, just because of the growth and the maturation of the metropolitan area. I can -- as many times as I've tried to give guidance as to what I think a third party is going to do, I have an absolute perfect record of being wrong every time.

但可以肯定的是，僅僅因為大都會區的成長和成熟，未來的道路比我們參與以來的過去 30 年所看到的要短得多。我可以——儘管我多次試圖就我認為第三方將要做什麼提供指導，但我每次都絕對完美地犯了錯誤。

Well, we all have that. Are we talking about a decade or more or less or?

嗯，我們都有。我們談論的是十年還是更長或更短？

I put that in the two- to five-year time frame. Pretty close to the commercial.

我把它放在兩到五年的時間範圍內。離廣告很近。

So you're actually seeing some momentum in terms of willingness to make decisions?

那麼您實際上看到了決策意願方面的一些動力？

That's a different question. I just I would say the market would love for them to be in the two-year time frame, and the land board might be in the five-year time frame.

這是一個不同的問題。我只是想說，市場希望他們在兩年的時間範圍內，而土地委員會可能在五年的時間範圍內。

They still have a mandate for the school system, don't they?

他們仍然對學校系統有授權，不是嗎？

Yeah. No, they are -- and they're very cognizant of that, right? This is their single most valuable asset. And the number of opportunities that they have to do great things with it, for generating revenue to the school trust or generating education opportunities on the ranch or generating recurring revenue from lessees on the ranch. All of those are opportunities for them, and it really is for the benefit of K to 12 public education.

是的。不，他們是——而且他們非常清楚這一點，對吧？這是他們最有價值的資產。他們有多少機會用它來做偉大的事情，為學校信託創造收入，或為牧場創造教育機會，或從牧場承租人那裡創造經常性收入。所有這些對他們來說都是機會，這確實是為了 K 到 12 公共教育的利益。

All right. We'll go back to the first caller, area code 201 ends in 7586. (Operator Instructions)

好的。我們將回到第一個呼叫者，區號 201 以 7586 結尾。（操作員說明）

But while we're waiting for that, Mark, there was a question in the chat if you have any update on reoccurring revenue as a dividend? Do we have any -- the common question every quarter.

但是，在我們等待的時候，馬克，聊天中有人問你是否有關於經常性收入作為股息的最新情況？我們有每季都會遇到的常見問題嗎？

Yeah. No, that's a good -- we continue to monitor that both at the corporate level as well at the Board level. we won our recurring revenue. So that's growth in terms of the rental units as well as growth in our water accounts to really meet that nut of our annual overhead. And I see that happening in this 2025 time frame where we're delivering another, say, 20 single-family rental homes and then adding another 300 connections to that.

是的。不，這是一件好事——我們將繼續在公司層面和董事會層面進行監控。我們贏得了經常性收入。因此，租金單位的成長以及我們的水帳戶的成長才能真正滿足我們年度管理費用的需求。我認為這種情況會在 2025 年的時間範圍內發生，我們將再交付 20 套單戶出租房屋，然後再增加 300 個連接。

So that window continues to close that conversation is more active at the Board level at each Board meeting, and we continue to put up our metrics for the Board to understand that. And so it's very -- it is at the forefront. I know some of you that are really pressing that pedal are a bit -- like to see it sooner rather than later and it's likely to be sooner rather than later.

因此，這個窗口繼續關閉，在每次董事會會議上，董事會層面的對話更加活躍，我們將繼續提出我們的指標，以便董事會了解這一點。所以它非常——它處於最前沿。我知道你們中的一些人確實在踩踏板——喜歡早點看到它而不是晚點，而且很可能是早點而不是晚點。

Great. There's no more questions right now, so.

偉大的。現在沒有更多問題了，所以。

Okay. Well, if any of you that were listening to this, they didn't quite want to weigh in on the Q&A session or if you listen to this on a rebroadcast and something comes up, don't hesitate to give us a call. We're very accessible and happy to give you color on how this thing goes.

好的。好吧，如果你們中的任何一個正在收聽此節目的人不太想參與問答環節，或者如果您在重播中收聽此節目並出現問題，請隨時給我們打電話。我們很樂意為您提供有關這件事進展的資訊。

Dan, do you have any closing remarks? .

丹，您有什麼結束語嗎？。

No. I think we're just looking from a stock perspective, we're looking for the equity to follow the earnings progress that we've put up. That's always the goal. And the shares reacted well after the year-end results, and we've continued to follow through here into Q1. I think Mark took a big step in again, providing direction for the rest of the year and into next year.

不。我認為我們只是從股票的角度來看，我們正在尋找股本來跟隨我們所公佈的獲利進展。這始終是目標。年終業績公佈後，股價反應良好，我們將繼續關注第一季。我認為馬克再次邁出了一大步，為今年剩餘時間和明年提供了方向。

And so we think we continue to take the steps to really -- what we're trying to do is coordinate the -- put up the numbers and then hopefully, that's somewhat tied to the share price progress as well. So we know a lot of shareholders have been in the equity, some for 20 years. And you deserve to be rewarded and should be rewarded with these operating earnings that the team, the management team has generated and has signaled that the future is very, very bright.

因此，我們認為我們將繼續採取措施，真正地——我們正在努力做的是協調——公佈數字，然後希望這也與股價的進展掛鉤。所以我們知道很多股東已經持有股權，有些人已經持有 20 年了。你應該得到獎勵，並且應該得到團隊、管理團隊所產生的營運收益的獎勵，這些收益已經表明未來是非常非常光明的。

So we're -- everything is highly functional and nice job Mark and Marc. Really great quarter, and it should be a great year. So thank you.

所以，馬克和馬克，一切都很實用，幹得好。確實很棒的季度，而且應該是很棒的一年。所以謝謝你。

And also, what I will foreshadow is we're going to try and do a little more IR on this campaign and get out to various markets. Get out to the New York market, much like we did in the last year where we were able to coordinate a lunch at Nasdaq and then maybe do some one-on-one meetings either in office or traveling through various markets. So we'll be reaching out. We'll be sending out some notifications of some time periods that we're going to be in New York, in Chicago, in the West Coast as well.

而且，我將預示的是，我們將嘗試在這次活動中做更多的投資者關係，並進入各個市場。前往紐約市場，就像我們去年所做的那樣，我們能夠在納斯達克協調午餐，然後可能在辦公室或穿越各個市場進行一些一對一的會議。所以我們會伸出援手。我們將發送一些關於我們將在紐約、芝加哥、西海岸的某些時間段的通知。

And so that will be an opportunity for you all to see us in your various hometown areas as well as opportunities for you to say, hey, if you haven't heard of these guys, they're going to be in Dodge and you might want to carve out an hour and get to know what they're doing because it's pretty exciting. So be on the lookout for that. And with that, I guess, I'll wish you all a great happy new year.

因此，這將是你們所有人在你們家鄉的各個地區見到我們的機會，也是你們說的機會，嘿，如果你們還沒有聽說過這些人，他們將在道奇，你們可能會想抽出一個小時來了解他們在做什麼，因為這非常令人興奮。所以要留意這一點。我想，就這樣，我祝大家新年快樂。

I do want to -- I meant to lead with this, but I do want to acknowledge our day of recognition for President Carter and his contributions, not only to the country, but to humanity as a whole. So we did one -- you have to structure these earnings calls over a period of time. It was scheduled for that. We didn't want to -- our sequencing win as such, but we do want to acknowledge and respect his contributions to all of us. So we're better off for his presence.

我確實想——我本想以此為主導，但我確實想感謝我們對卡特總統及其貢獻的認可，不僅是對國家，而且是對整個人類的貢獻。所以我們做了一個——你必須在一段時間內組織這些財報電話會議。本來就是這麼安排的。我們不想——我們的測序獲勝，但我們確實想承認並尊重他對我們所有人的貢獻。所以他的存在對我們來說會更好。

So with that, I'll close. Thank you all, and happy new year.

那我就結束了。謝謝大家，祝新年快樂。