Pure Cycle Corp (NASDAQ:PCYO) Q3 2020 Earnings Conference Call - Final Transcript

Greetings, and welcome to the Pure Cycle Corporation Three and Nine Months Ended May 31, 2020 Earnings Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

I will now turn the conference to our host, Mark Harding, President and Chief Executive Officer. Thank you sir. You may begin.

Thank you. And I'd like to welcome you all to our third quarter earnings call. Just some housekeeping issues. As you're all aware, there is a deck for this call, it would be on our website. So, you can find that at purecyclewater.com. There is a couple of places to find it, they will be on the landing page where you can click on the third quarter conference call or you can navigate over to the Investor page and I think it's there as well. What I'll try to do is I'll go through the presentation and I'll note the transition of the slides so you kind of walk through the presentation with me.

Much like our previous calls, I'm going to probably skip over pretty quickly a lot of the history. I think most of you are familiar with the history of the company. To those of you who are new to the company, our website have some pretty good tutorials on that. There is a couple of good webcast on there that will give you some listening time to get a lot of color about sort of how we got into the business, some of the assets that we've acquired through the years and how we're kind of undertaking what it is that we're undertaking. So you can combine that with some of the details on kind of keeping investors current through these quarterly calls.

So with that I'm going to go ahead and start. And as usual, I'm going to get the lawyers out of the room first and talk about our safe harbor statement. Statements that are not historical facts are contained or incorporated by reference in this presentation are forward-looking statements. I'm sure you're all familiar with the forward-looking statements, actual results will differ from those contemplated in forward-looking statements.

So with that, Page 3, just a brief overview of key assets. We're a water, wastewater land development company. So we have a large portfolio of water in water-short area here in Colorado where you can actually own water. So in addition to the utility function, along the way we've acquired some very valuable land assets and are developing those land assets to provide single-family, residential multifamily lots, commercial retail light industrial lots to developers on parcel of property located along the I-70 corridor, which is about 4 miles south of the airport. So we have terrific transportation access on the property as well. We also supply a lot of water for oil and gas, although we haven't supplied a lot of water for oil and gas